Important information

This website is intended for professional clients (as defined by the UK Financial Conduct Authority, or under MiFID II) ), sophisticated or ‘wholesale clients’ (as defined under the Corporations Act 2001 (Cth) or professional or institutional clients (or equivalent) as may be defined in the jurisdiction in which the material is received, including Hong Kong and Singapore, should not be relied upon by other persons.  It is made available to you for information purposes only and does not constitute investment or financial advice, an offer of asset management services, a recommendation or an offer or solicitation to buy, hold or sell any security and has not been prepared in connection with any such offer.

This website is neither directed at nor intended to be accessed by persons resident in, or citizens of any country, or types or categories of individual where to allow such access would require any registration, filing, application for any licence or approval or other steps to be taken by First Sentier Investors in order to comply with local laws or regulatory requirements in such country.

This website does not constitute investment research as defined by Article 36, paragraph 1 of the European Commission delegated regulation (EU) 2017/565.  Accordingly, this information has not been prepared in compliance with the legal provisions promoting independent investment research, and it is not subject to any restriction prohibiting the execution of transactions prior to the dissemination of investment research.  Any research in this document has been procured and may have been acted upon by First Sentier Investors for its own purposes.  The results of such research are being made available incidentally.

Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy, sell or hold the same. All securities mentioned herein may or may not form part of the holdings of First Sentier Investors and Mitsubishi UFJ Trust and Banking Corporation (‘the Trust Bank’)' portfolios at a certain point in time, and the holdings may change over time.  

Although the information presented here is from sources believed to be reliable and reputable, neither First Sentier Investors nor the Trust Bank / MUFG make any representation or warranty in relation to the accuracy, completeness or reliability of any information contained here.  The information and views expressed are those of the authors and not necessarily those of either First Sentier Investors or the Trust Bank / MUFG.  The opinions expressed are subject to change without notice.  Reliance upon information in this website is at the sole discretion of the reader. To the extent permitted by law, no liability is accepted by MUFG, First Sentier Investors, nor their affiliates for any loss or damage as a result of any reliance on or use of this website.

This information contained in this website is the intellectual property of First Sentier Investors, the Trust Bank and if applicable a third party. They retain all intellectual property or other rights in all information and content (including, but not limited to, all text, data, graphics and logos).

References to ‘we’ or ‘us’ are references to First Sentier Investors, a global investment management business, the ultimate owner of which is MUFG. First Sentier Investors includes a number of entities in different jurisdictions.

For readers located in the United Kingdom, issued by First Sentier Investors (UK) Funds Limited (First Sentier Investors), authorised and regulated by the Financial Conduct Authority.  Registered office: Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB.

For readers located in the EU, issued by First Sentier Investors (Ireland) Limited (First Sentier Investors), authorised and regulated by the Central Bank of Ireland.  Registered office: 70 Sir John Rogerson’s Quay, Dublin 2, Ireland number 629188 (CBI registration number C182306)

For readers located in Hong Kong and Singapore: In Hong Kong, this document is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. In Singapore, this document is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors, FSSA Investment Managers and Stewart Investors are business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B) and FSSA Investment Managers (registration number 53314080C) and Stewart Investors (registration number 53310114W) are business divisions of First Sentier Investors (Singapore). In Australia, this document is issued by First Sentier Investors (Australia) IM Limited (ABN 89 114 194311 AFSL 289017). This material is intended for persons who are professional, sophisticated or ‘wholesale clients’ (as defined under the Corporations Act 2001 (Cth) (Corporations Act)) and has not been prepared for and is not intended for persons who are ‘retail clients’ (as defined under the Corporations Act). This material contains general information only. It is not intended to provide you with financial product advice and does not take into account your objectives, financial situation or needs. Before making an investment decision you should consider, with a financial advisor, whether this information is appropriate in light of your investment needs, objectives and financial situation. Any opinions expressed in this material are the opinions of the author only and are subject to change without notice. Such opinions are not a recommendation to hold, purchase or sell a particular financial product and may not include all of the information needed to make an investment decision in relation to such a financial product.

In the Middle East: In certain jurisdictions the distribution of this website may be restricted. The recipient is required to inform themselves about any such restrictions and observe them. By having requested this document and by not deleting this email and attachment, you warrant and represent that you qualify under any applicable financial promotion rules that may be applicable to you to receive and consider this document, failing which you should return and delete this e-mail and all attachments pertaining thereto. In the Middle East, this website is communicated by First Sentier Investors (UK) Funds Limited. Kuwait: If in doubt, you are recommended to consult a party licensed by the Capital Markets Authority (CMA) pursuant to Law No. 7/2010 and the Executive Regulations to give you the appropriate advice. Neither this document nor any of the information contained herein is intended to and shall not lead to the conclusion of any contract whatsoever within Kuwait. UAE - Dubai International Financial Centre (DIFC): Within the DIFC this website is directed solely at Professional Clients as defined by the DFSA’s COB Rulebook. UAE (ex-DIFC): By having requested this document and / or by not deleting this email and attachment, you warrant and represent that you qualify under the exemptions contained in Article 2 of the Emirates Securities and Commodities Authority Board Resolution No 37 of 2012, as amended by decision No 13 of 2012 (the ‘Mutual Fund Regulations’). By receiving this website you acknowledge and confirm that you fall within one or more of the exemptions contained in Article 2 of the Mutual Fund Regulations.

In the US, this document is issued by First Sentier Investors (US) LLC.