Eastspring Investments Funds Monthly Income Plan

Factsheet | Singapore | August 2019

Eastspring Investments Funds ? Monthly Income Plan

All data as at 31 July 2019 unless otherwise stated

FUND DETAILS

Fund size (mil)

886.3

Fund base currency

SGD

Fund dealing frequency

Daily

Net asset value (Class M)

SGD 0.886

ISIN (Class M)

SG9999002968

Inception date (Class M)

01-Feb-05

Benchmark (BM) 50% J.P. Morgan Asia Credit Index & 50% ICE BofAML US High Yield Constrained Index (SGD hedged)

Underlying Fund Size Eastspring Investments - Asian Bond Fund USD 4,190.1 mil Eastspring Investments - US High Yield Bond Fund USD 1,292.8 mil

FUND MEASURES

3 year tracking error(%) (Class M) 0.9

3 year sharpe ratio (Class M)

0.9

3 year volatility(%) (Class M)

3.5

Source: Morningstar

FUND ALLOCATION (%)

Eastspring Investments - US High 38.8

Yield Bond Class D

Eastspring Investments - Asian Bond 38.6

Class D

Bonds

11.9

Equities

9.3

Cash and cash equivalents*

1.5

Due to rounding, the allocation table may not add up to 100% or may be negative. *Does not include Cash and cash equivalents of the underlying funds.

COUNTRY WEIGHTS (%)

United States

32.4

China

27.9

Singapore

10.6

Indonesia

5.9

India

4.3

Hong Kong

2.7

Korea

1.9

Philippines

1.6

Others

9.3

Cash and cash equivalents

3.4

Due to rounding, the allocation table may not add up to 100% or may be negative.

INVESTMENT OBJECTIVE

The investment objective of the Eastspring Investments Funds - Monthly Income Plan is to seek to provide investors with regular income and capital growth by investing: (i) 30% to 70% of its assets into the Luxembourg domiciled Eastspring Investments - US High Yield Bond Fund; and (ii) 30% to 70% of its assets into the Luxembourg domiciled Eastspring Investments - Asian Bond Fund. The Fund may, in addition, at the Manager's absolute discretion, invest up to 20% of its assets in any other Asia Pacific investment (including real estate investment trusts, dividend yielding equities and any other subfunds of Eastspring Investments, subject to prior approval of the Authority where necessary). PERFORMANCE Calendar year returns (%) (Class M)

15

10

5

0

-5

-10

2014 Offer-bid

Returns (%)

Class M

1m

Offer-bid -4.6

Bid-bid

0.5

Benchmark 0.5

2015 Bid-bid

3 m YTD -3.3 3.9 1.8 9.3 2.3 9.2

2016

2017

Benchmark

1y

3y

5 y 10 y

(p.a.) (p.a.) (p.a.)

0.4

2.5

1.9

5.0

5.7

4.3

2.9

5.6

7.6

4.8

4.9

4.3

2018

Since inception

(p.a.) 4.3 4.7 3.2

(p.a.): per annum. Source: Eastspring Investments (Singapore) Limited. Calendar year returns are based on the share class performance for the year, and if the share class was incepted during a particular year, the returns shown relate to the performance of the share class since its inception to the end of that calendar year. For full details, please refer to the performance disclosure.

TOP 10 HOLDINGS (%)

1. BNYMELLON USD LIQUIDITY FUND

1.2

2. DBS GROUP HOLDINGS LTD

1.1

3. OVERSEA-CHINESE BANKING LTD

1.1

4. UNITED OVERSEAS BANK LTD

1.1

5. SINGAPORE TELECOMMUNICATIONS LTD

1.1

6. BAUSCH HEALTH AMERICAS 8.5% 31/01/2027

0.7

7. SINGAPORE TECHNOLOGIES ENGINEERING

0.4

8. HAINAN AIRLINES (HONG KONG) CO LTD 12% 10/29/2020

0.4

9. SUNAC CHINA HOLDINGS LTD 7.875% 02/15/2022

0.4

10. CALPINE CORP 5.25% 01/06/2026

0.4

The Fund may use Futures to gain market exposure which may not be included in the Top 10 Holdings.

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Eastspring Investments Funds ? Monthly Income Plan

RATINGS (%)

AA

1.1

A

8.0

BBB

19.3

BB

23.3

B

26.0

CCC

3.7

Non-Rated

15.2

Cash and cash equivalents

3.4

Credit ratings of securities held by Underlying Funds are by S&P/Moody's/Fitch. Due to rounding, the allocation table may not add up to 100% or may be negative.

MATURITY (%)

0 - 1 year

5.9

1 - 3 years

22.3

3 - 5 years

15.6

5 - 10 years

37.0

10+ years

5.3

Others

10.5

Cash and cash equivalents

3.4

Due to rounding, the allocation table may not add up to 100% or may be negative.

SECTOR WEIGHTS (%)

Industrials

49.3

Government bonds

18.3

Financials

17.2

Materials

2.5

Consumer discretionary

2.1

Communication services

1.4

Energy

1.2

Utilities

0.8

Others

3.8

Cash and cash equivalents

3.4

Due to rounding, the allocation table may not add up to 100% or may be negative.

RELEVANT CLASS DETAILS

Class

Currency

Net asset value

A

SGD

0.917

Bloomberg

ISIN

ticker

PRUSMON SP SG9999002851

Inception date

01-Feb-05

Subscription method Cash, SRS

Initial sales

Annual

charges% management fee

(max)

% (Current)

5.000

1.250

IA

SGD

0.976

ESMIPIA SP SG9999016455 25-May-17

Cash

5.000

0.625

M

M (hReMdgBed)

SGD CNH

0.886 10.486

PRUSMOM SP SG9999002968 01-Feb-05 PMIPRMB SP SG9999010763 02-Sep-13

Cash, SRS Cash

5.000 5.000

1.250 1.250

Class A

Currency SGD

Annual admin fee% (max) Nil

Minimum initial

investment SGD 1,000

Minimum subsequent investment

SGD 100

Distribution frequency

Yearly

Ex-date 01-Feb-19

Dividend per unit

0.0500000

IA

SGD

Nil

SGD 10 Mil

SGD 1,000

Yearly

01-Feb-19

0.0500000

M

SGD

Nil

SGD 1,000

SGD 100

Monthly

01-Aug-19

0.0040000

M (RMB hedged)

CNH

Nil

CNH 10,000

CNH 500

Monthly

01-Aug-19

0.0400000

Distributions are not guaranteed. Distributions may be paid out of distributable income, capital or both. Important Notes: (i) Payment of distributions out of capital amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment; and (ii) Any distributions involving payment out of the Fund's capital may result in an immediate reduction of the net asset value per unit. "N.A." means that the relevant class does not distribute dividends.

Returns (%)

Class / currency

1 m 3 m YTD

A / SGD

Offer-bid

-4.6 -3.3 3.9

Bid-bid

0.4 1.8 9.3

Benchmark

0.5 2.3 9.2

IA / SGD

Offer-bid

0.4 1.9 9.5

Bid-bid

0.4 1.9 9.5

Benchmark

0.5 2.3 9.2

M / SGD

Offer-bid

-4.6 -3.3 3.9

Bid-bid

0.5 1.8 9.3

Benchmark

0.5 2.3 9.2

M (RMB hedged) / CNH

Offer-bid

-4.6 -3.2 3.9

1y

3 y 5 y 10 y (p.a.) (p.a.) (p.a.)

0.4 2.5 1.8 5.0 5.6 4.3 2.9 5.5 7.6 4.8 4.9 4.3

6.0

?

?

?

6.0

?

?

?

7.6

?

?

?

0.4 2.5 1.9 5.0 5.7 4.3 2.9 5.6 7.6 4.8 4.9 4.3

1.0 4.3 3.8

?

Since inception

(p.a.)

4.3 4.7 3.2

3.6 3.6 4.1

4.3 4.7 3.2

4.9

Calendar year returns (%) 2018 2017 2016

2015

2014

-9.3

1.3

5.9 -9.5 -2.4

-4.5 6.7 11.5 -4.7 2.7

-2.2 6.2 11.7 0.0

5.4

-4.0 2.9

?

?

?

-4.0 2.9

?

?

?

-2.2 2.2

?

?

?

-9.3

1.3

5.9 -9.4 -2.4

-4.5 6.7 11.4 -4.6 2.7

-2.2 6.2 11.7 0.0

5.4

-7.7

4.5

7.6 -7.6 -0.7

Factsheet | Singapore | August 2019 | All data as at 31 July 2019 unless otherwise stated

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Eastspring Investments Funds ? Monthly Income Plan

Returns (%) Class / currency

Bid-bid Benchmark

1m

3 m YTD

1y

3 y 5 y 10 y (p.a.) (p.a.) (p.a.)

0.4 1.9 9.4 6.3 6.1 4.9

?

0.6 2.5 9.6 8.8 7.6 7.4

?

Since inception

(p.a.) 5.8 7.9

Calendar year returns (%) 2018 2017 2016

2015

2014

-2.8 10.0 13.2 -2.8 4.5

-0.1 11.2 14.6 2.1

5.2

Performance Disclosure: (p.a.): per annum. Source: Eastspring Investments (Singapore) Limited. Returns are based in the relevant class currency and computed on bid-bid basis with net income reinvested, if any. Offer-bid is inclusive of sales charge which is subject to changes. Since inception returns for periods less than a year are not annualised. The benchmark for the hedged classes, if any, is also calculated on a hedged basis. From inception to 31-May-12, the benchmark was the 12 month SGD Fixed Deposit Rate. Calendar year returns are based on the relevant class performance for the year, and if the relevant class was incepted during a particular year, the returns shown relate to the performance of that class since its inception to the end of that calendar year. Wef July 2018, the monthly fund and benchmark returns calculated are aligned to the last NAV date of the fund for the month. Past performance information presented is not indicative of future performance.

Factsheet | Singapore | August 2019 | All data as at 31 July 2019 unless otherwise stated

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Eastspring Investments Funds ? Monthly Income Plan

Commentary sources

1.Eastspring Investments (Singapore) Limited

COMMENTARY Market Review Global equities rose mildly in July, with the optimism that followed the conclusion of the US-China presidential meeting late last month fading as the month progressed and as investors focused on the US Fed's policy meeting at the end of the month. The Fed cut rates by 25bps, the first cut in more than a decade, disappointing some market participants who had been anticipating a more aggressive cut. Investors also continued to grapple with escalating geopolitical and trade issues, most notably the deteriorating South Korea-Japan relations ? after Japan imposed new restrictions on exports that would hit South Korea's technology industries ? and rising tensions in the Gulf. British Royal Marines seized an Iranian oil tanker off the coast of Gibraltar for allegedly violating EU sanctions against Syria, with Iran subsequently seizing a UK flagged tanker in the Strait of Hormuz in retaliation. US stocks gained and outperformed all other major regions during the month, on generally strong economic data and earnings relative to the rest of the world, as well as the anticipation of the Fed rate cut. European stocks underperformed relative to the rest of the world on weak growth data and declining optimism around a resolution to the US-China trade war. The confirmation of Boris Johnson as new UK Prime Minister raised the possibility of a disorderly Brexit and also weighed on sentiment. Asia was weak, with Chinese stocks near flat on the muted anticipation of progress on trade talks, whilst South Korea posted declines, as the trade dispute with Japan, as well as the Bank of Korea's lowering of its growth outlook and rate cut, dragged. In the context of fixed income, credit generally outperformed relative to quality Sovereigns. The performance of US Treasuries was near flat for the month as a whole, with receding expectations for a more aggressive Fed ? and the Fed's accompanying statement to its rate cut that it represented a mid-cycle adjustment, rather than the beginning of a more substantial round of cuts ? dragging on performance. Fund Review The Fund mildly underperformed its benchmark in July. Returns from Singapore equities were weak in a month where trade uncertainty was a headwind to Asian equities and, although the Manager has maintained the partial equity hedge, the remaining market exposure acted as a drag on relative returns. Within the Fund's fixed income allocation, performance benefited from the Asian High Yield Bond exposure which outperformed relative to US High Yield Bonds and Asian Bonds, whilst underlying security selection was also positive within the three portfolios. Outlook The lack of predictability around US-China trade relations remains the most significant threat to market sentiment. The twists and turns in the developments around the ongoing US-China trade war have dominated markets over the past few months, characterised by bouts of risk-on and risk-off sentiment. August saw a re-escalation of the trade war, with the US naming China as a currency manipulator and imposing 10% tariffs on USD300 billion of Chinese goods from 1 September (although tariffs on some goods were later delayed). The Fed delivered a rate cut in July, with some market participants disappointed that it wasn't deeper, whilst the prospect of further rate cuts by the Fed, although likely offering some near-term support to both equites and bonds, can also lead to escalating concerns that growth is slowing and that the US-China trade war is taking a more serious toll. Markets and the global economy may have to readjust to the "new normal" of trade wars and lower rates, and we expect continued volatility going forward as a path to resolution of the US-China trade issues is better forged. We remain broadly market neutral at this juncture, with a bias towards carry strategies with good risk-reward characteristics. The Manager retains the equity hedge, although the Fund remains exposed to the dividend income stream. In our global multi asset funds, we have continued to add to our portfolio hedges, notably our US duration and JPY positions, both of which would likely benefit during any further risk-off events, whilst the Manager continues to look for opportunities for tactical asset allocation to ensure the Fund is positioned to meet its objectives going forward.

Factsheet | Singapore | August 2019 | All data as at 31 July 2019 unless otherwise stated

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Eastspring Investments Funds ? Monthly Income Plan

IMPORTANT INFORMATION

Investment manager Eastspring Investments (Singapore) Limited

Investment sub-manager PPM America, Inc.

Disclaimer This document is solely for information and may not be published, circulated, reproduced or distributed in whole or part to any other person without the prior written consent of Eastspring Investments (Singapore) Limited ("Eastspring Singapore") (Company Reg No. 199407631H). This advertisement has not been reviewed by the Monetary Authority of Singapore. This document is not an offer, solicitation of an offer, or a recommendation to transact in the investment units in the Fund. The information contained herein does not have any regards to the specific investment objectives, financial situation or particular needs of any person. A prospectus in relation to the Fund is available and a copy of the prospectus may be obtained from Eastspring Singapore and its distribution partners. Investors should read the prospectus and seek professional advice before making any investment decision. In the event that investor chooses not to seek advice, he should consider carefully whether the Fund in question is suitable for him. The value of units in the Fund and the income accruing to the units, if any, may fall or rise. Past performance of the Fund/Manager is not necessarily indicative of the future performance. Any prediction, projection or forecast on the economy, securities markets or the economic trends of the markets targeted by the Fund is not necessarily indicative of the future performance of the Fund. An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. Whilst Eastspring Singapore has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, Eastspring Singapore cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. The Fund/ underlying Fund(s) may use derivative instruments for efficient portfolio management and hedging purposes. Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the Manager, Eastspring Singapore, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of (a) and/or (b) and/or (c). The payment of distributions should not be confused with the Fund's performance, rate of return or yield. Any payment of distributions by the Fund may result in an immediate decrease in the net asset value per unit. The preceding paragraph is only applicable if the Fund intends to pay dividends / distributions. Eastspring Singapore is an ultimately wholly-owned subsidiary of Prudential plc of the United Kingdom. Eastspring Singapore and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. In case of discrepancy between the English and Chinese versions, the English version shall prevail.

Notes: The name of the Fund "Eastspring Investments Funds - Monthly Income Plan" should not be taken as implying that monthly or regular distributions in respect of units will be made.

For more information, please contact: Eastspring Investments (Singapore) Limited UEN: 199407631H 10 Marina Boulevard #32-01 Marina Bay Financial Centre Tower 2 Singapore 018983 T: (65) 6349 9711 F: (65) 6509 5382

.sg

Factsheet | Singapore | August 2019 | All data as at 31 July 2019 unless otherwise stated

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