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MARKET REVIEW
nMarkets were generally up during January amid the global ‘risk-on’ sentiment. Hong Kong / China started the year on positive footing on the back of a positive macro outlook and headlines of a 1% RRR cut, as well as the move by big banks to ease liquidity pressure. India also outperformed the region as markets rebounded post the
de-monetization driven weakness.

FUND ATTRIBUTION & POSITIONING
The fund outperformed its benchmark index during January.
Largan Precision, Sunny Optical and ASM Pacific all contributed to fund performance as markets turned incrementally positive on the information technology outlook, driven by an iPhone expected upgrade cycle. Khon Kaen Sugar also helped performance, led by the positive impact of high sugar prices on the company’s earnings. Hanon Systems was a major detractor due to potential new competition in one of the company’s highgrowth
segments.
The team added to the fund’s position in AAC Technologies, as the company’s earnings momentum ahead of another upgrade cycle is positive news. The team also added to VTech as its first half 2017 results gave the team further confidence about the structuring of the newly acquired LeapFrog and recent share price weakness provided an attractive entry point.

MARKET OUTLOOK
The resurgence of a ‘risk-on’ approach has led investors to start repositioning into certain Asian markets. Although the team believes in a ‘reflationary’ scenario, it believes risk remains asymmetric to the downside. Therefore, while the fund remains positioned for the cyclical trajectory, investing in companies with quality balance
sheets and cash flows should protect the fund against a potential risk scenario.

Morningstar Rating™ Source: Morningstar Essentials™. Copyright © 2017 Morningstar, Inc. All Rights Reserved. Morningstar Rating as of 31 Jan 2017, in the ASIA EX JAPAN SMALL/MID-CAP EQUITY Morningstar Category. Morningstar Performance ratings shown reflect the share class performance shown unless noted otherwise. All information as of 31 Jan 2017 unless otherwise stated and is subject to change. We are not soliciting or recommending any action based on this material. This document should be read in conjunction with the Singapore Prospectus (including defined terms) and the product highlights sheet and is subject at all times to the terms and conditions as set out therein. PineBridge Asia ex Japan Small Cap Equity Fund (the "Fund") is a sub-fund of PineBridge Global Funds, an Irish domiciled UCITS umbrella fund, authorized and regulated by the Central Bank of Ireland and registered as a recognised scheme under the Securities and Futures Act (Cap 289) in Singapore. PineBridge Investments Singapore Limited (“PBIS”) is licensed and regulated by the Monetary Authority of Singapore (the "MAS"). PBIS is the Singapore representative of the Fund. Past performance may not be a reliable guide to future performance. Fund allocations are inclusive of cash. Investment involves risks including the possible loss of principal amount invested and risks associated with investment in emerging and less developed markets. The value of the units in the Fund and the income accruing to the units, if any, may fall or rise. Investors should read the fund prospectus, available from the PBIS or any of its appointed distributors, for further details including the risk factors, before investing. This material has not been reviewed or endorsed by the MAS. From inception to 31 Dec 97, the benchmark was JF Asia Small Companies Index. From 1 Jan 98 to 31 Dec 01, the benchmark was changed to the Citigroup Emerging Asia + HK & Singapore EMI Index. From 1 Jan 02 to 30 June 2008, the benchmark was changed to S&P/Citigroup Southeast Asia + China Extended Market TR Index. From 1 Jul 08 to 31 Dec 15, the benchmark was changed to S&P Pan Asia ex-Japan Under USD1.5 Billion TR Index. From 1 Jan 2016, the benchmark was changed to the MSCI AC Asia Pacific Ex Japan Small Cap USD Net Index. PineBridge Investments is a group of international companies that provide investment advice and market asset management products and services to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited. Services and products are provided by affiliates of PineBridge. Back and middle office services may be outsourced to 3rd parties. Issued by PineBridge Investments Singapore Limited located at 1 Robinson Road #21-01 AIA Tower, Singapore 048542 (Co. Registration No. 199602054E).