31 October 2014 Update: 121 Blackfriars Asset Management Oriental Focus Fund* DOLLAR A CLASS INVESTMENT OBJECTIVE STRUCTURE The Blackfriars Oriental Focus Fund invests in Asian equity markets excluding Japan and aims to generate long term capital growth. The Fund is not managed against, nor constrained by, any index. The mandate is "long only" and the portfolio is subject to normal market risk. The Dollar A share class is unhedged. Investment Manager Blackfriars Asset Management Limited Auditors PWC Ireland Administrator HSBC Securities Services (Ireland) Limited PORTFOLIO COMMENTARY The Asia ex Japan Index rose in October thanks to strong performances from Hong Kong, China and India. In Hong Kong, the Occupy Central demonstrations began to dissipate and the market recovered some of its earlier losses. ASEAN and Korea underperformed. The Fund's heavily underweight position in Hong Kong and China was the main reason that it trailed the regional index in October although over the last three months it remains comfortably ahead. Legal Status a sub fund of Blackfriars Developing Markets Funds plc, an Irish domiciled UCITS (IV) Custodian HSBC Institutional Trust Services (Ireland) Limited DEALING INFORMATION Minimum Initial Investment $10,000 Minimum Subsequent Investment Dealing Frequency Dealing Contact – HSBC Fund Services Consumer stocks across the region were firm in October. Amongst the Fund's holdings Zee Entertainment continued its recent run and rose just over 10% whilst Want Want gained 9%. TSMC was one of a number of holdings to announce quarterly earnings results; net income rose 47% and the stock price gained 9% on the month. Tenaga announced a good set of results at the end of the month and the stock gained ahead of these, rising 8% over the month. However, Hyundai Motor did not fair so well. It fell 12% after announcing disappointing results although the company can justifiably blame currency headwinds. In the ASEAN region, Pace Development and Ayala Corporation corrected 8% and 7% respectively after posting large gains in preceeding months. Other Enquiries – Blackfriars Asset Management Limited SEDOL + 44 (0) 20 7332 2270 IE00B02H5587 Bloomberg Ticker BDTEMDA ID Benchmark MSCI AC Asia ex Japan IMA Sector Pacific excluding Japan Morningstar Category 150 + 353 1635 6799 B02H558 ISIN 200 $2,500 Daily (by 5pm) Asia ex Japan Equity Annual Management Fee 1.5% Ongoing Charges 2.4% Entry Charge NIL Exit Charge NIL $0.40 Historic Dividend 100 Historic Yield 1.7% Dividend Paid February $23.65 Net Asset Value per share 50 Oct 09 $36.8 Fund Size (mn) Oct 10 Oct 11 Oct 12 Blackfriars Oriental Focus Fund A $ CUMULATIVE PERFORMANCE Blackfriars Oriental Focus A $ MSCI AC Asia ex Japan $ HISTORIC PERFORMANCE Blackfriars Oriental Focus A $ MSCI AC Asia ex Japan $ Oct 13 Oct 14 MSCI AC Asia ex Japan TR $ ONE MONTH THREE MONTH SIX MONTH ONE YEAR THREE YEAR FIVE YEAR -0.1% 2.0% -0.1% -3.4% 5.5% 6.7% 3.8% 5.7% 25.3% 22.9% 29.1% 42.7% 2009 2010 2011 2012 2013 2014YTD 88.9% 72.1% 16.3% 19.6% -18.5% -17.4% 32.5% 22.2% -7.3% 3.1% 8.3% 6.7% YR TO OCT 10 YR TO OCT 11 YR TO OCT 12 YR TO OCT 13 YR TO OCT 14 17.0% 23.3% -11.9% -5.8% 18.2% 5.4% 2.1% 10.3% 3.8% 5.7% DISCRETE PERFORMANCE Blackfriars Oriental Focus A $ MSCI AC Asia ex Japan $ * Formerly BDT Invest Oriental Focus Fund Dollar total return including net dividends, source; Blackfriars Asset Management Limited, MSCI This document is intended solely for Professional Investors and should not be relied upon by any other persons. This document does not constitute investment advice and should not be regarded as constituting a distribution, an offer or solicitation to sell shares or units in any of the Blackfriars Asset Managment funds in any jurisdiction in which such distribution, offer or solicitation would be contrary to local law or regulation. Past performance is not a guide to future returns. The value of investments and the income from them can go down as well as up and an investor may not get back the original amount invested. This document is for information only. The information and opinions contained have been obtained from sources believed to be reliable but no representation or warranty is made as to their accuracy, completeness or correctness. This document is being issued by Blackfriars Asset Management Limited, authorised and regulated by the Financial Conduct Authority in the United Kingdom and is also a registered investment adviser with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940. Compliance: 3839 04 November 2014 31 October 2014 Update: 121 TOP TWENTY HOLDINGS REGULATORY STATUS Listed on the Irish Stock Exchange, approved by the Central Bank of Ireland and Recognised by the FCA. WEIGHT COMPANY MARKET SECTOR ITC INDIA CONSUMER STAPLES 5.8% TSMC TAIWAN INFORMATION TECHNOLOGY 5.8% WANT WANT CHINA CHINA CONSUMER STAPLES 5.5% KIIDS SIAM CITY CEMENT THAILAND MATERIALS 5.4% ZEE ENTERPRISE INDIA CONSUMER DISCRETIONARY 4.9% The Key Investor Information Documents can be found on our website. SAMSONITE INTL CHINA CONSUMER DISCRETIONARY 4.6% SAMSUNG ELECTRONICS KOREA INFORMATION TECHNOLOGY 4.4% AYALA LAND PHILIPPINES FINANCIALS 4.0% MINTH GROUP CHINA CONSUMER DISCRETIONARY 3.9% LAFARGE CEMENT MALAYSIA MATERIALS 3.9% IJM LAND MALAYSIA FINANCIALS 3.5% BTS GROUP HOLDINGS THAILAND INDUSTRIALS 3.4% SUN ART RETAIL CHINA CONSUMER STAPLES 3.2% GS RETAIL KOREA CONSUMER STAPLES 3.2% UNI-PRESIDENT ENTERPRISES TAIWAN CONSUMER STAPLES 3.1% METRO PACIFIC INVESTMENTS PHILIPPINES FINANCIALS 3.0% AYALA PHILIPPINES FINANCIALS 2.9% LAND AND HOUSES THAILAND FINANCIALS 2.9% MALAYAN BANKING MALAYSIA FINANCIALS 2.9% PACE DEVELOPMENT THAILAND FINANCIALS 2.8% SECTOR EXPOSURE 3.4% 9.3% Liquidity The Reporting Fund Income Disclosure Statement can be found on our website. PROSPECTUS The Prospectus and other supporting documentation and application forms can be found on our website. www.blackfriarsam.com COUNTRY EXPOSURE Consumer Staple 7.7% REPORTING FUND 9.8% Liquidity China 7.7% 2.2% Financials 12.6% 27.1% India 9.9% 19.3% Consumer Disc Information Tech Thailand Malaysia 11.3% Materials Taiwan 15.0% 15.7% Industrial 22.0% 12.5% Utilities STEPHEN SIMMONS SIMON DOBSON Philippines Korea 14.5% HENRY THORNTON CONTACT DETAILS CONTACT DETAILS CONTACT DETAILS +44 (0)20 7332 2287 +44 (0)20 7332 2278 +44 (0)20 7332 2272 stephen.simmons@blackfriarsam.com simon.dobson@blackfriarsam.com henry.thornton@blackfriarsam.com Stephen is Head of Business Development and Sales, bringing some 19 years of experience in Asian markets to Blackfriars in 2014. After leaving the Army he returned to Hong Kong and spent 11 years with CLSA Asia Pacific Markets in Hong Kong, London and latterly in Thailand where he was Country Head. He left CLSA to become a partner in Cambodia’s first private equity fund. He remained with the fund until its successful hard close at which point he returned to London to join BDT Invest as Client Relationship and Marketing Director. Simon is a Portfolio Manager at Blackfriars, having joined the team in 2014. Prior to that, he joined GT Management (latterly INVESCO) in 1985 as a fund manager in Hong Kong. In 1988 he was appointed Investment Director and Head of the South East Asian investment team, a position he retained until he moved to Japan. In 1992 he transferred to Tokyo, working on Pan Asian investment strategy and managing Japanese equities. In 1999 he transferred to London to manage global equity mandates for Japanese clients. Simon resigned in 2000 to co-found BDT Invest and managed the BDT Invest Japan Focus Fund and the Japanese portion of the BDT Asian Focus Fund (now Blackfriars Asian Focus Fund). He earned a BA from Oxford University. Henry joined Blackfriars in 2014 as a Portfolio Manager. He began his career at Thornton Management (Asia) in 1985. In 1989 he was appointed investment director of Royal Trust Asset Management (Asia), a position he retained during subsequent acquisitions by Credit Lyonnais International Asset Management and Nicholas Applegate Capital Management. In 1999 he was appointed head of emerging markets at Colonial First State First Investments, a position he retained until his resignation in April 2000. Henry went on to co-found BDT Invest LLP and was chief executive officer for 14 years, where he managed the Establishment Investment Trust and co-managed BDT Invest's Oriental Focus and Asian Focus Funds (now Blackfriars Oriental Focus and Asian Focus Funds). He holds a BSSc from Bristol University. This document is intended solely for Professional Investors and should not be relied upon by any other persons. This document does not constitute investment advice and should not be regarded as constituting a distribution, an offer or solicitation to sell shares or units in any of the Blackfriars Asset Managment funds in any jurisdiction in which such distribution, offer or solicitation would be contrary to local law or regulation. Past performance is not a guide to future returns. The value of investments and the income from them can go down as well as up and an investor may not get back the original amount invested. This document is for information only. The information and opinions contained have been obtained from sources believed to be reliable but no representation or warranty is made as to their accuracy, completeness or correctness. This document is being issued by Blackfriars Asset Management Limited, authorised and regulated by the Financial Conduct Authority in the United Kingdom and is also a registered investment adviser with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940. Compliance: 3839 04 November 2014
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