Friday July 5, 8:21 PM
ASIAN FUNDS SHINE IN THE FIRST HALF
By Vasu Menon, Chief Editorial finatiQ
Indonesia and Thiland top the charts for best-performing uni trusts
The top ten performing unit trusts in the first half of this year were largely Asian funds, according to data from Lipper Asia.
There were only two exceptions - the UOB United Gold & General Fund and the Henderson European Property Securities Fund - which rose 36 per cent and 16 per cent respectively.
The UOB United Gold & General Fund benefited from the sharp increase in gold prices as investors sought a safe haven after heightened political tension in the Middle East and the Indian sub-continent. Fears of more terrorists attacks in the US also added to the glitter of gold.
The Henderson European Property Securities Fund also benefited from higher risk aversion amongst investors. According to its fund manager, the unit trust did well because risk-averse investors sought safety in the property sector which offers better earnings visibility and higher yields.
Amongst the Asian funds, it was Indonesia that topped the rankings. The Aberdeen Indonesia Equity Fund was the best performer. It was up by 79 per cent, outperforming the Jakarta Composite Index which rose by only 29 per cent in the first half.
Thai funds also did well. The OCBC Savers Thailand Fund topped the pack, rising 53.5 per cent in the first half. .
The Thai economy is expected to do well this year. On Wednesday, the country's Finance Ministry projected that the economy will expand by 4.5 to 5 per cent this year, substantially higher than last year's 1.8 per cent.
Best Performing Unit Trusts (1st Half 2002)
* Performance is based on bid to bid prices, net income reinvested in Singapore dollars
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