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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$4.22

$2.99 M

2.34%

$0.10

10.14%

Vitals

YTD Return

-2.3%

1 yr return

-16.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$2.99 M

Holdings in Top 10

64.5%

52 WEEK LOW AND HIGH

$4.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 10.14%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 6.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$4.22

$2.99 M

2.34%

$0.10

10.14%

UACPX - Profile

Distributions

  • YTD Total Return -2.3%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.06%
DIVIDENDS
  • Dividend Yield 2.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    UBS All China Equity Fund
  • Fund Family Name
    UBSASSETMT
  • Inception Date
    Feb 24, 2021
  • Shares Outstanding
    N/A
  • Share Class
    P
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bin Shi

Fund Description

Principal investments

The Advisor seeks to achieve the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's net assets (plus borrowings for investment purposes, if any) in a portfolio of equity securities of companies economically tied to China, and in other instruments that have economic characteristics similar to such securities. For this purpose, China includes the People's Republic of China ("PRC") and Hong Kong. A security will be considered to be economically tied to China if it: (i) is issued or guaranteed by a government of China or any of its agencies, political subdivisions or instrumentalities; (ii) has its primary trading market in China; (iii) is issued by an entity organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in China; (iv) is included in an index representative of China; or (v) is exposed to the economic fortunes and risks of China.

Equity securities may include common stocks; preferred stocks; equity securities of real estate investment trusts ("REITs"); shares of other investment companies, including exchange-traded funds ("ETFs"); depositary receipts; and derivative instruments related to equity securities, including equity participation notes, options and futures on individual securities and indexes. The Fund's investments may include investments in securities of companies listed on exchanges located in and outside of the PRC, including but not limited to the Hong Kong Stock Exchange, Taiwan Stock Exchange, Singapore Exchange, the New York Stock Exchange, and London Stock Exchange. The Fund's investments also include China A-shares. China A-shares are equity securities issued by companies incorporated in mainland China and are denominated and traded in renminbi ("RMB") on the Shenzhen and Shanghai Stock Exchanges through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (collectively, "Stock Connect"). The Fund may also invest in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity ("VIE"). In a VIE structure, instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the

Chinese company. These contractual arrangements are expected to provide the listed company (and investors in such company, such as the Fund) with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China.

The Fund may invest in companies of any size. The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.

The Advisor believes that discrepancies between market price and fair value arise from market behavior and market structure, and these discrepancies provide opportunities to outperform the market. To take advantage of these opportunities, the Advisor seeks to identify upcoming industry leaders in key secular growth sectors early in the company's lifecycle and when the company's share price trades far below our estimate of the firm's fair value.

The Advisor adopts a benchmark agnostic approach (meaning that the Advisor selects companies without the benchmark by which the Fund measures performance (the MSCI China All Shares Index (net)) being determinative), and the Fund may have a wider deviation from the benchmark than other funds. This is expected to enable the Advisor to identify non-benchmark companies with stronger long-term growth potential than might otherwise be the case.

The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include options (including options on securities, indices, futures, forwards, and swap agreements), futures, forward currency agreements, swap agreements (including interest rate, total return and currency) and equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. Further, the Fund may acquire and sell forward foreign currency exchange contracts in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates in connection with the settlement of securities. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional

direct investments (except for forward currency agreements); to obtain exposure to certain markets; or to establish net short positions for individual currencies (except for equity participation notes).

Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO").

Management process

The investment process for the All China strategy is driven by bottom-up proprietary research. As a starting point, the investment universe includes all investable quoted equities domiciled in China and/or of issuers generating the majority of their income in China. The investment team is expected to exclude companies exhibiting what we view as unsustainable business models, poor corporate governance practices, and negative industry dynamics. In order to form a qualitative assessment of a company, the Advisor scores companies based on a set of questions covering three areas:

1. Industry Structure and Company's Competitiveness

2. Trends & Profitability: Trends and Sustainability

3. Governance, disclosure, environmental and social practices

The Advisor further conducts extensive valuation analysis incorporating company/industry fundamentals, future operations, and cash generation. Peer comparisons and valuation bands are also studied based on historical and forward looking financials.

The Advisor seeks to construct a "best ideas," concentrated, high-conviction portfolio. The companies would be selected based on the attractiveness of their valuations, top down macro factors, and a conviction that the investment thesis is likely to be realized. Positions would be assigned weights based on the investment parameters for the strategy and the portfolio manager's conviction in the investment thesis. The Advisor aims to construct a portfolio diversified across many sectors with no single stock position being greater than 10% of the portfolio.

The Fund is classified by UBS AM (Americas) as an "ESG-integrated" fund. The Fund's investment process integrates material sustainability and/or environmental, social and governance ("ESG") considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The

analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. ESG considerations and weights considered may change over time. The Fund's portfolio managers may still invest in securities without respect to sustainability and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio manager believes the potential compensation outweighs the risks identified.

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UACPX - Performance

Return Ranking - Trailing

Period UACPX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.3% -16.4% 5.6% 51.00%
1 Yr -16.7% -33.3% 22.0% 48.00%
3 Yr N/A* -27.9% 4.8% N/A
5 Yr N/A* -16.0% 15.4% N/A
10 Yr N/A* -4.8% 9.4% N/A

* Annualized

Return Ranking - Calendar

Period UACPX Return Category Return Low Category Return High Rank in Category (%)
2023 -18.3% -26.6% 26.3% 51.00%
2022 N/A -41.6% -9.4% N/A
2021 N/A -52.5% 26.5% N/A
2020 N/A 1.3% 138.5% N/A
2019 N/A -1.9% 42.6% N/A

Total Return Ranking - Trailing

Period UACPX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.3% -16.4% 5.6% 51.00%
1 Yr -16.7% -33.3% 22.0% 48.00%
3 Yr N/A* -27.9% 4.8% N/A
5 Yr N/A* -16.0% 15.4% N/A
10 Yr N/A* -4.8% 9.4% N/A

* Annualized

Total Return Ranking - Calendar

Period UACPX Return Category Return Low Category Return High Rank in Category (%)
2023 -16.5% -25.7% 30.1% 49.00%
2022 N/A -40.4% -6.8% N/A
2021 N/A -48.9% 29.5% N/A
2020 N/A 2.0% 138.5% N/A
2019 N/A 7.8% 44.4% N/A

NAV & Total Return History


UACPX - Holdings

Concentration Analysis

UACPX Category Low Category High UACPX % Rank
Net Assets 2.99 M 1.13 M 5.61 B 93.00%
Number of Holdings 41 27 1185 81.44%
Net Assets in Top 10 1.81 M 534 K 3.2 B 90.72%
Weighting of Top 10 64.54% 4.9% 81.8% 6.19%

Top 10 Holdings

  1. NetEase, Inc. 13.50%
  2. Kweichow Moutai Co. Ltd. 11.30%
  3. Tencent Holdings Ltd. 9.94%
  4. China Merchants Bank Co. Ltd. 6.90%
  5. State Street Institutional US Government Money Market Fund 5.07%
  6. Hong Kong Exchanges Clearing Ltd. 4.66%
  7. Ping An Insurance Group Co. of China Ltd. 3.48%
  8. SSY Group Ltd. 3.34%
  9. CSPC Pharmaceutical Group Ltd. 3.19%
  10. Ping An Bank Co. Ltd. 3.17%

Asset Allocation

Weighting Return Low Return High UACPX % Rank
Stocks
95.43% 0.00% 101.98% 84.69%
Cash
7.12% 0.00% 33.66% 7.22%
Preferred Stocks
0.00% 0.00% 2.60% 71.13%
Other
0.00% -0.02% 47.32% 69.07%
Convertible Bonds
0.00% 0.00% 0.15% 70.83%
Bonds
0.00% 0.00% 69.90% 66.33%

Stock Sector Breakdown

Weighting Return Low Return High UACPX % Rank
Financial Services
26.11% 0.00% 41.62% 11.46%
Communication Services
20.17% 0.00% 41.06% 15.63%
Consumer Defense
19.47% 0.00% 20.13% 7.29%
Consumer Cyclical
10.47% 0.00% 95.37% 82.29%
Healthcare
9.85% 0.00% 100.00% 27.08%
Real Estate
7.79% 0.00% 22.12% 10.42%
Basic Materials
4.00% 0.00% 19.86% 41.67%
Technology
1.02% 0.00% 58.02% 96.88%
Industrials
0.63% 0.00% 36.69% 97.92%
Utilities
0.49% 0.00% 11.37% 42.71%
Energy
0.00% 0.00% 19.38% 86.46%

Stock Geographic Breakdown

Weighting Return Low Return High UACPX % Rank
Non US
94.01% 0.00% 99.79% 37.11%
US
1.43% 0.00% 99.93% 63.92%

UACPX - Expenses

Operational Fees

UACPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 10.14% 0.09% 12.20% 3.09%
Management Fee 0.85% 0.09% 1.50% 45.00%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.06% 0.25% N/A

Sales Fees

UACPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

UACPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

UACPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 6.00% 4.00% 241.00% 3.66%

UACPX - Distributions

Dividend Yield Analysis

UACPX Category Low Category High UACPX % Rank
Dividend Yield 2.34% 0.00% 10.04% 25.00%

Dividend Distribution Analysis

UACPX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Annual Annual

Net Income Ratio Analysis

UACPX Category Low Category High UACPX % Rank
Net Income Ratio 1.06% -1.76% 3.66% 13.54%

Capital Gain Distribution Analysis

UACPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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UACPX - Fund Manager Analysis

Managers

Bin Shi


Start Date

Tenure

Tenure Rank

Jun 26, 2019

2.93

2.9%

Bin Shi is a member of the Global Emerging Market and Asia Pacific Equities team, located in Hong Kong. He is Country Analyst and Portfolio Manager for China with a focus on Chinese stocks listed on both the overseas and domestic Chinese stock exchanges. Prior to joining UBS Asset Management, Bin spent three years as Head of Int’l Business, portfolio manager and analyst with Boshi Fund Management Co., one of the largest domestic mutual fund companies in China. Prior to that, he worked in the US for eight years as portfolio manager and analyst for several US mutual fund firms. Bin joined UBS in January 2006 and has managed the Greater China Fund since April 2006.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 24.1 3.67 3.22