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Transcript of Presentation ubs em high dividend fund
Delivering the emerging source of income
March 2013
UBS Emerging Markets High Dividend Fund
Justin Wells, Equity Strategist
CH versionFor professional clients only
1
GEN0190n.ppt
Table of Contents
SECTION 1 Why Emerging Market Equities for High Dividend? 2
SECTION 2 Team 9
SECTION 3 Emerging Markets High Dividend Fund 11
SECTION 4 Emerging Markets Outlook 18
APPENDIX Additional information 28
SECTION 1
Why Emerging Market Equities for High Dividends ?
3
EM Equities provide stable dividend payments
For the MSCI EM Equity index, dividend payments have steadily increased over the last 10 years– Dividends have been significantly more stable than earnings
– The dividend payout ratio has been stable over time and mostly in the 30 – 40% range
– However it is currently still ca. 10% below world average
Potential for further increase in dividend payouts, as many companies enter mature growth phase
Source: UBS Investment Research, as at 31 December 2012
MSCI EM, DPS and EPS MSCI World, DPS and EPS
$0
$20
$40
$60
$80
$100
Dec-
99
Dec-
00
Dec-
01
Dec-
02
Dec-
03
Dec-
04
Dec-
05
Dec-
06
Dec-
07
Dec-
08
Dec-
09
Dec-
10
Dec-
11
Dec-
12
DPS EPS
$0
$20
$40
$60
$80
$100
$120
Dec-
99
Dec-
00
Dec-
01
Dec-
02
Dec-
03
Dec-
04
Dec-
05
Dec-
06
Dec-
07
Dec-
08
Dec-
09
Dec-
10
Dec-
11
Dec-
12
DPS EPS
4
And are able to keep paying sustainable dividends…
EM companies reduced their debt levels consistently during the past decade
– Current net debt to equity ratios are below 25%, significantly lower than developed markets companies with a ratio of 50%
In addition, EM companies have high cash levels on their balance sheets
Source: Worldscope, UBS Investment Research, as at 31 December 2012
Net debt to Equity by region
…supported by low debt, high earning growth potential
MSCI EM - Payout Ratio
0%
20%
40%
60%
80%
100%
120%
140%
92 95 98 01 04 07 10 13e
LatAm Asia EMEA
10%
20%
30%
40%
50%
Apr-04 May-05 Jun-06 Jul-07 Aug-08 Sep-09 Oct-10 Nov-11 Dec-12
Payout ratio (rhs)
5
Acceleration in growth rate of EM dividends over past decade
EM and Asia are the regions with the fastest growth rate of dividends per share
Larger proportion of EM companies in MSCI paid dividends in 2011 than DM peers
Augurs well for the future dividend contribution to total returns
EM have managed DPS compound annual growth rate of 13.1% since 2000
Source: Factset, Datastream, CLSA Asia-Pacific Markets, December 2012
More companies paying dividends in EM
Number of high yielding stocks has increased significantly in recent years
EM and Asian Dividends have grown fastest(% of stocks paying dividends) DPS index rebased to 100
0
20
40
60
80
100
98A 99A 00A 01A 02A 03A 04A 05A 06A 07A 08A 09A 10A 11A
MSCI EM MSCI DM
0
50
100
150
200
250
300
350
400
450
2000 2002 2004 2006 2008 2010 2012
AxJ Europe EM DM USA Japan
6
Split of MSCI World stocks yielding greater than 3%
UK12%
Developed Asia Pacific
16%
Emerging17%
Developed Europe &
Middle East26%
Developed North
America29%
EM’s share of high yielding stocks has increased
1995
Total number of stocks = 356
2012
Total number of stocks = 823
60 stocks
250 stocks
Source: Datastream, 31 December 2012Note: Only companies with market capitalisation >USD 1 billion included in survey
UK7%
Developed Asia Pacific
20%
Emerging30%
Developed Europe &
Middle East20%
Developed North
America23%
250 stocks
7
Dividends represent an important component of total return
Dividends compound over the long run to make a substantial contribution to total return– Since the advent of the Global Financial Crisis that contribution has been magnified
In a growth region like EM, high yield stocks outperformed EPS growth in past decade
Dividends higher contribution to total return in recent years has led to a reluctance to shed dividend exposure
Source: UBS, December 2012 – cumulative returns excl. transaction costs, commissions, fees, margin interest. Actual transactions adjusted for such costs will result in reduced total returns
Dividend (re-investment) gain vs Capital gain
Reinvested dividends account for 40% total returns of MSCI EM since 2000
MSCI EM – Total vs Price returns (CAGR)
Source: Datastream, UBS, December 2012
(50%)
0%
50%
100%
150%
200%
250%
300%
350%
400%
5 year 10 year
Capital Gain Dividend and dividend reinvestment gain
0
500
1000
1500
2000
2500
87 92 97 02 07 12
Price index Total return index
8
Dividend strategies are not over-extendedTrading at similar valuation to the broader market
P/B High Yield Stocks in line with MSCI EM
Source: UBS, December 2012. Median P/B for Back test portfolio comprise of 75 stocks with the highest trailing dividend yield over the previous 12 months on that date are selected. These stocks are equally weighted within the portfolio. The portfolio is rebalanced at month end and the total returns computed in USD. Each stock had a marketcapitalisation of at least USD 1 billion on that date.
Market Cap weighted EM bond yield vsdividend yield vs EM earnings yield
Source: MSCI, JPMorgan, Datastream, Factset, CIRA, as per 31 December 2012
EM
0
20
40
60
80
100
120
Nov 00 Nov 02 Nov 04 Nov 06 Nov 08 Nov 10 Nov 12M
edia
n B
oo
k to
pri
ceHigh yield Benchmark
0
2
4
6
8
10
12
14
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GEMs Earnings Yield GEMs BYTM MCAP Weighted
MSCI GEMs Dividend Yield GEMs BYTM (Local)
SECTION 2
Team
10
Emerging Markets Equities Team
Source: UBS Global Asset ManagementAs at 31 December 2012 1 Member of Emerging Markets Equity Strategy Committee EM High Yield Equity Specialists
Portfolio construction and research
A stable and experienced team managing ca. USD 25 bn
Geoffrey Wong1
Head Global Emerging Markets & Asia Pacific Equities
Hong Kong / Singapore
Manish Modi1
Portfolio ManagerAsia ex Japan
Cheah Yit Mee1
Portfolio ManagerAsia ex Japan
Bin ShiPortfolio ManagerChina
Projit Chatterjee1
Portfolio Manager / Equity Strategist
Namit NayegandhiAnalyst
Chan Chee SengAnalyst
Yu ZhangAnalyst
Sanjeev JoshiAnalyst
Joanna MakAnalyst
Leslie ChowAnalyst
Matthew AdamsAnalyst
Hai HuangAnalyst
Kelvin TeoAnalyst
Han Yaw JuanTrader
Jimmy ChuaHead Trader
Paul HillmanTrader
Reginald OhTrader
Dorothy LekTrader
Gabriel Csendes1
Portfolio ManagerAnalyst
Michael AbelleraTrader Latin America
Zurich / London / Chicago
Urs Antonioli1Head of EM EMEA / Latin America Equities
Mark RoggensingerAnalyst
Gabriella AbderhaldenAnalyst
Irina BudnikovaAnalyst
Benita MikolajewiczAnalyst
Steve HerbertTrader EMEA
Macrina OtienoTrader EMEA
Justin WellsEquity Strategist
Choo Shou PinAnalyst
Grace TayEquity Strategist
SECTION 3
Emerging Markets High Dividend Fund
12
GEN0190n.ppt
Final portfolio construction
by PMs
Investment and portfolio construction process
Investment Universe
300-400 stocks for EM
Selected top dividend yield stocks
60-100 stocks
Qualitative overlay by analysts
Selection of high dividend stocks, remove overvalued stocks
Remove stocks where dividends are not sustainable or have weak fundamentals
Add stocks where dividends are stable and/or likely to increase
Client portfolio
Typically 40-70 stocks
UBS Emerging Markets High Dividend Equities
13
PerformanceUBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) P-acc
Performance indexed in % (Basis USD, after fees)
The performance figures are based on the fund’s Net Asset Values (NAV) / Swinging price / Net of Fees.These figures refer to the past. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Data as at end of January 2013
75
80
85
90
95
100
105
05.11 12.11 06.12 01.13
UBS (Lux) Equity SICAV - Emerging Markets High Dividend (USD) P-acc
MSCI Emerging Market (net divi. reinv.)
Performance indexed in % (Basis USD, net of fees)
in % 2009 2010 2011 2012 2013 January since p.a.YTD 2013 31.05.11
Fund (USD) – – – 17.50 1.42 1.42 3.89 2.32
Benchmark 2 – – – 18.23 1.38 1.38 -4.56 -2.76
1) YTD: year-to-date (since beginning of the year)2) Benchmark in currency of account (without costs)
1
14
Country allocation
Emerging Markets High Dividend Fund: Portfolio Positioning
For illustrative purposes only. The fund is actively managed hence the above portfolio composition is indicative only and can be changed at any time at UBS' absolute discretion.Source: UBS Global Asset Management, Factset, GEVS,,Worldscope
* Indicative current dividend yield: This figure is indicative only and gross of fund fees. The indicative current dividend yield is based on the dividends of last year paid by the companies held in the fund. Withholding taxes paid by the fund are already deducted from this figure. The final dividend yield can deviate significantly from the indicative current dividend yield due to changes in company earnings, dividends and stock prices etc. In accumulating share classes, the dividend yield, net of fund fees, will be accumulated. In distributing share classes, the dividend yield, net of fund fees, will be distributed.
Indicative current div. yield: 5.6%* (gross of withholding taxes) 5.0%* (net of withholding taxes)
In comparison, MSCI Emerging Markets index currently has a gross dividend yield of 2.7%
Diversification across countries and sectors per 31 January 2013
Sector allocation
Peru 1.5
Turkey 1.6Hungary 1.6
Mexico 1.7Chile 1.7
Philippines 1.7Israel 1.8
Indonesia 1.8
Korea 3.2
Brazil 5.0
China 6.5Russia 6.7
Thailand 6.8
Singapore 8.3
Poland 9.7
South Africa 14.5
Taiwan 15.4
Malaysia 3.4
Hong Kong 3.4
Czech Republic 4.0
Consumer Discretionary 1.2
Industrials 1.7
Consumer Staples 3.3
Utilities 4.7
Energy 8.6
IT 15.3
Telecoms 25.8
Financials 29.5
Materials 9.8
15
MTS: Russia, Telecoms
Well positioned in attractive Russian mobile market
Significantly improving competitive environment
Potential in-market consolidation
Stable and favourable regulatory environment
Potential beneficiary from mobile data growth – including low penetration and good affordability of smartphones
Solid FCF improvement story driven by
Good revenue growth (data driven) and stabilising margins
Capex coming down following completion of 3G upgrade
Demonstrated greater capital discipline than competitors
Decent corporate governance
Proven management team with good track record in Ukraine and Russia
Expected improving dividend payout ratio going forward (currently 60%)
Russian mobile revenue vs. wage growth (YoY)
Mobile subscriber additions (m)
Good dividend growth
Source: Bloomberg, Factset, UBS Global Asset Management, December 20121 Historic data
5 year dividend growth1
1 year dividend growth1
12 month yield1 FY1 FY2
8.8% 1.2% 5.6% 3.8% 4.6%
-10%
0%
10%
20%
30%
40%
Q 209 Q 309 Q 409 Q 1 1 0 Q 21 0 Q 31 0 Q 41 0 Q 1 1 1 Q 21 1 Q 31 1 Q 41 1
S erv ice rev en u e g ro w th D ata rev en u e g ro w th
V o ic e rev en u e g ro w th N o m in al w ag e g ro w th
-3 . 0
-2 . 0
-1 . 0
0 . 0
1 . 0
2 . 0
3 . 0
4 . 0
5 . 0
6 . 0
7 . 0
1 Q 0 9 2 Q 0 9 3 Q 0 9 4 Q 0 9 1 Q 1 0 2 Q 1 0 3 Q 1 0 4 Q 1 0 1 Q 1 1 2 Q 1 1 3 Q 1 1 4 Q 1 1 1 Q 1 2
M T S V IP M e g a fo n T e l e 2
16
Asustek: Taiwan, Information Technology
Asustek enjoys strong positioning within the industry
One of the fastest growing PC brands over last 3 years
Delivered decent margins throughout, while steadily gaining market share
Has withstood the serious ‘headwinds’ impacting the wider PC industry
Strong R&D capabilities and product design have positioned it well for future challenges
Good prospects for maintaining sustainable dividend
Recent corporate actions have reduced working capital requirements
Allowing cash dividends to increase over time
Future major acquisitions are unlikely, thereby sustaining the cash flow
Payout ratio likely to be maintained
Potential for special dividend upon future prospective divestments
Dividend Per Share
Top 5 PC vendors’ market share globally
Source: IDC
Good dividend growth
0
5
10
15
20
2007 2008 2009 2010 2011 2012E 2013E 2014E
Source: Bloomberg, Factset, UBS Global Asset Management, Decemberr 20121 Historic data
3 year dividend growth1
1 year dividend growth1
12 month yield1 FY1 FY2
10.0% 26.4% 4.5% 5.2% 5.9%
17
Why high dividend stocks in Emerging Markets ?
Stable dividend payout: EM companies have paid shareholders between 30-50% of their earnings over the past 10 years1.
Ability to pay sustainable dividends: EM companies show low debt levels on their balance sheets and have the cash to fund sustainable dividend payments. Their current payout ratio is ~30-35%1 which is at the lower end of its historic band, suggesting room to increase.
Dividend strategies paid off in the past2: A simple illustrative portfolio that picked the EM stocks with the highest dividend yields, performed significantly better than the market1 over the last 10 years.
Diversification: EM High Dividend funds should provide good diversification to both your yield/income and Emerging markets exposures
Benefits of high and stable yield, with the potential for long-term capital appreciation
1 Source: UBS Investment Research, data based on respective MSCI indices as of 31 Mar20112 Based on back test portfolio of highest dividend yielding stocks, rebalanced monthly, from March 2001 to March 2011, conducted by UBS Investment Bank
SECTION 4
Emerging Markets Outlook
19
EM/Asian governments have some fiscal fire power, if required
-2%
0%
2%
4%
6%
8%
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Asia
Source: CEIC, Haver Analytics, IMF, UBS IB Research and estimates as of September 2012
Fiscal deficits as % GDP Current account balance (12m share of GDP, %)
-8%
-6%
-4%
-2%
0%
2%
4%
00 01 02 03 04 05 06 07 08 09 10 11 12
EM Weighted average
Asia Weighted Average
DM Weighted Average
Source: CEIC, Haver Analytics, IMF, UBS IB Research and estimates as of September 2012
20
Emerging Markets do not face sovereign debt issues
Source: Morgan Stanley Research1 Average using GDP-PPP Weights. IMF Forecasts, World Economic Outlook, as of June 2012
Sovereign Debt to GDP1
0
20
40
60
80
100
120
50 55 60 65 70 75 80 85 90 95 00 05 10 15
% O
F G
DP
G7 Advanced Economies Emerging Economies
21
-15% -10% -5% 0% 5% 10% 15% 20% 2
Singapore
Taiwan
Malaysia
Hong Kong
China
Philippines
Korea
Russia
Thailand
Hungary
Mexico
Indonesia
Czech R.
South Africa
Peru
Chile
Brazil
Colombia
India
Poland
Turkey
Current account as % of GDP Government balance as % of GDP3-year % chg in loans (real)
-40% -20% 0% 20% 40% 60% 80% 100% 120%
Hungary
South Africa
Czech R.
Korea
Taiwan
Poland
Mexico
Chile
Thailand
Malaysia
India
Russia
Singapore
Philippines
Brazil
Peru
Colombia
China
Hong Kong
Indonesia
Turkey
21
Private sector debt has risen quickly in many EM/Asia markets
Source: UBS IB, IMF; as of 30 September 2012
Twin deficits in Turkey, India, Brazil
22
Build up of credit in Asia Bank Credit to GDP ratio is now higher than 1997 peak
Source: CEIC, HSBC as of June 2012
70
75
80
85
90
95
100
105
110
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Asia ex Japan Asia ex Japan and China
Leverage
Global Financial CrisisAsian Financial Crisis
23
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
01 02 03 04 05 06 07 08 09 10 11 12
(5)
0
5
10
15
20
25
98 00 02 04 06 08 10 12
Real rates
Nominal policy rates
Easing inflationary pressures give room for more accommodative monetary stance
EM Inflation
Source: UBS research as of November 2012
EM Policy rate (%)
Source: J.P. Morgan research as of December 2012
(mid-weighted index % y/y)
24
Favorable demographics & productivity gains underpin economic growth
Source: UN population database, Merrill Lynch research as of June 2012
Expected addition (m) to working age population (15 – 64 age group) during 2012 – 2032
Source: UBS IB research as of June 20121 Includes Australia, Cambodia, China, HK, Indonesia, Japan, Malaysia, Myanmar, NZ, Phil,
Spore, South Korea, Taiwan, Thailand, Vietnam
Average East Asia1 labour productivity index, relative to US
234
29
16
13
-4
-12
-14
-42
-46
-100 -50 0 50 100 150 200 250
India
Indonesia
Brazil
U.S.
Korea
Japan
Russia
China
Europe0
5
10
15
20
25
30
35
40
1961 1968 1975 1982 1989 1996 2003 2010
East Asia labour productivity relative to US, ratio
Expected addition of 263m working age population from India and Indonesia by 2032
25
The EM Consumer is set to become a dominant force
Source: Euromonitor, Morgan Stanley Research, as of Nov 2012
Number of Households with Disposable Income above US$10,000
No
. of
Ho
use
ho
lds
(m)
0
50
100
150
200
250
300
350
400
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E 2015E 2017E 2019E
China India Russia Brazil Japan US Indonesia
262626
Urbanisation creates greater economic activity
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
China India Russia Brazil Japan US Indonesia Korea Germany
Source: UN Population Statistics, GS Global ECS Research as of March 2012
Urbanisation ratio (%)
Japan (pre
1950)Korea(1976)
China(2010)
50%
India(2047E)
27
Emerging Market Equities: OutlookDespite lower levels of global growth, most major EM economies remain on course to sustain their long term structural growth path
Structural growth potential driven by demographics, urbanisation, productivity and consumption growth
Sound balance sheets– On average low debt levels at government.
corporate and household sectors
Both DM and EM macro policies are supportive:– Loose monetary policy in DM
Economic growth appears to be bottoming out in some key EM countries
Contagion risks from sovereign debt issues in Europe and US– Economies which require global capital markets to
fund current account and fiscal deficits affected
Insufficient top-line growth and increasing wages and input costs could affect profitability in certain sectors
• Rising regulatory intervention– Price controls and resource taxes in emerging
markets
Increase in bank credit/GDP in Asia, back to pre-Asian crisis level
Opportunities Risks
As of January 2013
APPENDIX
Additional information
29
Back-test of a High Dividend EM Equity portfolio over 10 years
10 years (31 December 2002 – 31 December 2012) EM MSCI universe
EM high dividend portfolio
Annualised return 17.0% 24.8%
Annualised standard deviation 24% 23%
Source: UBS Investment Bank Worldscope, DatastreamNote: The above chart shows returns by calendar year to 31 December 2012. All other information is as at 31 December 2012. 1 Back test rules: At each month end, the universe is restricted to stocks which are in the MSCI EM Index on that date. Each stock has a market capitalisation of at least USD 1 billion on thatdate. 75 stocks with the highest trailing dividend yield over the previous 12 months on that date are selected. These stocks are equally weighted within the portfolio. The portfolio is rebalanced at month end and the total returns computed in USD.Note: Back-test results or past performance are not guides for the future. No restriction to buy/sell stocks i.e. no constraint on having to actually receive dividends and payout the same as income. Our portfolio will be selected from ca. 350-400 stocks under our research coverage.
Portfolio selected from the entire universe of stocks in the MSCI EM index
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ret
urn
by
year
EM MSCI universe High yield stocks
EM Equities performance from high dividend stocks is strong
30
Geoffrey Wong, CFAHead of Global Emerging Markets and Asia Pacific Equities Managing Director
Geoffrey Wong is Head of Global Emerging Markets and Asia Pacific Equities with overall responsibility for all Asian, Japanese and Australian equity teams, strategies and research.
Geoffrey is also responsible for research and portfolio management and construction for global emerging market strategies and is a member of the Equities Management Committee.
Geoffrey joined UBS in 1997. His prior experience includes co-founding an Asian investment management firm, where he served as Director of Investment Management responsible for asset allocation and stock selection for global and regional institutional portfolios.
Geoffrey served on the board of directors of Singapore Exchange, the combined stock and futures exchange of Singapore between 2003 and 2006. He is a member of the Singapore Society of Financial Analysts.
Years of investment industry experience: 25
Education: Massachusetts Institute of Technology (US), SM, SB, MBA
31
Justin WellsEquity Strategist Director
Justin Wells is an Equity Strategist in the Global Emerging Markets and Asia Pacific Equities team, based in Zurich. He is responsible for representing various investment strategies managed by the team to existing and prospective clients globally. He participates in the Global Emerging Markets Strategy Committee meetings and is involved in discussions on investment process and strategy.
Justin joined UBS Global Asset Management in 2007, initially as a Product Development Manager and was responsible for coordinating the launch of the Global Emerging Market HALO strategy. Before moving to his current role in 2010, he worked within the Equities team on the launch of the Long-Short initiative.
Prior to joining UBS, Justin was based in Asia as an Investment Advisor to the then CIO of ShinseiBank, Tokyo, focusing on emerging market investment opportunities throughout EM Asia and EM EMEA. Before pursuing a career in finance, Justin practiced as a Barrister in London for a number of years.
Years of investment industry experience: 7
Education: Queen’s University of Belfast (UK), BA (Hons); Durham University (UK), LL.B (Hons)
32
Industry-leading risk system - GRS
Note: For illustrative purposes only. Based on 01330 UBS Emerging Markets High Dividend Fund vs. MSCI Emerging Markets IndexThis information should not be considered a recommendation to purchase or sell any security
Source: GRS, UBS Global Asset Management, January 2013
Comprehensiverisk factors
Industry and country risk factors that mirror the way we manage
portfolios
Typical active risk data are indicative only. The actual active risk level will vary according to market conditions and our views. Active risk is an ex-ante forecast calculated using BARRA or other suitable system based on the final valuations of the last working day of each month. Active risk levels are reported to clients on a quarterly basis.
33
20374
Technical dataUBS Emerging Markets High Dividend Fund
USD 134.14Total product assets in mn:
UBEMHPA LXBloomberg:
12957892 / LU0625543631Valor / ISIN :
MSCI Emerging Market (net div. reinv.)Reference Index:2.25% p.a.Total expense ratio (TER):
May 31Close of financial year:
Daily / DailyIssue / redemption:
Legal fund name: UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) P-acc
Fund type: Open-end
Fund domicile: Luxembourg
Base currency: USD
Launch date: May 31, 2011
Distribution: Accumulating / Annual
Management fee: 1.76 % p.a.
EU savings tax: Not affected at distribution, not affected at sale/redemption
Swing pricing: Yes
Registered in: CH, LU, DE, AT, BE, SG, FR, SE, NL, LI, FI, UK, IT, ES
Data as at end of February 2013
34
20374
Technical dataUBS Emerging Markets High Dividend Fund
USD 134.14Total product assets in mn:
UBEMHCP LXBloomberg:
13642905 / LU0669577131Valor / ISIN :
No representative hedged reference index is availableReference Index:2.25% p.a.Total expense ratio (TER):
May 31Close of financial year:
Daily / DailyIssue / redemption:
Legal fund name: UBS (Lux) Equity SICAV – Emerging Markets High Dividend (CHF hedged) P-dist
Fund type: Open-end
Fund domicile: Luxembourg
Base currency: USD
Launch date: September 9, 2011
Distribution: distribution / Annual
Management fee: 1.76 % p.a.
EU savings tax: Not affected at distribution, not affected at sale/redemption
Swing pricing: Yes
Registered in: CH, LU, DE, AT, BE, SG, FR, SE, NL, LI, FI, UK
Data as at end of February 2013
35
20374
Technical dataUBS Emerging Markets High Dividend Fund
USD 134.14Total product assets in mn:
UBEMHCP LXBloomberg:
13642905 / LU0669577131Valor / ISIN :
No representative hedged reference index is availableReference Index:2.25% p.a.Total expense ratio (TER):
May 31Close of financial year:
Daily / DailyIssue / redemption:
Legal fund name: UBS (Lux) Equity SICAV – Emerging Markets High Dividend (CHF hedged) P-dist
Fund type: Open-end
Fund domicile: Luxembourg
Base currency: USD
Launch date: September 9, 2011
Distribution: distribution / Annual
Management fee: 1.76 % p.a.
EU savings tax: Not affected at distribution, not affected at sale/redemption
Swing pricing: Yes
Registered in: CH, LU, DE, AT, BE, SG, FR, SE, NL, LI, FI, UK
Data as at end of February 2013
36
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GEN0190n.ppt
Disclosure
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Disclaimer
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