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Value Partners High-Dividend Stocks Fund VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND ANNUAL REPORT 2015 For the year ended 31 December 2015 Value Partners Hong Kong Limited 9th Floor, Nexxus Building 41 Connaught Road Central, Hong Kong Tel: (852) 2880 9263 Fax: (852) 2565 7975 Email: [email protected] Website: www.valuepartners.com.hk In the event of inconsistency, the English text of this Annual Report shall prevail over the Chinese text. This report shall not constitute an offer to sell or a solicitation of an offer to buy shares in any of the funds. Subscriptions are to be made only on the basis of the information contained in the explanatory memorandum, as supplemented by the latest semi-annual and annual reports. VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND (A Cayman Islands Unit Trust) CONTENTS Pages General information 2-3 Manager’s report 4-13 Statement of responsibilities of the Manager and the Trustee 14 Trustee’s report 15 Independent auditor’s report 16-17 Statement of financial position 18 Statement of comprehensive income 19 Statement of changes in net assets attributable to unitholders 20 Statement of cash flows 21-22 Notes to the financial statements 23-66 Investment portfolio (unaudited) 67-75 Investment portfolio movements (unaudited) 76-77 Performance record (unaudited) 78-80 ANNUAL REPORT 2015 1 For the year ended 31 December 2015 1 VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND (A Cayman Islands Unit Trust) GENERAL INFORMATION Manager Legal Advisors Value Partners Limited^ With respect to Cayman Islands law 9th Floor, Nexxus Building Maples and Calder^ 41 Connaught Road Central 53rd Floor, The Center Hong Kong 99 Queen’s Road Central Hong Kong Value Partners Hong Kong Limited# 9th Floor, Nexxus Building With respect to Hong Kong law 41 Connaught Road Central King&Wood Mallesons^ Hong Kong 13th Floor, Gloucester Tower The Landmark Directors of the Manager 15 Queen’s Road Central Dato’ Cheah Cheng Hye Hong Kong Mr Ho Man Kei, Norman Mr So Chun Ki Louis Deacons# 5th Floor, Alexandra House Trustee, Registrar, Administrator, 18 Chater Road and Principal Office Central Bank of Bermuda (Cayman) Limited^ Hong Kong P.O. Box 513 HSBC House Auditor 68 West Bay Road PricewaterhouseCoopers^ Grand Cayman KY1-1106 P.O. Box 259 Cayman Islands George Town Grand Cayman KY1-1104 Custodian, Registrar’s Agent and Cayman Islands Administrator’s Agent HSBC Institutional Trust Services PricewaterhouseCoopers# (Asia) Limited^ 22nd Floor, Prince’s Building 1 Queen’s Road Central 10 Chater Road Hong Kong Central Hong Kong Trustee, Registrar, Administrator, Custodian and Principal Office Information available from: HSBC Institutional Trust Services Value Partners Hong Kong Limited (Asia) Limited# 9th Floor, Nexxus Building 1 Queen’s Road Central 41 Connaught Road Central Hong Kong Hong Kong Investor hotline : (852) 2143 0688 Fax : (852) 2565 7975 Email : [email protected] Website : www.valuepartners.com.hk ^ Status before 22 April 2016 # Status effective 22 April 2016 ANNUAL REPORT 2015 2 For the year ended 31 December 2015 VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND (A Cayman Islands Unit Trust) GENERAL INFORMATION (Continued) Recent awards and achievements Corporate awards 2016 • Thomson Reuters Lipper Fund Awards 2016 Best Equity Group (Hong Kong) – Thomson Reuters • 2015 Best of the Best Performance Awards Value Partners: 20-Year Award for Greater China – Asia Asset Management • 2015 Best of the Best Regional Awards Value Partners: Longevity Awards – Best Asset Management House over the last 20 Years (Co-Winner) – Asia Asset Management • International Financial Annual Champion Awards 2015 Value Partners: Best Asset Management Service Provider – Caixin Media and Hexun.com 2015 • China Securities Golden Bauhinia Award – Best Fund House – China Securities Golden Bauhinia Award Organizing Committee and Tai Kung Pao • 2015 – Asia Hedge Fund 25 Value Partners was ranked no. 2 in 2015 and 2014, and was the largest Asian hedge fund firm from 2010 to 2013 – Institutional Investor’s Alpha Magazine, September 2015 • Forbes “Asia’s 200 Best Under A Billion” Value Partners Group was ranked among the top 200 leading listed companies in the Asia-Pacific with annual revenue between US$5 million and US$1 billion – Forbes Asia • The Asset Triple A, Investor and Fund Management Awards 2015 Fund Management Company of the Year (Hong Kong) – The Asset • Asset Management Awards for Excellence 2014/15 Best Fund Provider – China Equity – Asian Private Banker • 2015 Hong Kong’s Best Cross-Border Financial Institutions Outstanding Fund Management Business – Hong Kong Wen Wei Po Value Partners High-Dividend Stocks Fund 2015 • Thomson Reuters Lipper Fund Awards 2016 Best Asia Pacific ex-Japan Equity (10 Years) – Thomson Reuters • Fund Selector Asia Singapore Awards 2016 Asia Pacific Equity – Platinum Winner – Fund Selector Asia • Asset Management Awards 2015 Best Retail Product – AsianInvestor • Investors Choice Awards 2015 (APAC) Asia ex-Japan Fund – Long Term Performance – HedgePo ANNUAL REPORT 2015 3 For the year ended 31 December 2015 3 VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND (A Cayman Islands Unit Trust) MANAGER’S REPORT Emerging out of the stockmarket correction in the third quarter of 2015, Asian ex-Japan equities stabilized in the fourth quarter. In the period, market sentiments were largely driven by mixed macro data and Asian central bankers’ policy decisions. Given global economic weaknesses, monetary policies in Asia remained accommodative with China and Taiwan cutting their policy rates during the quarter. We believe the prevailing low-rate environment will continue in Asia and benefit our high-dividend investment theme. Our high-dividend investment strategy continued to demonstrate defensiveness amid extreme volatility. Value Partners High-Dividend Stocks Fund (the “Fund”) edged down slightly by 3.7% in the 12 months ended 31 December 2015. For reference, the MSCI AC Asia Pacific ex Japan Index was down 9.4% over the same period. Besides outperforming the index, the Fund’s one-, three-, five-, and ten-year returns were all ranked in the first quartile1 among its peers as at 31 December 2015. China – Moderating growth but not a hard landing The Chinese stockmarket went through a bumpy ride in 2015 and started the new year with a selling frenzy. The stockmarket suspensions in the first trading week sparked a new wave of global market panics and negative news flow. The current panic selling shows fears over a hard landing in China, as well as doubts that the country has to depreciate the renminbi to boost growth. We think the extreme pessimism is overdone. It is true that China’s economy has weakened substantially and we continue to see fatigues in the “old economy” sectors – China’s National Bureau of Statistics’ manufacturing PMI remained in contractionary territory for the fifth-straight month in December, pointing to slowing industrial activities in China. However, there are increasing signs that activities may have started to stabilize, e.g. housing prices are steadying and retail sales are strengthening. Besides, new economic indicators including movie box office, the number of airline passengers, auto sales and 4G mobile subscriptions all pointed to an expanding “new economy” in China last year. ANNUAL REPORT 2015 4 For the year ended 31 December 2015 VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND (A Cayman Islands Unit Trust) MANAGER’S REPORT (Continued) China – Moderating growth but not a hard landing (Continued) While the year 2016 is looking like another volatile year, we believe stimulus spending will continue to support the Chinese economy – monetary policy is expected to stay accommodative in 2016 and the central government is anticipated to step up fiscal effort to stabilize the economy. As the government pushes ahead with the necessary reforms, the “old economy” sectors will continue to drag on China’s growth, and this is perhaps the price to pay for a more sustainable economy in the long term. Because of all the worries, China-related stocks have seldom been this cheap, and stock-pickers like us are spoilt for choice. Korea – uneven path of recovery Korean equities remained a key component of our portfolio. After a strong rebound in the third quarter of 2015, Korean equities fluctuated in a narrow range in the fourth quarter as uncertainties over economic growth lingered. Weak exports continued to be a drag on the economy, growing 13.8% in December from a year earlier reflecting the 12th consecutive month of slowing growth. This is attributed largely to lower crude oil prices and sluggish growth in China. Service sector output remained resilient albeit declining manufacturing production, rising 3.1% year-on-year thanks to the rise in financial and insurance activities as well as wholesale and retail trade. In spite of the challenging external environment, the year 2016 may be a year of opportunity for Korean equities. As the government-led corporate governance reforms prompt companies to improve shareholder return, policies including dividend tax deductions and penalties for cash hoarding are set to be implemented in 2016. In addition, given the consistent current account surplus and low inflation rate, ministries are expected to deliver more monetary and fiscal stimuli to buoy the lagging economy in 2016. For instance, the government has announced plans to frontload 29.2% of its annual spending budget in the first quarter of 2016 to prevent a “consumption cliff”. In conjunction with policy initiatives aiming to boost domestic consumption, such as nationwide sales events and the easing of visa requirements for Chinese tourists, the Korean economy is expected to follow a path of gradual recovery. ANNUAL REPORT 2015 5 For the year ended 31 December 2015 5 VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND (A Cayman Islands Unit Trust) MANAGER’S REPORT (Continued) ASEAN – still in choppy water The road ahead for ASEAN countries remains tough given sluggish external demand. We continue to execute caution on the ASEAN stockmarkets as the normalization of US monetary conditions and ongoing economic slowdown in China may pose more pressures on ASEAN currencies and asset prices.
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