Funds GreatLink - Great Eastern Life

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GREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2005 FUND FACTS Inception Date 15 January 2001 Offer Price S$ 0.437 Bid Price S$ 0.416 Fund Size S$ 143.92 mil Fund Manager Schroder Investment Management Bid-Offer Spread 5% Fund Management Fee 1.75% p.a. Valuation Frequency Daily Currency of Fund Singapore Dollar CPF Approved CPFIS – OA Risk Category Higher Risk / Narrowly Focused Mercer Fund Rating as at 31 Dec 2005 N.A S&P Fund Stars as at 31 Dec 2005 ★ FUND OBJECTIVE & INVESTMENT STRATEGY The Fund objective is to achieve long-term capital growth through investment in global technology stocks. The Fund offers exposure to the rapidly growing adoption of technology across economies worldwide. Specifically, it aims to achieve high returns by investing in technology companies as well as in a range of industries where the growth opportunities have been impacted by technological developments. PORTFOLIO WEIGHTINGS FUND PERFORMANCE SINCE INCEPTION Price Indexed Semiconductors & Semiconductor Equipment 16% 100 90 80 70 60 50 40 Other 10% Office Electronics 4% Software 14% IT Services 10% Internet Software & Services 10% Cash 2% Performance Review (Jan 2001 to Dec 2005) Communications Equipment 17% Electronic Equipment & Instruments 2% Computers & Peripherals 15% -42.10 -56.20 MARKET REVIEW 2005 was the second year of relatively low and concentrated returns in IT investments. Stocks such as Google (+115%), Apple (+114%), Hon Hai Precision (+42%), Samsung (+46%) drove much of the return. The recovery in IT spending that began in late 2002 continued through 2005 with data center consolidation, PC replacement and mobility in the form of notebook computing driving corporate spending. Higher-function handsets and devices such as the iPod have provided important innovation on the consumer front that has also driven demand. Importantly, we do not expect the demand for Information Technology to wane. Overall, the MSCI IT Index returned 9.0% in total return versus the Greatlink Global Tech Fund which increased by 5.1% # . This performance was a solid second quartile result relative to peers, but lagged the overall MSCI IT Index somewhat disappointingly. Performance was helped to a great degree by exposure to internet names such as Google, but suffered from insufficient exposure to Asian equities. MARKET OUTLOOK In 2006, we expect the market will begin to discount a number of secular trends that begin in 2006 but remain in force far beyond. We see projects picking up in both enterprise and service provider areas as corporate coffers remain full and IT infrastructure continues to age. From a secular perspective, exciting consumer opportunities also exist. Internet advertising, wireless data, broadband access and RFID are but a few of the project based spending programs that we believe the market will discount as we move through 2006. With valuations for many technology stocks lower than at any time in 5 years, we believe investors will begin to build positions for what we expect will be a strong two years of product driven demand. #Source: Standard & Poor’s, SGD, bid-to-bid, net dividends reinvested. 30 Jan 01 Jul 01 Jan 02 Jul 02 Jan 03 Jul 03 Jan 04 Jul 04 Jan 05 Jul 05 ––––– Greatlink Global Technology Fund ––––– Benchmark Index Benchmark: MSCI World IT Index from launch till 28 Feb 2003, MSCI ACWIF IT Gross index wef 1 Mar 2003 Source: Standard & Poor’s Micropal, SGD, bid-to-bid, net dividends reinvested For Top 10 Investments refer to page 89. 18 PERFORMANCE ON BID-BID BASIS (%) 3mths 6 mths 1 year 3 years 3 years Since Inception* Since Inception* (annualised) (annualised) Greatlink Global Technology Fund 2.50 7.50 5.10 22.40 7.00 -56.20 -15.40 Benchmark Index 3.90 10.50 9.00 57.20 16.30 -42.10 -10.50 * Measured since earliest available date 19 Jan 2001 NOTE: This factsheet is compiled by Great Eastern Life. The information presented is for informational use only. The performance of the Fund is not guaranteed and the value may increase or decrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance.
GREATLINK GLOBAL EQUITY FUND report as at 31 December 2005 FUND FACTS Inception Date 1 August 2000 Offer Price S$ 0.747 Bid Price S$ 0.710 Fund Size S$ 110.78 mil Fund Manager Lion Capital Management (wef 26 Sep 2005) Sub Manager Golden Sachs Asset Management Bid-Offer Spread 5% Fund Management Fee 1.75% p.a. Valuation Frequency Daily Currency of Fund Singapore Dollar CPF Approved CPFIS – OA Risk Category Higher Risk / Broadly Diversified Mercer Fund Rating as at 31 Dec 2005 N.A S&P Fund Stars as at 31 Dec 2005 ★ FUND OBJECTIVE & INVESTMENT STRATEGY The Fund objective is to seek long-term capital appreciation by investing primarily in a diversified portfolio of common stocks globally. PORTFOLIO WEIGHTINGS FUND PERFORMANCE SINCE INCEPTION Price Indexed 112 106 100 94 88 82 76 70 64 58 52 46 40 UK 8% Europe 21% Japan 15% Asia ex-Japan 5% US 51% Performance Review (Aug 2000 To Dec 2005) 12 6 0 +0.40 -6 -12 -18 -24 -30 -36 -25.26 -42 -48 -54 -60 01 02 03 04 05 ––––– Greatlink Global Equity Fund ––––– Benchmark Index Benchmark: MSCI World Index, Net Source: S&P For Top 10 Investments refer to page 89. Percent Change MARKET REVIEW For the half year ended 31 December 2005, the fund gained 9.23% (bid-bid), outperforming the benchmark MSCI World Unhedged index which rose 8.65%. The Index ended the year up 11.52% (SGD), with Canada and Austria gaining the most ground on an absolute basis. The United States, at almost half the index weight, was the biggest positive contributor (weight times performance) to Index gains for the year. Nine of the 10 sectors in the Index experienced positive results, with the Energy and Materials sectors posting the strongest absolute returns. Top-weighted Financials was the biggest contributor to the Index gain for the month while Telecommunication Services was the only sector to detract for the period. In managing the CORE SM products, we take minimal size and sector bets. We hope to add value versus each Fund’s respective index through individual stock selection. Our quantitative process seeks out stocks with good momentum that also appear to be good values. We prefer stocks about which fundamental research analysts are becoming more positive, and companies with strong profit margins, sustainable earnings and who use their capital to enhance shareholder value. The Fund underperformed its benchmark slightly by 23 bps on a net of fee basis during the year, returning +11.29%. Stock selection contributed approximately 120 bps to relative performance for the month. Returns to the CORE themes were positive, with Momentum contributing the most to relative performance. Valuation, Earnings Quality, Profitability, Analyst Sentiment and Management Impact also added value, albeit to a lesser extent. During the period, the Equity Country Selection Strategy and Currency selection strategy contributed positively to performance by approximately 48 bps. Within the Equity Country Selection Strategy, the top contributors to performance were overweight positions in Norway (266 bps) and Austria (183 bps). The biggest detractors from performance were an underweight position in Japan during the third quarter of 2005 (-92 bps for the year) and an underweight position in Switzerland throughout 2005 (-91 bps). Within the Currency Selection Strategy, the largest contributors to performance were our underweight positions in the Swiss franc (52 bps) and the UK pound sterling (18 bps). On the other hand, the biggest detractors from performance were an overweight position in the Norwegian krone (-101 bps) and an overweight position in the euro during the first half of 2005 (-58 bps for the year). MARKET OUTLOOK Looking ahead, we continue to believe that cheaper stocks should outpace more expensive ones and good momentum stocks should do better than poor momentum stocks. We also prefer names about which fundamental research analysts are becoming more positive and companies that are profitable, have sustainable earnings and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time will be due to stock selection, as opposed to sector or size allocations. “CORE SM is a registered service mark of Goldman, Sachs & Co.” PERFORMANCE ON BID-BID BASIS (%) 3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception Since Inception (annualised) (annualised) (annualised) Greatlink Global Equity Fund 0.14 9.23 11.29 42.28 12.48 -3.66 -0.74 -25.26 -5.25 Benchmark Index 1.42 8.65 11.52 61.52 17.34 8.52 1.65 0.40 0.07 NOTE: This factsheet is compiled by Great Eastern Life. The information presented is for informational use only. The performance of the Fund is not guaranteed and the value may increase or decrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance. 19
Page 1 and 2: MICA (P) 100/02/2006 Statement and
Page 3 and 4: CEO’S MESSAGE GreatLink Funds yie
Page 5 and 6: ANNOUNCEMENTS New CPF Admission Cri
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PORTFOLIO STATEMENT as at 31 Decemb
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SOFT DOLLAR COMMISSIONS as at 31 De
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TOP 10 INVESTMENTS as at 31 Decembe
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CAPITAL ACCOUNT for the period 01 J
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STATEMENT OF ASSETS AND LIABILITIES
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NOTES TO THE ACCOUNTS 2. Significan
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NOTES TO THE ACCOUNTS Fair Value As
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GREATLINK FUND SUMMARY Fund Name In
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Funds GreatLink - Great Eastern Life

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