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Value Partners Classic Fund USD/RMB and AUD/ TM1 CAD/NZD/RMB/HKD Morningstar Rating Hedged Classes* As at 31-12-2015 1Q 2016 Available for C Unit Value Partners Classic Fund USD/RMB and AUD/ TM1 CAD/NZD/RMB/HKD Morningstar Rating hedged classes* As at 31-12-2015 1Q 2016 available for C unit • Value Partners Classic Fund (the “fund”) primarily invest in stock markets of the Asia-Pacific region, with a Greater China focus. • 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 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 risks, insolvency risk, and may expose the fund to significant losses. • You should not make investment decision on the basis of this document alone. Please read the explanatory memorandum for details and risk factors. A Leader of Value Investing in Asia The concept of value investing was first outlined in Security Analysis in 1934. It is the strategy of investing in securities that are underpriced according to fundamental analysis. For over two decades, Value Partners has aimed to become the Temple of Value Investing in Asia, and gained extensive experience in identifying under-valued investment opportunities. Dato’ Cheah Cheng Hye, Value Partners’ Chairman and Co-Chief Investment Officer, is recognized globally as one of the most iconic value investors in the industry. He was the first Asian being invited to speak at the world-renowned Graham and Dodd Breakfast Seminar organized by the Columbia Business School in New York in 2010. Most recently, Dato’ Cheah was also invited to give a speech at the 4th London Value Investor Conference in May 2015. About Graham and Dodd The renowned economist Benjamin Graham In the July/August 2015 fund manager ranking compiled by is considered the first proponent of value Citywire, a London-based prestige industry publication, Dato’ investing, which was refined later in the Cheah is ranked the first# among his peers in the Greater authoritative publication Security Analysis - co- authored with his colleague at the Columbia China equity sector in Asia. With over 22 years of experience Business School, David Dodd. Since then, it has in investing in Greater China equities, he is also the most drawn a great following, including Graham’s experienced fund manager among his 44 peers. most distinguished disciple Warren Buffett. Why invest in Value Partners Classic Fund? 1 The flagship value investing product ■ Launched in 1993 when Value Partners was established, it is one of the longest standing Greater China equity funds ■ The fund size of this product has grown from less than US$5 million at its inception to around USD1.9 billion to date, which is one of the largest Greater China equity funds2 ■ A deep value fund investing in the stock markets of the Asia Pacific region, with a Greater China focus. Well recognized in the industry and have won many awards over the years ■ Managed by the investment team led by Co-CIOs Dato’ Cheah Cheng Hye and Mr. Louis So 2 Proven track record ■ Recorded a solid cumulative return of +2,530% (A Units)3 since the fund’s inception on 1 April 1993. For reference, Hang Seng Index recorded a return of +397% over the same period ■ Relatively low volatility and high return compared with other Greater China equity funds2 ■ Resilient performance during market volatility and strong rebound during periods of economic recovery Annualized Annualized 1 month 1 year 3 years 5 years 10 years return4 volatility4 Value Partners Classic Fund (A Units)3 +3% -2% +24% +17% +169% +15% 22% Hang Seng Index5 -0.3% -4% +8% +14% +104% +7% 27% * The fund may invest in financial derivative instruments (“FDI”) for hedging purposes. In adverse situations, the fund’s use of FDI may become ineffective in hedging and the fund may suffer significant losses. 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. Risks associated with FDI include counterparty risk, credit risk and liquidity risk. Such exposure may lead to a high risk of capital loss. The AUD/CAD/NZD/RMB/HKD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. # Source: Citywire’s Fund Manager Ranking was published in July/August 2015 issue. Citywire tracks 44 Asian fund managers in the Greater China Equity sector among which 17 managers have more than 7 years’ risk-adjusted performance history. 1. © 2016 Morningstar. All Rights Reserved. Morningstar RatingTM as of 31 December 2015. 2. AUM, annualized return and annualized volatility as of 31 December 2015. Greater China equity funds refer to funds in Morningstar Greater China Equity Fund Category. 3. Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, in USD, NAV to NAV, with dividends reinvested. Performance data is net of all fees. Data as of 31 December 2015. The Fund (A Units) was launched on 1 April 1993. Calendar year return of A Units: 2011: -17%; 2012: +14%; 2013: +11%; 2014: +14%; 2015: -2%. The Fund (C Units) was launched on 15 October 2009. Calendar return of the C Units: 2011: -18%; 2012: +13%; 2013: +11%; 2014: +13%; 2015: -2%. Investors should note that figures for A Units shown above may differ from those of classes currently available for subscription (C Units), due to differences in launch date of these classes. For C Units, the since launch return is +50%. The Manager does not accept any application for A Units until further notice. New investors and existing unitholders who wish to top up may subscribe in C Units. 4. 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 Classic Fund 1Q 2016 Value Partners Classic Fund (A Units) has performed well through several market cycles6 1 April 1993 to 31 December 20153 Year of positive return (13 years of positive return since 2000) % Emerging Pre-HK changeover Long-Term Capital Technology dot com Outbreak of SARS U.S. housing market After the global credit market and H share Management & boom and 2001 bust in the Greater peaked in 2005, and forced crisis, the stock market boom appreciation followed Russian government China region, and repossession figures considerably fell and and by the Asian crisis defaults the following market deteriorated then the market began 3,000 the 1994 recovery in 2004 its recovery in 2009 Tequila crisis 2,400 1,800 +2,530.0% Value Partners Classic Fund 1,200 (A Units) 600 Hang Seng Index +397.4% 0 19931994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Performance of Value Partners Classic Fund and Hang Seng Index 1 January 2001 to 31 December 20153 Post tech Post global Post SARS bubble and credit crisis 911 incident 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Value Partners +46% +21% +84% +6% +16% +42% +41% -48% +83% +20% -17% +14% +11% +14% -2% Classic Fund (A Units) Hang Seng Index5 -24% -16% +34% +13% +10% +35% +45% -47% +57% +8% -17% +28% +7% +6% -4% 3 Strong on-the-ground research ■ A team of over 60 investment professionals as one of the biggest local research teams focused on Asian and Greater China equities ■ Conduct a large number of company visits every year to identify stocks which are undervalued ■ 360° cross-checking visit with proprietary and original research ■ Strong capability to identify companies that have strong fundamentals and are under-researched Due diligence process Over 3,500 • Quantitative research (proprietary High listed financial modeling) conviction companies • Qualitative research (on-site company value stocks visits, meeting suppliers) 4 A unique portfolio to capture market Flexible asset allocation which may include: growth potential ■ Without following any benchmark indices, the portfolio is able to allocate to non-indexed stocks purely based on Equities our original research ■ Expertise in identifying Greater China stocks with sound fundamentals yet under-researched Others ■ Dynamic allocation to equity and cash without a preset Cash (e.g. index limit futures7 etc.) 5. Index refers to Hang Seng Price Return Index up to 31 December 2004, thereafter it is the Hang Seng Total Return Index. Hang Seng Total Return Index includes dividend reinvestment whereas Hang Seng Price Return Index does not take into account reinvestment of dividends. 6. Source: Value Partners and CICC. 7. The investment manager currently intends to use index futures for hedging purposes only. Value Partners Classic Fund 1Q 2016 Investment objective and strategy Geographical exposure by listing10 The Fund aims to achieve consistent superior return and uses a bottom-up approach to invest in value stocks in the Asia Pacific region, H Shares 26% Red Chips particularly those in Greater China region, which the Manager believes 25% China A Shares are being traded at deep discounts to their intrinsic value. 15% Hong Kong 14% Without fixed geographical or sectoral weightings, the Fund can invest Taiwan 6% in securities with sound fundamentals based on our own investment Singapore 4% research, e.g. Greater China mid- and small-cap stocks. It can also United States 4% flexibly invest in different asset classes e.g.
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