Funds GreatLink - Great Eastern Life

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GREATLINK PAN ASIA FUND report as at 31 December 2005 34 FUND FACTS Inception Date 10 July 2000 Offer Price S$ 1.124 Bid Price S$ 1.068 Fund Size S$ 55.71 mil (Underlying Fund Size) S$ 73.00 mil Underlying Fund Fund Manager Hong Kong / China 3% Thailand 4% India 4% Taiwan 7% Indonesia 3% Korea 8% Australia 8% Others 3% Cash 7% Schroder Pan Asia Fund Schroder Investment Management Bid-Offer Spread 5% Fund Management Fee 1.175% 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 N.A FUND OBJECTIVE & INVESTMENT STRATEGY The Fund objective is to achieve long term capital growth through investment in securities quoted on Asian stock markets including but not limited to Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong, Japan, Taiwan, China, South Korea, Australia, New Zealand and the Indian sub continent. This Fund invests all or substantially into the Schroder Pan Asia Fund. The portfolio of the Fund will be broadly diversified with no specific industry or sectoral emphasis. PORTFOLIO WEIGHTINGS* FUND PERFORMANCE SINCE INCEPTION Price Indexed 110 100 90 80 70 60 Performance Review (Jul 2000 to Dec 2005) Japan 53% +13.30 +0.60 50 Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sep Feb Jul Dec 00 00 01 01 02 02 03 03 03 04 04 05 05 05 ––––– Greatlink Pan Asia Fund ––––– Benchmark Index Benchmark Index: MSCI AC Asia Pacific Index from launch til 31 Oct 2001, MSCI AC Asia Pacific (Free) Index wef 1 Nov 2001 (Subsequently renamed MSCI AC Asia Pacific Index on 30 Jan 2004) Source: Standard & Poor’s Micropal, SGD, bid-to-bid, net dividends reinvested For Top 10 Investments refer to page 91. MARKET REVIEW* The Schroder Pan Asia Fund rose 24.4% over the period from 31 Dec 2004 to 31 Dec 2005, outperforming its benchmark MSCI AC Asia Pacific Index return of 23.3% over the same period # . The positive performance can be attributed to the Fund ’s country allocation calls by overweighting Korea, as well as good stock calls in Australia and Taiwan. Asian ex-Japan markets enjoyed relatively mixed performance in 2005, with some seeing exceptionally strong returns, while others were relatively weak. Korea and India were the best performing markets in the region. India saw strong performance on continued good domestic growth. Korea was seen as a rerating story, with valuations pushed up as companies benefited from strength in China, improved corporate governance and high domestic liquidity inflows. Weaker markets were mainly those aligned with the US, particularly with the technology sector. Japanese equities also performed well. Larger, global stocks reaped the benefits of long-term restructuring programmes, sustained demand from the US and more positive exchange rates. However, the main beneficiaries of the rally were stocks linked to oil and commodity trading and the large banks favoured as proxies to the economy by foreign investors. The rally was set off when Prime Minister Kuizumo called a snap election on privatisation of the Post Office, with a landslide victory widely seen as an unambiguous mandate for economic reform. #Source: Standard & Poor’s, SGD, bid-to-bid, net dividends reinvested. MARKET OUTLOOK* Although we remain committed to the long-term outperformance of Asian ex-Japan equity markets, the impressive rally among the key Asian markets in the past year leads us to a more cautious stance for 2006. Higher oil prices and slower US growth are likely to be negative, in that many Asian economies are net oil importers and for all of them, whether directly or indirectly, the US economy is critical. A decline in growth in Chinese capital investment is also likely. We are also becoming slightly cautious on Japan, given the strength of the rally over the past 12 to 18 months. We feel that much of the good news has been priced in, and any softening in demand from China and the US may raise concerns about the extent to which the domestic economic recovery can be sustained. Nevertheless, we feel that the market is still good value and nowhere in sight of its historical highs, a loose monetary policy is all but certain to remain in place, and there is clearly an air of rising confidence. 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 Pan Asia Fund 6.60 22.20 24.50 80.40 21.80 36.40 6.40 13.30 2.30 Benchmark Index 6.70 22.00 23.30 86.30 23.10 31.40 5.60 0.60 0.10 * Information relates to Schroder Pan Asia Fund ** Measured since earliest available date 14 Jul 2000 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 CASH FUND report as at 31 December 2005 FUND FACTS Inception Date 26 April 1996 Offer Price S$ 1.185 Bid Price S$ 1.126 Fund Size Fund Manager FUND OBJECTIVE & INVESTMENT STRATEGY The GreatLink Cash Fund is a cash mandate and the objective is to generate a return comparable to S$ time deposits. PORTFOLIO WEIGHTINGS FUND PERFORMANCE SINCE INCEPTION Price Indexed S$ 81.52 mil Lion Capital Management (wef 26 Sep 2005) Bid-Offer Spread 5% Fund Management Fee 0.30% p.a. Valuation Frequency Daily Currency of Fund Singapore Dollar CPF Approved CPFIS – OA & SA Risk Category Lower Risk / Broadly Diversified Mercer Fund Rating as at 31 Dec 2005 N.A S&P Fund Stars as at 31 Dec 2005 N.A Centrepoint Properties Ltd 8% JP Morgan 8% 128 124 120 116 112 108 104 100 Millenia Tower 9% UMF 7% OCBC Bank 10% Abu Dhabi Commerical Bank 5% Barclays Bank 10% Keppel Land Ltd 10% Performance Review (Apr 1996 to Dec 2005) Red Orchid 21% Parkway Holdings 12% +22.48 ––––– Greatlink Cash Fund ––––– Benchmark Index Benchmark: 1 Month Sing Doll Interbank Rate. For Top 10 Investments refer to page 87. +18.53 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 96 97 98 99 00 01 02 03 04 05 MARKET REVIEW For the half year ended 31 Dec 2005, the fund rose 1.26% (bid-bid), outperforming the 1 Month Sing dollar interbank rate, which rose 1.03%. For the period under review, the three-month interbank rate experienced sharp volatility and rose from 1.50% at the beginning of 2005 to 3.25% at the end of Dec 2005. A number of factors underpinned the firmer short-term rates, including the reaffirmation of continued tightening stance by global central banks, continued weakness in the SGD trade-weighted nominal effective exchange rate (S$NEER), hedging by banks and corporate and unwinding of speculative positions. The yield curve flattened as the rise in long-term bond yields lagged the short-term rates. The fund outperformed its benchmark slightly over this period, as it coped with the rapidly rising interest rate environment. Duration strategy was kept short as we anticipated the SGD short-term interest rates to track the US Federal Fund rates higher. The fund’s performance benefited from its strategy of preference for corporate bonds over government bonds, where the former provided better yield pick-up over the short-term rates. For the year ended Dec 2005, the Singapore 3Q GDP came in at a strong 7% YOY, bringing growth in Q1-Q3 to 5.1%, an upward revision from the earlier advance estimates of 4.7%. The official 2005 GDP forecast was raised to 5% from 3.5-4.5%. October industrial production further surprised on the upside, rising 17.6% YOY. More importantly, we had a strong rebound in electronics production as demand picked up ahead of the festive season. Growth in other clusters generally accelerated as well. The strong pick-up in manufacturing production in the last 3 months suggests full year growth may again exceed expectations. MARKET OUTLOOK On interest rate outlook, we expect short-term SGD interest rates to track the measured pace of the Federal Reserve’s monetary tightening policy, albeit to a lesser magnitude given that demand for short-dated debt instruments would remain strong and supply in the market remain modest. We think Fed policymakers would consider a pause in the tightening cycle soon as core inflation remains benign, housing data comes off the peak and consumption cools off. The Monetary Authority of Singapore is likely to maintain the existing gradual SGD appreciation stance to balance inflationary pressures and export growth. We expect yields to peak at a lower level than historical benchmarks would suggest. Timing the peak will be difficult, and the fund’s strategy would be to maintain short duration and look to progressively lengthen duration as yields creep up. We continue to prefer corporate bonds to government bonds while keeping a good portfolio mixture of short-dated variable-rate notes and slightly longer-dated debt instruments. We will continue to seek out and select credits with strong balance sheets, coupled with stable earnings growth outlook. The risk to our view is the stronger than expected economic growth. Advance estimates show 4Q GDP at 7.7% YOY, 9.7% QOQ and full year GDP at 5.7%. If the economic growth momentum continues to accelerate, led by domestic demand with the improved sentiments in the property market and general increase in wages, MAS may shift to a more aggressive appreciation stance for the S$NEER. This would imply that short end rates stay firm for longer and will translate to higher rates across the curve. 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 Cash Fund 0.81 1.26 1.99 2.83 0.94 4.84 0.95 18.53 1.77 Benchmark Index 0.60 1.03 1.84 3.22 1.06 5.87 1.15 22.48 2.12 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. 35
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
Page 7 and 8: LEAD STORIES High Potential Investm
Page 9 and 10: LEAD STORIES On a quantitative basi
Page 11 and 12: GREATLINK LIFESTYLE PORTFOLIOS repo
Page 17 and 18: GREATLINK GLOBAL SUPREME FUND repor
Page 19 and 20: GREATLINK GLOBAL OPTIMUM FUND repor
Page 21 and 22: GREATLINK GLOBAL EQUITY FUND report
Page 23 and 24: GREATLINK GLOBAL VALUE EQUITY FUND
Page 25 and 26: GREATLINK GLOBAL GROWTH TRENDS PORT
Page 27 and 28: GREATLINK GLOBAL REAL ESTATE SECURI
Page 29 and 30: GREATLINK EUROPEAN EQUITY FUND repo
Page 31 and 32: GREATLINK ENHANCER FUND report as a
Page 33 and 34: GREATLINK ASEAN GROWTH FUND report
Page 35: GREATLINK SINGAPORE EQUITIES FUND r
Page 39 and 40: GREATLINK GLOBAL BOND FUND report a
Page 41 and 42: GREATLINK CHOICE (SEP 2010) & (OCT
Page 43 and 44: GREATLINK CHOICE (SEP 2010) & (OCT
Page 45 and 46: PORTFOLIO STATEMENT as at 31 Decemb
Page 85 and 86: 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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