Fund Menu - Value Partners Group | Home · 2018-10-26 · Value Partners China Greenchip Fund...

For Non-Professional Investors

Fund Menu October 2018

Content Please pay particular attention to the risk of investment in China and other markets in the Asian region and in

companies with medium or small capitalization. The value of the funds can be extremely volatile and could godown substantially within a short period of time. It is possible that the entire value of your investment could be lost.

Value Partners High-Dividend Stocks Fund and Value Partners Greater China High Yield Income Fund may investin higher-yielding debt and equity securities that are below investment grade; additionally, Value Partners GreaterChina High Yield Income Fund may invest in debt securities issued by special purpose vehicles. Such investmentscan involve material risks, e.g. counterparty risk, liquidity risk, credit risk and default risk, and may expose theFund to significant losses.

Investors should note that there is no guarantee that the underlying securities in Value Partners High-DividendStocks Fund and Value Partners Greater China High Yield Income Fund will pay out dividends. Therefore, there isno guarantee that those funds’ investment strategies will succeed. There is also no guarantee of dividend ordistribution payments during the period an investor holds units in such funds, and a positive dividend yield doesnot represent/imply positive return.

Value Partners China A-Share Select Fund intends to invest predominantly in China A Shares directly, via itsManager’s RQFII quota. Investors will be subject to certain risks including repatriation risk, custodial risk,regulatory risk and risks associated with the Manager’s RQFII status. In addition, the RQFII policy and rules arerelatively new and there may be uncertainty in implementation and such policy and rules are subject to change. Allthese may adversely impact the fund. The fund and its primary investments are denominated in RMB. RMB iscurrently not a freely convertible currency and is subject to foreign exchange control policies, as well asrepatriation restrictions imposed by the PRC government. Investors whose base currencies of investments are notin RMB should take into account the potential risk of loss arising from fluctuations in value between suchcurrencies and the RMB.

The funds may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvencyor liquidity risk, and may expose the funds to significant losses.

You should not make investment decision on the basis of this material alone. Please read the explanatorymemorandum for details and risk factors.

Pages China / Greater China equities strategy Value Partners Classic Fund 5-12

Value Partners China Greenchip Fund Limited 13-14

Value Partners Intelligent Funds – China Convergence Fund 15-16

Value Partners Intelligent Funds – Chinese Mainland Focus Fund 17-18

Value Partners Fund Series – Value Partners China A-Share Select Fund 19-20

Value Partners Taiwan Fund 21-22

Asia equities strategy Value Partners High-Dividend Stocks Fund 23-24

Fixed income strategy Value Partners Greater China High Yield Income Fund 25-26

Value Partners Fund Series – Value Partners Asian Total Return Bond Fund 27-28

Multi-asset strategy Value Partners Multi-Asset Fund 29-30 Value Partners Fund Series – Value Partners Asian Income Fund 31-32

2

China / Greater China equities strategy

Greater China • Value Partners Classic Fund

• Value Partners China Greenchip Fund Limited

China • Value Partners Intelligent Funds –

China Convergence Fund

• Value Partners Intelligent Funds –

Chinese Mainland Focus Fund

China A-share • Value Partners Fund Series –

Value Partners China A-Share Select Fund

Taiwan • Value Partners Taiwan Fund

CIES Eligible*

Asia equities strategy

• Value Partners High-Dividend StocksFund

Multi-asset strategy

• Value Partners Multi-Asset Fund• Value Partners Fund Series –

Value Partners Asian Income Fund

Fixed income strategy

• Value Partners Greater China High YieldIncome Fund

• Value Partners Fund Series –

Value Partners Asian Total Return Bond Fund

Value Partners Fund Offerings

1. © 2018 Morningstar, Inc. All Rights Reserved .

*Value Partners China Greenchip Fund Limited is one of the eligible collective investment schemes for the purpose of

the Hong Kong Capital Investment Entrant Scheme (CIES). The CIES was suspended by the Hong Kong Government

with effect from 15 January 2015 until further notice.

As at 30-09-2018

RQFII

3

Up

date

d t

o t

he

end

of

Sep

tem

ber

2018

Per

form

an

ce2018

(YT

D)

Valu

e P

art

ner

s C

lass

ic F

un

d (

A u

nit

)1 A

pr

1993

83.6

%5.8

%15.9

%41.8

%41.1

%-4

7.9

%82.9

%20.2

%-1

7.2

%14.0

%11.2

%13.5

%-1

.5%

-3.2

%44.9

%-9

.8%

3,2

24.6

%

Index

µ33.8

%13.2

%10.2

%34.9

%44.8

%-4

6.1

%56.6

%8.3

%-1

7.3

%27.7

%6.5

%5.5

%-3

.9%

4.3

%37.4

%-5

.0%

576.4

%V

alu

e P

art

ner

s C

lass

ic F

un

d (

B u

nit

)15 M

ay 1

996

US

D1,2

39.0

mil

lion

83.1

%5.6

%15.6

%41.2

%40.4

%-4

8.1

%82.0

%19.6

%-1

7.6

%13.4

%10.6

%13.0

%-2

.0%

-3.7

%44.1

%-1

0.2

%1,3

83.8

%

Index

µ(T

otal

A,

B &

C u

nit

s)33.8

%13.2

%10.2

%34.9

%44.8

%-4

6.1

%56.6

%8.3

%-1

7.3

%27.7

%6.5

%5.5

%-3

.9%

4.3

%37.4

%-5

.0%

298.2

%V

alu

e P

art

ner

s C

lass

ic F

un

d (

C u

nit

) 15 O

ct 2

009

--

--

--

7.7

%21.2

%-1

7.6

%13.4

%10.8

%13.3

%-2

.0%

-3.7

%43.3

%-1

0.1

%86.1

%

Index

µ-

--

--

--0

.3%

8.6

%-1

7.4

%27.7

%6.5

%5.5

%-3

.9%

4.3

%37.4

%-5

.0%

67.3

%

Valu

e P

art

ner

s C

hin

a G

reen

chip

Fu

nd

Lim

ited

+8 A

pr

2002

HK

D1,8

26.6

mil

lion

85.6

%1.5

%16.1

%43.7

%36.3

%-5

7.4

%116.7

%37.8

%-2

5.0

%24.8

%16.5

%2.4

%-1

3.0

%-4

.0%

38.4

%-1

4.9

%499.2

%H

ong K

ong H

ang S

eng I

ndex

*34.9

%13.2

%8.4

%39.0

%43.4

%-4

6.4

%56.6

%8.6

%-1

7.0

%26.9

%6.6

%5.5

%-3

.9%

4.3

%41.3

%-4

.1%

315.8

%M

SC

I C

hin

a F

ree

HK

D*

86.7

%2.0

%19.5

%83.4

%66.7

%-5

1.1

%62.4

%4.9

%-1

8.2

%22.0

%3.7

%8.0

%-7

.9%

0.9

%55.3

%-9

.0%

661.4

%

Valu

e P

art

ner

s In

tell

igen

t F

un

ds

--

C

hin

a C

o nve

rgen

ce F

un

d14 J

ul

2000

US

D231.5

mil

lion

92.1

%0.8

%3.9

%86.9

%56.6

%-4

5.2

%87.1

%21.3

%-2

2.4

%9.3

%9.2

%14.6

%-0

.5%

-8.7

%41.3

%-5

.5%

1,6

81.8

%

MS

CI

Ch

ina

IndexΩ

87.6

%1.9

%19.8

%82.9

%66.2

%-5

0.8

%62.3

%4.6

%-1

8.4

%22.7

%3.6

%8.0

%-7

.8%

0.9

%54.1

%-9

.1%

256.4

%

Ch

ines

e M

ain

lan

d F

ocu

s F

un

d27 N

ov 2

003

US

D122.0

mil

lion

3.9

%8.4

%11.6

%48.1

%56.0

%-4

4.8

%86.0

%23.9

%-1

7.8

%11.6

%8.3

%10.6

%1.7

%-1

0.3

%61.2

%-1

9.7

%379.8

%

MS

CI

Ch

ina

Index

(T

otal

Net

Ret

urn

)π20.1

%1.9

%19.8

%82.9

%66.2

%-5

0.8

%62.3

%4.6

%-1

8.4

%22.7

%3.6

%8.0

%-7

.8%

0.9

%54.1

%-9

.1%

442.7

%

Valu

e P

art

ner

s F

un

d S

erie

s --

Valu

e P

art

ner

s C

hin

a A

-Sh

are

Sel

ect

Fu

nd

16 O

ct 2

014

RM

B564.3

mil

lion

--

--

--

--

--

-18.1

%12.1

%-5

.3%

27.1

%-1

3.4

%38.0

%

Valu

e P

art

ner

s T

aiw

an

Fu

nd

3 M

ar

2008

US

D64.0

mil

lion

--

--

--3

5.7

%58.0

%19.2

%-1

3.0

%26.1

%13.7

%2.1

%-6

.5%

16.2

%25.9

%1.7

%114.4

%T

aiw

an S

tock

Exch

ange

Index

φ-

--

--

-42.4

%81.6

%13.3

%-1

9.7

%18.2

%12.2

%5.1

%-1

0.4

%17.8

%29.4

%4.9

%99.8

%M

SC

I T

aiw

an I

ndex

(T

otal

Net

Ret

urn

)φ-

--

--

-47.9

%76.4

%21.3

%-1

9.5

%16.9

%9.1

%9.4

%-1

1.7

%18.5

%27.5

%5.5

%81.2

%

Valu

e P

art

ner

s H

igh

-Div

iden

d S

tock

s F

un

d(C

lass

A1)

2 S

ep 2

002

US

D2,8

04.4

mil

lion

79.7

%8.9

%12.2

%35.0

%44.2

%-4

6.8

%82.8

%25.8

%-1

1.9

%25.2

%8.1

%9.4

%-3

.7%

-0.2

%32.9

%-8

.2%

784.1

%

MS

CI

AC

Asi

a (e

x-J

apan

) T

otal

Ret

urn

In

dex

#(T

ota l

Cla

ss A

1,

A2M

Dis

& Z

)41.5

%19.7

%20.1

%28.2

%34.8

%-5

4.1

%68.2

%15.2

%-1

6.6

%18.6

%3.4

%2.8

%-9

.4%

6.4

%41.7

%-6

.3%

416.9

%V

alu

e P

art

ner

s H

igh

-Div

iden

d S

tock

s F

un

d(C

lass

A2)

28 S

ep 2

012

--

--

--

--

-7.2

%7.5

%9.4

%-3

.8%

-0.3

%31.7

%-8

.2%

46.3

%

Valu

e P

art

ner

s G

reate

r C

hin

a H

igh

Yie

ld I

nco

me

Fu

nd

27 M

ar

2012

US

D5,3

30.0

mil

lion

--

--

--

--

-13.0

%1.2

%1.1

%6.1

%15.9

%10.1

%-2

.6%

52.3

%(P

US

D A

cc)

Valu

e P

art

ner

s M

ult

i-A

sset

Fu

nd

13 O

ct 2

015

US

D56.4

mil

lion

--

--

--

--

--

--

-1.8

%-0

.5%

16.0

%-5

.4%

7.2

%

Valu

e P

art

ner

s F

un

d S

erie

s --

Valu

e P

art

ner

s A

sian

In

com

e F

un

d13 N

ov 2

017

US

D84.4

mil

lion

--

--

--

--

--

--

--

2.5

%-1

.1%

1.4

%

Unle

ss o

ther

wis

e st

ated

, pe

rfor

man

ce i

s ca

lcula

ted i

n U

SD

, N

AV

to

NA

V, w

ith

div

iden

ds

rein

vest

ed.

Per

form

ance

dat

a is

net

of

all

fees

. A

ll i

ndic

es a

re f

or r

efer

ence

only

.# I

nd

ex r

efer

s to

MS

CI

AC

Asi

a P

acif

ic (

ex-J

apan

) In

dex

(T

otal

Net

Ret

urn

) u

p to

30 A

pr 2

01

6,

ther

eaft

er i

t is

th

e M

SC

I A

C A

sia

(ex-

Japa

n)

Ind

ex (

Tot

al N

et R

eturn

) d

ue

to a

chan

ge i

n i

nve

stm

ent

profi

le. M

SC

I T

otal

Net

Ret

urn

Ind

ices

tak

es i

nto

acc

oun

t of

div

iden

d r

ein

vest

men

t af

ter

ded

uct

ion o

f w

ith

hold

ing

tax.

Ω M

SC

I C

hin

a In

dex

(T

otal

Ret

urn

) si

nce

fun

d i

nce

ptio

n

to 3

1 D

ec 2

00

0,

ther

eaft

er i

t is

th

e M

SC

I C

hin

a In

dex

(T

otal

Net

Ret

urn

) w

hic

h t

akes

into

acc

oun

t of

div

iden

d r

ein

vest

men

t af

ter

ded

uct

ion o

f w

ith

hold

ing

tax. M

SC

I in

dex

(T

otal

Ret

urn

) d

oes

not

take

in

to a

ccou

nt

of

ded

uct

ion o

f w

ith

hold

ing

tax.

π M

SC

I C

hin

a In

dex

(T

otal

Net

Ret

urn

) w

hic

h t

akes

into

acc

oun

t of

div

iden

d r

ein

vest

men

t af

ter

ded

uct

ion o

f w

ith

hold

ing

tax.

φT

aiw

an S

tock

Exch

ange

Wei

ghte

d I

nd

ex (

Tot

al R

etu

rn)

(TA

IEX

).

MS

CI

Tai

wan

Ind

ex (

Tot

al N

et R

eturn

) w

hic

h t

akes

into

acc

oun

t of

div

iden

d r

ein

vest

men

t af

ter

ded

uct

ion o

f w

ith

hold

ing

tax.

*Han

g S

eng I

nd

ex r

efer

s to

Han

g S

eng I

nd

ex (

Pri

ce R

etu

rn)

up

to 3

1 D

ec 2

00

4,

ther

eaft

er i

t is

th

e H

ang S

eng I

nd

ex (

Tot

al R

etu

rn).

Han

g S

eng I

nd

ex (

Tot

al R

etu

rn)

incl

ud

es d

ivid

end

rei

nve

stm

ent

wher

eas

Han

g S

eng I

nd

ex (

Pri

ce R

etu

rn)

doe

s not

take

in

to a

ccou

nt

rein

vest

men

t of

div

iden

ds.

MS

CI

Ch

ina

Ind

ex (

Tot

al N

et R

eturn

) si

nce

fun

d i

nce

ptio

n t

o p

rese

nt

wh

ich t

akes

into

acc

oun

t of

div

iden

d r

ein

vest

men

t af

ter

ded

uct

ion o

f w

ith

hold

ing

tax.

No p

art

of

this

docu

men

t, o

r an

y in

form

ati

on c

on

tain

ed h

erei

n, m

ay

be

dis

trib

ute

d,

repro

duce

d,

take

n o

r tr

an

smit

ted i

nto

th

e U

nit

ed S

tate

s or

its

terr

ito

ries

or

poss

essi

on.

An

y fa

ilu

re t

o c

om

ply

wit

h t

he

rest

rict

ion

s m

ay

const

itu

te a

vio

lati

on o

f th

e

rele

van

t la

ws.

2006

2007

2003

2004

Dis

cla

imer

: In

vest

ors

sh

ou

ld n

ote

in

vest

men

t in

volv

es r

isk.

T

he

pri

ce o

f u

nit

s m

ay

go

dow

n a

s w

ell

as

up a

nd p

ast

per

form

an

ce i

s n

ot

indic

ati

ve o

f fu

ture

res

ult

s.

Inve

stors

sh

ou

ld r

ead

th

e ex

pla

nato

ry m

emora

ndu

m f

or

det

ail

s a

nd

ris

k fa

ctors

in

part

icula

r th

ose

ass

oci

ate

d w

ith

in

vest

men

t in

em

ergin

g m

ark

ets.

In

form

ati

on i

n t

his

rep

ort

has

bee

n o

bta

ined

fro

m s

ourc

es b

elie

ved

to b

e re

lia

ble

bu

t V

alu

e P

art

ner

s L

imit

ed d

oes

no

t g

ua

ran

tee

the

acc

ura

cy o

r co

mp

lete

nes

s o

f th

e in

form

ati

on p

rovi

ded

by

thir

d p

art

ies.

T

his

rep

ort

has

no

t b

een r

evie

wed

by

the

Sec

uri

ties

an

d F

utu

res

Co

mm

issi

on.

Issu

er:

Va

lue

Part

ner

s L

imit

ed

2009

2014

2012

2011

2005

Fu

nd

siz

e2010

+P

erfo

rman

ce i

s ca

lcula

ted i

n H

KD

, N

AV

to N

AV

, w

ith d

ivid

end

s re

inve

sted

. P

erfo

rman

ce d

ata

is n

et o

f al

l fe

es. In

vest

ors

should

note

th

at f

igure

s fo

r N

on-R

edee

mab

le C

lass

N s

har

es s

how

n a

bove

may

dif

fer

from

th

ose

of c

lass

es c

urr

entl

y av

aila

ble

for

subs

crip

tion (

nam

ely

Cla

ss A

and

Cla

ss A

2 Q

Dis

), d

ue

to d

iffe

rence

s in

lau

nch

dat

e of

th

ese

clas

ses.

For

Cla

ss

A, th

e si

nce

lau

nch

ret

urn

is

+6

9.5

%.

µ I

nd

ex r

efer

s to

Han

g S

eng I

nd

ex (

Pri

ce R

etu

rn)

sin

ce f

un

d i

nce

ptio

n t

ill

31 D

ec 2

00

4,

ther

eaft

er i

t is

th

e H

ang S

eng I

nd

ex (

Tot

al R

etu

rn)

up

to 3

0 S

ep 2

01

7.

Han

g S

eng I

nd

ex (

Tot

al R

etu

rn)

incl

ud

es d

ivid

end

rei

nve

stm

ent

wher

eas

Han

g S

eng I

nd

ex (

Pri

ce R

etu

rn)

doe

s not

take

in

to a

ccou

nt

rein

vest

men

t of

div

iden

ds.

Wit

h e

ffec

t fr

om

1 O

ct 2

01

7,

it i

s th

e M

SC

I G

old

en D

rago

n I

nd

ex (

Tot

al N

et

Ret

urn

), w

hic

h t

akes

in

to a

ccou

nt

of

div

iden

d r

ein

vest

men

t af

ter

ded

uct

ion o

f w

ith

hold

ing

tax.

2008

Sourc

e: H

SB

C I

nst

itu

tional

Tru

st S

ervi

ces

(Asi

a) L

imit

ed a

nd

Blo

ombe

rg.

Ince

pti

on

date

Sin

ce

ince

pti

on2013

2015

2016

2017

4

Follow us on

43rd Floor, The Center, 99 Queen’s Road Central, Hong KongHotline: Hong Kong (852) 2143 0688 | Singapore (65) 6718 0380

The Fund – A Units USD: Monthly performance from 1 Jan 2009 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual20092010201120122013201420152016 20172018 (YTD)

Value Partners Classic FundNAV per unit : A Units - USD332.46 B Units - USD148.38 C Units - USD18.61Fund size : USD1,239.0 million

September 2018 ★★★

Morningstar RatingTM1

Investment objective

Performance since launch

+596.3%

%

400

800

1,200

2,800

2,400

2,000

1,600

4,000

3,200

3,600

0

2016 201820142012201020082006200420022000199819961993

+3,224.6%

+576.4%

The Fund (A Units, USD)Hong Kong Hang Seng Index 2

Index 3

NAVs & codesClasses 4 NAV ISIN BloombergA Units USD HK0000264868 VLPARAI HKB Units USD HK0000264876 VLPARBI HKC Units USD HK0000264884 VLPARCI HKC Units HKD 5 HK0000264884 VLPARCI HKC Units RMB HK0000264926 VLCHCRM HKC Units AUD Hedged HK0000264892 VLCHAUD HKC Units CAD Hedged HK0000264900 VLCHCAD HKC Units HKD Hedged HK0000264934 VLCHCHH HKC Units NZD Hedged HK0000264918 VLCHNZD HKC Units RMB Hedged HK0000264942 VLCHCRH HKC Units MDis USD HK0000360880 VLCCMDU HKC Units MDis HKD HK0000360898 VLCCMDH HKC Units MDis RMB HK0000362241 VLCCMDR HKC Units MDis RMB Hedged HK0000362258 VLCCMRH HK

Performance updateA Units

USDB Units

USDC Units

USDHang Seng

Index 2 Index 3

One month

Annualized return ^

Annual performance from 2009 to 2018 A Units

USDB Units

USDC Units

USD2009 6

2010201120122013201420152016 20172018 (YTD)

Dividend information – C Units MDis 7

Classes 4 Dividend per unit 8

Annualized yield 9

Ex-dividend date

C Units MDis USD C Units MDis HKDC Units MDis RMBC Units MDis RMB Hedged

^ Annualized return and volatility are calculated from inception. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

5

Value Partners Classic Fund | September 2018

Top 10 securities holdingsName Industry 10 % 12

Retailing

UtilitiesCNOOC Ltd

Holdings Co Ltd

BOC Hong Kong Holdings Ltd

These stocks constitute 42% 12 of the Fund.

Portfolio characteristicsAs at 28 Sep 2018 2018 11

Geographical exposure by listing 12

29%26%

10%10%

9%8%

3%3%

2%

Hong KongH Shares

Red ChipsTaiwan

United StatesChina A Shares

BondsVietnam

China B SharesShort exposure includes: Hong Kong, -1.1%; H Shares, -0.6% and United States, -0.4%.

Sector exposure 10, 12

21%13%

12%10%

9%7%7%

5%3%3%3%

2%2%

Consumer discretionaryInformation technology

InsuranceBanks

EnergyIndustrials

UtilitiesCommunication services

Health careMaterials

Real estate

Bonds

Consumer staplesOther financials

3%

Total short exposure is -2.1%.Short exposure includes: Industrials, -0.6%; Health care, -0.6%; Utilities, -0.5% and Consumer discretionary, -0.4%.

Fund facts

Manager: Value Partners Hong Kong Limited

7

A, B and C units are invested in the same fund, A and B units were no longer issued from 12 Apr 2002 and 15 Oct 2009 respectively. Only C units are currently available.

Fee structureA Units B Units C Units

Closed Closed USD10,000

Nil Nil USD5,000

Closed Closed

13

Nil

redemption redemption

Senior investment staff

Chairman & Co-Chief Investment Officer: CheahDeputy Chairman & Co-Chief Investment Officer: Louis SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFA

Investment Directors: Chung , CFA; Yu, CFA; Yu Xiao Bo

Senior Fund Managers: Chan, CFA Chung, CFA; Doris Ho; Hsia; Philip Li, CFA; Luo Jing, CFA; Kai ; Yu Chen Jun

Recent fund awards

Best Asia ex-Japan Fund 14

~ AsiaHedge Awards 2017

Fund of the Year 2017 15

~ HFM Asia Performance Awards 2017

Best Greater China fund over US$500 million 15


Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. © 2018 Morningstar, Inc. All Rights Reserved (for A Units). 2. Hang Seng Price Return Index was used till 31 Dec 2004, thereafter it is the Hang Seng Total Return Index. Hang SengTotal Return Index takes into account of dividend reinvestment whereas Hang Seng Price Return Index does not. 3. Index refers to Hang Seng Index (Price Return) since fund inception till 31 Dec 2004, thereafter it is the Hang Seng Index (Total Return) up to 30 Sep 2017. Hang Seng Index (Total Return) includes dividend reinvestment whereas Hang Seng Index (Price Return) does not take into account reinvestment of dividends. With effect from 1 Oct 2017, it is the MSCI Golden Dragon Index (Total Net Return), which takes into account of dividend reinvestment after deduction of withholding tax. 4. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/NZD/RMB Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 5. Investors should note that the base currency of “C” Units is in USD. The HKD is for reference only and should not be used for subscription or redemption purpose. Conversion to the base currency of “C” Units will normally take place at the prevailing rate (as determined by the Fund’s Trustee or Custodian) on the corresponding fund dealing day. Investor should be aware of possible risks resulting from fluctuations of exchange rates against USD. 6. Calculated based on the since inception return of C Untis. 7. The Manager currently intends to make monthly dividend distribution in respect of the C Unit MDis Classes; actual dividend payout will be subject to the Manager’s discretion. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the explanatory memorandum for more details. 8. The receiving bank may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor. 9. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/NAV as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference onlyand do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 10. Classification is based on Global Industry Classification Standard (GICS). 11. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 12. Exposure refers to net exposure (long exposure minus short exposure). Exposure of equity swaps is measured by the value of the underlying stock holdings. (Due to rounding, percentages shown may not add up to 100%). 13. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’sNAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 14. The award was based on performance for the full 12-month period, from Sep 2016 to the end of Aug 2017. 15. The awards were judged based on performance over the past 12 months, up to 30 Apr 2017. 16. For Hong Kong investors only.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited.

16:

6

43rd

Floor, The Center, 99 Queen’s Road Central, Hong Kong

Hotline: (852) 2143 0688 Email: [email protected] www.valuepartners-group.com

Value Partners Classic Fund

Commentary / Third Quarter 2018

Value Partners Classic Fund (The “Fund”) primarily invests in markets of the Asia-Pacific region, with a Greater

China focus.

The Fund invests in China-related companies and emerging markets which involve certain risks not typically

associated with investment in more developed markets, such as greater political, tax, economic, foreign exchange,

liquidity and regulatory risks.

The Fund is also subject to concentration risk due to its concentration in Asia-Pacific region, particularly China-

related companies. The value of the Fund can be extremely volatile and could go down substantially within a short

period of time. It is possible that the entire value of your investment could be lost.

The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or

liquidity risk, and may expose the Fund to significant losses.

In respect of the distribution units for the Fund, the Manager currently intends to make monthly dividend

distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the

Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of

distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you

originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units.

You should not make investment decision on the basis of this material alone. Please read the explanatory

memorandum for details and risk factors.

The US-China trade dispute took centre stage in the third quarter of 2018, which shook investor sentiment and

created a volatile market environment that proved difficult to navigate. This was reflected by the performance

of Greater China equities, with the MSCI Golden Dragon Index ending the period with a 3.3% fall (in USD).

Trade tension escalates

The ongoing saga between the US and China escalated in 3Q, with a number of “tariff exchanges” - the latest

of which resulted in the US threatening to slap additional duties on US$267 billion of Chinese exports if China

retaliates. Markets were hit by the constant back and forth between the two sides and it is worth highlighting

that the scope of the trade war is beginning to widen, with US$78 billion of Chinese consumer goods targeted

by the latest round of tariffs. In comparison, only US$3.7 billion of Chinese consumer goods had duties

imposed on them by the US in July.

Consequently, there could be a more visible macro impact on China’s exports, which adds pressure to an

already jittery market environment. But with the duties now encompassing Chinese consumer goods, we could

also possibly see the trade war having a more direct impact on stateside consumers, which would lead to higher

inflationary pressure on the US. Such a development could lead to even wider repercussions as that could

prompt the Fed to quicken the pace of its rate hikes, further complicating the situation.

China’s policy shift

Deleveraging has been one of China’s major focuses over the past few years given its well-publicized high

internal debt levels and the size of its shadow banking ecosystem. Pushing through reforms, however, can be

particularly challenging when the overall macro environment becomes unstable.

While there is little doubt of China’s commitment towards deleveraging, there are signs that the authorities are

beginning to adopt a more flexible approach as the country’s economic growth moderates. This nimble

approach was reflected by a number of supportive policies such as RRR cuts and the lowering of interbank

lending rates to inject liquidity into the system. The National Development and Reform Commission has also

introduced plans to front load a number of fiscal spending projects planned for the next couple of years, which

has led to the fast-tracking of local government bond issuance and mobilization of other types of funding

support.

In addition, the State Council announced measures in late September to promote household consumption, which includes broad moves to foster new growth drivers, promote the quality of service consumption and

upgrade rural consumption. The plan encompasses a wide spectrum of industries and we believe it is a positive

step to support the country’s consumer market.

7

Page 2

Solid earnings

In the midst of all the geo-political uncertainties and emerging market volatility, the healthy fundamentals of

Chinese corporates have been somewhat overlooked. Based on the 1H18 results, earnings grew 15%1 year-on-

year across the MSCI China Index, which is solid considering the macro environment this year.

In the wake of the heightened tension in trade policies, we are closely monitoring how the actual

implementation of tariffs will change over time and whether it will lead to any potential disruptions to the

operating efficiency of individual companies in our portfolio. We will also keep an eye out for any material

signs of deterioration in China’s macro data.

Portfolio strategy review

The third quarter of the year continued to be rough for Hong Kong / China equities, with MSCI Golden

Dragon dropping 3.3% during the period. The broad-based market sentiment weakness was challenging for

share price performance, while the region’s solid 1H18 earnings was mostly underappreciated.

We remained nimble in terms of our portfolio positioning. From a sector perspective, we have trimmed our

exposure in A-Share consumer staples, while increasing our positions in energy stocks amid the sector’s

inflationary environment. Within the financial space, we lifted our Chinese insurer exposures on the back of

solid premium growth and reasonable valuations.

During the quarter, our stock picks in technology, financials and energy sectors contributed the most. We

maintained our underweight positions in technology, which faced de-rating headwinds in the third quarter.

However, our bottom-up stock pick in a Taiwanese semi-conductor foundry leader yielded the most as a result

of its edge in advanced technology. That helped the foundry to continue to gain market share and deliver solid

results. Our increased positions in the Chinese insurance and energy sectors also supported portfolio

performance, as solid earnings together with a positive growth outlook drove strong gains in share prices. On

the flip side, the China education sector proved to be the main detractor, which came under pressure in August

due to draft implementation rules on private education. While policy headwinds are weighing on overall

investor appetite, we maintain a constructive sector outlook as our focus is on the higher education segment,

which is less likely to be impacted. Our investment thesis therefore remains intact.

Looking ahead, it is likely that volatility will continue to weigh on market sentiment as the US-China trade

dispute drags on. The developments of various external risks shall be closely monitored in terms of their

impact on certain sectors and companies. Following the recent corrections, the MSCI China 12-month forward

P/E is now trading at 11.1x. The undemanding valuation is below its 10-year average (11.3x) and appears

attractive for companies that showcases quality balance sheet and sustained earnings strength. With that said,

meticulous on-the-ground research and bottom-up stock picking are crucial for return generation.

Value Partners Investment Team

16 October 2018

1. Source: Goldman Sachs Portfolio Strategy Research, 14 September 2018

Fund performance mentioned referred to Value Partners Classic Fund “A” Unit. All performance figures are sourced from

HSBC Institutional Trust Services (Asia) Limited and Bloomberg (Data computed in US$ terms on NAV-to-NAV basis with

dividends reinvested) as at 30 September 2018. Performance data is net of all fees.

Individual stock performance is not indicative of fund performance.

The views expressed are the views of Value Partners Hong Kong Limited only and are subject to change based on market and

other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All

materials have been obtained from sources believed to be reliable, but their accuracy is not guaranteed. This material contains

certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of

any future performance and actual results or developments may differ materially from those projected.

8

Page 3

Investors should note that investment involves risk. The price of units may go down as well as up and past performance is not

indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those

associated with investment in emerging markets. Investors should seek advice from a financial adviser before making any

investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.

For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i)

institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and

305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration

No. 200808225G.

This commentary has not been reviewed by the Securities and Futures Commission. Issuer: Value Partners Hong Kong Limited.

9

Pag

e 4

Valu

e P

art

ner

s C

lass

ic F

un

d:

10 b

igges

t h

old

ings

of

secu

riti

es a

s at

28 S

epte

mb

er 2

018

Sto

ck

Ind

ust

ry

Va

lua

tio

n

(20

18

Est

ima

tes)

Rem

ark

s

AIA

Gro

up

Lim

ited

(Co

de:

12

99

HK

)

Mar

ket

cap

:

US

$1

07

.9 b

illi

on

Insu

rance

P

rice

: H

KD

69

.9

P/E

: 2

1.1

x

P/B

: 2

.5x

Yie

ld:

1.7

%

AIA

G

roup

L

imit

ed o

ffer

s in

sura

nce

an

d fi

nanci

al se

rvic

es.

Its

pro

duct

li

nes

co

ver

li

fe

insu

rance

, cr

edit

insu

rance

, em

plo

yee

ben

efi

ts,

and

pen

sio

n s

ervic

es

to i

ts c

orp

ora

te c

lien

ts.

Fo

r in

div

idual

s, t

he c

om

pan

y p

rovid

es b

asic

lif

e i

nsu

rance

alo

ng

wit

h s

avin

gs,

in

ves

tment,

and

ret

irem

ent

pro

duct

s. F

oun

ded

in 1

91

9,

Am

eric

an I

nte

rnat

ional

Gro

up

was

a c

orn

erst

one

of

AIA

’s A

sia-b

ased

op

erat

ions.

In 2

01

0 A

IG s

pu

n o

ff A

IA t

hro

ug

h a

pub

lic

off

erin

g.

Ali

bab

a G

roup

Ho

ldin

gs

(Co

de:

BA

BA

US

)

Mar

ket

cap

:

US

$4

27

bil

lio

n

Ret

aili

ng

P

rice

: U

S$

164

.76

P/E

^:

29

.0x

P/B

^:

6.3

x

Yie

ld:

0.0

%

Ali

bab

a gro

up

ho

ldin

g

lim

ited

o

per

ates

as

a

ho

ldin

g

com

pan

y.

The

com

pan

y

pro

vid

es

inte

rnet

infr

astr

uct

ure

, eC

om

mer

ce,

onli

ne

financi

al,

and

in

tern

et c

onte

nt

serv

ices

thro

ug

h i

ts

sub

sid

iari

es.

Ali

bab

a G

roup

Ho

ldin

g o

ffer

s it

s p

rod

uct

and

ser

vic

es w

orl

dw

ide.

BO

C H

ong K

ong

(Co

de:

23

88

HK

)

Mar

ket

cap

:

US

$5

0.3

bil

lio

n

Ban

kin

g

Pri

ce:

HK

D3

7.2

P/E

: 1

1.9

x

P/B

: 1

.5x

Yie

ld:

4.2

%

Ban

k o

f C

hin

a H

on

g K

ong (

BO

CH

K)

is t

he

larg

est

do

mest

ic b

ank i

n H

on

g K

on

g i

n t

erm

s o

f

tota

l as

sets

, lo

ans

and

dep

osi

ts.

It p

rovid

es co

mp

rehen

siv

e b

ankin

g s

erv

ices

that

incl

ud

e

corp

ora

te b

ankin

g,

per

sonal

ban

kin

g a

nd

wea

lth m

anagem

ent.

BO

CH

K i

s o

ne

of

thre

e no

te-

issu

ing b

ank

s and

the s

ole

RM

B c

lear

ing b

ank

in H

on

g K

ong.

The

Sto

ck C

on

nec

t sc

hem

es

bet

wee

n H

ong K

ong a

nd

Chin

a w

ould

ben

efit

BO

CH

K d

ue

to i

ts r

elat

ivel

y h

igh b

roker

age

fee

com

po

siti

on a

nd

lea

der

ship

in R

MB

ban

kin

g.

The

bank i

s w

ell-

po

siti

oned

to

tap

the

gro

win

g c

ross

-bo

rder

fin

anci

al

serv

icin

g n

eed

s giv

en i

ts C

hin

a-o

riente

d p

osi

tio

n.

CN

OO

C L

td

(Co

de:

88

3 H

K)

Mar

ket

cap

:

US

$8

8.4

bil

lio

n

Ener

gy

P

rice

: H

KD

15

.5

P/E

: 1

0.6

x

P/B

: 1

.5x

Yie

ld:

4.5

%

CN

OO

C i

s th

e la

rges

t p

rod

uce

r o

f o

ffsh

ore

cru

de

oil

and

nat

ura

l gas

in C

hin

a. I

t is

als

o o

ne

of

the

larg

est

ind

epen

den

t o

il a

nd

gas

exp

lora

tio

n a

s w

ell

as p

rod

uct

ion c

om

pan

ies

glo

bal

ly.

Its

mai

n o

per

atio

ns

enco

mp

ass

exp

lora

tio

n,

dev

elo

pm

ent,

pro

duct

ion a

nd

sal

e o

f cr

ud

e o

il

and

nat

ura

l gas

. T

he

com

pan

y h

as o

il a

nd

gas

ass

ets

in A

sia,

Afr

ica,

No

rth A

mer

ica,

So

uth

Am

eric

a, E

uro

pe

and

Oce

ania

.

Co

mp

ared

wit

h i

ts t

wo

mai

n r

ival

s in

Chin

a, C

NO

OC

is

a pure

E&

P c

om

pan

y.

Its

all

in c

ost

in E

&P

is

quit

e co

mp

etit

ive,

wh

ile

the

com

pan

y h

as

do

ne

wel

l in

ter

ms

of

cost

co

ntr

ols

over

the

pas

t fe

w y

ears

.

Co

nse

quen

tly,

we

bel

ieve

CN

OO

C i

s b

est-

po

siti

oned

to

ben

efit

fro

m t

he

reco

ver

y i

n o

il

pri

ces.

T

he

com

pan

y’s

valu

ati

on b

ased

o

n im

pli

ed lo

ng

-ter

m o

il p

rice

is

lo

wer

th

an it

s

curr

ent

pri

ce a

nd

its

FC

F i

s al

so q

uit

e st

rong.

10

Pag

e 5

Sto

ck

Ind

ust

ry

Va

lua

tio

n

(20

18

Est

ima

tes)

Rem

ark

s

Co

untr

y G

ard

en S

ervic

es

Ho

ldin

gs

Co

(Co

de:

60

98

HK

)

Mar

ket

cap

:

US

$4

.2 b

illi

on

Co

mm

erci

al s

ervic

es

and

sup

pli

es

Pri

ce:

HK

D1

3.3

P/E

: 3

9.0

x

P/B

: 13

.9x

Yie

ld:

0.7

%

Co

untr

y G

ard

en S

ervic

es i

s a C

hin

a-b

ased

pro

per

ty m

anag

em

ent

serv

ices

pro

vid

er f

oun

ded

in 1

99

2. T

he

com

pan

y’s

busi

nes

s co

ver

s re

sid

enti

al p

rop

erti

es,

com

mer

cial

pro

per

ties

, o

ffic

e

buil

din

gs,

mu

lti-

funct

ional

com

ple

x b

uil

din

gs,

go

ver

nm

ent

and

oth

er p

ub

lic

faci

liti

es.

Pin

g A

n I

nsu

rance

(Co

de:

23

18

HK

)

Mar

ket

cap

:

US

$1

83

.7 b

illi

on

Insu

rance

P

rice

: H

KD

79

.5

P/E

: 1

2.4

x

P/E

V*:

1.2

9x

P/B

: 2

.3x

Yie

ld:

2.5

%

Pin

g A

n I

nsu

rance

is

a fi

nan

cia

l co

nglo

mer

ate

that

pro

vid

es i

nsu

rance

, b

ankin

g,

secu

riti

es,

trust

and

ass

et m

anag

em

ent

serv

ices

in C

hin

a. P

ing A

n h

as

del

iver

ed v

ery f

ast

pre

miu

m a

nd

New

Bu

siness

Val

ue

gro

wth

in 2

01

7,

than

ks

to i

ts s

up

erio

r ag

ency f

orc

e an

d m

ult

i-p

rod

uct

pla

tfo

rm.

It is

al

so a

lead

ing p

layer

in

fi

nte

ch an

d is

ex

pec

ted

to

sp

in-o

ff a

few

su

ch

op

erat

ions

in t

he

com

ing y

ears

.

SII

C E

nvir

on

men

t

(Co

de:

80

7 H

K)

Mar

ket

cap

:

US

$0

.6 b

illi

on

Uti

liti

es

Pri

ce:

HK

D1

.85

P/E

: 7

.1x

P/B

: 0

.5x

Yie

ld:

3.6

%

SII

C E

nvir

on

men

t is

a S

ingap

ore

& H

K d

ual

lis

ted

co

mp

an

y,

wh

ich c

ond

uct

s o

per

atio

ns

in

wast

ew

ater

tre

atm

ent,

wat

er p

uri

fica

tio

n t

reat

men

t and

syst

em

auto

mat

ion i

n C

hin

a.

Bei

ng a

stat

e-o

wn

ed

ente

rpri

se,

SII

C

enjo

ys

stro

ng

sup

po

rt

fro

m

ban

ks

and

lo

cal

go

ver

nm

ents

,

sig

nif

yin

g i

t has

the

po

tenti

al t

o b

eco

me

one

of

the

lead

ing w

ater

co

mp

anie

s in

Chin

a. T

he

com

pan

y’s

acc

oun

tin

g p

oli

cy i

s m

ore

co

nse

rvat

ive

than l

ocal

pee

rs,

imp

lyin

g a

hig

h q

uali

ty

of

earn

ings.

As

the

Chin

ese g

over

nm

ent

is i

ncr

easi

ngly

payin

g a

tten

tio

n t

o w

ater

qual

ity a

nd

envir

on

ment

pro

tect

ion,

the

co

mp

an

y i

s se

t to

ben

efi

t fr

om

furt

her

envir

on

menta

l p

rote

ctio

n

po

lici

es.

Tai

wan S

em

ico

nd

uct

or

Man

ufa

cturi

ng

(Co

de:

23

30

TT

)

Mar

ket

cap

:

US

$2

23

.3 b

illi

on

Sem

ico

nd

uct

ors

and

sem

ico

nd

uct

or

equip

ment

Pri

ce:

TW

D26

2.5

P/E

: 1

9.2

x

P/B

: 4

.0x

Yie

ld:

3.2

%

Tai

wan S

em

ico

nd

ucto

r M

anu

fact

uri

ng i

s a

wo

rld

-cla

ss i

nd

ep

end

ent

sem

ico

nd

ucto

r fo

und

ry.

It

pro

vid

es

inte

gra

ted

ci

rcuit

(“

IC”)

d

esig

n

ho

use

s w

ith

inte

gra

ted

se

rvic

es

for

pro

cess

des

ign,

wafe

r m

anu

fact

uri

ng a

nd

tes

tin

g.

As

a glo

bal

lea

der

wit

h m

ore

than 5

0%

shar

e o

f

the

outs

ourc

ing m

arket

, th

e co

mp

an

y h

as

consi

stentl

y o

utp

erfo

rmed

co

mp

etit

ors

in t

erm

s o

f

tech

no

log

y a

nd

pro

fita

bil

ity.

We

thin

k t

he

com

pan

y i

s w

ell

-po

siti

oned

to

co

nti

nue

to b

enef

it

fro

m th

e gro

win

g IC

m

anu

fact

uri

ng o

uts

ourc

ing

mar

ket

an

d th

e ri

sing

d

em

and

fo

r th

e

inte

rnet

of

thin

gs

trend

, A

I ch

ips

and

new

ap

pli

cati

on a

reas

.

11

Pag

e 6

Sto

ck

Ind

ust

ry

Va

lua

tio

n

(20

18

Est

ima

tes)

Rem

ark

s

Ten

cent

Ho

ldin

gs

(Co

de:

70

0 H

K)

Mar

ket

cap

:

US

$3

93

.3 b

illi

on

Med

ia a

nd

ente

rtai

nm

ent

Pri

ce:

HK

D3

23

.2

P/E

: 3

3.2

x

P/B

: 8

.1x

Yie

ld:

0.3

%

Ten

cent

is a

lea

din

g p

rovid

er o

f o

nli

ne

gam

es,

pre

miu

m m

ess

agin

g s

ervic

es,

inte

rnet

val

ue-

add

ed s

ervic

es,

and

ad

ver

tisi

ng a

nd

eC

om

mer

ce s

ervic

es

in C

hin

a.

As

at e

nd

of

the

firs

t q

uar

ter

20

17

, th

e nu

mb

er o

f T

ence

nt’

s W

eix

in a

nd

WeC

hat

mo

nth

ly

acti

ve

use

r re

ached

93

8 m

illi

on,

rep

rese

nti

ng a

yea

r-o

n-y

ear

gro

wth

of

23

%.

Lever

agin

g i

ts l

arge

acti

ve

use

r b

ase,

it

off

ers

go

od

lo

ng

-ter

m m

onet

izat

ion p

ote

nti

al.

Tec

htr

onic

Ind

ust

ries

Co

(Co

de:

66

9 H

K)

Mar

ket

cap

:

US

$ 1

1.7

bil

lio

n

Co

nsu

mer

dura

ble

s

and

ap

par

el

Pri

ce:

HK

D5

0.0

P/E

: 2

0.6

x

P/B

: 3

.7x

Yie

ld:

1.7

%

Tec

htr

onic

In

dust

ries

(“T

TI”

) is

a

glo

bal

le

ader

in

d

esig

nin

g,

man

ufa

cturi

ng an

d se

llin

g

ho

me-i

mp

rovem

ent

pro

duct

s, i

ncl

ud

ing p

ow

er t

oo

ls,

outd

oo

r po

wer

eq

uip

ment

and

flo

or-

care

ap

pli

ance

s.

TT

I b

enef

its

fro

m s

tro

ng U

S h

ousi

ng m

arket

and

Ho

me

Dep

ot

sale

s, i

ts i

nno

vat

ive

cord

less

and

sm

art

po

wer

to

ol

pro

duct

s hel

ped

m

arket

sh

are

gai

n as

w

ell

as

m

argin

s exp

ansi

on.

Flo

or-

care

b

usi

ness

tu

rnin

g

aro

und

sh

all

conti

nuo

usl

y

und

erp

in

the

earn

ing

s gro

wth

sust

ainab

ilit

y.

*E

V =

Em

bed

ded

val

ue

^ E

stim

ate

s fo

r fi

nanci

al y

ear

03

/20

19

No

te:

The

abo

ve

inves

tments

mad

e up

42

% o

f V

alue

Par

tners

Cla

ssic

Fund

as

at 2

8 S

epte

mb

er 2

01

8.

The

sto

ck p

rice

s ar

e b

ased

on t

he

clo

sin

g o

f 2

8 S

epte

mb

er 2

01

8.

Ind

ivid

ual

sto

ck p

erfo

rman

ce/y

ield

is

no

t nec

essa

rily

ind

icat

ive

of

over

all

fund

per

form

ance.

12

Follow us on


The Fund – Class A HKD: Monthly performance from 1 Jan 2009 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual20092010201120122013201420152016 20172018 (YTD)

Value Partners China Greenchip Fund LimitedNAV per share : Class A - HKD59.92 Class A2 QDis - HKD10.59Fund size : USD233.5 million (HKD1,826.6 million)




Performance since launch %

0

200

600

400

1,000

800

-100

+499.2%#

+315.8%

+661.4%

2016 20182014201220102008200620042002

The Fund (Class N, HKD)

MSCI China Index (Total Net Return) 3Hang Seng Index 2

Performance update

Class AHKD

Class A2QDis HKD

MSCI China Index (Total Net Return) 3

Hang Seng Index 2

One month

#

Annualized return ^ #

#

Dividend information – Class A2 QDis 4

Ex-dividend date

Ex-dividend dateNAV (HKD)

Dividend per unit 5 (HKD)

Annualizedyield 6

– –– –– –– –– –

NAVs & codesClasses 7 NAV ISIN BloombergClass A HKDClass A USD VPCHAUS KYClass A AUD Hedged VPCHAAH KYClass A CAD Hedged VPCHACH KYClass A NZD Hedged VPCHANH KYClass A2 QDis HKD VPCA2QD KY

CIES Eligible*

* Value Partners China Greenchip Fund Limited is one of the eligible collective investment schemes for the purpose of the Hong Kong Capital Investment Entrant Scheme (CIES). The CIES was suspended by the Hong Kong Government with effect from 15 Jan 2015 until further notice.

^ Annualized return and volatility are calculated from inception on 8 Apr 2002. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

# Investors should note that figures are for Non-Redeemable Class N shares which may differ from those of classes currently available for subscription (namely Class A and Class A2 QDis), due to differences in launch date. For Class A, the since launch return, annualized return and annualized volatility are +69.5%, +4.7% and 23.2% respectively.

13

Value Partners China Greenchip Fund Limited | September 2018

Top 10 securities holdings (as at 31 Aug 2018)Name Industry 8 %

Real estate

Transportation

These stocks constitute 33% of the Fund.



51%Hong Kong20%H Shares

11%Red Chips6%Taiwan5%China A Shares4%United States3%11Cash


18%Consumer discretionary14%Industrials

12%Information technology11%Real estate

9%Banks9%Insurance8%Energy

6%Consumer staples4%Communication services3%11Cash3%Utilities2%Health care

1%Others

Fund facts

4

Non-Redeemable Class N shares are closed for subscription from 26 Mar 2007; existing and new investors may subscribe for Class A or A2 QDis shares.

Fee structure (Class A and Class A2 QDis)12

12

13

Nil

Senior investment staffChairman & Co-Chief Investment Officer: CheahDeputy Chairman & Co-Chief Investment Officer: SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFA

Investment Directors: Chung Tjan, CFA; Yu, CFA; Yu Xiao Bo

Senior Fund Managers: Chan, CFA Chung, CFA; Doris Ho; Hsia; Philip , CFA; CFA; Kai ; Yu

Recent fund award

Lipper Fund Awards 2014 (Hong Kong)Best Greater China Equity Fund (5 Years) 14

~ Lipper

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. © 2018 Morningstar, Inc. All Rights Reserved. 2. Hang Seng Index refers to Hang Seng Index (Price Return) up to 31 Dec 2004, thereafter it is the Hang Seng Index (Total Return). HangSeng Index (Total Return) includes dividend reinvestment whereas Hang Seng Index (Price Return) does not take into account reinvestment of dividends. 3. MSCI China Index (Total Net Return) since fund inception to present which takes into account of dividend reinvestment after deduction of withholding tax. 4. The Manager currently intends to make quarterly dividend distribution in respect of the A2 QDis Class; actual dividend payout will be subject to the Manager’s discretion. 5. The receiving bank may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor. 6. Annualized yield of QDis Class is calculated as follows: (Latest dividend amount /NAV as at ex-dividend date) x 4. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 7. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/NZD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 8. Classification is based on Global Industry Classification Standard (GICS). 9. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 10. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 11. Cash refers to net cash on hand excluding cash for collaterals and margins. 12. Investors should note that the base currency of the Fund is in HKD. Conversion to the base currency of the Fund will normally take place at the prevailing rate (as determined by the Fund’s Trustee or Custodian) on the corresponding fund dealing day. Investors should be aware of possible risks resulting from fluctuations of exchange rates against USD/AUD/CAD/NZD. 13. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’s NAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 14. Based on data as at year-end 2013.Investors should note investment involves risk. The price of shares may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Limited. 14

Follow us on


★★★★Morningstar RatingTM1

The Fund – Class A USD: Monthly performance from 1 Jan 2009 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual20092010201120122013201420152016 20172018 (YTD)

China Convergence FundA Sub-Fund of Value Partners Intelligent Funds NAV per unit : Class A USD - USD178.18Fund size : USD231.5 million

September 2018



0

400

800

1,600

1,200

2,000

-200

+1,681.8%

+256.4%

2016 201820142012201020082006200420022000

The Fund (Class A, USD)MSCI China Index (Total Return) 2

Performance updateClass A USD MSCI China Index

(Total Return) 2

One month

Annualized return ^

NAVs & codesClasses NAV ISIN BloombergClass A USD KYG9317Q1047Class A AUD Hedged KYG9317Q1385 VAPAAHD KYClass A CAD Hedged KYG9317Q1468 VAPACAH KYClass A NZD Hedged KYG9317Q1534 VAPANZH KY

^ Annualized return and volatility are calculated from inception on 14 Jul 2000. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

15

China Convergence Fund | September 2018

Top 10 securities holdingsName Industry 3 %

Retailing

Capital goods

CorporationMedia & entertainment




41%China A Shares24%H Shares

13%Hong Kong10%United States

6%6Cash2%China B Shares2%Others2%Red Chips

Short exposure includes: Hong Kong, -4.6% and United States, -2.1%.


34%Consumer discretionary12%Banks

10%Consumer staples10%Health care

9%Energy

6%6Cash6%Insurance

3%Communication services2%Information technology2%Other financials

1%Others

7%Industrials

-2%UtilitiesTotal short exposure is -6.8%.Short exposure includes: Utilities, -2.2%; Health care, -1.7%; Consumer discretionary, -1.5% and Banks, -1.4%.

Fund facts

Fee structure

7

Nil


Chairman & Co-Chief Investment Officer: CheahDeputy Chairman & Co-Chief Investment Officer: SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFA

Investment Directors: Chung , CFA; Yu, CFA; Yu

Senior Fund Managers: Chan, CFA Chung, CFA; Doris Ho; Glenda Hsia; Philip , CFA; CFA; Kai ; Yu

Recent fund award

8

China Equity (Outstanding Achiever)~ Benchmark Magazine

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. © 2018 Morningstar, Inc. All Rights Reserved. 2. MSCI China Index (Total Return) since fund inception to 31 Dec 2000, thereafter it is the MSCI China Index (Total Net Return) which takesinto account of dividend reinvestment after deduction of withholding tax. MSCI index (Total Return) does not take into account of deduction of withholding tax. 3. Classification is based on Global Industry Classification Standard (GICS). 4. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 5. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 6. Cash refers to net cash on hand excluding cash for collaterals and margins. 7. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’sNAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 8. Reflecting performance as at Sep 2015.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Limited.

CC

F_M

aste

r+S

G_2

0180

9

16

Follow us on


The Fund – Monthly performance from 1 Jan 2009 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual20092010201120122013201420152016 20172018 (YTD)




Performance since launch%

100

200

300

500

400

600

0

2016 2018201420122010200820062003

+379.8%+442.7%

The FundMSCI China Index (Total Net Return) 2

Performance update The Fund MSCI China Index

(Total Net Return) 2

One month

One yearThree years

Annualized return^


Portfolio yield

Top 10 securities holdingsName Industry 4 %Alibaba Group Holding Ltd Retailing

Media & entertainment

Corporation Ltd

China Shenhua Energy Co Ltd Energy

Group Co Ltd

equipmentThese stocks constitute 61% of the Fund.

Chinese Mainland Focus FundA Sub-Fund of Value Partners Intelligent Funds NAV per unit : USD47.98Fund size : USD122.0 million

^ Annualized return and volatility are calculated from inception on 27 Nov 2003. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

17

Chinese Mainland Focus Fund | September 2018

Fund facts

Manager: Value Partners Limited

Trustee: HSBC Trustee (Cayman) Limited

Bloomberg and

Fee structure

Management fee7

Redemption fee NilDealing day Daily


Chairman & Co-Chief Investment Officer: Cheah Cheng HyeDeputy Chairman & Co-Chief Investment Officer: Louis SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFA

Investment Directors: Chung Man Wing; Kenny , CFA; Yu, CFA; Yu Xiao Bo

Senior Fund Managers: Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai ; Yu Chen Jun

Recent fund awards

Best Total Return - Greater China Equity (1 Year) - 2nd Runner-Up 8 ~ The Chinese Asset Managers Association of Hong Kong & Bloomberg

Lipper Fund Awards 2013 (Hong Kong) Best China Equity Fund (5 Years) 9 ~ Lipper

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. © 2018 Morningstar, Inc. All Rights Reserved. 2. MSCI China Index (Total Net Return) which takes into account of dividend reinvestment after deduction of withholding tax. 3. The profile isbased on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 4. Classification is based on Global Industry Classification Standard (GICS). 5. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 6. Cash refers to net cash on hand excluding cash for collaterals and margins. 7. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’s NAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 8. The awards recognize the Greater China equity funds issued by CAMAHK members with at least 1 year of historical performance as at 30 Sep 2017. 9. Based on data as at year-end 2012.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Limited.

CM

F_M

aste

r+S

G_2

0180

9


41%H Shares19%United States

18%18%

China A SharesHong Kong

4%Red Chips1%

6Others

-1%Cash


23%Consumer discretionary14%Banks

13%Insurance9%Communication services9%Consumer staples9%Utilities

6%Information technology6%Real estate

5%Energy5%Industrials

2%6

Others-1%Cash

18

Follow us on


The Fund – Class A RMB (CNH): Monthly performance from 29 Oct 2014 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual2014 N/A N/A N/A N/A N/A N/A N/A N/A N/A 6

20152016 20172018 (YTD)^ Annualized return and volatility are calculated from inception. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the

investment, and vice versa.

Value Partners Fund Series Value Partners China A-Share Select FundNAV per unit : Class A RMB (CNH) – RMB13.80Fund size : USD82.0 million (RMB564.3 million)

September 2018



%

0

3/20189/20173/20173/20169/201510/2014 9/2018

+52.4%

+38.0%

20

80

60

40

100

9/2016

+19.7%

The Fund

SSE Composite Price IndexCSI 300 Index (Total Return)

Performance updateClass A

RMB (CNH)CSI 300 Index (Total Return)

SSE Composite Price Index

One monthThree months

Annualized return ^

Top 5 securities holdingsName Industry 2 %

Capital goods




70%23%

7%

Shanghai A SharesShenzhen A Shares

Cash 5


18%16%

13%16%

9%7%

5%4%3%3%1%

5%

Consumer discretionaryBanks

InsuranceIndustrialsMaterials

Cash 5

Consumer staplesOther financials

Real estateCommunication services

Health careOthers

★★★

19

Value Partners China A-Share Select Fund | September 2018

NAVs & codesClasses 7 NAV ISIN Bloomberg

HK0000220001Class A USD Unhedged HK0000220019Class A USD Hedged HK0000220027Class A HKD Unhedged HK0000220035Class A HKD Hedged HK0000220043

HK0000220076HK0000220084

Class A AUD Unhedged HK0000220092Class A AUD Hedged HK0000220100Class A CAD Hedged HK0000220126Class A EUR Unhedged HK0000220050Class A EUR Hedged HK0000220068Class A NZD Unhedged HK0000220134 Class A NZD Hedged HK0000220142

Fund facts

Class A AUD/CAD/EUR/HKD/NZD/USD Hedged

Fee structureClass A

Nil

8


Chairman & Co-Chief Investment Officer: CheahDeputy Chairman & Co-Chief Investment Officer: SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFA

Investment Directors: Chung , CFA Yu, CFA Yu

Senior Fund Managers: Chan, CFA Chung, CFA HoHsia , CFA CFA Yu

Recent corporate awards

Manager of the Year - Greater China Equity (Outstanding Award)Dato’ Seri Cheah Cheng Hye and Mr. Louis So (Value Partners’ Co-CIOs) 9

~ Benchmark Fund of the Year Awards 2017, Hong Kong

Management Firm of the Year 10


Best Fund Provider - Greater China Equity 11

~ Asset Management Awards for Excellence 2017

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. © 2018 Morningstar, Inc. All Rights Reserved. 2. Classification is based on Global Industry Classification Standard (GICS). 3. The profile is based on market consensus forecast as derivedfrom S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 4. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 5. Cash refers to net cash on hand excluding cash for collaterals and margins. 6. Performance shown is calculated based on the Fund’s since launch return. The Fund was launched on29 Oct 2014. 7. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/EUR/GBP/HKD/NZD/USD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 8. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’s NAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 9. The award recognized individuals who have led his/her team to outstanding performances over the consistency of three-year and five-year performances against the benchmark and their peers up to 30 Sep 2017. 10. The award was based on performance for the full 12-month period, from Sep 2016 to the end of Aug 2017. 11. Based on performance and achievements for 2016.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information herein has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited. 20

Follow us on


The Fund – Class A: Monthly performance from 1 Jan 2009 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual20092010201120122013 2014 20152016 20172018 (YTD)

September 2018 ★★★★



The F


-40

-20

0

40

20

140

120

100

80

60

-60

2016 20172014 20152012 20132010 201120092008

+114.4%+99.8%+81.2%

2018

The Fund (Class A)

MSCI Taiwan Index (Total Net Return) 2

Taiwan Stock Exchange Weighted Index(Total Return) (TAIEX)

Performance update

The Fund (Class A)

Taiwan Stock Exchange

Weighted Index (Total Return)

(TAIEX)

MSCI Taiwan Index

(Total Net Return) 2

One month

Annualized return ^

Top 5 securities holdings 3

Name Industry 4 %




93%Taiwan6%7Cash

1%8Others


40%Information technology17%Communication services

8%Banks8%Industrials8%Materials

6%7Cash4%Insurance3%Consumer staples3%Other financials

8 3%Others

Value Partners Taiwan FundNAV per unit : Class A – USD21.44Fund size : USD64.0 million

^ Annualized return and volatility are calculated from inception on 3 Mar 2008. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

21

Value Partners Taiwan Fund | September 2018

Fund facts


9


Chairman & Co-Chief Investment Officer: CheahDeputy Chairman & Co-Chief Investment Officer: SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Ho, CFA

Investment Directors: Chung Tjan, CFA Yu, CFA Yu Xiao Bo

Senior Fund Managers: Chan, CFA Chung, CFA Ho Hsia , CFA Jing, CFA Yu Chen Jun








Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. © 2018 Morningstar, Inc. All Rights Reserved. 2. MSCI Taiwan Index (Total Net Return) which takes into account of dividend reinvestment after deduction of withholding tax.3. Our portfolio disclosure policy can be obtained from the Investment Manager upon request to email [email protected]. 4. Classification is based on Global Industry Classification Standard (GICS).5. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio.Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 6. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 7. Cash refers to net cash on hand excluding cash for collaterals and margins. 8. Others include 0.8% cash for collaterals and margins. 9. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’s NAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 10. The award recognized individuals who have led his/her team to outstanding performances over the consistency of three-year and five-year performances against the benchmark and their peers up to 30 Sep 2017. 11. The award was based on performance for the full 12-month period, from Sep 2016 to the end of Aug 2017.12. Based on performance and achievements for 2016.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited. 22

Follow us on


The Fund – Class A1 USD: Monthly performance from 1 Jan 2009 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual200920102011201220132014 20152016 20172018 (YTD)

Value Partners High-Dividend Stocks FundNAV per unit : Class A1 USD - USD87.50 Class A2 MDis USD - USD11.01Fund size : USD2,804.4 million

September 2018 ★★★★



Performance since launch%

0

200

400

600

1,000

800

-100

+784.1%

+416.9%

2016 2018201420122010200820062002

The Fund (Class A1, USD)Index*

Performance updateClass A1

USDClass A2MDis USD

Class A Acc RMB Index*

One month

N/A

Annualized return ^

Dividend information – Class A2 MDis 2

Classes 3 Dividend per unit 4

Annualized yield 5

Ex-dividend date

Class A2 MDis USDClass A2 MDis HKDClass A2 MDis AUD HedgedClass A2 MDis CAD HedgedClass A2 MDis GBP HedgedClass A2 MDis NZD HedgedClass A2 MDis RMB HedgedClass A2 MDis RMB UnhedgedClass A2 MDis SGD Hedged

NAVs & codesClasses 3 NAV ISIN BloombergClass A1 USD HK0000288735 VALASHY HKClass A1 HKD 6 HK0000288735 VALASHY HK

HK0000288719 VALHAHR HKHK0000288727 VALHAUR HK

Class A2 MDis USD HK0000288743 VALHYA2 HKClass A2 MDis HKD HK0000288784 VALHA2H HKClass A2 MDis AUD Hedged HK0000288750 VALHA2A HKClass A2 MDis CAD Hedged HK0000288768 VALHA2C HKClass A2 MDis GBP Hedged HK0000288776 VALHDSF HKClass A2 MDis NZD Hedged HK0000288792 VALHA2N HKClass A2 MDis RMB Hedged HK0000288800 VALHRMB HKClass A2 MDis RMB Unhedged HK0000288818 VAHYRMB HKClass A2 MDis SGD Hedged HK0000288867 VALHA2S HK

* Index refers to MSCI AC Asia Pacific (ex-Japan) Index (Total Net Return) up to 30 Apr 2016, thereafter it is the MSCI AC Asia (ex-Japan) Index (Total Net Return) due to a change in investment profile. MSCI Total Net Return Indices takes into account of dividend reinvestment after deduction of withholding tax.

^ Annualized return and volatility are calculated from inception on 2 Sep 2002. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

23

Value Partners High-Dividend Stocks Fund | September 2018

Top 10 securities holdings 7

Name Industry 8 %

CorporationReal Estate

equipment

Far East Horizon Ltd

Holdings Co LtdUtilities

Retailing

Co Ltd

Transportation

Far East Consortium Real estate

equipment



N/A


33%Hong Kong19%H Shares

12%South Korea10%Taiwan

9%Red Chips5%Indonesia

2%China A Shares3%India

2%Others2%Singapore2%Thailand

1%11Cash


16%Real estate15%Consumer discretionary15%Industrials

11%Banks10%Information technology

8%Other financials7%Insurance

5%Utilities4%Communication services

3%Consumer staples3%Others

2%Health care1%11Cash

Fund factsManager: Value Partners Hong Kong Limited

2

Fee structureClass A1 Class A2 MDis Class A Acc

Minimum USD10,000 or 6

USD10,000 / HKD80,000 / AUD10,000 / CAD10,000 / GBP10,000 / RMB60,000 / NZD10,000 / SGD10,000

RMB60,000

Minimum USD5,000 or

6

USD5,000 / HKD40,000 / AUD5,000 / CAD5,000 /

GBP5,000 / RMB30,000 / NZD5,000 / SGD5,000

RMB30,000

12

Nil

Senior investment staffChairman & Co-Chief Investment Officer: CheahDeputy Chairman & Co-Chief Investment Officer: Louis SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFAInvestment Directors: Chung , CFA;

Yu, CFA; Yu Xiao BoSenior Fund Managers: Chan, CFA Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo CFA; Kai ; Yu

Recent fund awards

Thomson Reuters Lipper Fund Awards 2016 & 2017 13

Best Asia Pacific ex-Japan Equity (10 Years)~ Thomson Reuters

Fund Selector Asia Singapore Awards 2016 14

Asia Pacific Equity (Platinum Winner)~ Fund Selector Asia

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only. 1. © 2018 Morningstar, Inc. All Rights Reserved (for Class A1). 2. The Manager currently intends to make monthly dividend distribution in respect of the A2 MDis Classes; actual dividend payout will besubject to the Manager’s discretion. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. For A1 Class units, Manager will review dividend distribution at its discretion once a year (last dividend payout date: 21 Nov 2005). Please refer to the explanatory memorandum for more details. 3. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/GBP/NZD/RMB/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 4. The receiving bank may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor. 5. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/NAV as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 6. Investors should note that the base currency of the Fund is in USD. The HKD equivalent NAV per unit is for reference only and should not be used for subscription or redemption purpose. Conversion to the base currency of the Fund will normally take place at the prevailing rate (as determined by the Fund’s Trustee or Custodian) on the corresponding fund dealing day. Investors should be aware of possible risks resulting from fluctuations of exchange rates against USD. 7. Our portfolio disclosure policy can be obtained from the Investment Manager upon request to email [email protected]. 8. Classification is based on Global Industry Classification Standard (GICS). 9. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. Investors should note that all yield figures are for reference only and do not represent the actual performance of the Fund or the dividend yield received by investors, nor does a positive yield imply a positive return. “Dividend yield” is calculated based on the equity portion of the Fund, whereas “Yield to maturity/put” is calculated based on the debt portion of the Fund by taking the average of yields of individual holdings (being the higher of the yield to maturity and yield to put of each bond/convertible bond) after excluding event-driven investment with extremely high yield. 10. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 11. Cash refers to net cash including cash equivalents, investment in money market funds but excluding cash for collaterals and margins. 12. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the Fund’s NAV. If in any one year, the Fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 13. The award reflecting performance as at Dec 2016 and Dec 2015 respectively. 14. The award winners were selected among funds with “Accredited Investor” status in Singapore, based on performance data from 30 Jun 2012 to 30 Jun 2015 and voting from a panel of industry fund selectors. 15. For Hong Kong investors only.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited.

HD

F_M

aste

r+S

G_2

0180

9

15:

24


Follow us on

The Fund – P Acc USD: Monthly performance from 27 Mar 2012 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual2012 N/A N/A -0.3% +1.2% -1.7% +2.7% +1.6% +1.0% +1.4% +2.1% +2.3% +2.1% +13.0%2013 +0.0% +1.3% -0.6% +1.4% -1.1% -5.0% +0.5% -0.8% +2.6% +2.1% +0.2% +0.9% +1.2%2014 -0.7% +0.7% -0.7% +0.8% +1.3% +2.3% +1.0% +0.9% -2.2% +0.8% -0.2% -2.9% +1.1%2015 +0.3% +2.0% +0.3% +3.5% +1.6% -0.2% -0.8% -3.6% -1.1% +5.5% -0.2% -1.0% +6.1%2016 -1.5% +0.2% +3.6% +2.2% +0.6% +1.8% +2.9% +1.8% +1.6% +1.5% -0.2% +0.6% +15.9%2017 +2.8% +2.6% +0.7% +1.6% -1.9% -0.3% +0.9% +0.7% +0.7% +1.7% -0.4% +0.6% +10.1%2018 (YTD) +1.8% -0.6% -0.3% -1.0% -1.2% -1.7% +0.7% -0.2% -0.2% -2.6%

Value Partners Greater China High Yield Income FundNAV per unit : USD15.23 (P Acc USD) / USD8.41 (P MDis USD)Fund size : USD5,330.0 million

September 2018

Investment objectiveThe Fund aims to provide capital appreciation by primarily investing in Greater China debt securities, including but not limited to high yield, convertible and mainland Chinese offshore bonds.

Commentary

Portfolio review:As a result of the benchmark 10-year US Treasury yield climbing above 3% and a lack of positive catalysts, the Asian credit space remained soft in September. There was little change to the portfolio over the course of the month.Outlook:Asian credits remain cheap on a historical basis. The overall yield of Asian high yield bonds is still more than 300bps higher than that of comparable US high yield – a gap last seen in 2014-2015. The US-China trade dispute is likely going to be a drawn-out process, but the market seems to have already priced in some of the worst outcomes.Investors should look past the current turbulence and focus on the fundamentally sound global economy. A gradual normalization of global risk-free rates will be constructive to credit investments and other risk assets. We will continue to deploy our capital into opportunities that offer attractive risk reward tradeoffs.


+52.3%

3/2012 9/20179/2016 9/20189/20159/2013 9/2014-10

%605040

0

30

1020

The Fund (P Acc USD)

Performance update The Fund

(P Acc USD)One month -0.2%Year-to-date -2.6%One year -0.8%Three years +29.5%Five years +37.5%Since launch +52.3% Annualized return +6.7% Annualized volatility 5.8%

Dividend information – Class MDis 1

Classes 2 Dividend amount / unit

Annualized yield 3

Ex-dividend date

P MDis USD 0.0621 8.9% 28-9-2018P MDis HKD 0.0622 8.9% 28-9-2018P MDis SGD Hedged 0.0630 8.3% 28-9-2018A MDis AUD Hedged 0.0609 8.8% 28-9-2018A MDis CAD Hedged 0.0595 8.5% 28-9-2018A MDis EUR Hedged 0.0482 6.4% 28-9-2018A MDis GBP Hedged 0.0576 8.0% 28-9-2018A MDis NZD Hedged 0.0652 9.1% 28-9-2018

Top 10 securities holdingsName Sector 4 Country %Energy Resources LLC Float 30/09/2022

Materials Mongolia 1.8

MNC Investama Tbk PT 9% 11/05/2021

Media Indonesia 1.7

Golden Wheel Tiandi Holdings Co Ltd 8.25% 11/03/2019

Real estate China/Hong Kong 1.4

Sunac China Holdings Ltd 7.35% 19/07/2021


China Evergrande Group 4.25% 14/02/2023


Powerlong Real Estate Holdings Ltd 5.95% 19/07/2020


Yida China Holdings Ltd 6.95% 19/04/2020


Golden Wheel Tiandi Holdings Co Ltd 7% 18/01/2021


AMTD Group Co Ltd 5% 21/03/2019

Diversified financials China/Hong Kong 1.1

AMTD Group Co Ltd 7.625% PERP

Diversified financials China/Hong Kong 1.1

• Value Partners Greater China High Yield Income Fund (the “Fund”) primarily invests in a portfolio of fixed and floating rate bonds and otherdebt securities, including convertible bonds, in the Greater China region.

• The Fund may invest in high yielding securities which may be unrated or below investment grade and debt securities issued by specialpurpose vehicles. The Fund is therefore exposed to higher credit/insolvency risk and default risk.

• The Fund primarily invests in the Greater China region and therefore is subject to emerging market and concentration risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. Adverse development in such region may affect the value of the underlying securities in which the Fund invests.

• In respect of the distribution shares for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distributionrate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investorsshould note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease of the net asset value per share of the Fund.

• The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and mayexpose the Fund to significant losses.

• You should not make investment decision on the basis of this marketing material alone. Please read the explanatory memorandum for detailsand risk factors.

25

Value Partners Greater China High Yield Income Fund | September 2018

NAVs & CodesClasses 2 NAV ISIN BloombergP Acc USD 15.23 KYG9319N1097 VPGCPUA KYP Acc HKD 15.24 KYG9319N1253 VPGCPHA KYP MDis USD 8.41 KYG9319N1170 VPGPUMD KYP MDis HKD 8.43 KYG9319N1337 VPGPHMD KYP MDis SGD Hedged 9.15 KYG9319N1824 VPPSHMA KYA Acc EUR Hedged 10.09 KYG9319N3804 VPGAEHA KYA MDis AUD Hedged 8.28 KYG9319N2327 VPGCAUD KYA MDis CAD Hedged 8.37 KYG9319N2400 VPGCCAD KYA MDis GBP Hedged 8.63 KYG9319N3317 VPGCAGH KYA MDis EUR Hedged 9.03 KYG9319N3499 VCHAMEH KY A MDis NZD Hedged 8.63 KYG9319N2574 VPGCHNZ KY


44.0%

7.0%9.1%

6.4%

2.5%2.6%4.9%6.2%

2.3%2.0%

1.7%1.6%

1.7%

1.5%1.4%1.3%1.2%1.1%

1.5%

Real estateOthersEnergy

MaterialsDiversified financials

Cash 6

RetailingMedia

UtilitiesTransportation

BanksTechnology, hardware & equipment

Consumer durables & apparelCapital goods

Food, beverage & tobaccoSoftware & servicesConsumer services

ApparelTelecommunication services

Average duration 1.9 yearsYield to worst 7 12.5%Number of bond issuers 203

Geographical exposure 5

65.6%

7.0%8.4%

4.9%3.4%3.2%2.3%2.1%2.1%1.0%

China/Hong KongOthers

IndonesiaCash 6

Latin AmericaCEEMEAAustraliaMongolia

SingaporeIndia

Currency breakdown91.5%

4.9%1.0%0.9%0.4%0.4%0.4%0.3%0.2%

USDHKDCNYKRWAUDEURSGDTWDIDR

Credit ratings

52.0%

4.9%

0.2%0.3%

34.9%

7.7%

ABBB

BBB & Below

Non-Rated 8

Cash 6

Investment grade 0.5%High yield 59.7%Average credit rating 9 B

Fund facts

Manager: Value Partners Hong Kong LimitedBase currency: USDAdministrator: HSBC Trustee (Cayman) LimitedCustodian: HSBC Institutional Trust Services (Asia) LimitedLaunch date: P Acc & MDis USD/HKD – 27 Mar 2012

A MDis AUD/CAD/NZD – 23 Sep 2013P MDis SGD – 26 Sep 2014A MDis EUR – 5 Feb 2015A MDis GBP – 14 Apr 2015A Acc EUR – 16 Jul 2018

Dividend policy 1: MDis – Aim at Monthly distribution, subject to Manager’s discretion

Fee structure (Class A and Class P)Minimum subscription HK$80,000/USD10,000 or equivalentSubscription fee Up to 5%Management fee 1.5% p.a.Performance fee NilDealing day Daily


Chairman & Co-Chief Investment Officer: Cheah Cheng HyeDeputy Chairman & Co-Chief Investment Officer: Louis SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFAFixed income investment team:Chief Investment Officer, Fixed Income: Gordon Ip, CFASenior Fund Managers: Elaine Hu; Jason Yan, CFA, ACCAFund Manager: Edwin Kam, CFA

Recent awards on fixed income capabilities

2017 Asian G3 Bonds Top Investment House 10

Value Partners - Ranked Number 1 in Hedge Fund category~ The Asset Benchmark Research Awards 2017

Best Fixed Income Fund 11


Fund Manager of the Year – Long-only Fixed Income (Highly Commended) 12

Value Partners’ Chief Investment Officer, Fixed Income – Gordon Ip~ The Asset, Triple A, Asset Servicing, Investor

and Fund Management Awards 2017

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. The manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the Explanatory Memorandum for further details including the distribution policy. 2. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/EUR/GBP/NZD/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 3. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/NAV as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 4. Classification is based on Global Industry Classification Standard (GICS). 5. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 6. Cash refers to net cash on hand excluding cash for collaterals and margins. 7. Investors should note that the Yield to worst figure is for reference only and does not represent the actual performance of the Fund or the dividend yield received by investors. A positive yield does not imply a positive return. 8. Including bonds whose issuers do not seek credit ratings (Greater China Paper 14.4%; Equity-linked Investments 11.0%; Loan 3.6%; Dim Sum Bonds 3.0%; Mongolia Bonds 2.0%; Others 1.0%). 9. The average credit rating is calculated by assigning a sequential integer to all credit ratings from AAA (highest) to D (lowest), taking a simple, asset-weighted average of debt holdings by market value and rounding to the nearest rating. The letter rating may be based on bond ratings from different agencies and is provided to indicate the average credit rating of the portfolio’s underlying bonds without taking into account derivative positions and unrated securities. As the risk of default increases disproportionately as a bond’s rating decreases, the simple weighted average of credit ratings is not a statistical measurement of the portfolio’s default risk. 10. Announced in Oct 2017 by The Asset Benchmark Research in the Asian G3 Bond Benchmark Review, which ranks the Top Investment Houses (Hedge Funds category) based on the number of votes won by their astute investors. All votes are subject to a weighting methodology. 11. The awards were judged based on performance over the past 12 months, up to 30 Apr 2017. 12. The period covered by the awards is from 1 Jan 2016 to 31 Dec 2016. 13. For Hong Kong investors only.The views expressed are the views of Value Partners Hong Kong Limited (“VPHK”) only and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All materials have been obtained from sources believed to be reliable, but their accuracy is not guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.Investors should note investment involves risk and past performance is not indicative of future results. Investors should refer to the explanatory memorandum for details and risk factors in particular those associated with investment in Greater China markets, non-investment grade debt securities, and debt securities issued by special purpose vehicles. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited.

GC

HY

_Mas

ter+

SG

_201

809

Scan QR code for fund documents13:

26


Follow us on

Value Partners Fund Series Value Partners Asian Total Return Bond FundNAV per unit : USD9.96 (A Acc USD) / USD9.73 (A MDis USD)Fund size : USD51.6 million

September 2018

Investment objectiveTo provide a competitive total return, consisting of income and capital growth over the medium to longer term, by investing primarily in fixed income securities issued by an Asia Pacific governments, governments agencies, supra-nationals, banks or companies which derive substantial revenue from or have significant business or economic activities in Asia Pacific or are denominated in any Asia Pacific currency.

Performance update 1

The FundOne month N/AYear-to-date N/ASince launch N/A

Annualized return^ N/AAnnualized volatility^ N/A

Due to SFC regulations, no performance data is shown for fund which is less than six months old.



Annualized yield 4

Ex-dividend date

Class A MDis USD Unhedged 0.0457 5.6% 28-9-2018Class A MDis AUD Hedged 0.0456 5.6% 28-9-2018Class A MDis CAD Hedged 0.0429 5.3% 28-9-2018Class A MDis HKD Unhedged 0.0457 5.7% 28-9-2018Class A MDis NZD Hedged 0.0461 5.7% 28-9-2018Class A MDis RMB Hedged 0.0582 7.2% 28-9-2018Class A MDis RMB Unhedged 0.0465 5.3% 28-9-2018

Top 5 securities holdingsName Sector 5 Country %China National Chemical Corp 4.125% 03/14/2021

Chemicals China 3.9

Bocom Leasing Intl Finance 3.5% 01/25/2021

Diversified financials China 3.8

Metallurgical Corp of China 2.95% 05/31/2020

Capital goods China 3.8

Nan Hai Corp 3% 05/25/2020 Media China 3.4China Jinmao Hldg Group 6.75% 04/15/2021

Real estate China 3.1

NAVs & CodesClasses 3 NAV ISIN BloombergClass A Acc USD Unhedged 9.96 HK0000402450 VPATAUU HKClass A Acc HKD Unhedged 9.92 HK0000402351 VPATANU HKClass A MDis USD Unhedged 9.73 HK0000402468 VPATAUM HKClass A MDis AUD Hedged 9.69 HK0000402328 VPATAAH HKClass A MDis CAD Hedged 9.67 HK0000402344 VPATACM HKClass A MDis HKD Unhedged 9.69 HK0000402369 VPATAHU HKClass A MDis NZD Hedged 9.63 HK0000402385 VPATANH HKClass A MDis RMB Hedged 9.65 HK0000402401 VPATAHM HKClass A MDis RMB Unhedged 10.61 HK0000402427 VPATARM HK


15.0%6.7%

46.9%

6.7%3.5%

2.6%2.9%3.0%3.2%

2.4%2.1%2.1%1.1%0.9%0.9%

Real estateDiversified financials

Capital goodsChemicals

MediaCash 7

MiningTransportation

TextilesAutomobiles & parts

EnergyUtilities

SovereignInsurance

Telecommunication services

Average duration 2.0 yearsYield to worst 8 7.3%Number of bond issuers 40

Geographical exposure 6

84.7%

3.2%4.7%7.4%

ChinaKorea

Hong KongCash 7

• Value Partners Asian Total Return Bond Fund (the “Fund”) primarily invests in fixed income securities issued by any Asia Pacific governments,government agencies, supra-nationals, banks or companies which derive substantial revenue from or have significant business or economic activities in Asia Pacific or are denominated in any Asia Pacific currency.

• The Fund primarily invests in the Asia Pacific markets and therefore is subject to emerging market and concentration risks. Generally,investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. Adverse development in such region may affect the value of the underlying securities in which the Fund invests.

• The Fund may also invest in PRC interbank bond market via Bond Connect and is therefore subject to regulatory risks and various risks suchas volatility risk, liquidity risk, settlement and counterparty risk. The relevant rules and regulations on investment in the PRC interbank bond market via Bond Connect are subject to change and may adversely impact the Fund.

• The Fund may invest in high yielding securities which may be unrated or below investment grade and financial derivative instruments. TheFund is therefore exposed to additional risks, including volatility risk, valuation risk, leverage risk, liquidity risk, correlation risk, counterparty/credit risk, legal risk, over-the-counter transaction risk and settlement risk.

• In respect of the distribution shares for the Fund, the Manager currently intends to make monthly dividend distribution. However, thedistribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return orwithdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease of the net asset value per share of the Fund.

• You should not make investment decision on the basis of this marketing material alone. Please read the explanatory memorandum for detailsand risk factors.


27

Value Partners Asian Total Return Bond Fund | September 2018

Currency breakdown97.2%

2.8%USDCNY

Credit ratings

10.5%

43.1%16.3%

1.2%

3.2%

25.7%

AAA

BBBB & BelowNon-Rated

Cash 7

Investment grade 60.6%High yield 25.7%

Fund facts

Manager: Value Partners Hong Kong LimitedBase currency: US dollarsTrustee: HSBC Institutional Trust Services (Asia) LimitedLaunch date: 9 April 2018

Class A Acc USD UnhedgedClass A Acc HKD UnhedgedClass A MDis USD UnhedgedClass A MDis AUD HedgedClass A MDis CAD HedgedClass A MDis HKD UnhedgedClass A MDis NZD HedgedClass A MDis RMB HedgedClass A MDis RMB Unhedged

Dividend policy 2: MDis – Aim at Monthly distribution, subject to Manager’s discretion


Minimum subscription USD10,000 or equivalentMinimum subsequent subscription

USD5,000 or equivalent

Subscription fee Up to 5%Redemption fee NilManagement fee 1.25% p.a.Performance fee N/ADealing day Daily


Chairman & Co-Chief Investment Officer: Cheah Cheng HyeDeputy Chairman & Co-Chief Investment Officer: Louis SoDeputy Chief Investment Officer: Renee HungSenior Investment Director: Norman Ho, CFAFixed income investment team:Chief Investment Officer, Fixed Income: Gordon Ip, CFASenior Fund Managers: Elaine Hu; Jason Yan, CFA, ACCAFund Manager: Edwin Kam, CFA

Recent awards on fixed income capabilities

2017 Asian G3 Bonds Top Investment House 9

Value Partners - Ranked Number 1 in Hedge Fund category~ The Asset Benchmark Research Awards 2017

Best Fixed Income Fund – Value Partners Greater China High Yield Income Fund 10


Fund Manager of the Year – Long-only Fixed Income (Highly Commended) 11

Value Partners’ Chief Investment Officer, Fixed Income – Gordon Ip~ The Asset, Triple A, Asset Servicing, Investor

and Fund Management Awards 2017

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. Performance data will be available after 6 months from its launch. 2. The manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable toeach of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the Explanatory Memorandum for further details including the distribution policy. 3. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/EUR/GBP/NZD/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 4. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/NAV as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 5. Classification is based on Global Industry Classification Standard (GICS). 6. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 7. Cash refers to net cash on hand excluding cash for collaterals and margins. 8. Investors should note that Yield to worst is for reference only and does not represent the actual performance of the Fund or the dividend yield received by investors, nor does a positive yield imply a positive return. 9. Announced in Oct 2017 by The Asset Benchmark Research in the Asian G3 Bond Benchmark Review, which ranks the Top Investment Houses (Hedge Funds category) based on the number of votes won by their astute investors. All votes are subject to a weighting methodology. 10. The awards were judged based on performance over the past 12 months, up to 30 Apr 2017. 11. The period covered by the awards is from 1 Jan 2016 to 31 Dec 2016.Investors should note investment involves risk and past performance is not indicative of future results. Investors should refer to the explanatory memorandum for details and risk factors in particular those associated with investment in Greater China markets, non-investment grade debt securities, and debt securities issued by special purpose vehicles. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you.For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited.

VA

TB_M

aste

r+S

G_2

0180

9

28

43rd Floor, The Center, 99 Queen’s Road Central, Hong KongHotline: (852) Follow us on

Value Partners Multi-Asset FundA brand new investment strategy since June 2018NAV per unit : Class A Acc USD: USD10.72Fund size : USD56.4 million

September 2018


The Fund aims to achieve capital growth by investing in global markets which are primarily linked to the global trend of economies. Currently it primarily invests in Asian markets, with a particular focus on China equities, fixed income securities (investment-grade and high-yield) and other alternative income sources to capture opportunities across different market cycles.Performance since launch 1

%

-10

0

10

30

20

-20

9/20185/20181/20189/20179/20165/2016 1/2017 5/201710/2015

+7.2%

The Fund (Class A Acc USD)

Performance update 1

The FundOne month -0.9%Three months -2.5%Six months -5.6%Year-to-date -5.4%One year -0.9%Since launch +7.2%

Annualized return ^ +2.4%Annualized volatility ^ 5.3%

By asset class 2

46.9%37.7%

10.4%5.0%

EquityFixed incomeOther assets

Cash and others

Equity – by country 2

23.1%10.8%9.8%

2.1%1.1%

ChinaOthers

Hong KongJapan

Singapore

Fixed income – by region 2

21.1%10.7%

5.9%

Greater ChinaOthers

Latin America

Top 5 holdings - equitiesHoldings Industry 3 Country %AIA Group Ltd Financials Hong Kong 1.6Anhui Conch Cement Co Ltd Materials China 1.5PICC Property & Casualty Financials China 1.5BOC Aviation Ltd Industrials China 1.3HKBN Ltd Communication

ServicesHong Kong 1.3

Top 5 holdings - fixed incomeHoldings Sector 3 Country %Energy Resources LLC Float 30/09/2022

Materials Mongolia 0.4

MNC Investama Tbk PT 9% 11/05/2021

Media Indonesia 0.4

China Evergrande Group 4.25% 14/02/2023


Golden Wheel Tiandi Holdings Co Ltd 8.25% 11/03/2019


Sunac China Holdings Ltd 7.35% 19/07/2021


transaction costs than a fund with static allocation strategy.

liquidity in general.

therefore exposed to additional risks, including volatility risk, valuation risk, leverage risk, liquidity risk, correlation risk, counterparty/credit risk, legal risk, over-the-counter transaction risk and settlement risk, and may expose the Fund to significant losses.

conversion risk e.g. compulsory conversion by the issuer upon uncontrollable triggering events and hence the Fund may experience losses.

rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units.

factors.

The Fund – Class A Acc USD: Monthly performance from 13 Oct 2015 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual2015 N/A N/A N/A N/A N/A N/A N/A N/A N/A -0.4% -1.5% +0.1% -1.8%2016 -3.5% -0.8% +1.8% +0.3% -1.1% +2.6% +2.4% +1.0% +0.5% -0.8% -2.3% -0.4% -0.5%2017 +2.7% +1.6% +0.5% +1.0% +0.9% +0.5% +2.2% +0.8% +0.2% +2.9% +0.6% +1.2% +16.0%2018 (YTD) +4.9% -3.1% -1.5% -1.0% -0.2% -2.0% +0.4% -1.9% -0.9% -5.4%


29

Value Partners Multi-Asset Fund | September 2018

Fund facts

Base currency: US dollarsTrustee: HSBC Institutional Trust Services (Asia) LimitedCustodian: HSBC Institutional Trust Services (Asia) LimitedLaunch date: Class A Acc USD - 13 Oct 2015

Class A Acc HKD - 18 Aug 2016Class A USD MDis - 19 Jun 2018Class A HKD MDis - 19 Jun 2018Class A AUD (Hedged) MDis - 19 Jun 2018


Minimum subscription USD10,000 or equivalentMinimum subsequent subscription USD5,000 or equivalentSubscription fee Up to 5%Management fee 1.75% p.a.Dealing day Daily



Investment Directors: Chung Man Wing; Kenny , CFA; Michelle Yu, CFA; Yu Xiao BoSenior Fund Managers: Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai Mak; Yu Chen Jun








Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. Effective 19 Jun 2018, the Fund has been changed from a fund of funds investing in multi-assets to a multi-asset fund and therefore the investment objective and policies have also beenchanged. Performance prior to 19 Jun 2018 was achieved under circumstances that no longer apply. Please refer to the offering document for details. 2. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 3. Classification is based on Global Industry Classification Standard (GICS). 4. Portfolio yield is the weighted average of the total dividend yield of all securities in the portfolio. 5. The manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the Explanatory Memorandum for further details including the distribution policy. 6. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/NZD/EUR/GBP/RMB/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 7. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/NAV as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 8. The award recognized individuals who have led his/her team to outstanding performances over the consistency of three-year and five-year performances against the benchmark and theirpeers up to 30 Sep 2017. 9. The award was based on performance for the full 12-month period, from Sep 2016 to the end of Aug 2017. 10. Based on performance and achievements for 2016.Investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. The information provided does not constitute investment advice and it should not be relied on as such. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.This document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited.

NAV & codesClasses NAV ISIN BloombergClass A Acc USD 10.66 HK0000269149Class A Acc HKD 10.72 HK0000269156Class A USD MDis 9.45 HK0000408119Class A HKD MDis 9.42 HK0000408127Class A AUD (Hedged) MDis

9.34 HK0000408135

Portfolio characteristicsAs at 28 Sep 2018 2018Portfolio yield 4 7.3%



Annualized yield 7

Ex-dividend date

Class A USD MDis 0.0579 7.4% 28-9-2018Class A HKD MDis 0.0579 7.4% 28-9-2018Class A AUD (Hedged) MDis 0.0573 7.4% 28-9-2018

30


Value Partners Fund SeriesValue Partners Asian Income FundNAV per unit : Class A USD Acc - USD10.14 Class A USD MDis - USD9.71Fund size : USD84.4 million

September 2018


The Fund aims to maximize return and income by investing in Asian equities, Asian fixed income securities and other assets relating to Asian companies that are listed in Asia, or have registered offices in Asia or generate a predominant share of their sales and/or their profits in Asia. The Fund also aims to achieve lower portfolio volatility by actively screening and selecting a combination of lower volatility equities and fixed income securities.


-211/2017 9/20188/2018

+1.4%2

0

6

4

8

6/20185/20184/2018 7/20183/20181/201812/2017 2/2018

The Fund

Performance updateThe Fund

One month +0.5%Year-to-date -1.1%Since launch +1.4%

Annualized return^ N/AAnnualized volatility^ N/A

Top 5 holdings - equitiesHoldings Industry 1 Country %Ascendas Real Estate Inv Trust REITS Singapore 1.8Far EasTone Telecommunications Co Ltd

Telecom services Taiwan 1.8

Singapore Telecommunications Ltd

Telecom services Singapore 1.6

Tenaga Nasional Bhd Utilities Malaysia 1.6China Construction Bank Corporation

Banks Hong Kong 1.5

Top 5 holdings - fixed incomeHoldings Sector 1 Country %eHi Car Services Ltd 5.875% 14/8/2022

Industrials China 2.1

Indika Energy Capital II Pte 6.875% 10/4/2022

Energy Indonesia 1.9

Geo Coal International Pte Limited 8% 4/10/2022

Energy Singapore 1.8

Medco Platinum Road Pte Limited 6.75% 30/1/2025

Energy Indonesia 1.7

Bank of China (Hong Kong) 5.55% 11/2/2020

Financials China 1.2



Annualized yield 4

Ex-dividend date

Class A AUD Hedged MDis 0.0443 5.5% 28-9-2018Class A CAD Hedged MDis 0.0418 5.2% 28-9-2018Class A HKD Unhedged MDis 0.0448 5.5% 28-9-2018Class A NZD Hedged MDis 0.0452 5.6% 28-9-2018Class A RMB Hedged MDis 0.0572 7.1% 28-9-2018Class A RMB Unhedged MDis 0.0424 5.1% 28-9-2018Class A USD Unhedged MDis 0.0445 5.5% 28-9-2018

and to deliver lower portfolio volatility.

volatile than a broadly based fund as it is more susceptible to fluctuation in value resulting from adverse conditions in the Asian market.

more volatile to adverse economic developments than those of larger capitalization companies in general.

risk, issuer-specific risk, counterparty risk and sovereign debt risk. The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk. All these may expose the Fund to significant losses.

experience losses.

rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units.

factors.


The Fund – Monthly performance from 13 Nov 2017 to 28 Sep 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A +0.7% +1.8% +2.5%2018 (YTD) +4.8% -2.8% -1.0% -0.8% -1.8% -1.8% +1.8% +0.1% +0.5% -1.1%

31

Value Partners Asian Income Fund | September 2018

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only.1. Classification is based on Global Industry Classification Standard (GICS). 2. The manager intends to declare and pay monthly dividends equal to all or substantially all of the net incomeattributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the Explanatory Memorandum for further details including the distribution policy. 3. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The AUD/CAD/EUR/NZD/RMB/SGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 4. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/NAV as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 5. Equities are classified by country of listing and fixed income securities are classified by country of risk. 6. Cash: 4.3%, refers to net cash on hand excluding cash for collaterals and margins. 7. Including bonds whose issuers do not seek credit ratings. 8. Portfolio yield is the weighted average of the total dividend yield of all securities in the portfolio. 9. The award recognizedindividuals who have led his/her team to outstanding performances over the consistency of three-year and five-year performances against the benchmark and their peers up to 30 Sep 2017. 10. The award was based on performance for the full 12-month period, from Sep 2016 to the end of Aug 2017. 11. Based on performance and achievements for 2016.Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information herein has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225GThis document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited.

NAV & codesClasses 3 NAV ISIN BloombergClass A USD Unhedged Acc 10.14 HK0000352374Class A AUD Hedged MDis 9.65 HK0000352259Class A CAD Hedged MDis 9.64 HK0000352267Class A HKD Unhedged MDis 9.74 HK0000352291Class A NZD Hedged MDis 9.64 HK0000352309Class A RMB Hedged MDis 9.68 HK0000352317Class A RMB Unhedged MDis 10.06 HK0000352325Class A USD Unhedged MDis 9.71 HK0000352382Class A HKD Unhedged Acc 10.18 HK0000352283

Asset type (%) 5

Equities Fixed Income TotalChina - 36.9 36.9Taiwan 14.7 - 14.7Singapore 8.2 1.8 10.0Hong Kong 6.9 1.0 7.9H Shares 5.6 - 5.6Indonesia 0.9 3.6 4.5Cash6 & others - - 4.3Korea 2.9 1.0 3.9Malaysia 3.9 - 3.9Thailand 3.5 - 3.5Red Chips 2.7 - 2.7India 0.4 1.1 1.5China B Shares 0.6 - 0.6Total 50.3 45.4 100.0

Credit ratings of fixed income

21.7%6.6%

5.8%

5.5%5.8%

ABBB

BBB & Below

Non-rated 7

Portfolio characteristicsAs at 28 Sep 2018 2018Portfolio yield 8 6.1%

Fund facts

Base currency: US dollarsTrustee: HSBC Institutional Trust Services (Asia) LimitedLaunch date: 13 Nov 2017

Class A USD Unhedged Acc Class A AUD Hedged MDis Class A CAD Hedged MDis Class A HKD Unhedged MDis Class A NZD Hedged MDis Class A RMB Hedged MDis Class A RMB Unhedged MDis Class A USD Unhedged MDis Class A HKD Unhedged Acc

Fee structure (Class A)

Share classes

Acc MDis

Unhedged: HKD/SGD/USD

Hedged: SGD

Unhedged: HKD/RMB/SGD/USD

Hedged: AUD/CAD/EUR/NZD/

RMB/SGDMinimum subscription USD10,000 or equivalent

Minimum subsequent subscription USD5,000 or equivalent

Subscription fee Up to 5%Redemption fee NilManagement fee 1.5% p.a.Performance fee N/ADealing day Daily



Investment Directors: Chung Man Wing; Kenny , CFA; Michelle Yu, CFA; Yu Xiao BoSenior Fund Managers: Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai Mak; Yu Chen JunFixed income investment team:Chief Investment Officer, Fixed Income: Gordon Ip, CFA

Senior Fund Managers: Elaine Hu; Jason Yan, CFA, ACCA

Fund Manager: Edwin Kam, CFA








32

Date post:	11-Aug-2020
Category:	Documents
Upload:	others
View:	2 times
Download:	0 times

Fund Menu - Value Partners Group | Home · 2018-10-26 · Value Partners China Greenchip Fund...

Documents