Escolar Documentos
Profissional Documentos
Cultura Documentos
SRI trends
Factors determining growth of SRI
Supply side
Overview of the main kind of financial institutions; focus on institutions offering “climate change” and working with
industry
Benefits of considering business related to environmental issues
Analysis of hedge funds presence: by kind of institution and investment
Demand side
Savings: trend and geographical presence
Demand breakdown by products and services
Customer concentration by types of financial institution
Overview of fast growing areas with business opportunities ( in order to see if some areas can be considered
“socially responsible”)
Understanding where the money from retail savings are invested (studying the flow: people savings-life insurance-
GDP : 383,303 million $USD (2007) , 21th in the world (2006, IMF)
GDP per capita : 16274 $USD, 36th in the world (2006, IMF)
Foreign exchange reserves : 286.86 billion $USD, 5th in the world (2008, March)
365,503 383,303
355,958
321,230 331,007
300,005 298,757 291,694 297,668 305,624
276,105
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: TSEC
Source: TSEC
10
Year No. of Listed No. of Total Par Total Market Trading Trading Total Amount of
Companies Shares Value Value at Year- Volume Value Capital Increase
Listed (NT$Million) End (NT$Million) (1,000 Shs.) (NT$1,000) (NT$1,000)
(Million Shs.)
2000 531 363,018 3,630,183 8,191,474 630,868,034 30,526,566,297 388,770,195
2001 584 406,400 4,063,998 10,247,599 606,420,171 18,354,935,757 387,395,798
2002 638 441,040 4,410,399 9,094,936 856,189,751 21,873,950,631 259,173,037
2003 669 470,551 4,705,514 12,869,101 917,579,432 20,333,237,368 232,474,763
2004 697 503,132 5,031,317 13,989,100 987,573,775 23,875,366,203 333,307,829
2005 691 538,995 5,389,951 15,633,858 663,512,192 18,818,901,753 347,272,520
2006 688 549,493 5,494,930 19,376,975 732,510,321 23,900,362,445 229,420,909
2007 698 555,864 5,558,644 21,527,298 887,185,870 33,043,848,421 222,120,525
Source: TSEC
11
Year TAIEX
Yearly Average Yearly High Date Yearly Low Date
2000 7,847.21 10,202.20 2/17 4,614.63 12/27
2001 4,907.43 6,104.24 2/15 3,446.26 10/3
2002 5,225.61 6,462.30 4/22 3,850.04 10/11
2003 5,161.90 6,142.32 11/5 4,139.50 4/28
2004 6,033.78 7,034.10 3/4 5,316.87 8/4
2005 6,092.27 6,575.53 12/29 5,632.97 10/28
2006 6,842.04 7,823.72 12/29 6,257.80 7/17
2007 8,509.56 9,809.88 10/29 7,344.56 3/5
Source: TSEC
12
Industry Sale Revenue Net Profit Before Tax Total Asset (A) Total Net Worth (B) B/A (%) Capital
Total 12,403,781,123 1,179,583,327 40,867,411,520 10,220,966,786 25.01 5,524,246,217
Cement 50,830,231 18,884,728 237,751,974 171,135,624 71.98 82,664,152
Foods 130,021,007 7,500,384 181,061,603 112,381,678 62.07 80,813,031
Plastics 1,174,844,639 182,211,079 1,563,188,848 963,177,605 61.62 352,387,011
Textiles 242,762,314 16,118,322 439,228,517 279,169,006 63.56 186,024,009
Electric Machinery 151,983,134 14,614,573 241,119,331 134,597,786 55.82 76,231,433
Electrical and Cable 150,651,679 11,344,992 181,496,235 115,892,042 63.85 75,863,859
Chemical, Biotechnology
& Medical Care 160,171,863 19,679,357 258,170,348 183,698,905 71.15 97,506,535
Glass & Ceramics 26,320,662 4,479,862 64,211,187 48,616,982 75.71 26,638,602
Paper & Pulp 58,510,934 3,159,922 102,615,954 65,608,615 63.94 44,514,205
Iron & Steel 481,837,320 75,064,923 530,043,480 347,047,000 65.48 207,245,101
Rubber 51,948,623 8,773,073 108,920,098 77,320,294 70.99 45,260,381
Automobile 183,948,762 14,437,058 190,047,559 143,344,082 75.43 44,772,377
Electronics 7,431,200,755 682,159,248 7,741,920,619 4,757,759,796 61.45 2,370,119,118
Building Material and
Construction 142,961,105 21,171,405 422,724,689 189,692,057 44.87 139,998,628
Shipping and
Transportation 432,604,665 19,739,014 734,403,328 329,240,615 44.83 206,742,397
Tourism 8,187,346 2,793,707 35,941,772 25,206,904 70.13 12,216,551
Finance 1,147,605,282 39,962,774 27,346,360,361 1,999,128,055 7.31 1,282,445,558
Trading and
Consumers' Goods 161,461,603 8,381,799 148,345,949 74,477,372 50.21 52,620,389
Others 215,929,199 29,107,107 339,859,668 203,472,368 59.87 140,182,880 13
Source: TSEC
14
Government-Owned Government-Owned
Total Private Enterprises Total Private Enterprises
Enterprises Enterprises
8,191,47 7,467,89
2000 363,018 9,948 353,071 4 723,579 5
15
Taiwanese investors’ zeal on offshore funds is partly fueled up by the expanding interest rate
differentials between domestic and foreign markets and the relatively weak performance of Taiwan
stock market in 2006.
The four government-managed funds and most insurance companies have gradually beefed up their
holdings of offshore funds in a hope to raise the overall performance of their investments.
The statistics of the Central Bank showed an annual net outflow of US$44.1 billion, or roughly NT$1.44
trillion, in the international balance of payment for 2006, mainly as a result of the record high annual
overseas investments by Taiwanese people.
The SITEs issued a total of 63 new funds in 2006. Among them, most were of the three categories of the
international funds for making investments on foreign equities, Fund of funds (over 60% were fixed-income
Fund of funds), and the securitized funds (including the real estate securitization and the financial
securitization).
The three categories accounted for over a 80% of the total market value of all the new funds issued in
2006,
and five of them have seen over NT$10 billion in fund’s market value.
The monthly offshore fund sales kept steady growth. The Taiwanese investment on offshore funds
exceeded NT$1.3 trillion in 2006.
17
24813
Fund Size : 100 million NTD
21812
19631 19665
17776
10590 10967
7460
5570
4749
2495 2518
1875
420 714 543 771 736
35 92 204
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 2001 2002 2003 2004 2005 2006
1997 1998 1999 2000
18
FUND SIZE
Number of Fund
Mutual Funds
Offshore Funds 21%
33%
Private Funds • Discretionary Investment is the biggest sector in terms of
6%
number of fund , accounts for 40% of the entire fund size.
Discretionary
Investment
40% Source: Securities investment trust & consulting association of the ROC,2008 , March
19
Types of Mutual Fund Number of Funds Fund Size (NTD) Number of Units Number of Investors Market Share %
Closed-End Funds 1 5,489,870,977 500,000,000.00 9,285 0.28%
Open-Ended Funds 176 239,498,077,579 14,184,783,609.21 789,046 12.18%
Domestic Equity Funds
2 10,783,262,728 29,174,918.80 2 0.55%
(Foreign Capital)
Int’l Equity Funds 79 231,813,236,877 18,405,216,556.82 392,381 11.79%
Balanced Funds 82 100,784,728,931 8,429,727,870.41 93,672 5.13%
Domestic Bond
2 46,185,943,105 3,185,560,868.76 2,969
(Funds-Current)
Domestic Bond
6 10,887,592,795 844,773,441.88 1,212 56.19%
(Funds-Fixed Income)
Domestic Bond
Funds-Quasi Money 69 1,044,347,375,127 74,410,346,797.96 67,581
Market Fund
Int’l Bond Funds 13 19,267,770,901 1,868,141,876.73 6,580 0.98%
Fund of Funds 61 155,477,682,847 14,249,511,321.67 72,460 7.91%
Exchange-Traded Funds 3 40,660,846,926 747,000,000.00 9,967 2.07%
Principal Guaranteed Funds 3 3,504,519,483 201,469,149.86 2,949 0.18%
Money Market Fund 2 10,846,151,923 748,103,327.47 1,799 0.55%
Index Funds 1 425,978,990 31,748,115.90 648 0.02%
Securitized 8 46,550,507,337 4,024,612,991.30 13,664 2.37%
Total 508 1,966,523,546,526 141,860,170,846.77 1,464,215 100.00%
20
Subtotal 72 96,421,829,234
Subtotal 52 912,827,055,445
Subtotal 15 24,251,872,507
Source: Securities investment trust & consulting association of the ROC,2008 , March
21
Subtotal 67 126,865,471,538
Subtotal 1 235,588,393
Subtotal 13 35,301,802,457
Subtotal 10 53,194,922,218
Subtotal 1 1,822,199,894
Amount of Domestic
Classification Detail %
Investors Holdinf (NTD)
ACT
Securities Investment Trust and Consulting Act
Money Laundering Control Act
REGULATION
Regulations Governing Securities Investment Trust Funds
Regulations Governing Offshore Funds
Regulations Governing Securities Investment Trust Enterprises
Regulations Governing Securities Investment Consulting Enterprises
Regulations Governing Information to be Published in Prospectuses by Securities Investment Trust Ente
Regulations Governing Information to be Published in Private Placement Memoranda by Securities Inves
SELF-REGULATION
Guidelines for Anti-Money Laundering Noticeable Items
The Self-Regulatory Code of SITCA
24
BlackRock / ABN AMRO Investment Funds / Allianz Global Investors / ING FUND
- Domestic (2 ) : HUA NAN INVESTMENT TRUST / JIH SUN FUND
UBS (Lux) Equity Fund - Eco Performance B is the first SRI fund related to environmental issues in Taiwan
BFG New Energy (A2 EUR) has the best performance of all from long-term point of view.
UBS Global Asset Management UBS (Lux) Equity Fund - Eco Performance B 1997/6/1
ABN AMRO Investment Funds ABN AMRO Sustainable Global Equity Fund Class A(USD) 2001/12/3
Allianz Global Investors Allianz Global Investors Global Eco Trends Fund 2006/10/6
HUA NAN INVESTMENT TRUST Hua Nan Global Agribusiness And Water Fund 2007/12/14
UBS (Lux) Equity Fund - Eco Performance B 0.85 2.57 -5.06 -18.73 -17.32 23.58 54.77 14.03
KBC Alternative Energy Fund -0.51 6.48 1.26 -13.23 6.19 128.4 244.85 24.32
KBC WATER 2.13 4.27 -0.72 -14.31 -7.88 58.26 153.2 11.74
BGF New Energy Fund(A2 USD) -0.58 4.76 0.7 -10.26 8.08 132.4 305.79 22.89
BGF New Energy (A2 EUR) 0.18 5.34 0.99 -9.65 8.56 133.58 308.81 22.77
BGF New Energy (C2USD) -0.59 4.67 0.41 -10.84 6.7 125.26 281.96 22.8
Allianz Global Investors Global Eco Trends Fund -0.93 2.77 0.27 -14.46 7.69 -- -- 23.64
Hua Nan Global Agribusiness And Water Fund -0.77 3.1 2.59 -- -- -- -- --
Fund Manager:
UBS Global Asset Management
Fund Name:
UBS (Lux) Equity Fund - Eco Performance B
Launch Date:
Jun-97
Screening (except economy):
Environmental and/or social performance
KEY Characteristics:
"The fund invests worldwide in companies that generate above-average environmental, social and economic performance,
and offer interesting growth potential. The investment universe comprises both leaders and innovators.
Leaders are mostly large companies that offer the best environmental and/or social performance in their respective sectors.
By continually improving their environmental performance, these companies can cut costs and save resources while reducing
their environmental impacts. The ecological analysis covers corporate environmental policy and strategy, process data and
product development. The social analysis assesses corporate social policy and management systems, public commitment
and relationships with key stakeholders. Innovators are mostly smaller and younger companies, whose products and services
offer proven environmental benefits and high resource efficiency. These companies are primarily selected on the basis of
their product ranges. In addition to the ecological, social and financial analysis, the companies are also put through an
external plausibility test using independent sources."
Source : ASrlA
29
Currency CHF
Administration
2.04% / per year
Fee
30
Currency(TWD) Closing 0.85 2.57 -5.06 -18.73 -17.32 23.58 54.77 76.09
Same Type Average--TWD 0.53 4.09 -2.64 -15.35 -11.31 35.15 69.42 104.58
Same Type Average --TWD -11.83 9.48 17.31 12.6 5.38 27.16 -18.95
31
Fund Manager:
Allianz Global Investors
Fund Name:
Alliance RCM Global Eco Trends Fund
Launch Date:
Oct-06
Screening (except economy):
Environmental performance
KEY Characteristics:
Registered in Taiwan and investing globally, the Allianz RCM Global Eco Trends Fund offers access to three environment-
related sectors: (1) "EcoEnergy" e.g., alternative energy and energy efficiency, (2) "Pollution Control" e.g., environmental
quality, waste management and recycling, and (3) "Clean Water" e.g., water treatment and supply. The fund seeks for
companies throughout the whole supply-chain of the above-mentioned sectors, plus companies that are newly expanding
their business into those sectors. Fund managers will continuously look into research reports on these companies and
undertake constant interviews with corporate management. In addition, the fund also applies the bottom-up approach looking
at the areas such as growth potential, financials and the state of cash flow of the target companies. The fund is an "interval"
fund, a type of closed-end fund that is designed to give the manager more flexibility in managing the underlying assets, so
that the manager can invest a greater portion of the fund's assets in smaller, potentially less liquid securities, which are part
of the fund's investment universe.
Source : ASrlA
32
Currency TWD
NAV 14.99
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV Date 2008/4/25
Fund Return Index Same Type Fund Average Index
Administration
1.8% / per year
Fee
• VESTAS WIND
SYSTEMS(8.9%) /
GAMESA CORP TECN
Fund Stock (8.13%) / FIRST SOLAR INC
(6.42%) / IBERDROLA
RENOVABLES (4.18%) /
STERICYCLE INC (4.01%)
Same Type Average--TWD -2.21 5.92 5.62 -5.51 16.02 133.73 281.9 49.03
Same Type Average --TWD -5.52 40.96 23.05 44.93 10.1 43.68 1.62
34
Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 54.85 Fund Return Index Same Type Fund Average Index
Administration
1.5% / per year
Fee
Fund Size
Same Type Average--TWD 0.42 4.29 -2.06 -15.03 -10.98 35.41 69.2 44.38
Same Type Average --TWD -11.66 9.48 17.31 12.6 5.38 27.16 -18.95
36
Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 471.3
Fund Return Index Same Type Fund Average Index
NAV Date 2008/4/29
Administration
n/a
Fee
Energy and
Fund Type Natural
Resource
Currency(TWD) Closing -0.51 6.48 1.26 -13.23 6.19 128.4 244.85 60.4
Same Type Average--TWD -2.37 8.1 7.76 -4.48 18.35 138.52 291.51 301.72
Same Type Average --TWD -3.59 40.96 23.05 44.93 10.1 43.68 1.62
Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 623.93 Fund Return Index Same Type Fund Average Index
Currency(TWD) Closing 2.13 4.27 -0.72 -14.31 -7.88 58.26 153.2 101.35
Same Type Average--TWD -2.37 8.1 7.76 -4.48 18.35 138.52 291.51 310.69
Same Type Average --TWD -3.59 40.96 23.05 44.93 10.1 43.68 1.62
Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 209.08 Fund Return Index Same Type Fund Average Index
Same Type Average--TWD -0.35 8.52 5.73 -3.76 18.92 138.98 290.56 44.73
Closing -5.82
Same Type Average --TWD -3.4 40.96 23.05 44.93 10.1 43.68 1.62
Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 135.11 Fund Return Index Same Type Fund Average Index
43
Same Type Average--TWD -0.35 8.52 5.73 -3.76 18.92 138.98 290.56 365.93
Closing -10.72
Currency(TWD) -11.43
Same Type Average --TWD -3.4 40.96 23.05 44.93 10.1 43.68 1.62
Currency TWD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 10.31 Fund Return Index Same Type Fund Average Index
Administration
2% / per year
Fee
Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 -0.05
Closing 2.79
Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62
Currency TWD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 10.28 Fund Return Index Same Type Fund Average Index
Sharp Ratio - -
Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 10.21
Currency TWD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 10.62
Fund Return Index Same Type Fund Average Index
NAV Date 2008/4/30
Q-CELL AG(2.42%) /
VESTAS WIND
SYSTEMS(2.07%)/
Fund Stock
DANAHER CORP(2.06%)
/ PRAXAIR INC(2.02%) /
SUNPOWER(2.02%)
Same Type Average--TWD 0.42 4.23 -2.12 -15.08 -11.03 35.33 69.09 -3.14
Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 14.64
Fund Return Index Same Type Fund Average Index
Fund Size
Source :
52
Source : BlackRock
Currency(TWD) Closing -0.58 4.76 0.7 -10.26 8.08 132.4 305.79 35.12
Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 303.71
Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62
Source : BlackRock
53
Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 9.47 Fund Return Index Same Type Fund Average Index
Fund Size
Source : BlackRock
54
Currency(TWD) Closing 0.18 5.34 0.99 -9.65 8.56 133.58 308.81 35.03
Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 303.71
Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62
Source : BlackRock
55
Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 13.52 Fund Return Index Same Type Fund Average Index
Source : BlackRock
56
Currency(TWD) Closing -0.59 4.67 0.41 -10.84 6.7 125.26 281.96 129.86
Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 261.58
Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62
Source : BlackRock
57
59
60
61
Source: TSEC 62
63
Source: TSEC 64
Source: TSEC 65
66