First State Investments is to make its Global Resources and Greater China funds available to UK and ...
First State Investments is to make its Global Resources and Greater China funds available to UK and European investors.
Phil Jefferson, head of retail sales at First State, said the new funds would likely come under the UK listed Oeic, although a Dublin listing is also being investigated.
Launches will likely take place in the autumn and the funds will be targeted at the intermediary market. Minimum investment will be £1,000 and standard commission applies.
The portfolios will be mirror image versions of funds already in existence through First State's Australian parent.
The Global Resources fund is managed by a team based in Australia and contains a mix of sectors including coal, energy, exploration, gold and other metals. Geographic exposure is spread across Australia, China, Europe, North and South America and throughout Africa. Launched in June 1997, and Global Resources fund holds a minimum of 25 stocks.
Over three years to 31 July, this fund returned 18.21% in sterling terms, bid to bid, compared to the MSCI World index of -13.22% and 8.15% in the HSBC Global Mining index.
The Greater China Growth fund, was launched in October 2002, and is managed by a specialist team within First State's Hong Kong subsidiary (formerly called CNG). This fund is currently 43.5% invested in Hong Kong with 29.5% in Taiwan, 22% in Chinese H Shares and 4.3% in red chips.
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