Adequity Trust

Lyxor Agriculture Fund

January 2010

Important information: The Fund: aims to provide return linked to a pure agricultural commodity futures index and a pure agricultural equity index. The “Core and Satellite” investment strategy enables investors to benefit broadly from the growth potential of the agricultural field. Key risks of the product: • Diversification risk – From time to time, the performance of the Fund may be highly correlated to the performance of the global agricultural field represented by the Commodity Index and the Equity Index. Investors realizing their Units on any Valuation Day will be fully exposed to the performance of the Commodity Index and the Equity Index which could result in a Realisation Price below the Issue Price as at either the Launch Date or the relevant Valuation Day. • Risk related to commodities and futures contracts – The commodity markets (including the markets for goods) generally are subject to greater risks than other markets, including potentially significant legal risks. The price of commodities and futures prices can be highly volatile. The Fund may be more volatile than other funds investing in diversified investment sectors, and the Fund may be subject to rapid cyclical changes in investor activity. • Counterparty risk – The Fund may invest up to 10% of its Net Asset Value into financial derivative instruments issued by Société Générale to meet the Fund's investment objective. As a result the Fund may be exposed to the credit and counterparty default risk of Société Générale. The Fund is subject to the possibility of insolvency, bankruptcy or default of the counterparty with which it trades financial derivative instrument contracts outside of recognised exchange. This could result in substantial loss to a fund. • In the worst case scenario, the value of the Fund may be worth substantially less than the original amount you have invested (and in an extreme case could be worth nothing). The Fund is a structured product involving derivatives. The investment decision is yours but you should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. Unit trusts are NOT equivalent to time deposits. Investors should not make any investment decision on the basis of this marketing material alone. If you have any queries, please seek independent financial and professional advice.

Investment Objective
The Fund aims to provide return linked to the agricultural sector, via (a) core exposure to commodities (including soft and grain commodities futures); and (b) satellite exposure to listed global agriculture-related companies.

Fund Performance as at 31 December 2009
Cumulative Performance
Fund 6 months 10.83% 1 year 19.79% 2 years 3 years Since Launch -30.40%

Highlight of the Fund
a) Core exposure with 80% target allocation to a Commodity Index: Dow JonesUBS Agriculture Subindex Total Return (Bloomberg code: DJUBAGTR) b) Satellite exposure with 20% target allocation to an Equity Index: SGI Global Agriculture (USD) Index (Bloomberg code: SGIXGAU) Please refer to the Fund Specific Memorandum for further details.

Calendar Year Performance
Since Launch to end 2008 -41.90%
12.0 10.0
Fund

Fund
NAV

YTD 19.79%

Fund Details
Fund Size: Fund Price: Base Currency: Initial offer price: Dealing Deadline: Dealing Day: Valuation Day: Launch Date: Initial Sales Charge: Realisation Charge: Management Fee: Manager: USD 23.48 million USD 6.96 per Unit (As of 31 / 12 / 2009) US dollar USD 10.00 per Unit Every Hong Kong Business Day The Exchange Business Day following the Dealing Deadline The Business Day following the Dealing Day 22 / 4 / 2008 5% 0% 1.00% per annum Lyxor Asset Management(100% SG Subsidiary)

8.0 6.0 4.0 2.0
22/04 2008 22/06 2008 22/08 2008 22/10 2008 22/12 2008 22/02 2009 22/04 2009 22/06 2009 22/08 2009 22/10 2009 31/12 2009

Source: Lyxor Asset Management, in USD, NAV to NAV with dividends reinvested as of 31 December 2009. The Fund's past performance is not indicative of future returns.

Top Constituent Stocks of Equity Index
Stocks SYNGENTA N POTASH CORP OF SASKATCHEWAN MONSANTO CO DEERE & CO ARCHER-DANIELS Sector Agricultural Chemicals Agricultural Chemicals Agricultural Chemicals Machinery-Farm Agricultural Operations Country Switzerland Canada United States United States United States Holdings (%) 10.37% 10.37% 10.28% 9.62% 8.02%

Breakdown of Commodity Index
Wheat 12.11% Sugar 19.28% Soybean Oil 9.28% Corn 16.29% Coffee 10.12% Soybeans 23.03% Cotton 9.88%

Breakdown of Equity Index
Country Breakdown
Others 18.72% Singapore 3.97% Brazil 6.42% United States 44.73%

Switzerland 10.37%

Canada 15.79%

Source: Dow Jones, as of 31 December 2009
Food Distributors 2.70% Packaged Food & Meat 11.48% Farm Machinery 11.12%

Sector Breakdown
Others 2.08%

Investment involves risks. This is not an index tracking fund and the Fund's performance would not replicate that of the Commodity Index and / or the Equity Index. Investors should note that the realisation price is fully exposed to market fluctuations. The price of units may go down as well as up. The Fund's past performance is not indicative of future returns. Please refer to the Fund Specific Memorandum for details including the risk factors. This sales material has not been reviewed by the Securities and Futures Commission of Hong Kong. The issuer of this document is SG Securities (HK) Limited, which is the Hong Kong representative of the investment manager. "Dow Jones,", "Dow Jones-UBS Agriculture Subindex Total ReturnSM" and any related Indexes or Subindexes are service mark of Dow Jones & Company, Inc. ("Dow Jones"), UBS AG and UBS Securities LLC ("UBS"), as the case may be, and have been licensed for use by the Lyxor Asset Management. The Lyxor Agriculture Fund is not sponsored, endorsed, sold or promoted by Dow Jones, UBS AG, UBS, or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS AG, UBS, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product.

Agricultural Products 17.67%

Fertilizers & Agricultural Chemicals 54.95%

Source: SG, Lyxor Asset Management, Bloomberg as at 31 December 2009

Investment Manager:

Lyxor Asset Management

Adequity 信託基金

領先農產品基金
重要資料:

2010年1月

本基金:旨在提供與一項純農業商品期貨指數及一項純農業股份指數相關的回報。「核心及衛星」投資策略有助投資者可以廣泛受惠於農業行業的增長潛力。 本產品的主要風險: • 分散投資風險 – 基金的表現可能不時與代表全球農業行業的商品指數及股票指數的表現高度互相關聯。於任何估值日贖回基金單位的投資者將會完全承受商品指 數及股票指數的表現風險,這可能導致每基金單位的贖回價低於於推出日或相關估值日每基金單位的發行價。 • 商品及期貨合約的相關風險 – 商品市場(包括現貨市場)一般較其他市場承受更大風險,包括潛在重大法律風險。商品及期貨合約的價格可能大幅波動。本基金 或會比其他投資於多種不同行業的基金更為波動。而且本基金或會受投資者活動的迅速週期變化所影響。 • 交易對方風險 – 本基金可能會投資最多10%的基金資產淨值於法興發行的金融衍生工具之中以達到本基金的投資目標。因此,本基金需承受法興的信貸及對方 違約的風險。基金可買賣並非於認可交易所買賣的金融衍生工具合約,與基金買賣有關工具的交易對方可能無力償債、破產或違約,屆時或會令基金承受重大損 失。 • 在最壞情況下, 基金價值或會大幅地少於您的投資金額 ( 在極端的情況下,您投資的回報可能會變成沒有價值 )。 此基金乃涉及金融衍生工具的結構性產品。投資決定是由閣下自行作出的,但閣下不應投資在該基金,除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務 情況、投資經驗及目標後,該產品是適合閣下的。基金產品並不相等於定期存款。投資者不應只根據本銷售文件而作出任何投資決定。如有疑問,請尋求獨立的財 務及專業意見。

投資 目標
領先農產品基金旨在透過(a)核心投資農產品 (包括軟商品期貨及穀物商品期貨) 及(b)衛星投資主要業務屬農業的上市公司,提供與農業相關的回報。

基金表 現於二零零 九年 十二月三十 一日
累計表 現
基金 6個月 10.83% 1年 19.79% 2年 3年 自成立以來 -30.40%

基金 重點
a) 以基金資產內80%目標分配的「核心分佈」,參與商品指數 - 道瓊斯UBS農 產品分類指數總回報 (彭博代碼:DJUBAGTR) 的表現 ; b) 以基金資產內20%目標分配的「衛星分佈」,參與股票指數 - SGI環球農業 (美元) 指數 (彭博代碼:SGIXGAU) 的表現。
詳情請參閱個別基金說明書

年度表 現
基金
資產淨值

自成立以來 至2008年底 -41.90%
12.0 10.0
基金

年初至今 19.79%

8.0 6.0

基金資料
基金資產: 基金價格: 報價貨幣: 首次發售價: 交易限期: 交易日: 估值日: 推出日: 首次發售費: 贖回費: 管理費: 基金經理: 23.48 (百萬美元) 6.96 (美元/單位) (截至31 / 12 / 2009) 美元 10.00 (美元/單位) 每一個香港營業日 交易限期後的交易所營業日 交易日後的營業日 22 / 4 / 2008 5% 0% 1.00% (每年) 領先資產管理(100%SG附屬機構)

4.0 2.0
22/04 2008 22/06 2008 22/08 2008 22/10 2008 22/12 2008 22/02 2009 22/04 2009 22/06 2009 22/08 2009 22/10 2009 31/12 2009

資料來源:領先資產管理,截至二零零九年十二月三十一日,以美元及資產淨值對資產淨值計算,並包括股 息再投資。基金過往表現並不代表將來之回報。

股票指 數之主要成 份股
股份名稱 SYNGENTA N POTASH CORP OF SASKATCHEWAN MONSANTO CO DEERE & CO ARCHER-DANIELS 行業 肥料及農業化學品 肥料及農業化學品 肥料及農業化學品 農業機械 肥料及農業操作 國家 瑞士 加拿大 美國 美國 美國 比重(%) 10.37% 10.37% 10.28% 9.62% 8.02%

商品 指數 之 分佈
小麥 12.11% 糖 19.28% 豆油 9.28% 玉米 16.29% 咖啡 10.12% 大豆 23.03% 棉花 9.88%

股票指 數之分佈
地區分佈
其他 18.72% 新加坡 3.97% 巴西 6.42% 美國 44.73%

資料來源:道瓊斯,截至二零零九年十二月三十一日

瑞士 10.37%

加拿大 15.79%

行業分佈
食品分銷 2.70% 包裝食品及肉類 11.48% 農業機械 11.12% 肥料及農業化學品 54.95% 其他 2.08%

農業產品 17.67%

資料來源:法興,領先資產管理,彭博資訊截至二零零九年十二月三十一日
投資涉及風險。此基金並非指數追蹤基金,而基金的表現亦不會複製商品指數及 / 或股票指數的表 現。本基金受市場波動以及一切投資固有的風險所影響。基金單位的贖回價以及從中所得收入可升亦 可跌。基金過往表現並不代表將來之回報。詳情包括風險因素,請參閱個別基金說明書。此銷售資料 並未為香港證監會所審閱。本文件的發佈人為法國興業證券(香港)有限公司,其為投資經理的香港代 表。 「Dow Jones」、「Dow Jones-UBS Agriculture Subindex Total ReturnSM」及任何相關指數或附屬指 數屬Dow Jones & Company, Inc. (「Dow Jones」) 、UBS AG及UBS Securities LLC (「UBS」) (視情況 而定)的服務標記,領先資產管理已獲授權使用。領先農產品基金並非由Dow Jones、UBS AG、UBS 或其任何各自的附屬公司或聯屬公司保薦、認可、出售或推廣,Dow Jones、UBS AG、UBS或其任何 各自的附屬公司或聯屬人士概不就投資於該產品是否適合作出任何聲明。

投資經理:

領先資產管理

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