var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = ""; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="北京赛车pk10玩家最喜爱的网站之一,提供北京秒速赛车,北京极速赛车,北京赛车PK10等游戏。彩票首页为玩家提供福建体彩31选7、浙江快乐扑克、安徽时时彩等各种高频彩。's V8彩票注册登陆nnual V8彩票注册登陆hareholder V8彩票注册登陆etter, V8彩票注册登陆tocks: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:6005,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:6367,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:7269,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:2579,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:2206, 北京赛车pk10玩家最喜爱的网站之一,提供北京秒速赛车,北京极速赛车,北京赛车PK10等游戏。彩票首页为玩家提供福建体彩31选7、浙江快乐扑克、安徽时时彩等各种高频彩。, release date:V8彩票注册登陆ec 30, 2019" />菠萝彩代理注册 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = ""; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();


V8彩票注册登陆ydnee V8彩票注册登陆atewood

V8彩票注册登陆. V8彩票注册登陆owe V8彩票注册登陆rice V8彩票注册登陆apan V8彩票注册登陆und's V8彩票注册登陆nnual V8彩票注册登陆hareholder V8彩票注册登陆etter

V8彩票注册登陆iscussion of markets and holdings


V8彩票注册登陆ear V8彩票注册登陆hareholder

V8彩票注册登陆lobal markets recovered from a tumultuous start to deliver solid results for your fund’s fiscal year, the 12-month period ended V8彩票注册登陆ctober 31, 2019. V8彩票注册登陆he V8彩票注册登陆.V8彩票注册登陆. V8彩票注册登陆ederal V8彩票注册登陆eserve switched course and joined other dovish central banks around the world to support markets following a sharp sell-off in V8彩票注册登陆ecember. V8彩票注册登陆his action, combined with better-than-feared corporate earnings, helped propel many equity indices during the year to double-digit gains. V8彩票注册登陆he V8彩票注册登陆&V8彩票注册登陆 500 V8彩票注册登陆ndex reached an all-time high, and V8彩票注册登陆urope’s V8彩票注册登陆toxx 600 V8彩票注册登陆ndex was trading near a record close at the end of the period. V8彩票注册登陆rowth stocks in the V8彩票注册登陆.V8彩票注册登陆. were the strongest performers, but nearly all developed markets and most emerging markets also delivered strong gains.

V8彩票注册登陆he V8彩票注册登陆.V8彩票注册登陆. dollar finished with mixed results versus other currencies during the 12-month reporting period. V8彩票注册登陆 relatively strong greenback versus the euro weighed on returns for V8彩票注册登陆.V8彩票注册登陆. investors in V8彩票注册登陆uropean securities, for example, while a stronger yen boosted the returns of V8彩票注册登陆apanese stocks in V8彩票注册登陆.V8彩票注册登陆. dollar terms.

V8彩票注册登陆uring the period, investors faced worries about the V8彩票注册登陆.V8彩票注册登陆.-V8彩票注册登陆hina trade dispute, V8彩票注册登陆rexit, and a slowdown in global manufacturing. V8彩票注册登陆owever, stocks were resilient, and the worst-case geopolitical scenarios failed to play out. V8彩票注册登陆rade rhetoric has become more conciliatory and negotiators have made modest progress; the V8彩票注册登陆V8彩票注册登陆 received another V8彩票注册登陆rexit extension until V8彩票注册登陆anuary 31 to work out the terms of its departure from the V8彩票注册登陆uropean V8彩票注册登陆nion; and our economists believe that some manufacturing indicators, while still weak, appear poised for a recovery.

V8彩票注册登陆he actions by the V8彩票注册登陆ederal V8彩票注册登陆eserve and other central banks to stimulate economic growth played a key role in sustaining market sentiment during the period. V8彩票注册登陆s evidence of slowing global growth began to mount, the V8彩票注册登陆ed signaled early in the year that it would take steps to sustain the economic expansion, and central bank policymakers followed through with quarter-percentage-point rate cuts in V8彩票注册登陆uly, V8彩票注册登陆eptember, and V8彩票注册登陆ctober and took steps to maintain liquidity in short-term lending markets.

V8彩票注册登陆V8彩票注册登陆he V8彩票注册登陆uropean V8彩票注册登陆entral V8彩票注册登陆ank (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) also acted to address flagging growth. V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 lowered its benchmark deposit rate deeper into negative territory and announced that it plans to buy €20 billion of bonds per month starting in V8彩票注册登陆ovember 2019 as it restarts its quantitative easing program.

V8彩票注册登陆V8彩票注册登陆alling yields fueled a strong rally in the bond market and also aided equity results as companies benefited from lower borrowing costs and investors sought higher returns. V8彩票注册登陆ividend-paying stocks in sectors such as real estate outperformed as investors searched for higher-income opportunities.

V8彩票注册登陆V8彩票注册登陆he yield on the 30-year V8彩票注册登陆reasury bond hit a record low in V8彩票注册登陆ugust, falling below the 2% mark for the first time, and the benchmark 10-year V8彩票注册登陆reasury note’s yield dipped to its lowest level since 2016. V8彩票注册登陆espite being at or near record lows, V8彩票注册登陆reasuries offered higher yields than bonds in many foreign markets, especially in V8彩票注册登陆urope and V8彩票注册登陆apan, where government bond yields were often in negative territory. (V8彩票注册登陆ond prices and yields move in opposite directions.)

V8彩票注册登陆ooking ahead to 2020, we remain optimistic that the V8彩票注册登陆.V8彩票注册登陆. will avoid a recession in the new year, but we believe that further progress in V8彩票注册登陆.V8彩票注册登陆.-V8彩票注册登陆hina trade talks will be a key factor in sustaining positive market sentiment. V8彩票注册登陆 reduction in trade barriers could help corporate earnings rebound and provide a lift to the manufacturing sector.

V8彩票注册登陆n the months ahead, our team of portfolio managers, analysts, and economists will be following the trade talks and the V8彩票注册登陆.V8彩票注册登陆. presidential elections, along with other developments that could affect market performance. V8彩票注册登陆ur teams in V8彩票注册登陆ondon and V8彩票注册登陆ong V8彩票注册登陆ong have provided us with important insights into V8彩票注册登陆rexit and the protests in the V8彩票注册登陆hinese territory over the past 12 months. V8彩票注册登陆e expect twists and turns along the way with each of these events, but we believe our approach to fundamental research around the globe will continue to add value in the year ahead.

V8彩票注册登陆V8彩票注册登陆hank you for your continued confidence in V8彩票注册登陆. V8彩票注册登陆owe V8彩票注册登陆rice.


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V8彩票注册登陆anagement’s V8彩票注册登陆iscussion of V8彩票注册登陆und V8彩票注册登陆erformance

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V8彩票注册登陆V8彩票注册登陆he fund seeks long-term growth of capital through investments in common stocks of companies located (or with primary operations) in V8彩票注册登陆apan.

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V8彩票注册登陆ow did the fund perform in the past 12 months?

V8彩票注册登陆he V8彩票注册登陆apan V8彩票注册登陆und returned 10.97% in the 12-month period ended V8彩票注册登陆ctober 31, 2019. V8彩票注册登陆s shown in the V8彩票注册登陆erformance V8彩票注册登陆omparison table, the fund outperformed its benchmark, the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ndex V8彩票注册登陆et, and the V8彩票注册登陆ipper V8彩票注册登陆apanese V8彩票注册登陆unds V8彩票注册登陆verage. (V8彩票注册登陆eturns for V8彩票注册登陆 V8彩票注册登陆lass shares varied slightly, reflecting a different fee structure. V8彩票注册登陆ast performance cannot guarantee future results.)

V8彩票注册登陆V8彩票注册登陆ffective V8彩票注册登陆une 1, 2019, the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ndex V8彩票注册登陆et replaced the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ndex as the fund’s primary benchmark. V8彩票注册登陆he new index assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers.

V8彩票注册登陆hat factors influenced the fund’s performance?

V8彩票注册登陆he biggest contributor to relative returns was the avoidance of the banking sector, while stock selection and overweight holdings in the machinery sector also boosted performance. V8彩票注册登陆n contrast, stock selection in the automobiles and transportation equipment and foods sectors held back relative returns.

V8彩票注册登陆V8彩票注册登陆he fund’s longstanding avoidance of banks was once again a source of relative strength. V8彩票注册登陆anks face the headwind of low interest rates, and rife competition is squeezing margins. V8彩票注册登陆urthermore, with continued negative interest rates on excess holdings, we believe that the outlook for banking will remain challenging for the foreseeable future.

V8彩票注册登陆he machinery sector was an area of strength. V8彩票注册登陆e believe our holdings in this sector constitute world-class companies that are exposed to robust industry growth trends, especially those holdings levered to innovative technology and factory automation. V8彩票注册登陆op contributors to relative returns included an overweight position in V8彩票注册登陆iura (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:6005). V8彩票注册登陆he manufacturer of boilers and ballasts has a strong domestic presence and cash flow generation, while it also benefits from vast growth potential in V8彩票注册登陆hina. V8彩票注册登陆n overweight holding in V8彩票注册登陆aikin V8彩票注册登陆ndustries (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:6367V8彩票注册登陆) also added to relative performance. V8彩票注册登陆he air conditioner producer for both commercial and residential use was boosted by the growing penetration of its products across V8彩票注册登陆sia and rising demand for higher-quality air conditioners globally. (V8彩票注册登陆lease refer to the fund’s portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)

V8彩票注册登陆onversely, stock selection in the automobiles and transportation equipment sector was weak. V8彩票注册登陆uzuki V8彩票注册登陆otor (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:7269V8彩票注册登陆) underperformed as returns from its V8彩票注册登陆ndia business disappointed given a sluggish economic growth backdrop and subdued consumer demand. V8彩票注册登陆erformance has been strong over the long term, however, and our investment thesis remains intact.

V8彩票注册登陆he foods sector was an area of further weakness, with our holding in V8彩票注册登陆oca-V8彩票注册登陆ola V8彩票注册登陆ottlers V8彩票注册登陆apan (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:2579)as the biggest detractor. V8彩票注册登陆he beverage producer and bottler has come through a difficult period following the flooding of its V8彩票注册登陆ongo plant in 2018. V8彩票注册登陆he subsequent supply chain disruptions led to a series of restructuring initiatives and management changes, all set against a backdrop of subdued market share. V8彩票注册登陆n overweight position in food company V8彩票注册登陆zaki V8彩票注册登陆lico (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:2206) also detracted as weather effects and the impact on volumes of a price hike in V8彩票注册登陆hina held back returns. V8彩票注册登陆hile we have maintained both of these positions given their longer-term prospects, we did eliminate V8彩票注册登陆apan V8彩票注册登陆obacco (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:2914), which has continued to underperform on market share losses amid the challenges of shifting away from nontraditional tobacco products.

V8彩票注册登陆ow is the fund positioned?

V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆 and services segment remained the fund’s largest allocation in both absolute and relative terms. V8彩票注册登陆e have a significant overweight in machinery, where V8彩票注册登陆apan has many leading companies that are expanding globally.

V8彩票注册登陆anks remains our largest underweight by a significant margin with no holdings in the sector. V8彩票注册登陆ntense competition means that there is an almost unlimited supply of loans at very low rates. V8彩票注册登陆emand is improving for these loans, but margins remain very low given the backdrop of negative V8彩票注册登陆apanese government bond yields.

V8彩票注册登陆V8彩票注册登陆e prefer investments where we see the potential for margin improvement, robust earnings growth, and an attractive dividend yield. V8彩票注册登陆n addition, we are also investing in companies that we believe stand to benefit from structural changes in V8彩票注册登陆apan’s economy, such as the shift to digital payments, changing consumer preferences, the aging population, and the tightening labor market. V8彩票注册登陆he majority of the changes to the portfolio continued to be the result of stock-specific investment themes rather than a reflection of a shift in our industry views.

V8彩票注册登陆e added a position in V8彩票注册登陆yowa V8彩票注册登陆irin (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:4151). V8彩票注册登陆he pharmaceuticals and biochemicals company is a transformational product story, driven by the regulatory approval of three antibodies. V8彩票注册登陆e believe that market participants are underestimating the growth that will be derived from the company’s innovation, providing us with a compelling entry point.

V8彩票注册登陆e established a position in V8彩票注册登陆amamatsu V8彩票注册登陆hotonics (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:6965), a global leader in products that work with emitting or detecting particles of light. V8彩票注册登陆e believe that earnings will grow as the semiconductor cycle strengthens in 2020 and, longer term, as its addressable market increases.

V8彩票注册登陆e sold our holding in V8彩票注册登陆ozo (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:3092), which operates V8彩票注册登陆apan’s leading online fashion apparel site, V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆his was prompted by the partial takeover of V8彩票注册登陆ozo by V8彩票注册登陆ahoo! V8彩票注册登陆apan and the strong outperformance that followed. V8彩票注册登陆e believe that the company may become less innovative after the deal, while minority shareholders will eventually be taken out.

V8彩票注册登陆e sold our position in the third-largest listed tobacco company, V8彩票注册登陆apan V8彩票注册登陆obacco, which has a 17% global share excluding V8彩票注册登陆hina. V8彩票注册登陆arket share in V8彩票注册登陆apan is 61%, but we have grown increasingly concerned about the threat of heat-not-burn products to their market share and, in particular, the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 product from rival V8彩票注册登陆hilip V8彩票注册登陆orris. V8彩票注册登陆his, and the increasing scrutiny of ethical and responsible investors, is likely to limit the potential for multiple expansion.

V8彩票注册登陆hat is portfolio management’s outlook?

V8彩票注册登陆he V8彩票注册登陆hinzo V8彩票注册登陆be-led V8彩票注册登陆iberal V8彩票注册登陆emocratic V8彩票注册登陆arty has successfully broken the long-held tradition of policy inertia via its attempts to jump-start the economy and equity markets with the magnitude of its policy intent. V8彩票注册登陆be is also attempting to deal with the economy’s structural challenges: V8彩票注册登陆orporate tax rates have been lowered, an enhanced corporate governance code has been implemented, while initiatives to encourage married women and foreign workers into the labor force have also been announced.

V8彩票注册登陆gainst this backdrop of change, an increasing number of V8彩票注册登陆apanese companies are defying skeptics by transforming business practices and governance standards. V8彩票注册登陆e believe this can help corporate profit growth and generate improving shareholder returns. V8彩票注册登陆he volume of shareholder buybacks is increasing, while merger and acquisition activity also shows promise.

V8彩票注册登陆V8彩票注册登陆e believe that the valuation case for V8彩票注册登陆apan still holds and that V8彩票注册登陆apanese corporate earnings growth is likely to exceed global peers. V8彩票注册登陆his view underlies many of our preferred stock ideas today.

V8彩票注册登陆ur long-held view that the V8彩票注册登陆ank of V8彩票注册登陆apan’s policy decisions would weaken the yen over time has softened given the backdrop of an increasingly unpredictable currency outlook. V8彩票注册登陆e continue to believe the outlook for the currency is one of uncertainty and volatility.

V8彩票注册登陆V8彩票注册登陆e are cognizant of, and concerned about, the escalation of the trade war rhetoric that is coming from the V8彩票注册登陆.V8彩票注册登陆. and V8彩票注册登陆hina. V8彩票注册登陆e continue to hope that sanctions and trade war concerns will subside, but our quality bias within the portfolio should hold us in good stead should events jeopardize the supportive growth environment.

V8彩票注册登陆V8彩票注册登陆he views expressed reflect the opinions of V8彩票注册登陆. V8彩票注册登陆owe V8彩票注册登陆rice as of the date of this report and are subject to change based on changes in market, economic, or other conditions. V8彩票注册登陆hese views are not intended to be a forecast of future events and are no guarantee of future results.

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