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Market Perspective Summary

    Asia ex-Japan Value: June 2011

    June 30, 2011

    The Asian ex-Japan market fell in tandem with global markets in June amid persistent global investor anxiety, finishing down 2.3% in US dollar terms. South and Southeastern Asian markets fared better, with the exception of Thailand, which remained fragile ahead of July’s general election.

    The portfolio underperformed the broad Asia ex-Japan market. Our technology holdings—namely LCD-related companies—came under pressure from concerns about weak global demand. However, the LCD market is near its cyclical bottom, and these companies are well placed to benefit from a market recovery, in our view.

    The uncertainty that has affected markets is unlikely to lift soon. A clearer sense of the US and China’s economic trajectory, as well as further progress in managing European sovereign debt issues, are likely to be the preconditions for a more settled Asia ex-Japan market. When those eventuate, we expect investors’ risk appetite to normalize and the portfolio’s attractively valued holdings to thrive.

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