To The Moon

United Asia Fund:

• $UNITED ASIA "A" (SGD) INC(SGXZ90724238.SGD)$

• $UNITED ASIA "A" (SGD) ACC(SG9999001051.SGD)$

The United Asia Fund provides investors with a one-stop solution for accessing Asia's most compelling growth and income opportunities.

Investors are always searching for the next catalyst that can drive markets higher. Occasionally, several tailwinds can arrive at once, as appears to be the case for Asia heading into the final quarter of 2026.

Historically, the fourth quarter tends to be one of the strongest periods for equity markets. This year, the seasonal backdrop could be even more compelling as three powerful cycles converge at the same time.

The first is the US mid-term election cycle. Historical data demonstrates a remarkably consistent and supportive backdrop for US equities during and immediately following US midterm elections, which is slated for this November. Looking back over the past 100 years, October and November in mid-term election years have typically delivered a high probability of positive returns for the S&P 500 [1]. A more constructive US market environment has historically translated into stronger sentiment towards global equities, creating a supportive backdrop for Asian equities as well.

The second is Asia’s own seasonal pattern. Historically, the fourth quarter has been a particularly favourable period for Asian equities. Since 2002, October, November and December have consistently ranked among the better-performing months of the year, delivering a combined average return of more than 5 percent across the quarter [2]. While past performance is no guarantee of future returns, this favourable seasonal pattern could provide an additional boost for Asian markets as investors head into year-end.

Source: UOBAM, Bloomberg, as of 21 Sep 2026. Positive years refers to the percentage of years in which the MSCI Asia ex-Japan Index generated a positive return during that month. Past performance is not indicative of future returns.

The third catalyst is the tech cycle. The fourth quarter is traditionally the busiest period of the year for AI hardware manufacturers, but this year's backdrop appears exceptionally favourable. In a rare occurrence, five major hyperscalers – Alphabet, Meta, Amazon, AMD and Nvidia – are all ramping up production and deployment of their next-generation AI chips and platforms at the same time [3].

This is expected to drive a significant increase in orders across Asia's tech supply chain, particularly among Taiwanese component manufacturers producing printed circuit boards (PCBs), cooling solutions, connectors and other critical hardware [4]. With demand set to rise, this could provide a meaningful boost to revenue and earnings growth across Asia's AI supply chain.

Beyond these three catalysts, investors may also benefit from a longer-term structural trend: a weakening US dollar. Historically, periods of sustained US dollar weakness have tended to support Asian assets [5], providing an additional tailwind that could extend well beyond the current quarter.

Against this backdrop, the question for investors is no longer whether now is a good time to invest in Asia, but how best to do so.

Asia is not a homogenous market. Different countries across the region are driven by distinct economic, policy and corporate earnings cycles, and tend to outperform at different points in time. A diversified Asia strategy allows investors to participate in opportunities wherever they emerge, without having to accurately predict which market will lead next.

The United Asia Fund (the “Fund”) is built to do just that. Through a diversified, actively managed strategy, the Fund seeks to identify and capture the most compelling investment opportunities across Asia’s diverse markets.

Why the United Asia Fund

As UOBAM's flagship Asia strategy, the United Asia Fund is designed to help investors capture opportunities across the region. Key features include:

• Diversified exposure to Asia’s leading markets, including China, Taiwan, South Korea, India and ASEAN

• Access to a broad range of opportunities spanning AI, tech, domestic consumption, dividend income, financial services, commodities

• Quarterly dividend income of 5 percent p.a. [6] (United Asia Fund Class A SGD Dist)

Below is a snapshot of the Fund’s top 10 holdings, as of 31 August 2026.

Source: UOBAM, as of 31 Aug 2026

How is the Fund positioned today?

While the Fund remains diversified, the investment team currently sees particularly attractive opportunities in three areas: Asia's AI supply chain, India's stock-specific opportunities, and high-quality dividend payers across ASEAN and China.

AI and tech

Technology remains a key earnings driver for Asia. Memory chip pricing in South Korea and revenue trends across Taiwan's semiconductor supply chain continue to point to healthy demand. As a result, the Fund maintains a positive long-term view on AI and tech-related sectors, particularly in South Korea, where valuations remain more attractive than in Taiwan.

That said, the Fund recognises that tech stocks can be more volatile and therefore takes a disciplined approach to diversification and risk management. In addition to capturing opportunities in Asia's tech sector, the portfolio is positioned to benefit from a broader range of markets, sectors and investment themes.

India

Despite being one of the weaker-performing markets in Asia over the last 12 months, India was the Fund's largest contributor to alpha generation [7]. This underscores the team's ability to identify attractive bottom-up opportunities, even in markets that are temporarily out of favour.

Following a prolonged period of underperformance relative to the broader Asian market, valuations in India have become more reasonable while corporate earnings continue to grow. The market also offers diversification benefits, supported by its large domestic economy and relatively limited exposure to the geopolitical issues affecting Asia and other parts of the world.

Within India, the Fund is overweight IT services, where it sees strong growth potential from the rapid expansion of AI applications. The Fund also maintains overweight positions in selected Indian banks and resource companies.

Dividend payers

During periods of market uncertainty, dividend income can help cushion volatility and enhance total returns. The Fund therefore continues to favour ASEAN markets, where many market-leading companies combine attractive dividend yields with solid long-term earnings growth prospects.

The Fund also sees attractive opportunities in regional Chinese banks. Many continue to trade at compelling valuations while offering attractive dividend yields of around 4 to 5 percent [8], providing investors with an attractive combination of income and value.

Performance

The Fund has delivered a strong year-to-date return of 27 percent [9], outperforming its benchmark. The Fund also outperformed over both the one-month and one-year periods, supported by its exposure to many of the themes highlighted above.

Source: Morningstar, as of 31 Aug 2026. Benchmark: MSCI AC Asia ex Japan Index. Fund performance is calculated on a NAV to NAV basis, in SGD terms, and does not include the effect of the current subscription fee that is charged. Past performance is not necessarily indicative of future performance.

Supporting this performance is also UOBAM's proprietary AI-enhanced investment process. By analysing thousands of stocks across Asia, the AI engine helps uncover opportunities that may otherwise be overlooked. These insights are then combined with the experience and judgement of UOBAM's investment professionals to identify high-conviction investment ideas.

By combining AI-driven insights with human expertise, the Fund seeks to identify attractive opportunities across a broad investment universe and build a portfolio capable of delivering strong long-term returns across different market environments.

[1] Source: UOBAM, Nautilus Research, as of 20 Aug 2026

[2] Source: UOBAM, Bloomberg, as of 21 Sep 2026

[3] Source: UOBAM, company data, KGI Securities, as of 21 Sep 2026

[4] Source: UOBAM, company data, KGI Securities, as of 21 Sep 2026

[5] Source: FactSet, State Street Investment Management, as of Dec 2025

[6] Distributions are not guaranteed. Distributions may be made out of income, capital gains and/or capital. This relates to the disclosed distribution policy as set out in the Fund’s prospectus.

[7] Source: UOBAM, as of 31 August 2026

[8] Source: UOBAM, as of 31 August 2026

[9] Source: UOBAM, Morningstar, as of 31 Aug 2026. Past performance is not necessarily indicative of future performance. Fund benchmark: MSCI AC Asia ex Japan

Please refer to uobam.com.sg/awards for the latest list of UOBAM awards.

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Important notice and disclaimers

MSCI Data are exclusive property of MSCI. MSCI Data are provided “as is”, MSCI bears no liability for or in connection with MSCI Data. MSCI full disclaimer at msci.com/notice-and-disclaimer-for-reporting-licenses.

This document is for general information only. It does not constitute an offer or solicitation to deal in units in the Fund (“Units”) or investment advice or recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. The information is based on certain assumptions, information, and conditions available as at the date of this document and may be subject to change at any time without notice. No representation or promise as to the performance of the Fund or the return on your investment is made. Past performance of the Fund or UOB Asset Management Ltd (“UOBAM”) and any past performance, prediction, projection or forecast of the economic trends or securities market are not necessarily indicative of the future or likely performance of the Fund or UOBAM. The value of Units and the income from them, if any, may fall as well as rise, and is likely to have high volatility due to the investment policies and/or portfolio management techniques employed by the Fund. Investments in Units involve risks, including the possible loss of the principal amount invested, and are not obligations of, deposits in, or guaranteed or insured by United Overseas Bank Limited (“UOB”), UOBAM, or any of their subsidiary, associate, or affiliate (“UOB Group”) or distributors of the Fund. The Fund may use or invest in financial derivative instruments, and you should be aware of the risks associated with investments in financial derivative instruments which are described in the Fund’s prospectus. The UOB Group may have interests in the Units and may also perform or seek to perform brokering and other investment or securities-related services for the Fund. Investors should read the Fund’s prospectus, which is available and may be obtained from UOBAM or any of its appointed agents or distributors, before investing. You may wish to seek advice from a financial adviser before making a commitment to invest in any Units, and in the event that you choose not to do so, you should consider carefully whether the Fund is suitable for you. Applications for Units must be made on the application forms accompanying the Fund’s prospectus.

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