Brown Advisory - Macquarie Asia New Stars (BIANX) Fund Profile

Macquarie Asia New Stars Fact Sheet

Objective
The Brown Advisory – Macquarie Asia New Stars Fund seeks to achieve total return by investing principally in equity securities issued by small and medium capitalization companies which are domiciled in or exercise the predominant part of their economic activity in Asia excluding Japan.

Strategy
The Fund seeks to achieve its investment objective by investing at least 80% of the value of its net assets in equity securities issued by small and medium capitalization companies which are domiciled in or exercise the predominant part of their economic activity in Asia excluding Japan.

Profile
In determining whether a company is domiciled in or exercises the predominant part of its economic activity in Asia, the Fund will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets; or (iv) country where the company derives at least half of its revenue or profits.

The Fund defines small and medium capitalization companies as companies whose market capitalizations fall within the range of the market capitalizations of companies in the MSCI AC Asia ex- Japan SMID Cap Index, as measured at the time of purchase. As of March 31, 2017, this range for actively traded securities was between $137 million and $15.6 billion.

 

Performance

  Annualized
(As of March 31, 2017) 3-month 1-year 3-year Since Inception
Macquarie Asia New Stars Fund (Inv.) 14.69% 3.65% N/A -0.96%
MSCI AC Asia ex-Japan SMID Cap Index 13.02% 14.49% N/A 1.76%

 

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Click here for the monthly and quarterly performance information.

Performance data does not reflect the 1.00% fee on shares redeemed or exchanged within 14 days of purchase, and if it had, returns would be lower.

Top 10 Holdings

(As of March 31, 2017)
1. Cash Account Trust - Government & Agency Portfolio 5.19%
2. China State Construction International Holdings Ltd 3.74%
3. Korea Kolmar Co Ltd  3.49%
4. Haier Electronics Group Co Ltd 2.65%
5. Shriram Transport Finance Co Ltd 2.57%
6. Zhejiang Expressway Co Ltd 2.55%
7. Dish TV India Ltd 2.14%
8. Hyundai Engineering & Construction Co Ltd 2.08%
9. St Shine Optical Co Ltd 2.00%
10. Guotai Junan International Holdings Ltd 1.99%

 

Characteristics

(As of March 31, 2017)
Weighted Avg. Market Capitalization ($B)   3.6
Earnings Growth 2 Yr. Fwd. Est.   10.3%
P/E Ratio (FY 1 Est.)   13.7x
Price/Book Ratio (FY 1 Est.)   1.8x
Price/Cash Flow Ratio (TTM)   9.7x

 

*The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code ("IRC"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.

Diversification does not assume a profit nor protect against loss in a declining market.

Earnings growth is not a measure of the Fund's future performance.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Click here for index and financial term definitions.

 

John Bugg, CFA, is Co-Head, Executive Director and Head of Research of the Asian Listed Equities team. As Head of Research, Mr. Bugg’s role includes supervision and development of the research process and methodology. He is also a Senior Portfolio Manager for the Asia New Stars Strategy, a role he assumed in May 2008. While his expertise is in the Materials, Energy, Infrastructure, and Utilities sectors, he conducts research and analysis within India, the Philippines, and Malaysia. Mr. Bugg has 21 years of industry experience. He re-joined Macquarie in April 2005 as a Portfolio Manager for the Australian Small Companies Strategy. Between 2003 and 2005, Mr. Bugg was at RCM Global Investors, where he worked as a Senior Research Analyst covering the Media, Telecommunications, Tourism and Leisure, Infrastructure, and Utilities sectors in Australian equities. Mr. Bugg joined Macquarie in 1996 as a Resources Analyst. In 1999, he was promoted to Senior Industrial Analyst and Portfolio Manager. Prior to this, Bugg was with BHP as a mining engineer for two years and with the New South Wales Department of Energy as a policy analyst for one year. Mr. Bugg holds a Bachelor of Engineering (Mining) degree, an MBA, and a Graduate Diploma in Applied Finance and Investments. Mr. Bugg is also a Responsible Officer and Director of Macquarie Funds Management Hong Kong Limited.

Sam Le Cornu is Co-Head, Executive Director and Head of Investments of the Asian Listed Equities team. As Head of Investments, Mr. Le Cornu’s role includes overseeing the Investments as the portfolio gatekeeper, mentoring the Portfolio Managers, and reviewing portfolio risk management for all the Asian Listed Equities strategies. He is also a Senior Portfolio Manager for the Asia New Stars Strategy. Mr. Le Cornu is a specialist in all sectors in Korea, Hong Kong, China, Thailand, and Indonesia.
Mr. Le Cornu has more than 16 years of industry experience. Prior to joining Macquarie in February 2008, Mr. Le Cornu worked with Paradice Investments, one of Australia’s largest privately owned asset managers, from March 2005 to November 2007, where he held the position of Portfolio Manager for the Australian Small Cap Fund. In that time, the Fund grew from AUD$700 million to AUD$2.5 billion. Previously, he was a Portfolio Manager, Analyst, and Partner at MMC Asset Management from 2000 to 2005. Mr. Le Cornu holds a Bachelor of International Business Degree, a Bachelor of Commerce Degree, and a Graduate Diploma in Applied Finance and Investments, and he is an affiliate with the Securities Institute of Australia.

 

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