Report - Nikko AM Asia Limited

NIKKO AM SHENTON GLOBAL PROPERTY SECURITIES FUND
(Constituted under a Trust Deed registered in the Republic of Singapore)
REPORT TO UNITHOLDERS
For the financial period from 01 July 2013 to 31 December 2013 (unaudited)
Quoted Real Estate Investment Trusts (continued)
Sunstone Hotel Investors Incorporation
392,348 1.60
Tanger Factory Outlet Centers
396,603 1.62
The Macerich Company 345,749 1.41
UDR Incorporation 345,819 1.41
Ventas Incorporation 535,368 2.18
Vornado Realty Trust 392,240 1.60
Total United States of America 13,006,012 52.98
Total Quoted Real Estate Investment Trusts 20,434,479 83.29
9. Borrowings
Nil.
10. Amount of units created and cancelled for the financial period ended 31
December 2013
Units created 1,797,718
Units cancelled (2,828,512)
11. Turnover ratio
S$
31 Dec 2013 31 Dec 2012
Lower of total value of purchases or sales S$ 7,842,479 12,113,565
Average daily net asset value S$ 25,643,388 47,174,357
Total turnover ratio Note % 30.58 25.68
Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective
Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of
purchases or sales of the underlying investments, divided by the average daily net asset value. In line with
Statement of Recommended Accounting Practice 7 “Reporting framework for Unit Trusts” (“RAP 7”) issued by the
Institute of Certified Public Accountants of Singapore in June 2012, total value of purchases or sales for the current
year do not include brokerage and other transaction costs.
12. Expense ratio
Percentage of
total net assets
attributable to
Fair value at unitholders at
31 Dec 2013 31 Dec 2013
S$ %
31 Dec 2013 31 Dec 2012
Total operating expenses S$ 612,846 868,863
Average daily net asset value S$ 32,787,980 48,957,544
Total expense ratio Note % 1.87 1.77
Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management
Association of Singapore ("IMAS"). The calculation of the expense ratio at financial year end was based on total
operating expenses divided by the average net asset value for the year. The total operating expenses do not
include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution
paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of
other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any
performance fee. The average net asset value is based on the daily balances.
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