VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds) (Registered Number C92974) SEMI-ANNUAL 2021 REPORT For the six months ended 30 June 2021 Value Partners Hong Kong Limited 43rd Floor, The Center 99 Queen’s Road Central, Hong Kong Tel: (852) 2880 9263 Fax: (852) 2565 7975 Email: [email protected] Website: www.valuepartners-group.com

This report shall not constitute an offer to sell or a solicitation of an offer to buy shares in any of the Sub- funds. Only Value Partners Ireland Fund ICAV - Value Partners Health Care Fund and Value Partners China A Shares Consumption Fund are authorized in Hong Kong. Subscriptions are to be made only on the basis of the information contained in the Prospectus. VALUE PARTNERS IRELAND FUND ICAV VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds) (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

CONTENTS

Pages

General Information 2 ICAV Background 3-21 Investment Manager’s Report 22-29 Statement of Financial Position (Unaudited) 30-44 Statement of Comprehensive Income (Unaudited) 45-47 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders (Unaudited) 48-50 Statement of Cash Flows (Unaudited) 51-62 Notes to the Financial Statements (Unaudited) 63-147 Schedule of Investments (Unaudited) 148-199 Significant Portfolio Transactions (Unaudited) 200-219 Total Expense Ratios (Unaudited) 220-222 Portfolio Turnover Ratios (Unaudited) 223 Appendix i Hong Kong Securities and Futures Commissions (“HKSFC”) Code Disclosures (Unaudited) 224-227

SEMI-ANNUAL REPORT 2021 SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 For the six months ended 30 June 2021 1 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

GENERAL INFORMATION

The Directors: Switzerland Representative: Mr. Jim Cleary* (Irish) First Independent Fund Services AG Mr. Brian Fennessy** (Irish) Klausstrasse 33 Mr. Lam Wai Sing Wilson**^ (Chinese) CH-8008 Zurich (appointed on 6 August 2021) Switzerland Ms. Wong Ngai Sze, Icy** (Chinese) (resigned on 6 August 2021) Secretary and Registered Office: KB Associates Depositary: 5 George’s Dock HSBC Continental Europe IFSC 1 Grand Canal Square Dublin 1 Grand Canal Harbour Ireland Dublin 2 Ireland Investment Manager, Distributor and Hong Kong Representative: Legal Advisers as to matters of Irish law: Value Partners Hong Kong Limited Simmons & Simmons 43rd Floor, The Center Waterways House 99 Queen’s Road Central Grand Canal Quay Hong Kong Dublin 2 Ireland Administrator: HSBC Securities Services (Ireland) DAC Auditor: 1 Grand Canal Square PricewaterhouseCoopers Grand Canal Harbour Chartered Accountant and Registered Auditors Dublin 2 One Spencer Dock Ireland North Wall Quay Dublin 1 Switzerland Paying Agent: Ireland NPB Neue Private Bank AG Limmatquai 1 Governance Service Provider: CH-8024 Zurich KB Associates Switzerland 5 George’s Dock IFSC Dublin 1 Ireland

The Prospectus, Sub-Fund Supplements, key investor information documents in respect of the Sub-Funds, Articles of Association of the ICAV, annual and semi-annual reports of the ICAV, as well as a list of the purchases and sales on the account of the Sub-Funds can be obtained free of charge from the representative of the ICAV in Switzerland, First independent Fund Services AG, Klausstrasse 33, CH-8008 Zurich, Switzerland.

* Denotes independent non-executive Director ** Denotes non-executive Director ^ Mr. Lam Wai Sing Wilson was an alternate director to Ms. Wong Ngai Sze, Icy until her resignation on 6 August 2021.

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ICAV BACKGROUND Structure

The Value Partners Ireland Fund plc (the “Company”) converted to an Irish Collective Asset- management Vehicle (“ICAV”) on 8 May 2019 pursuant to Part 8 of the Irish Collective Asset- management Vehicles Act 2015 (the “ICAV Act”). No new legal entity was created in connection with this conversion and the rights, authorities, functions, liabilities and obligations of the Company/ Value Partners Ireland Fund ICAV (the “ICAV”) remain unchanged. Company/the ICAV (Formerly, Value Partners Ireland Fund plc) was registered in Ireland under the ICAV Act 2015 on 8 May 2019 as an open-ended umbrella type Irish Collective Asset-management Vehicle (registered number C92974). The ICAV is organised in the form of an umbrella fund with variable capital and segregated liability between its Sub-Funds. The ICAV had been originally established as a variable capital company on 13 March 2012 under the Companies Act 2014, with registration number 510728 under Irish law but converted to an Irish Collective Asset-management Vehicle by resolution of the Shareholders. The ICAV is authorised by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended), the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”), (together “the UCITS Regulations”).

Shares representing interests in different Sub-Funds of the ICAV may be issued from time to time by the Directors. Within each Sub-Fund, the Directors may issue Participating Shares (“Shares”) or more than one class of Shares. All Shares of each class will rank pari passu save as provided for in the relevant supplement. A separate portfolio of assets will be maintained for each Sub-Fund (and accordingly not for each class of Shares) and will be invested in accordance with the investment objective and strategies applicable to the particular Sub-Fund.

The ICAV has segregated liability between its Sub-Funds and accordingly, any liability incurred on behalf of or attributable to any Sub-Fund shall be discharged solely out of the assets of that Sub-Fund.

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ICAV BACKGROUND (Continued) Structure (Continued)

At 30 June 2021, the ICAV comprises of ten active Funds: Value Partners Classic Equity Fund which was approved by Central Bank of Ireland on 20 April 2012 and commenced operations on 26 April 2012. Value Partners Health Care Fund was approved by Central Bank of Ireland on 12 March 2015 and commenced operations on 2 April 2015, Value Partners Asia ex-Japan Equity Fund was approved by the Central Bank of Ireland on 15 June 2018 and commenced operations on 31 August 2018, Value Partners Asian High Yield Fixed Maturity Bond Fund was approved by the Central Bank of Ireland on 18 September 2018 and commenced operations on 12 July 2019, Value Partners All China Equity Fund was approved by the Central Bank of Ireland on 6 September 2019 and commenced operations on 30 September 2019, Value Partners Greater China High Yield Bond Fund was approved by the Central Bank of Ireland on 28 November 2019 and commenced operations on 5 December 2019, Value Partners China A Shares Equity Fund was approved by the Central Bank of Ireland on 9 October 2020 and commenced operations on 19 October 2020, Value Partners China A Shares High Dividend Fund was approved by the Central Bank of Ireland on 9 October 2020 and commenced operations on 19 October 2020 and Value Partners China A Shares Consumption Fund was approved by the Central Bank of Ireland on 6 November 2020 and commenced operation on 16 November 2020. Value Partners Asian Dynamic Bond Fund was approved by the Central Bank of Ireland on 30 April 2021 and commenced operation on 3 June 2021.Value Partners Multi-Asset Income Fund and Value Partners Asian Innovation Equity Fund were approved by the Central Bank of Ireland on 20 April 2012 and 8 May 2019 respectively but have not yet commenced operations.

As at 30 June 2021, the ICAV had the following share classes in issue:

1. Value Partners Classic Equity Fund Launch Date US Dollar Class A (Accumulating Non Hedged) 14 May 2012 Euro Class A (Accumulating Hedged) 5 June 2013 Swiss Franc Class A (Accumulating Hedged) 5 June 2013 Sterling Pounds Class A (Accumulating Hedged) 10 June 2013 US Dollar Class Z (Accumulating Non Hedged) 22 January 2014 US Dollar Class V (Accumulating Non Hedged) 19 June 2018

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ICAV BACKGROUND (Continued) Structure (Continued)

2. Value Partners Health Care Fund Launch Date US Dollar Class A (Accumulating Non Hedged) 2 April 2015 Hong Kong Dollar Class A (Accumulating Non Hedged) 8 April 2015 Singapore Dollar Class A (Accumulating Non Hedged) 19 June 2018 Japanese Yen Class X (Accumulating Non Hedged) 24 November 2020 Euro Class A (Accumulating Non Hedged) 16 June 2021 Renminbi Class A (Accumulating Non Hedged) 16 June 2021 Singapore Dollar Class A (Accumulating Hedged) 16 June 2021

3. Value Partners Asia ex-Japan Equity Fund Launch Date US Dollar Class V (Accumulating Non Hedged) 31 August 2018 US Dollar Class V (Distributing Non Hedged) 31 August 2018 US Dollar Class X (Accumulating Non Hedged) 31 August 2018 Sterling Pounds Class V (Accumulating Hedged) 31 August 2018 Sterling Pounds Class V (Distributing Hedged) 31 August 2018 Singapore Dollar Class V (Accumulating Hedged) 31 August 2018 Singapore Dollar Class V (Distributing Hedged) 31 August 2018 Euro Class V (Accumulating Hedged) 25 January 2021 Swiss Franc Class V (Accumulating Hedged) 17 February 2021

4. Value Partners Asian High Yield Fixed Maturity Bond Fund Launch Date Australian Dollar Class A (Distributing Hedged) 12 July 2019 Hong Kong Dollar Class A (Distributing Non Hedged) 12 July 2019 US Dollar Class A (Distributing Non Hedged) 12 July 2019 US Dollar Class A (Accumulating Non Hedged) 12 July 2019

5. Value Partners All China Equity Fund Launch Date US Dollar Class V (Accumulating Non Hedged) 30 September 2019 US Dollar Class X (Accumulating Non Hedged) 30 September 2019

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ICAV BACKGROUND (Continued) Structure (Continued)

6. Value Partners Greater China High Yield Bond Fund Launch Date US Dollar Class A (Accumulating Non Hedged) 5 December 2019 US Dollar Class X (Accumulating Non Hedged) 5 December 2019 US Dollar Class A (MDIS Non Hedged) 5 December 2019 Hong Kong Dollar Class A (Accumulating Non Hedged) 17 January 2020 Hong Kong Dollar Class A (MDIS Non Hedged) 17 January 2020 US Dollar Class V (Accumulating Non Hedged) 15 May 2020 Euro Class Z (Accumulating Hedged) 25 January 2021 Euro Class A (Accumulating Hedged) 16 June 2021 Euro Class A (MDIS Hedged) 16 June 2021 Renminbi Class A (Accumulating Non Hedged) 16 June 2021 Renminbi Class A (MDIS Non Hedged) 16 June 2021 Singapore Dollar Class A (Accumulating Hedged) 16 June 2021 Singapore Dollar Class A (MDIS Hedged) 16 June 2021

7. Value Partners China A Shares Equity Fund Launch Date Euro Class V (Accumulating Hedged) 16 October 2020 Swiss Franc Class V (Accumulating Hedged) 16 October 2020 Sterling Pounds Class V (Accumulating Hedged) 16 October 2020 US Dollar Class V (Accumulating Non Hedged) 16 October 2020 US Dollar Class X (Accumulating Non Hedged) 16 October 2020

8. Value Partners China A Shares High Dividend Fund Launch Date Euro Class V (Accumulating Hedged) 16 October 2020 Sterling Pounds Class V (Accumulating Hedged) 16 October 2020 Swiss Franc Class V (Accumulating Hedged) 16 October 2020 US Dollar Class V (Accumulating Non Hedged) 16 October 2020 US Dollar Class X (Accumulating Non Hedged) 16 October 2020

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ICAV BACKGROUND (Continued) Structure (Continued)

9. Value Partners China A Shares Consumption Fund Launch Date Hong Kong Dollar Class A (Accumulating Non Hedged) 13 November 2020 Renminbi Class A (Accumulating Hedged) 13 November 2020 Singapore Dollar Class A (Accumulating Hedged) 13 November 2020 US Dollar Class A (Accumulating Non Hedged) 13 November 2020 US Dollar Class X (Accumulating Non Hedged) 13 November 2020

10. Value Partners Asian Dynamic Bond Fund Launch Date Euro Class V (Accumulating Hedged) 2 June 2021 US Dollar Class V (Accumulating Non Hedged) 2 June 2021

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ICAV BACKGROUND (Continued) Investment Objectives and Policies 1. Value Partners Classic Equity Fund

The investment objective of the Value Partners Classic Equity Fund is to achieve long-term capital growth primarily through investment in equity and equity related securities listed on stock exchanges within the Asia Pacific Region. The Sub-Fund intends to achieve its investment objective by investing primarily in equity and equity related securities listed on stock exchanges in markets in the Asia Pacific Region (at least 70% of its total New Asset Value) and it may also invest in companies listed in other non-Asia Pacific countries which have a significant portion of assets, investments, production activities, trading or other business interests or which derive a significant part of their revenue from the Asia Pacific Region.

In order to achieve the investment objective, the Investment Manager will invest in a broadly diversified portfolio of securities with no fixed geographical or sector weightings in the allocation of assets in the Asia Pacific Region. The Investment Manager does not attempt to follow benchmark indices in determining the geographical or sector weighting of the Sub-Fund. There are no capitalisation restrictions on securities that can be held in the portfolio, but rather, selection will be determined by the availability of attractive investment opportunities. In addition to equities, the portfolio may from time to time invest in deposits with credit institutions and money market instruments. The Sub-Fund may invest in high yield bonds, corporate bonds, government bonds and convertible bonds across all ratings that are listed on stock exchanges in the Asia Pacific Region or unlisted but settled OTC on platforms such as Clearstream Banking AG, Clearstream Banking SA, Euroclear etc. The Investment Manager intends to invest at least 70% of the Sub-Fund’s Net Asset Value in various equities and the balance may be invested in other non-equity investments as referred to in this paragraph and such investment will be determined by the availability of attractive opportunities.

The Sub-Fund may invest in China A Shares. Though investing in China A Shares is not the primary investment focus of the Sub-Fund, under certain exceptional circumstances (for example, during periods of significant upturn in the Chinese economy), the Sub-Fund may invest up to 100% of its Net Asset Value in China A Shares should the Investment Manager deem such a strategy to be prudent over any time period. The Sub-Fund may indirectly invest in China A Shares through CAAPs, such as Participation Notes or warrants in relation to China A Shares. The Participation Notes and the warrants in relation to China A Shares are unleveraged instruments and do not embed derivatives. While generally CAAPs in which the Sub-Fund will invest will be listed on Recognised Exchanges, in certain circumstances, they may be unlisted and in such circumstances, any investments will be made in accordance with the Investment Restrictions set out in Schedule I to the Prospectus. Subject to the requirements of the Central Bank, the Sub-Fund may invest directly in China A Shares via Stock Connect. The Sub-Fund may also invest in China B Shares.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 1. Value Partners Classic Equity Fund (Continued)

The Sub-Fund may invest, subject to a maximum limit of 10% of the Sub-Fund’s Net Asset Value, in units or shares of other collective investment schemes whose investment policy is consistent with the investment policy of the Sub-Fund. The Sub-Fund may also invest in futures, forwards, options, warrants, equity-linked notes (in particular Participation Notes) and other financial instruments for investment purposes. The Sub-Fund will not use securitised and structured finance instruments such as collateralised debt obligations, mortgage backed securities, asset-backed securities and credit default swaps.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies. 2. Value Partners Health Care Fund

The investment objective of the Value Partners Health Care Fund is to achieve long-term capital growth by investing primarily in equities and equity-related securities in healthcare companies including pharmaceuticals, biotechnology, healthcare services and medical technology and supplies on a worldwide basis.

The Sub-Fund intends to achieve its investment objective by investing primarily (at least 70% of its Net Asset Value) in listed securities including equities and equity-related securities (such as convertible bonds and preference shares) in healthcare companies such as pharmaceuticals, biotechnology, healthcare services and medical technology and supplies (i) which have a significant portion of assets, investments, production activities, trading or other business interests in the People’s Republic of China (“PRC”) or which derive a significant part of their revenue from the PRC and (ii) which are listed on stock markets on a worldwide basis, including mainland China.

The Sub-Fund may invest directly or indirectly in China A Shares and directly in China B Shares. Though investing in China A Shares is not the sole investment focus of the Sub-Fund, under certain exceptional circumstances (for example, during periods of significant upturn in the Chinese economy), the Sub-Fund may invest up to 100% of its Net Asset Value indirectly in China A Shares should the Investment Manager deem such a strategy to be prudent over any time period. The Sub-Fund may indirectly invest in China A Shares through China A Share Access Products (“CAAPs”), such as Participation Notes in relation to China A Shares. The Participation Notes in relation to China A Shares are unleveraged instruments and do not embed derivatives. While generally CAAPs in which the Sub-Fund will invest will be listed on Recognised Exchanges, the Sub-Fund may gain access to restricted markets by investing in unlisted CAAPs and in such circumstances, such investment will be in accordance with the Investment Restrictions set out in Schedule I to the Prospectus. The Sub-Fund may invest no more than 10% of its Net Asset Value in unlisted CAAPs. The Sub-Fund may invest directly in China A Shares via Stock Connect. The Sub-Fund may also invest up to 20% of its Net Asset Value directly in China B Shares.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 2. Value Partners Health Care Fund (Continued)

Investments in convertible bonds (listed or unlisted) can be up to 100% of the Sub-Fund’s Net Asset Value.

The Sub-Fund may invest in securities listed or dealt in on the Recognised Exchanges listed in the Prospectus or may also invest in unlisted securities in accordance with the Central Bank Investment Restrictions set out in Schedule I of the Prospectus. The Sub-Fund’s investment in unlisted securities (including the investments in unlisted CAAPs and unlisted convertible bonds) will not exceed 15% of its Net Asset Value.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies. 3. Value Partners Asia ex-Japan Equity Fund

The investment objective of the Value Partners Asia ex-Japan Equity Fund is to achieve long-term income and growth by investing primarily in equities and equity-related securities of companies based, or carrying out their business, in the Asia (ex-Japan) region.

The Sub-Fund will invest at least 70% of its net asset value (“NAV”) in equities and equity-related securities (such as convertible securities for example convertible preferred stock, common and preferred stock as well as American depositary receipts, global depositary receipts and participation notes in the Asia region (excluding Japan)) of companies which have a significant portion of assets, investments, production activities, trading or other business interests in the Asia region (excluding Japan) or which derive a significant part of their revenue from the Asia region (excluding Japan) and which are listed on stock markets on a worldwide basis. The Sub-Fund may invest in a broadly diversified portfolio of securities with no fixed industry sectors weightings.

The Sub-Fund may invest directly and indirectly in China A Shares and directly in China B Shares and China H Shares. Though investing in China A Shares and China B Shares is not the sole investment focus of the Sub-Fund, under certain exceptional circumstances (for example, during periods of significant upturn in the Chinese economy), the Sub-Fund may invest up to 30% of its total Net Asset Value in China A Shares and China B Shares.

The Sub-Fund may indirectly invest in China A Shares through CAAPs, such as participation notes in relation to China A Shares. The participation notes in relation to China A Shares are unleveraged instruments and do not embed derivatives. While generally CAAPs in which the Sub-Fund will invest will be listed on Recognised Exchanges, in certain circumstances they may be unlisted and in such circumstances, any investment will be in accordance with the Investment Restrictions set out in Schedule I to the Prospectus. Subject to the requirements of the Central Bank, the Sub-Fund may invest directly in China A Shares via Stock Connect.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 3. Value Partners Asia ex-Japan Equity Fund (Continued)

The Sub-Fund may invest in securities listed or dealt in on the Recognised Exchanges listed in the Prospectus or may also invest in unlisted securities in accordance with the Central Bank Investment Restrictions set out in Schedule I of the Prospectus and may invest in cash and cash equivalents for hedging and risk management purposes. Cash equivalents include Money Market Instruments (for example money market funds and fixed and floating rate bonds which due within one year with high investment ratings of at least BB as rated by international credit rating agencies such as Standard & Poor’s, Fitch Ratings or equivalent), bank deposits, short-term papers, treasury bills, banker’s acceptances and short-term commercial papers.

The Sub-Fund may, with the aim of enhancing the performance and yield of the Sub-Fund, also invest in other fixed income instruments such as certificates of deposit and fixed and floating rate bonds, such as government and corporate bonds, where the bonds’ investment rating may be investment grade or below investment grade such as below Moody’s “Baa3” or below Standard & Poor’s “BBB-” or which may not be rated.

The Sub-Fund may also use structured products such as credit linked notes, a security which allow the holder to receive the same cash flows of the underlying local currency bond (converted to a currency such as the US dollar), and securitised products such as bonds embedded with warrants or collateralised loan obligations for efficient portfolio management purposes.

Financial derivative instruments may also be used by the Investment Manager to achieve the investment objective of the Sub-Fund. The Sub-Fund may invest in financial derivative instruments such as futures contracts, index swaps, interest rate swaps, currency swaps, options, warrants and forwards for hedging and efficient portfolio management purposes, to indirectly gain exposure to underlying equity securities, or for hedging purposes. The Sub-Fund may engage in stocklending to generate additional income for the Sub-Fund. The Sub-Fund may be leveraged through the use of the above financial derivative instruments.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 4. Value Partners Asian High Yield Fixed Maturity Bond Fund

The investment objective of the Sub-Fund is to provide a stable return through investing primarily in a diversified portfolio of high yield fixed income instruments, including certificate of deposits or debt securities in Asia.

The Sub-Fund may invest up to 100% of its total Net Asset Value in high yield fixed income or debt securities issued by corporates, governments or corporate agencies (for example the World Bank, International Monetary Fund and the Hong Kong Mortgage Corporation) or government entities which have a significant portion of assets, investments, production activities, trading or other business interests in Asia or which derive a significant part of their revenue from Asia. The Sub-Fund may invest in a broadly diversified portfolio of securities, as outlined below, with no fixed industry sectors weightings in the context of corporate issued debt securities.

The Sub-Fund will invest in debt securities of varying maturities (the date on which the relevant instrument will mature) which may be investment grade or below investment grade or which may not be rated. Rated securities will typically have a rating of B or better (Standard & Poor’s) or B2 or better (Moody’s) at the time of acquisition by the Sub-Fund. The Sub-Fund aims to provide investors with a stable income return on their investments. However, no guarantee is given to investors that a certain yield can be achieved.

The Sub-Fund has a limited duration of three years. The Sub-Fund will terminate automatically three years following the inception date (i.e. the first Dealing Day) (the Maturity Date), however the directors of the Sub-Fund may extend the Maturity Date in exceptional circumstances if to do so would be in the Shareholders’ best interests.

The Sub-Fund may invest in financial derivative instruments such as index, interest rate and currency swaps, total return swaps, options, warrants and forwards for efficient portfolio management purposes or for hedging purposes. The Sub-Fund may be leveraged through the use of the above financial derivative instruments.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 5. Value Partners All China Equity Fund

The investment objective of the Sub-Fund is to provide capital appreciation by investing primarily in equities and equity-related securities issued by companies in, or companies that have their main operations in, or majority of their income derived from the Peoples Republic of China (“PRC”).

The Sub-Fund will invest at least 70% of its net asset value in equites and equity-related securities (such as convertible securities for example convertible preferred stock, common and preferred stock as well as American depositary receipts, global depositary receipts and Participation Notes) issued by or fully guaranteed by listed or unlisted corporations which have their main operations (or majority of assets) in, or majority of their income derived from the PRC. The Sub-Fund may invest in a broadly diversified portfolio of securities with no fixed industry sector weightings.

The Sub-Fund may invest directly or indirectly in China A Shares and directly in China B Shares and China H Shares. The Sub-Fund may indirectly invest in China A Shares through CAAPs, including Participation Notes in relation to China A Shares. The Participation Notes in relation to China A Shares are unleveraged instruments and do not embed derivatives. While generally CAAPs in which the Sub-Fund will invest will be listed on Recognised Exchanges, in certain circumstances they may be unlisted and in such circumstances, any investment will be in accordance with the Investment Restrictions set out in Schedule I to the Prospectus. The Sub-Fund may invest directly in China A Shares via Stock Connect or via the RQFII regime.

The Sub-Fund may invest in securities listed or dealt in recognised exchanges or may invest in unlisted securities. The Sub-Fund may invest in cash and cash equivalents (such as money market instruments, bank deposits, short-term papers, treasury bills, banker’s acceptances and short-term commercial papers) for hedging and risk management purposes.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 6. Value Partners Greater China High Yield Bond Fund

The investment objective of the Sub-Fund is to provide capital appreciation by investing primarily in a portfolio of debt securities issued by corporations or government and/or government related entities which have their main operations in, or majority of their income derived from the Greater China Region.

The Sub-Fund aims to achieve its investment objective by investing at least 70% of its Net Asset Value in a portfolio of debt securities issued by or fully guaranteed by (i) listed or unlisted corporations which have their main operations (or majority of assets) in, or have a majority of their income derived from, the Greater China Region, or (ii) governments and/or government related entities in the Greater China Region. For the avoidance of doubt, the issuers of the debt securities who have a majority of their income derived from the Greater China Region as mentioned in (i) above may be based in or outside the Greater China Region.

The Sub-Fund will also invest in a broadly diversified portfolio of debt securities with no fixed duration, term structure or industry sector weightings. The debt securities in which the Sub-Fund may invest shall include, but are not limited to, convertible debt securities such as contingent convertible bonds (“CoCos”), preferred stocks or bonds and non-convertible debt securities, subordinated debt securities, fixed and floating rate bonds and high-yield bonds. There is no limitation on the portion of the Sub-Fund’s Net Asset Value which may be invested in debt securities which are investment grade or unrated or rated below investment grade, such as below Moody’s “Baa3” or below Standard & Poor’s “BBB-”. The Sub-Fund may invest significantly in below investment grade debt securities.

The Sub-Fund may invest no more than 10% of its Net Asset Value in CoCos. CoCos are a form of hybrid debt security that are intended to either convert into equity or have their principal partially or completely written off or written off with the option of revaluation under certain circumstances. CoCos, like subordinated bonds, serve to absorb the issuer’s capital losses before other higher ranking liabilities.

The Sub-Fund may invest no more than 10% of its Net Asset Value in debt securities issued and or guaranteed by any single country with a credit rating below investment grade. For the avoidance of doubt, a “single country” shall include a country, its government, a public or local authority or nationalized industry of that country. The debt securities in which the Sub-Fund may invest are mainly denominated in USD.

The Sub-Fund may investment no more than 10% of its Net Asset Value in subordinated debt securities issued by special purpose vehicles (“SPVs”). The Sub-Fund intends to invest only in debt securities issued by SPVs which are fully, unconditionally and irrevocably guaranteed by its parent company or associated company (the “Guarantor”). The Guarantor will be of substance and is not an SPV itself.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 6. Value Partners Greater China High Yield Bond Fund (Continued)

The Sub-Fund may invest up to 30% of its Net Asset Value in RMB denominated debt securities issued outside the PRC including RMB denominated debt securities with settlements, coupon payments and principal repayments paid in another currency based on prevailing foreign exchange rates against the RMB. The Sub-Fund may invest up to 15% of its Net Asset Value in synthetic RMB debt securities, being offshore debt securities denominated in RMB but settled in other currencies.

The Sub-Fund may invest directly or indirectly in China A Shares and directly in China B Shares. The Sub-Fund may invest indirectly in China A Shares through CAAPs, such as Participation Notes, which are unleveraged instruments and do not embed derivatives. The Sub-Fund may invest directly in China A Shares via Stock Connect.

The Sub-Fund may invest in financial derivative instruments, (futures contracts, options, warrants, equity swaps, index swaps, interest rate swaps and currency swaps, and forwards) for investment purposes to indirectly gain exposure to underlying equity securities where the Investment Manager feels it is more efficient to do so; and/or for efficient portfolio management purposes as a cheaper alternative to direct investment in that security; and/or for hedging purposes in accordance with the requirements of the Central Bank and as further set out in the Prospectus. The Sub-Fund may be leveraged through the use of the above financial derivative instruments.

The Sub-Fund will invest in securities listed or dealt in Recognised Exchanges or may invest in unlisted securities. The Sub-Fund may invest in ancillary liquid assets such as cash, bank deposits, and listed or traded short-term papers, treasury bills, certificates of deposit acceptances and commercial paper subject to prevailing market conditions.

The Sub-Fund is actively managed which means that the investment manager is actively making investment decisions for the Sub-Fund. The Sub-Fund is not managed by reference to any benchmark.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 7. Value Partners China A Shares Equity Fund

The investment objective of the Value Partners China A Shares Equity Fund is to achieve long-term income and growth by investing primarily in equities and equity-related securities issued by or linked to companies whose activities relate to or benefit from the PRC. The Sub-Fund intends to achieve its investment objective by investing at least 70% of its total Net Asset Value in equities and equity- related securities (such as convertible securities for example convertible preferred stock, common and preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and Participation Notes issued by or fully guaranteed by listed or unlisted corporations which have their main operations (or majority of assets) in, or the majority of their income derived from, PRC.

The Sub-Fund’s investments shall focus in, but not be limited to, growth strategy, small and mid- cap companies, PRC state-owned enterprises, reform related investments and other event-driven instruments. There are no capitalisation restrictions on securities that can be held in the portfolio, but rather, selection will be determined by the availability of attractive investment opportunities, as described below and the Sub-Fund may invest substantially in securities issued by small and midcap companies.

The Sub-Fund may invest directly or indirectly in China A Shares and will access China A Shares via Stock Connect, RQFII and/or indirectly through Participation Notes relating to China A Shares (“CAAPs”). The CAAPs are unleveraged instruments and do not embed derivatives. While generally the CAAPs in which the Sub-Fund will invest will be listed on Recognised Exchanges, in certain circumstances they may be unlisted and in such circumstances any investment will be in accordance with the Investment Restrictions set out in Schedule I to the Prospectus.

The Sub-Fund may invest in securities listed or dealt in on the Recognised Exchanges listed in the Prospectus or may also invest in unlisted securities in accordance with the Central Bank of Ireland Investment Restrictions set out in Schedule I of the Prospectus and may invest in cash and cash equivalents for hedging and risk management purposes. Cash equivalents include Money Market Instruments (for example money market funds and fixed and floating rate bonds, such as government and corporate bonds, which are due within one year with high investment ratings of at least BB as rated by international credit rating agencies such as Standard & Poor’s, Fitch Ratings or equivalent), bank deposits, short-term papers, treasury bills, banker’s acceptances and short- term commercial papers.

The Sub-Fund is actively managed and is not managed by reference to any benchmark. The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

SEMI-ANNUAL REPORT 2021 16 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 8. Value Partners China A Shares High Dividend Fund

The investment objective of the Sub-Fund is to achieve long-term income and growth by investing primarily in debt, equity and equity related securities issued by companies whose activities are based or that are carrying out a majority of their business in the PRC.

The Sub-Fund intends to achieve its investment objective by investing at least 70% of its total Net Asset Value in a portfolio of interest-bearing or dividend-distributing debt securities and equity and equity-related securities (such as convertible securities for example convertible preferred stock, common and preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and Participation Notes) issued by or fully guaranteed by listed or unlisted corporations which have their main operations (or majority of assets) in or the majority of their income derived from PRC. The Sub-Fund’s investments shall have a focus in, but not be limited to, the financial industry, real estate and PRC state owned enterprises. 70% of the Sub-Fund’s Net Asset Value may be held in such debt securities or the types of equity or equity-related securities listed above or a combination of both debt and equity securities.

Debt and equity securities that the Sub-Fund may invest in include, but are not limited to, listed debt securities such as corporate bonds and sovereign debt, listed equities and real estate investment trusts (“REITs”). The Sub-Fund may invest up to 30% of its Net Asset Value in REITs. The Sub- Fund may also invest in open-ended exchange traded funds (“ETFs”) and open-ended collective investment schemes (“CIS”) that are consistent with the investment policy of the Sub-Fund and within the limit on investment in open-ended CIS – no more than 10%, in aggregate, of the Net Asset Value of the Sub-Fund.

The Sub-Fund may invest in securities listed or dealt in on the Recognised Exchanges listed in the Prospectus or may also invest in unlisted securities in accordance with the Central Bank Investment Restrictions set out in Schedule I of the Prospectus and may invest in cash and cash equivalents for hedging and risk management purposes. Cash equivalents include Money Market Instruments (for example money market funds and fixed and floating rate bonds, such as government and corporate bonds, which are due within one year with high investment ratings of at least BB as rated by international credit rating agencies such as Standard & Poor’s, Fitch Ratings or equivalent), bank deposits, short-term papers, treasury bills, banker’s acceptances and short-term commercial papers.

The Sub-Fund is actively managed and is not managed by reference to any benchmark.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 17 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 9. Value Partners China A Shares Consumption Fund

The investment objective of the Sub-Fund is to achieve long-term income and capital growth by investing primarily in equities and equity-related securities issued by or linked to companies whose activities relate to or benefit from growth in domestic consumption in the PRC and/or Hong Kong.

The Sub-Fund intends to achieve its investment objective by investing at least 70% of its total Net Asset Value in RMB-denominated equities issued in the PRC predominantly investments in China A-Shares.

The Sub-Fund may invest up to 100% of its Net Asset Value in China A Shares (including the ChiNext market and/or the Science and Technology Innovation (“STAR”) Board). It may invest directly or indirectly in China A Shares and will access China A Shares via Stock Connect, RQFII and/or indirectly through China A-Shares Access Products (“CAAPs”), such as Participation Notes in relation to China A Shares. The Sub-Fund will invest not more than 30% of its Net Asset Value through RQFII. The Participation Notes are linked to China A Shares and are unleveraged instruments. For the avoidance of doubt, Participation Notes by nature are derivative instruments. While generally CAAPs in which the Sub-Fund will invest will be listed on Recognised Exchanges, the Sub-Fund may gain access to restricted markets by investing in unlisted CAAPs and in such circumstances, such investment will be in accordance with the Central Bank Investment Restrictions set out in Schedule I to the Prospectus. The Sub-Fund may invest no more than 10% of its Net Asset Value in unlisted CAAPs.

The Sub-Fund’s investments shall focus in, but not be limited to, companies that engage in the consumer staples and consumer discretionary sector which covers manufacture, sale, provision or distribution of goods and/or services to consumers in industries such as healthcare, IT or technology (i.e. companies in one of the following themes: internet including mobile fintech, cloud e-commerce and digital) in the PRC and/or Hong Kong.

The Sub-Fund may also invest up to 30% of its Net Asset Value in equities and equity-related securities (such as convertible securities for example convertible preferred stock, common and preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) issued by or fully guaranteed by listed or unlisted corporations which have their main operations (or majority of assets) in, or the majority of their income derived from, the PRC and/or Hong Kong. For the avoidance of doubt, the Fund may invest up to 10% of its Net Asset Value in depositary receipts such as ADRs and GDRs.

SEMI-ANNUAL REPORT 2021 18 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 9. Value Partners China A Shares Consumption Fund (Continued)

There are no capitalisation restrictions on securities that can be held in the portfolio, but rather, selection will be determined by the availability of attractive investment opportunities and the Sub- Fund may invest substantially in securities issued by small and midcap companies. The Sub-Fund may also invest in other PRC related securities listed or quoted outside the PRC and Hong Kong if such securities are issued by companies which are related to the PRC.

The Sub-Fund is actively managed and is not managed by reference to any benchmark.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies. 10. Value Partners Asian Dynamic Bond Fund

The investment objective of the Sub-Fund is to provide a total return, consisting of income and capital growth over the medium to long term, by investing primarily in a portfolio of debt securities issued by any Asia Pacific Region governments and/or government related entities, supra-nationals, banks or companies which have their main operations in, or a majority of their income derived from the Asia Pacific Region. “Asia Pacific” includes but is not limited to Australia and New Zealand and includes emerging market countries as well as developed countries.

The Sub-Fund aims to achieve its investment objective by investing at least 70% of its Net Asset Value in a portfolio of debt securities (i) 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 the Asia Pacific Region, or (ii) denominated in any Asia Pacific currency.

The debt securities in which the Sub-Fund may invest shall include, but are not limited to convertible debt securities such as contingent convertible bonds (“CoCos”), preferred stocks or bonds and nonconvertible debt securities (bonds that cannot be converted to equity), subordinated debt securities, fixed and floating rate bonds and high yield bonds.

The Sub-Fund may invest up to 45% of its Net Asset Value in subordinated debt securities being bonds and other debt securities which (or the issuers of which) are rated Below Investment Grade, or which are unrated.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 19 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 10. Value Partners Asian Dynamic Bond Fund (Continued)

• “Below Investment Grade” debt security refers to any debt security which (or the issuer of which) is rated below BBB-/Baa3 by an internationally recognised credit rating agency (such as Standard & Poor’s, Moody’s and/or Fitch); and

• An “unrated” debt security is defined as a debt security which neither the security itself nor its issuer has a credit rating. Unrated debt securities may include debt securities which, in the opinion of the Investment Manager, are of comparable quality to Below Investment Grade securities at the time of acquisition by the Sub-Fund.

For split credit ratings, the highest rating shall apply.

The Sub-Fund may invest up to 20% of its Net Asset Value in debt securities denominated in RMB and issued in the PRC (“Onshore Debt Securities”) through direct investment in the China Interbank Bond Market via Bond Connect subject to the requirements of the Central Bank and the Mainland Chinese authorities.

The Sub-Fund may directly invest up to 20% of its Net Asset Value in debt securities denominated in RMB and issued outside the PRC in Hong Kong (“Dim Sum bonds”) in order to diversify the Sub- Fund’s portfolio. The Sub-Fund’s exposure to investments denominated in RMB including Onshore Debt Securities and “Dim Sum” bonds shall not exceed 20% of its Net Asset Value.

The Sub-Fund will not invest more than 10% of its Net Asset Value in debt securities issued by and/ or guaranteed by any single country with a credit rating below investment grade. For the avoidance of doubt, a “single country” shall include a country its government, a public or local authority or nationalized industry of that country which is below investment grade.

The Sub-Fund may invest up to 10% of its Net Asset Value in CoCos. Cocos are a form of hybrid debt security that intended to either convert in equity or have their principal or completely written off or written off with the option of revaluation under certain circumstances. Coco, like subordinated bonds, serve to absorb the issuer’s capital losses before other higher ranking liabilities. As stated, the Sub-Fund aims to achieve its investment objective by investing at least 70% of its Net Asset Value in a portfolio of debt securities. As part of this, the Sub-Fund may also invest up to 30% of its Net Asset Value in debt securities outside the Asia Pacific Region.

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ICAV BACKGROUND (Continued) Investment Objectives and Policies (Continued) 10. Value Partners Asian Dynamic Bond Fund (Continued)

The Sub-Fund may invest up to 30% of its Net Asset Value in (i) collective investment schemes (including funds that are authorised by the Securities and Futures Commission of Hong Kong and eligible to directly invest in PRC through RQFII (“RQFII funds”) and exchange traded funds (“ETFs”); and/or (ii) equity securities including but not limited to shares (including China A Shares and China B Shares), American Depositary Receipts (“ADRs”) and real estate investment trusts (“REITs”). To provide flexibility for the Investment Manager to invest in classes of securities, as described above, which may have more efficient exposures to underlying assets which are consistent with the investment policy of the Sub-Fund, the Sub-Fund may also invest in units in any unit trust or shares in any mutual fund corporation or any eligible collective investment scheme, including money market funds and ETFs. All investment in collective investment schemes will be made in accordance with the requirements of the Central Bank. The maximum level of management fees that may be charged by another collective investment schemes in which the Sub-Fund invests is up to 1.5% of the net asset value of such collective investment schemes. The Sub-Fund’s aggregate exposure to investments (whether direct or indirect) in securities issued in PRC (including China A Shares, China B Shares and Onshore Debt Securities) shall not exceed 20% of its Net Asset Value.

The Sub-Fund is actively managed and is not managed by reference to any benchmark.

The base currency of the Sub-Fund is US Dollar although investments may be denominated in a variety of currencies.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 21 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

INVESTMENT MANAGER’S REPORT Value Partners Classic Equity Fund Investor sentiment remained muted towards Greater China equity markets last month, with the MSCI Index performing flat in June1. The Federal Reserve’s stance towards tapering induced a correction in global markets last month. During an FOMC meeting in June, the Fed raised its expectations for inflation this year and expects that interest rate hikes could come as soon as 2023, after saying in March that it may not increase rates until 2024. In China, manufacturing PMI eased modestly, slightly lowering at 50.9 in June from 51 in the previous month2. Input prices fell, with the Main Raw Material Purchase Price Index down to 61.2% from 72.8% during the same period. On the other hand, the non-manufacturing business activity index was 53.5%, down 1.7 percentage points from May. This is the lowest reading in four months, reflecting the temporary impact of resurging COVID infections in certain regions. On the policy front, the People’s Bank of China kept its stance unchanged as maintaining economic stability continues to be a key item on its agenda. It noted that it will properly manage the timing, intensity and effectiveness of policy to keep liquidity adequate at a reasonable level and keep the growth of money supply and aggregate financing to the real economy in line with GDP growth. Performance review In the first half of 2021, Value Partners Classic Equity Fund gained 9.9%. During the same period, Hang Seng Index was up 7.3%. In the second quarter, our exposure in internpet and financials were the main detractors of the Fund. The former was dragged by tightening policy headwinds while the financial sector retreated on the back of moderating growth data. Meanwhile, our exposure in industrials and consumer names continue to be among the top performance contributors of the month. Within the industrials space, shipping companies in China continue to benefit from the global shortage of shipping containers. The recent partial closure of the Yantian port in Shenzhen has also intensified the imbalanced supply-demand scenario. Meanwhile, consumer names such as sportswear continue to benefit from China’s economic recovery and consumption upgrade. We view the potential earlier-than-expected tightening driven by the change in inflation expectation could pose a risk on equity sentiment. At the same time, growth moderation may entail a lackluster environment for the rest of the year. However, we see growth prospects remain robust in selective companies that are riding on the structural growth cycle, and it is, therefore, crucial to be selective in our bottom-up stock picking approach and choose quality names that will be rewarded in the current environment.

Value Partners Hong Kong Limited 18 August 2021

Source: 1. MSCI, 30 June 2021 2. National Bureau of Statistics of China, 1 July 2021 SEMI-ANNUAL REPORT 2021 22 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

INVESTMENT MANAGER’S REPORT (Continued) Value Partners Health Care Fund Portfolio Review

For the six months ended 30 June 2021, the Fund generated returns of 9.1%. For reference, the MSCI China All Shares HC 10/40 Index returned 18.8%1. Outlook and current portfolio strategy

June has been a challenging month for the Fund due to our underweight in CROs/CDMOs (contract research organizations/contract development and manufacturing organizations) and dampened sentiment within pharmaceuticals caused by the fifth round GPO (group purchase organization) results announcement. Top detractors during the month were our core holdings in the big pharmaceutical companies. However, we believe the negative impact of GPOs on these companies is temporary, as these leading companies with innovative capabilities will outperform in the long term. On the positive side, the CROs/CDMOs we added during the market pullback have brought positive returns. The government’s plan to promote the export of Chinese medicines also continued to support a brighter outlook for our core TCM (traditional Chinese medicine) holding, which saw steady growth.

Vaccination progress in China picked up with over 1 billion doses administered by the end of June. As vaccination underpins positive economic developments, China’s healthcare sector will be back to pre-COVID levels or higher in the second half of the year. Looking beyond the temporary GPO pressure, we continue to see ample opportunities in the R&D pipelines of leading pharmaceuticals and biotech companies.

Value Partners Hong Kong Limited 18 August 2021

Source: 1. MSCI, 30 June 2021

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 23 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

INVESTMENT MANAGER’S REPORT (Continued) Value Partners Asia ex-Japan Equity Fund Market overview

Asian regional equities turned in diversified performances over the quarter. However, the overall investment environment was mixed. Hopes about economic reopening/normalization, moderate portfolio inflows into the region, and positive earnings outlook were offset by concerns about earlier- than-expected “tapering” by global central banks, a lingering pandemic, and an increasingly tight regulatory regime, especially for big tech in China.

For the six months ended 30 June 2021, the Fund gained 6.6%. For reference, the benchmark MSCI AC Asia ex Japan Index was up 6.4%.

In terms of asset allocation, Taiwan outperformed again even amid the surge of domestic COVID-19 cases in May, and despite concerns that it could be embroiled in the escalating US-China tensions. The strong performance was mostly underpinned by the robust outlook for the semiconductor and technology hardware sectors. India has enjoyed extraordinary outperformance, even as the country experienced a horrific second wave of COVID cases. A strong earnings outlook, especially for the materials and technology sectors, has sustained India’s high market valuations. Meanwhile, Korea also outperformed, thanks to the long cyclical nature of the market and, similar to Taiwan, the resilience of bellwether technology stocks. On the other hand, the ASEAN in general continued to be set back by the resurgence of COVID cases and economic lockdown, especially given the lack of tourist spending. China underperformed as index heavy, offshore-listed internet and consumption stocks were hit by only moderate corporate guidance and increasing policy scrutiny by the central government. That said, domestic Chinese A-shares, as proxied by the local CSI 300 Index and which are less subject to policy control and more exposed to the domestic recovery, actually outperformed the regional benchmark on top of the benefit of an appreciating RMB. Among the different sectors, hopes about global economic reopening spurred the strong performance of industrials and materials, especially for shipping/transportation related names and the smart manufacturing and alternative energy counters. In contrast to the previous quarter, “late cycle” plays in financials and real estate lagged behind. Outlook

We retain a cautiously positive outlook for Asian equities for the remainder of the year. From a macro perspective, the pickup in pandemic variants appears to be manageable and the increasing number of vaccinations should facilitate a respectable global economic recovery. This should provide a positive backdrop for the Asian markets. “Tapering”, even if led by the US Fed, should only be gradual and well flagged in advance. After the moderate performance in 1H 2021, Asian equities valuations are still reasonable with high forward earnings growth and healthy dividend coverage, especially when compared with the developed markets. Barring another outbreak of the pandemic, the only major macro risks to our scenario would be a spike in the US dollar and more geopolitical confrontations between the US and China. From a sector/“style” perspective, the growth/“long duration” sectors and stocks have been playing catch-up against the value stocks, and at present, the valuation discrepancy is back to “normal”. As such, stock specific considerations aside, the portfolio should again be sector/“style” neutral and we shall continue to focus on the best quality businesses in the respective groups.

SEMI-ANNUAL REPORT 2021 24 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

INVESTMENT MANAGER’S REPORT (Continued) Value Partners Asia ex-Japan Equity Fund (Continued) Portfolio strategy

In terms of allocation, we remain overweight in North Asia, namely in Korea and to a larger extent in Taiwan. In particular, technology leaders in Taiwan continue to benefit from the US-China tech war and have gained market share globally. Moreover, the related boom in “onshoring” has also started to benefit domestic consumer demand and asset prices. We are somewhat “neutral” to China; however, the regulatory drive appears to be escalating and widening, thus affecting more private enterprises in the near term. This can be compensated for by “targeted” or even comprehensive monetary easing, which should arrive shortly after the 100th centenary of the ruling Party. As such, within the China bucket, we adopt a small preference for domestic A-shares in the consumer and industrial sectors, as opposed to the big Internet plays that are currently being listed offshore. We have increased our exposure to Hong Kong via a couple of attractively valued “old economy” stocks that should benefit from the economic reopening. Similarly, we are gradually adding to a handful of beneficiaries of reopening in the ASEAN consumer space, although we are still underweight in that region. As India’s market momentum is surprisingly strong, the premium stock valuations there render the search for reasonable risk-adjusted rewards a challenge, and hence we are underweight in that market.

Value Partners Hong Kong Limited 18 August 2021

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INVESTMENT MANAGER’S REPORT (Continued) Value Partners All China Equity Fund Market review

All China equities on average enjoyed a reasonable bounce over the quarter. However, performance across different sectors varied with mixed results. In particular, many of the offshore-listed e-commerce and internet stocks were sold off in May on concerns about possible “forced de-listing” by US authorities and increased policy oversight back at home in Mainland China. Meanwhile, large financials, including major banks and insurance stocks, underperformed amid worries about a slowing recovery and deteriorating asset quality.

On the other hand, despite having high valuations, consumer staples outperformed as investors welcomed their resilient businesses and ability to pass on rising input costs to the end-consumers. In addition, a small group of industrials, including those that are exposed to the alternative energy and electric vehicles themes, were favored by investors. As a whole, during the second quarter, the benchmark MSCI China All Shares Index managed to record a gain of 4.7% in US dollar terms1, while domestic A-shares, as represented by the CSI 300 Index, were up by 5.7%2. Market outlook

From a tactical view, we have become slightly cautious about the market. While China has led the world in economic recovery from COVID, its growth appears to be peaking. While corporate fundamentals are intact, forward-looking guidance provided by corporates has become conservative, indicating that the current upward earnings revision cycle may have run its course for the time being.

Recent market outperformance against other Asian/emerging markets and the perceived pause in RMB appreciation may result in the rotation out of China into these other markets in the near term by global investors. In addition, the heightened and expanding regulatory drive addressing monopolistic business behaviour, data privacy and national security issues have caught many domestic and foreign investors off-guard and may affect more industries within the private sector, including the capital issuance activities within the market. For instance, as of this writing, there remain a few questions surrounding the listing of Didi Global, which may lift the risk premium associated with China assets and introduce volatility to the market in the short term. Portfolio performance and strategy

Much to our disappointment, the portfolio lagged behind the benchmark index by 3.7% over the second quarter. Most of the underperformance came from May alone when our long-held strategic positions in quality China businesses were hit from different fronts. They included leaders in the consumer discretionary and e-commerce/internet sectors in both the domestic A-share and offshore markets. These winners from last year were trading at premium valuations and this rendered them vulnerable to negative domestic policy headwinds and external volatility despite their solid and visible growth prospects. On the positive side, our positions in consumer finance and a couple of utilities stocks added value. Our moderate overweight in a handful of industrials and medical equipment stocks also aided relative performance over the period.

SEMI-ANNUAL REPORT 2021 26 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

INVESTMENT MANAGER’S REPORT (Continued) Value Partners All China Equity Fund (Continued) Portfolio performance and strategy (Continued)

Looking ahead, the portfolio will stay invested in quality Chinese businesses especially those that have proven management capabilities and good corporate governance practices. We believe these enterprises and entrepreneurs will be best prepared to navigate through the post-COVID new business realities and the ongoing reconfiguration of the overall policy framework. From a thematic perspective, we will retain the portfolio’s “home bias”, with a particular focus on those beneficiaries of Chinese consumers’ demand for good quality products and services. We believe that the continuous manufacturing upgrade and the drive for self-sustained technology advancement within China will present many investment opportunities for long-term investors. Therefore, in terms of portfolio construction, we are looking to allocate more into key sectors, such as consumption and technology. In addition, as our on-the-ground due diligence introduces us to more niche players in the industrials and manufacturing space, we are likely to increase our exposure there provided that share valuations are reasonable.

Value Partners Hong Kong Limited 18 August 2021

Source: 1. MSCI, 30 June 2021 2. CSI, 30 June 2021

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INVESTMENT MANAGER’S REPORT (Continued) Value Partners Greater China High Yield Bond Fund Market Outlook:

The vaccination rollout and easing of mobility restrictions have reset global growth higher. However, the growth pace in the near-term could be derailed by the delta variant and fading low base effect, but we view that the uptrend in growth should be maintained. With global credit spreads being priced for growth recovery and benign default rates, in the coming quarters, we are cautious about any major shift in the Fed’s tone on policy normalization in the US and taper timetable and any change in China’s onshore financing environment that has been kept in a tightening mode for most of this year as growth slowly dissipates.

In the US, we expect that the possibility of a rate hike remains low in the near term, as the recent inflation increase in the country is due to pent-up demand and supply chain bottlenecks, and the US labor market is yet to normalize. That said, we view that a sharp turn in the Fed’s dovish tone could derail market sentiment in the fixed income markets. We will continue to stay cautious on possible US tapering timetables. After the consolidation in 10-year US Treasury yield in the second quarter of 2021 (“2Q21”), we believe there are scopes to trend higher towards end-2021 despite the growth normalization. The possibility of a US rate hike remains low in the near-term. The market is now pricing in one or two hikes by 2023.

In China, the recent Required Reserve Ratio (“RRR”) cut in July underscores People’s Bank of China’s (“PBOC”) intention to support liquidity and preserve lower funding costs. Falling credit impulse would linger to keep financial risks under control. This, and slower growth momentum should keep onshore government bond yields at a lower level – currently at about 3% – after tightening 11bps year-to-date.

In addition, the ongoing demand/supply imbalance behind the upcycle in commodities may turn in the second half of 2021. Nonetheless, we think it is a bit early to expect a material correction in commodity prices when growth is still expanding, albeit at a moderating pace. This, together with a benign US dollar, matters for maintaining a supportive tone for emerging market credit markets and fund flows.

The prospects for growth recovery in Asia and manageable default rates should bode well for the region’s dollar bond market. Moreover, the ample level of global liquidity looking for yield enhancement should lure demand for Asian high yield dollar bonds, which has scope to mean reverse as China’s tightening cycle is being priced in. Overall, we view that Asia high yield (“Asia HY”) continues to provide attractive value over Asia investment grade (“Asia IG”) and US high yield (“US HY”).

SEMI-ANNUAL REPORT 2021 28 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

INVESTMENT MANAGER’S REPORT (Continued) Value Partners Greater China High Yield Bond Fund (Continued) Market Outlook: (Continued)

During the first half, credit spreads of the JP Morgan Asia Credit Index Investment Grade tightened 22bps, while that of JP Morgan Asia Credit Index High yield widened 42bps. The Asia HY index fared better at 1.3% during the same period, mainly driven by carry, versus the muted returns of Asia IG (-0.5%), driven by the falling 10-year US Treasury yields in the second quarter. Segment- wise, consumer and sovereigns continued to outperform against real estate being affected by onshore tightening.

Value Partners Hong Kong Limited 18 August 2021

All performance figures are sourced from HSBC Institutional Trust Services (Ireland) DAC and Bloomberg (Data computed in US$ terms on NAV-to-NAV basis with dividends reinvested) as at 30 June 2021. Performance data is net of all fees. All indices performances are for reference only.

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.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 29 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (UNAUDITED) As at 30 June 2021

Value Value Value Value Value Value Partners Partners Partners Partners Partners Value Partners Value Asia Asian High Value Greater China A China A Value Partners Partners Classic Partners ex-Japan Yield Fixed Partners All China High Shares Shares High China A Shares Asian Equity Health Equity Maturity China Equity Yield Bond Equity Dividend Consumption Dynamic Fund Care Fund Fund Bond Fund Fund Fund Fund Fund Fund Bond Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 Notes USD USD USD USD USD USD USD USD USD USD Current Assets: Cash and Cash Equivalents 9,869,607 51,624,417 1,236,325 2,048,654 1,736,451 23,811,635 545,069 489,838 1,573,547 8,493,580 Financial Assets at Fair Value Through Profit or Loss 3 271,062,630 382,953,731 31,094,036 35,819,100 38,805,810 108,883,143 9,244,848 7,938,554 6,728,204 9,958,479 Dividends Receivable 261,375 816,452 40,173 – 87,949 – – – – – Due from Brokers 1,171,366 – 110,790 – 388,159 22,201,823 – – – 4,832,395 Due from Shareholders – 10,775,509 – – – 24,000,000 – – – – Interest Receivable – – – 110,500 – 46,875 – – – – Preliminary Expenses Receivable – – – – 1,373 742 12,158 12,158 13,369 8,359 Other Assets 2,016 2,769 39,384 3,548 12,578 – – 6,669 43,050 –

Total Assets 282,366,994 446,172,878 32,520,708 37,981,802 41,032,320 178,944,218 9,802,075 8,447,219 8,358,170 23,292,813

Liabilities: Financial Liabilities at Fair Value Through Profit or Loss 3 (22,271) – (18,315) (13,389) – (22,074) (225) (191) – (63,385) Due to Brokers (2,808,468) (3,904,014) (518,368) (33,029) (1,098,029) (27,126,075) (229,502) (701) (180) (6,344,910) Due to Shareholders – – (91,042) – – (40,000,000) – – – – Investment Manager Fees Payable 8 (68,331) (88,850) (5,929) (25,004) (1,138) (28,491) (30) (26) (156) (3,268) Performance Fees Payable 8 (314,808) (1,156,907) – – – – – – – – Administration Fees Payable 8 (34,566) (92,863) (10,369) (21,318) (16,014) (47,209) (11,820) (11,600) (10,166) (1,695) Depositary Fees Payable 8 (9,372) (26,585) (2,491) (2,870) (2,972) (9,709) (713) (646) (624) (392) Transfer Agency Fees Payable 8 (1,300) (1,300) (1,300) (1,300) (1,300) (1,966) (2,251) (2,251) (1,639) (614) Dividend Tax Payable (23,481) (48,623) (5,294) – (728) – – – – – Distributions Payable – – – (140,647) – (115,946) – – – – Audit Fees Payable (8,886) (8,887) (8,887) (8,887) (8,887) (8,887) (6,800) (6,800) (6,800) (2,578) Other Fees Payable (62,239) (27,851) (4,715) (18,657) (9,291) (21,511) (322) (6,961) (7,792) (2,433)

Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) (3,353,722) (5,355,880) (666,710) (265,101) (1,138,359) (67,381,868) (251,663) (29,176) (27,357) (6,419,275)

Net Assets Attributable to Redeemable Participating Shareholders 279,013,272 440,816,998 31,853,998 37,716,701 39,893,961 111,562,350 9,550,412 8,418,043 8,330,813 16,873,538

* Commenced operations on 3 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 30 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued) As at 30 June 2021

Value Value Value Value Value Value Value Partners Partners Partners Partners Partners Value Partners Value Partners Asian High Value Greater China A China A China A Partners Classic Partners Asia ex- Yield Fixed Partners All China High Shares Shares High Shares Asian Equity Health Care Japan Maturity China Equity Yield Bond Equity Dividend Consumption Dynamic Fund Fund Equity Fund Bond Fund Fund Fund Fund Fund Fund Bond Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021

Shares in Issue Australian Dollar Class A (Distributing Hedged) – – – 19,802 – – – – – – Euro Class A (Accumulating Hedged)^^^ – 3,630 – – – 3,630 – – – – Euro Class A (Accumulating Non Hedged) 93,266 ––––––– –– Euro Class V (Accumulating Hedged)^ – – 164,054 – – – 850 850 – 1,000,000 Euro Class Z (Accumulating Hedged)^^ – – – – – 341,541 – – – – Euro Class A (MDIS Hedged)^^^^ – – – – – 3,630 – – – – Hong Kong Dollar Class A (Accumulating Non Hedged) – 2,137,875 – 871,396 – 776,363 – – 7,749 – Hong Kong Dollar Class A (Distributing Non Hedged) –––––––– –– Hong Kong Dollar Class A (MDIS Non Hedged) – – – – – 776,363 – – – – Japanese Yen Class X (Accumulating Non Hedged – 31,888,097 – – – – – – – – Renminbi Class A (Accumulating Hedged)^^^^^ ––––––––6,617– Renminbi Class A (Accumulating Non Hedged)^^^^^ – 28,153 – – – 28,153 – – – – Renminbi Class A (MDIS Non Hedged)^^^^ –––––28,153–– –– Singapore Dollar Class A (Accumulating Hedged)^^^^^ – 5,831 – – – 5,831 – – 1,348 –

* Commenced operations on 3 June 2021. ^ Euro Class V (Accumulating Hedged) of Value Partners Asian Dynamic Bond Fund and Value Partners Asia ex- Japan Equity Fund were issued on 2 June 2021 and 25 January 2021 respectively. ^^ Euro Class Z (Accumulating Hedged of Value Partners Greater China High Yield Bond Fund was issued on 25 January 2021. ^^^ Euro Class A (Accumulating Hedged) of Value Partners Health Care Fund and Value Partners Greater China High Yield Bond Fund was issued on 16 June 2021. ^^^^ Renminbi Class A (MDIS Non Hedged) and Euro Class A (MDIS Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 16 June 2021. ^^^^^ Renminbi Class A (Accumulating Non Hedged) and Singapore Dollar Class A (Accumulating Hedged) of Value Partners Health Care Fund and Value Partners Greater China High Yield Bond Fund were issued on 16 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 31 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued) As at 30 June 2021

Value Value Value Value Value Value Partners Partners Partners Partners Partners Value Value Value Partners Asian High Value Greater China A China A China A Partners Partners Partners Asia ex- Yield Fixed Partners All China High Shares Shares High Shares Asian Classic Health Care Japan Maturity China Equity Yield Bond Equity Dividend Consumption Dynamic Equity Fund Fund Equity Fund Bond Fund Fund Fund Fund Fund Fund Bond Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021

Shares in Issue Singapore Dollar A Class (Accumulating Non Hedged) – 1,074,940 – – – – – – – – Singapore Dollar Class V (Accumulating Hedged) –––––––– –– Singapore Dollar Class V (Distributing Hedged) –––––––––– Singapore Dollar Class A (MDIS Hedged)^ – – – – – 5,831 – – – – Sterling Pounds Class A (Accumulating Hedged) 3,405 ––––––– –– Sterling Pounds Class A (Accumulating Non Hedged) – – – – – – – – – – Sterling Pounds Class V (Accumulating Hedged) ––––––767767–– Sterling Pounds Class V (Distributing Hedged) –––––––– –– Swiss Franc Class A (Accumulating Hedged) 71,296 ––––––– –– Swiss Franc Class V (Accumulating Hedged)^^^ – – 213,292 – – – 913 913 – – US Dollar Class A (Accumulating Non Hedged) 255,138 3,006,266 – 20,792 – 276,990 – – 1,000 – US Dollar Class A (Distributing Non Hedged) – – – 237,768 – – – – – – US Dollar Class A (MDIS Non Hedged) –––––1,608,453 – – – – US Dollar Class V (Accumulating Non Hedged)^^ 15,836,841 – 1,354,431 – 379,012 216,451 1,000 1,000 – 500,000 US Dollar Class V (Distributing Non Hedged) –––––––– –– US Dollar Class X (Accumulating Non Hedged) – – 550,000 – 2,312,638 7,265,658 796,000 796,000 796,000 – US Dollar Class Z (Accumulating Non Hedged) 132,729 – – – – – – – – –

* Commenced operations on 3 June 2021. ^ Singapore Dollar Class A (MDIS Hedged) of Value Partners Greater China High Yield Bond Fund was issued on 16 June 2021. ^^ US Dollar Class V (Accumulating Non Hedged) of Value Partners Asian Dynamic Bond Fund was issued on 2 June 2021. ^^^ Swiss Franc Class V (Accumulating Hedged) of Value Partners Asia ex-Japan Equity Fund was issued on 17 February 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 32 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued) As at 30 June 2021

Value Value Value Value Value Value Value Partners Partners Partners Partners Partners Partners Value Partners Value Asia Asian High Value Greater China A China A China A Partners Classic Partners ex-Japan Yield Fixed Partners All China High Shares Shares High Shares Asian Equity Health Equity Maturity China Equity Yield Bond Equity Dividend Consumption Dynamic Fund Care Fund Fund Bond Fund Fund Fund Fund Fund Fund Bond Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021

Net Asset Value Per Share Australian Dollar Class A (Distributing Hedged) – – – AUD97.20 – – – – – – Euro Class A (Accumulating Hedged)^^^ –––––EUR9.91 – – – – Euro Class A (Accumulating Non Hedged) EUR23.13 EUR10.46 EUR9.35 – – – – – – – Euro Class V (Accumulating Hedged)^ – – ––––EUR11.80 EUR10.39 – EUR10.00 Euro Class Z (Accumulating Hedged)^^ – – – – – EUR9.92 – – – – Euro Class A (MDIS Hedged)^^^^ – – – – – EUR9.85 – – – – Hong Kong Dollar Class A (Accumulating Non Hedged) – HKD19.38 – HKD96.79 – HKD10.75 – – HKD10.33 – Hong Kong Dollar Class A (Distributing Non Hedged) – – –––––– –– Hong Kong Dollar Class A (MDIS Non Hedged) –––––HKD9.49–– –– Japanese Yen Class X (Accumulating Non Hedged – JPY1263.89 – – – – – – – – Renminbi Class A (Accumulating Hedged)^^^^^ ––––––––CNH10.45 – Renminbi Class A (Accumulating Non Hedged)^^^^^ – CNH10.37 – – – CNH10.01 – – – – Renminbi Class A (MDIS Non Hedged)^^^^ –––––CNH9.93 – – – – Singapore Dollar Class A (Accumulating Hedged)^^^^^ – SGD10.28 – – – SGD9.91 – – SGD10.29 –

* Commenced operations on 3 June 2021. ^ Euro Class V (Accumulating Hedged) of Value Partners Asian Dynamic Bond Fund and Value Partners Asia ex- Japan Equity Fund were issued on 2 June 2021 and 25 January 2021 respectively. ^^ Euro Class Z (Accumulating Hedged of Value Partners Greater China High Yield Bond Fund was issued on 25 January 2021. ^^^ Euro Class A (Accumulating Hedged) of Value Partners Health Care Fund and Value Partners Greater China High Yield Bond Fund was issued on 16 June 2021. ^^^^ Renminbi Class A (MDIS Non Hedged) and Euro Class A (MDIS Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 16 June 2021. ^^^^^ Renminbi Class A (Accumulating Non Hedged) and Singapore Dollar Class A (Accumulating Hedged) of Value Partners Health Care Fund and Value Partners Greater China High Yield Bond Fund were issued on 16 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 33 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued) As at 30 June 2021

Value Value Value Value Value Value Partners Partners Partners Partners Partners Value Value Value Partners Asian High Value Greater China A China A China A Partners Partners Partners Asia ex- Yield Fixed Partners All China High Shares Shares High Shares Asian Classic Health Japan Maturity China Equity Yield Bond Equity Dividend Consumption Dynamic Equity Fund Care Fund Equity Fund Bond Fund Fund Fund Fund Fund Fund Bond Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021

Net Asset Value Per Share Singapore Dollar A Class (Accumulating Non Hedged) – SGD14.28 – – – – – – – – Singapore Dollar Class V (Accumulating Hedged) –––––––––– Singapore Dollar Class V (Distributing Hedged) – – –––––– –– Singapore Dollar Class A (MDIS Hedged)^ –––––SGD9.84–– –– Sterling Pounds Class A (Accumulating Hedged) GBP22.86 ––––––– –– Sterling Pounds Class A (Accumulating Non Hedged) –––––––– –– Sterling Pounds Class V (Accumulating Hedged) ––––––GBP11.85GBP10.44–– Sterling Pounds Class V (Distributing Hedged) –––––––– –– Swiss Franc Class A (Accumulating Hedged) CHF22.08––––––– –– Swiss Franc Class V (Accumulating Hedged)^^^ – – CHF8.90 – – – CHF11.78 CHF10.38 – – US Dollar Class A (Accumulating Non Hedged) USD30.00 USD19.89 – USD106.43 – USD11.14 – – USD10.32 – US Dollar Class A (Distributing Non Hedged) – – – USD97.57 – – – – – – US Dollar Class A (MDIS Non Hedged) –––––USD9.84–––– US Dollar Class V (Accumulating Non Hedged)^^ USD16.66 – USD16.53 – USD14.76 USD11.28 USD11.92 USD10.50 – USD10.00 US Dollar Class V (Distributing Non Hedged) –––––––– –– US Dollar Class X (Accumulating Non Hedged) – – USD10.17 – USD14.83 USD11.41 USD11.94 USD10.52 USD10.41 – US Dollar Class Z (Accumulating Non Hedged) USD24.13–––––––––

* Commenced operations on 3 June 2021. ^ Singapore Dollar Class A (MDIS Hedged) of Value Partners Greater China High Yield Bond Fund was issued on 16 June 2021. ^^ US Dollar Class V (Accumulating Non Hedged) of Value Partners Asian Dynamic Bond Fund was issued on 2 June 2021. ^^^ Swiss Franc Class V (Accumulating Hedged) of Value Partners Asia ex-Japan Equity Fund was issued on 17 February 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 34 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity Value Partners Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Health Care Fund Fund* Fund** Equity Fund Bond Fund 31 December 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 2020 Notes USD USD USD USD USD USD

Current Assets: Cash and Cash Equivalents 14,536,095 32,524,063 65,065 43,105 546,264 1,005,077 Financial Assets at Fair Value Through Profit or Loss 3 278,575,915 131,074,118 – – 15,294,021 37,927,812 Dividends Receivable 227,158 27,334 – 1,090 8,648 – Due from Brokers 1,781,031 – – – 510,489 – Due from Shareholders 141,455 407,241 – – 29,336 – Preliminary Expenses Receivable – – – – – – Other Assets 64 64 1,250 2,561 64 65

Total Assets 295,261,718 164,032,820 66,315 46,756 16,388,822 38,932,954

Liabilities: Financial Liabilities at Fair Value Through Profit or loss 3 (1,598) – – – (12) – Due to Brokers (8,402,557) (4,518,774) – – (730,123) – Due to Shareholders – (12,030,012) – – – – Investment Manager Fees Payable 8 (91,085) (79,025) – (41) (942) (26,186) Performance Fees Payable 8 (1,546,162) (2,829,083) – – – – Administration Fees Payable 8 (33,416) (24,576) – (1,299) (6,535) (20,190) Depositary Fees Payable 8 (8,852) (6,462) – (5) (1,049) (2,895) Transfer Agency Fees Payable 8 (1,333) (1,333) – – (1,333) (1,333) Dividend Tax Payable (20,684) – – (272) (1,291) – Distributions Payable – – – – – (141,638) Audit fees Payable (19,745) (19,745) – (20,071) (19,745) (19,745) Termination Fees Payable – – (42,204) (4,296) – – Other Fees Payable (27,688) (16,066) (24,111) (20,772) (16,566) (18,277)

Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) (10,153,120) (19,525,076) (66,315) (46,756) (777,596) (230,264)

Net Assets Attributable to Redeemable Participating Shareholders 285,108,598 144,507,744 – – 15,611,226 38,702,690

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 35 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Greater Value Partners China China A Shares High China A Shares Value Partners All China High Yield A Shares Equity Dividend Consumption China Equity Fund Bond Fund Fund*** Fund*** Fund**** 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 Notes USD USD USD USD USD

Current Assets: Cash and Cash Equivalents 1,755,922 6,860,373 388,260 83,716 558,073 Financial Assets at Fair Value Through Profit or loss 3 38,992,559 121,674,890 9,092,616 8,871,801 8,232,801 Dividends Receivable – – – – – Due from Brokers – – 679 651 180 Due from Shareholders – – – – – Preliminary Expenses Receivable 114 8,877 18,218 18,218 21,924 Other Assets 64 64 – – –

Total Assets 40,748,659 128,544,204 9,499,773 8,974,386 8,812,978

Liabilities: Financial Liabilities at Fair Value Through Profit or Loss – – – – – Due to Brokers (834,369) – (312,772) – (180) Due to Shareholders – (6,000,000) – – – Investment Manager Fees Payable 8 (1,090) (28,116) (9) (11) (52) Performance Fees Payable 8 ––––– Administration Fees Payable 8 (19,807) (41,987) (5,703) (5,679) (3,501) Depositary Fees Payable 8 (2,781) (9,435) (516) (509) (308) Transfer Agency Fees Payable (1,333) (2,000) (1,618) (1,618) (1,006) Dividend Tax Payable – – – – – Distributions Payable – (123,263) – – – Audit Fees Payable (19,745) (19,745) (14,808) (14,808) (14,808) Termination Fees Payable – – – – – Other Fees Payable (18,730) (18,637) (4,960) (4,958) (4,149)

Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) (897,855) (6,243,183) (340,386) (27,583) (24,004)

Net Assets Attributable to Redeemable Participating Shareholders 39,850,804 122,301,021 9,159,387 8,946,803 8,788,974

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020. The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 36 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners Value Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity PartnersHealth Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Care Fund Fund* Fund** Equity Fund Bond Fund 31 December 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 2020

Shares in Issue Australian Dollar Class A (Distributing Hedged) –––––19,802 Euro Class A (Accumulating Hedged) 586,343 – – – – – Euro Class V (Accumulating Hedged) –––––– Hong Kong Dollar Class A (Accumulating Non Hedged)^ – 1,075,836 – – – – Hong Kong Dollar Class A (Distributing Non Hedged) –––––871,396 Hong Kong Dollar Class A (MDIS Non Hedged)^^ –––––– Japanese Yen Class X (Accumulating Non Hedged)^^^ – 9,278,090 – – – – Renminbi Class A (Accumulating Hedged)^^^^ –––––– Singapore Dollar Class A (Accumulating Hedged)^^^^ –––––– Singapore Dollar A Class (Accumulating Non Hedged) – 601,048 – – – – Singapore Dollar Class V (Accumulating Hedged) ––––68,565– Singapore Dollar Class V (Distributing Hedged) ––––68,565– Sterling Pounds Class A (Accumulating Hedged) 2,917 – – – – – Sterling Pounds Class A (Accumulating Non Hedged) –––––– Sterling Pounds Class V (Accumulating Hedged) ––––38,555– Sterling Pounds Class V (Distributing Hedged) ––––38,555 –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. ^ Hong Kong Dollar Class A (Accumulating Non Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 17 January 2020. ^^ Hong Kong Dollar Class A (MDIS Non Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 17 January 2020. ^^^ Japanese Yen Class X (Accumulating Non Hedged) of Value Partners Health Care Fund were issued on 24 November 2020. ^^^^ Renminbi Class A (Accumulating Hedged) and Singapore Dollar Class A (Accumulating Hedged) of Value Partners China A Shares Consumption Fund were issued on 13 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 37 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners China A Shares China A Shares Value Partners All Greater China High China A Shares High Dividend Consumption China Equity Fund Yield Bond Fund Equity Fund*** Fund*** Fund**** 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020

Shares in Issue Australian Dollar Class A (Distributing Hedged) – – – – – Euro Class A (Accumulating Hedged) – – – – – Euro Class V (Accumulating Hedged) – – 850 850 – Hong Kong Dollar Class A (Accumulating Non Hedged)^ – 776,363 – – 7,749 Hong Kong Dollar Class A (Distributing Non Hedged) – – – – – Hong Kong Dollar Class A (MDIS Non Hedged)^^ – 776,363 – – – Japanese Yen Class X (Accumulating Non Hedged)^^^ – – – – – Renminbi Class A (Accumulating Hedged)^^^^ – – – – 6,617 Singapore Dollar Class A (Accumulating Hedged)^^^^ – – – – 1,348 Singapore Dollar A Class (Accumulating Non Hedged) – – – – – Singapore Dollar Class V (Accumulating Hedged) – – – – – Singapore Dollar Class V (Distributing Hedged) – – – – – Sterling Pounds Class A (Accumulating Hedged) – – – – – Sterling Pounds Class A (Accumulating Non Hedged) – – – – – Sterling Pounds Class V (Accumulating Hedged) – – 767 767 – Sterling Pounds Class V (Distributing Hedged) – – – – –

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020. ^ Hong Kong Dollar Class A (Accumulating Non Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 17 January 2020. ^^ Hong Kong Dollar Class A (MDIS Non Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 17 January 2020. ^^^ Japanese Yen Class X (Accumulating Non Hedged) of Value Partners Health Care Fund were issued on 24 November 2020. ^^^^ Renminbi Class A (Accumulating Hedged) and Singapore Dollar Class A (Accumulating Hedged) of Value Partners China A Shares Consumption Fund were issued on 13 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 38 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity Value Partners Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Health Care Fund Fund* Fund** Equity Fund Bond Fund 31 December 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 2020

Shares in Issue Swiss Franc Class A (Accumulating Hedged) 158,176 – – – – – Swiss Franc Class V (Accumulating Hedged) –––––– US Dollar Class A (Accumulating Non Hedged) 766,622 2,270,186 – – – 20,792 US Dollar Class A (Distributing Non Hedged) –––––239,768 US Dollar Class A (MDIS Non Hedged) –––––– US Dollar Class V (Accumulating Non Hedged)^^ 15,836,841 – – – 51,900 – US Dollar Class V (Distributing Non Hedged) ––––50,000– US Dollar Class X (Accumulating Non Hedged) ––––700,000– US Dollar Class Z (Accumulating Non Hedged) 132,729 – – – – –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. ^^ US Dollar Class V (Accumulating Non Hedged) Value Partners Greater China High Yield Bond Fund were issued on 15 May 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 39 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners China A Shares China A Shares Value Partners All Greater China High China A Shares High Dividend Consumption China Equity Fund Yield Bond Fund Equity Fund*** Fund*** Fund**** 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 Shares in Issue Swiss Franc Class A (Accumulating Hedged) – – – – – Swiss Franc Class V (Accumulating Hedged) – – 913 913 – US Dollar Class A (Accumulating Non Hedged) – 131,768 – – 1,000 US Dollar Class A (Distributing Non Hedged) – – – – – US Dollar Class A (MDIS Non Hedged) – 1,729,858 – – – US Dollar Class V (Accumulating Non Hedged)^^ 359,012 304,868 1,000 1,000 – US Dollar Class V (Distributing Non Hedged) – – – – – US Dollar Class X (Accumulating Non Hedged) 2,312,638 8,457,202 796,000 796,000 796,000 US Dollar Class Z (Accumulating Non Hedged) – – – – –

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020. ^^ US Dollar Class V (Accumulating Non Hedged) Value Partners Greater China High Yield Bond Fund were issued on 15 May 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 40 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Global Value Partners Value Partners Value Partners Global Emerging Emerging Value Partners Asian High Yield Classic Equity Health Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Care Fund Fund* Fund** Equity Fund Bond Fund 31 December 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 2020

Net Asset Value Per Share Australian Dollar Class A (Distributing Hedged) –––––AUD99.03 Euro Class A (Accumulating Hedged) EUR20.68 – – – – – Euro Class V (Accumulating Hedged) – – – – – – Hong Kong Dollar Class A (Accumulating Non Hedged)^ – HKD17.82 – – – – Hong Kong Dollar Class A (Distributing Non Hedged) – – – – – HKD98.69 Hong Kong Dollar Class A (MDIS Non Hedged)^^ – ––––– Japanese Yen Class X (Accumulating Non Hedged)^^^ – JPY1,052.32 – – – – Renminbi Class A (Accumulating Hedged)^^^^ – ––––– Singapore Dollar Class A (Accumulating Hedged)^^^^ – ––––– Singapore Dollar A Class (Accumulating Non Hedged) – SGD12.97 – – – – Singapore Dollar Class V (Accumulating Hedged) – – – – SGD15.11 – Singapore Dollar Class V (Distributing Hedged) – – – – SGD15.11 – Sterling Pounds Class A (Accumulating Hedged) GBP21.41 ––––– Sterling Pounds Class A (Accumulating Non Hedged) – ––––– Sterling Pounds Class V (Accumulating Hedged) – – – – GBP14.71 – Sterling Pounds Class V (Distributing Hedged) – – – – GBP14.71 –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. ^ Hong Kong Dollar Class A (Accumulating Non Hedged) of Value Partners Greater China High Yield Bond Sub-Fund were issued on 17 January 2020. ^^ Hong Kong Dollar Class A (MDIS Non Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 17 January 2020. ^^^ Japanese Yen Class X (Accumulating Non Hedged) of Value Partners Health Care Fund were issued on 24 November 2020. ^^^^ Renminbi Class A (Accumulating Hedged) and Singapore Dollar Class A (Accumulating Hedged) of Value Partners China A Shares Consumption Fund were issued on 13 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 41 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners China A Shares China A Shares Value Partners All Greater China High China A Shares High Dividend Consumption China Equity Fund Yield Bond Fund Equity Fund*** Fund*** Fund**** 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 Net Asset Value Per Share Australian Dollar Class A (Distributing Hedged) – – – – – Euro Class A (Accumulating Hedged) – – – – – Euro Class V (Accumulating Hedged) – – EUR11.40 EUR11.13 – Hong Kong Dollar Class A (Accumulating Non Hedged)^ – HKD10.90 – – HKD10.97 Hong Kong Dollar Class A (Distributing Non Hedged) – – – – Hong Kong Dollar Class A (MDIS Non Hedged)^^ – HKD10.01 – – – Japanese Yen Class X (Accumulating Non Hedged)^^^ – – – – – Renminbi Class A (Accumulating Hedged)^^^^ – – – – CNH11.00 Singapore Dollar Class A (Accumulating Hedged)^^^^ – – – – SGD10.96 Singapore Dollar A Class (Accumulating Non Hedged) – – – – – Singapore Dollar Class V (Accumulating Hedged) – – – – – Singapore Dollar Class V (Distributing Hedged) – – – – – Sterling Pounds Class A (Accumulating Hedged) – – – – – Sterling Pounds Class A (Accumulating Non Hedged) – – – – – Sterling Pounds Class V (Accumulating Hedged) – – GBP11.41 GBP11.14 – Sterling Pounds Class V (Distributing Hedged) – – – – –

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020. ^ Hong Kong Dollar Class A (Accumulating Non Hedged) of Value Partners Greater China High Yield Bond Sub-Fund were issued on 17 January 2020. ^^ Hong Kong Dollar Class A (MDIS Non Hedged) of Value Partners Greater China High Yield Bond Fund were issued on 17 January 2020. ^^^ Japanese Yen Class X (Accumulating Non Hedged) of Value Partners Health Care Fund were issued on 24 November 2020. ^^^^ Renminbi Class A (Accumulating Hedged) and Singapore Dollar Class A (Accumulating Hedged) of Value Partners China A Shares Consumption Fund were issued on 13 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 42 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Global Value Partners Value Partners Global Emerging Emerging Value Partners Asian High Yield Classic Equity Value Partners Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Health Care Fund Fund* Fund** Equity Fund Bond Fund 31 December 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020 2020

Net Asset Value Per Share Swiss Franc Class A (Accumulating Hedged) CHF20.22 – – – – – Swiss Franc Class V (Accumulating Hedged) –––––– US Dollar Class A (Accumulating Non Hedged) USD15.32 USD18.23 – – – USD106.15 US Dollar Class A (Distributing Non Hedged) – – – – – USD99.63 US Dollar Class A (MDIS Non Hedged) – ––––– US Dollar Class V (Accumulating Non Hedged)^^ USD27.29 – – – USD15.50 – US Dollar Class V (Distributing Non Hedged) – – – – USD15.50 – US Dollar Class X (Accumulating Non Hedged) – – – – USD15.59 – US Dollar Class Z (Accumulating Non Hedged) USD22.48 –––––

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. ^^ US Dollar Class V (Accumulating Non Hedged) Value Partners Greater China High Yield Bond Fund were issued on 15 May 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 43 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF FINANCIAL POSITION (AUDITED) (Continued) As at 31 December 2020

Value Partners Value Partners Value Partners Value Partners China A Shares China A Shares Value Partners All Greater China High China A Shares High Dividend Consumption China Equity Fund Yield Bond Fund Equity Fund*** Fund*** Fund**** 31 December 31 December 31 December 31 December 31 December 2020 2020 2020 2020 2020

Net Asset Value Per Share Swiss Franc Class A (Accumulating Hedged) –––– – Swiss Franc Class V (Accumulating Hedged) – – CHF11.40 CHF11.13 – US Dollar Class A (Accumulating Non Hedged) – USD11.32 – – USD10.97 US Dollar Class A (Distributing Non Hedged) – – – – – US Dollar Class A (MDIS Non Hedged) – USD10.40 – – – US Dollar Class V (Accumulating Non Hedged)^^ USD14.87 USD11.38 USD11.44 USD11.18 – US Dollar Class V (Distributing Non Hedged) – – – – – US Dollar Class X (Accumulating Non Hedged) USD14.92 USD11.50 USD11.45 USD11.18 USD10.99 US Dollar Class Z (Accumulating Non Hedged) – – – – –

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020. ^^ US Dollar Class V (Accumulating Non Hedged) Value Partners Greater China High Yield Bond Fund were issued on 15 May 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 44 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Value Value Partners Value Value Partners Value Value Value Partners Asian High Value Partners Partners China A Partners Partners Partners Value Asia Yield Fixed Partners Greater China A Shares China A Asian Classic Partners ex-Japan Maturity All China China High Shares High Shares Dynamic Equity Health Equity Bond Equity Yield Bond Equity Dividend Consumption Bond Fund Care Fund Fund Fund Fund Fund Fund Fund Fund Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 Notes USD USD USD USD USD USD USD USD USD USD Investment Income: Interest Income 806 3,244 125 110,873 127 62,601 74 88 274 145 Dividend Income 1,998,224 2,470,650 255,425 – 225,010 – 52,692 55,373 41,989 – Other Income 9 3,120 322 37,811 842 12,533 13,648 – 39 145 – Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss 3 24,475,864 29,363,007 391,345 170,409 (397,404) (3,356) 423,136 (512,137) (429,650) (318,680)

Total Investment Gains/(Losses) 26,478,014 31,837,223 684,706 282,124 (159,734) 72,893 475,902 (456,637) (387,242) (318,535)

Expenses: Performance Fees 8 (318,923) (1,181,544) – – – – – – – – Investment Manager Fees 8 (436,205) (445,158) (31,070) (152,637) (7,147) (173,778) (61) (57) (322) (3,268) Administration Fees 8 (77,892) (160,124) (28,140) (30,697) (44,955) (80,544) (24,706) (24,406) (24,139) (3,894) Depositary Fees 8 (18,912) (44,365) (4,769) (5,724) (6,192) (26,858) (1,439) (1,349) (1,281) (392) Transfer Agent Fees 8 (7,068) (10,758) (5,532) (4,830) (4,830) (6,490) (4,800) (4,800) (4,800) (614) Directors Fees 8 (4,334) (3,696) (543) (652) (722) (1,950) (146) (141) (132) – Legal and Professional Fees (81,408) (67,757) (21,800) (2,949) (5,639) (20,022) (2,312) (2,228) (3,211) (1,045) Audit Fees 8 (9,595) (9,590) (9,595) (9,595) (9,595) (9,595) (7,333) (7,333) (7,333) (2,615) Safe Custody and Bank Charges (40,674) (22,850) (11,700) (2,240) (5,247) (14,721) (5,087) (3,516) (2,919) – Transaction cost 8 (734,703) (384,755) (100,763) – (58,050) (2,722) (25,656) (15,111) (14,281) – Other Expenses 8 (24,306) (66,000) (11,211) (12,001) (7,378) (7,719) (8,068) (7,645) (8,302) (1,104)

Total Operating Expenses (1,754,020) (2,396,597) (225,123) (221,325) (149,755) (344,399) (79,608) (66,586) (66,720) (12,932)

Withholding Taxes (66,298) (194,595) (25,409) – (11,154) – (5,269) (5,537) (4,199) – Distributions to Redeemable Participating Shareholders 10 – (22,394) – (847,908) – (691,262) – – – –

Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders Resulting from Operations 24,657,696 29,223,637 434,174 (787,109) (320,643) (962,768) 391,025 (528,760) (458,161) (331,467)

* Commenced operations on 3 June 2021.

There are no recognised gains or losses in the period other than that dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 45 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Global Global Asian High Value Partners Value Partners Emerging Emerging Value Partners Yield Fixed Classic Equity Health Market Bond Market Equity Asia ex-Japan Maturity Bond Fund Care Fund Fund* Fund** Equity Fund Fund 30 June 30 June 30 June 30 June 30 June 30 June 2020 2020 2020 2020 2020 2020 Notes USD USD USD USD USD USD

Investment Income: Interest Income 9,286 4,420 14,247 220 79 260 Dividend Income 1,075,195 325,846 18,539 93,617 133,557 – Other Income 9 61,051 5,109 10,370 3,687 1,919 3,549 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss 3 2,211,036 8,355,348 (9,148,920) (3,418,146) (371,155) (182,201)

Total Investment gains/(losses) 3,356,568 8,690,723 (9,105,764) (3,320,622) (235,600) (178,392)

Expenses: Performance Fees 8 (24,257) (1,408,941) –––– Investment Manager Fees 8 (406,958) (293,504) (4,949) (13,258) (3,738) (156,849) Administration Fees 8 (63,078) (33,979) (25,884) (20,571) (18,322) (38,301) Depositary Fees 8 (14,954) (5,872) (4,700) (1,591) (1,534) (5,882) Transfer Agent Fees 8 (4,095) (5,613) (3,086) (4,000) (3,311) (3,405) Directors Fees 8 (1,190) (1,190) (750) (1,395) (1,190) (1,190) Legal and Professional Fees (28,777) (24,187) (43,520) (42,453) (27,452) (516) Audit Fee (9,133) (9,133) (414) (18,462) (9,134) (14,130) Safe Custody and Bank Charges (27,318) (7,745) (10,125) (5,951) (3,555) (2,382) Transaction Cost 8 (730,036) (208,233) – (75,990) (18,804) – Termination Fees – – (49,436) (11,125) – – Other Expenses 8 (22,440) (12,040) (59,981) (34,636) (12,894) (36,827)

Total Operating Expenses (1,332,236) (2,010,437) (202,845) (229,432) (99,934) (259,482)

– Withholding Taxes (83,041) (27,007) – (9,231) (13,444) – Distributions to Redeemable Participating Shareholders 10 –––––(862,625)

Increase/(decrease) in Net Assets Attributable to Redeemable Participating Shareholders Resulting from Operations 1,941,291 6,653,279 (9,308,609) (3,559,285) (348,978) (1,300,499)

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. There are no recognised gains or losses in the period other than that dealt with in the Statement of Comprehensive Income. The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 46 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares All China High Yield China A Shares High Dividend Consumption Equity Fund Bond Fund (TXLW\)XQG௘ )XQG௘ )XQG௘ 30 June 30 June 31 December 31 December 31 December 2020 2020 2020 2020 2020 Notes USD USD USD USD USD Investment Income: Interest Income 2,283 23,666 118 104 136 Dividend Income 331,258 95,273 5,012 16,557 – Other Income 9 2,594 – – – – Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 3 (759,411) 1,841,462 1,214,699 987,000 830,630

Total Investment Gains/(Losses) (423,276) 1,960,401 1,219,829 1,003,661 830,766

Expenses: Performance Fees 8 –– – – – Investment Manager Fees 8 (5,072) (59,960) (21) (22) (76) Administration Fees 8 (24,046) (67,494) (7,970) (7,947) (4,958) Depositary Fees 8 (4,228) (17,039) (516) (509) (308) Transfer Agent Fees 8 (3,401) (4,338) (1,618) (1,618) (1,006) Directors Fees 8 (1,190) (1,210) (850) (816) – Legal and Professional Fees (1,437) (498) (8,930) (8,930) (7,099) Audit Fee (23,270) (68,976) (14,432) (14,432) (14,569) Safe Custody and Bank Charges (4,629) (14,993) (2,799) (1,496) (709) Transaction cost 8 (52,612) (20,576) (15,241) (12,602) (7,720) Other Expenses 8 (16,164) (16,676) (7,425) (6,693) (5,363)

Total Operating Expenses (136,049) (271,760) (59,802) (55,065) (41,808)

Withholding Taxes (22,787) – (501) (1,656) – Distributions to Redeemable Participating Shareholders 10 – (295,195) – – –

Increase/(decrease) in Net Assets Attributable to Redeemable Participating Shareholders Resulting from Operations (582,112) 1,393,446 1,159,526 946,940 788,958

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

There are no recognised gains or losses in the period other than that dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 47 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Value Value Value Value Value Value Partners Partners Partners Partners Partners Partners Value Partners Value Asia Asian High Value Greater China A China A China A Partners Classic Partners ex-Japan Yield Fixed Partners All China High Shares Shares High Shares Asian Equity Health Equity Maturity China Equity Yield Bond Equity Dividend Consumption Dynamic Fund Care Fund Fund Bond Fund Fund Fund Fund Fund Fund Bond Fund* 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 USD USD USD USD USD USD USD USD USD USD

Net Assets Attributable to Redeemable Participating Shareholders as at the Beginning of the Financial Period 285,108,598 144,507,744 15,611,226 38,702,690 39,850,804 122,301,021 9,159,387 8,946,803 8,788,974 – Proceeds from Redeemable Participating Shares Issued 1,131,411 299,523,118 34,221,012 – 363,800 35,556,434 – – – 17,205,005 Payments for Redeemable Participating Shares Redeemed (31,884,433) (32,437,501) (18,412,414) (198,880) – (45,332,337) – – – – Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders Resulting From Operations 24,657,696 29,223,637 434,174 (787,109) (320,643) (962,768) 391,025 (528,760) (458,161) (331,467)

Net Assets Attributable to Redeemable Participating Shareholders as at the End of the Financial Period 279,013,272 440,816,998 31,853,998 37,716,701 39,893,961 111,562,350 9,550,412 8,418,043 8,330,813 16,873,538

* Commenced operations on 3 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 48 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asia Asian High Yield Classic Health Market Bond Market Equity ex-Japan Equity Fixed Maturity Equity Fund Care Fund Fund* Fund** Fund Bond Fund 30 June 30 June 30 June 30 June 30 June 30 June 2020 2020 2020 2020 2020 2020 USD USD USD USD USD USD

Net Assets Attributable to Redeemable Participating Shareholders as at the Beginning of the Financial Period 216,003,544 31,888,044 65,212,446 18,494,850 11,355,719 42,630,430 Proceeds from Redeemable Participating Shares Issued 2,970,230 22,395,565 11,945,632 – – – Payments for Redeemable Participating Shares Redeemed (26,250,243) (17,995,295) (67,849,469) (14,935,565) – (3,403,915) Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders from Operations 1,941,291 6,653,279 (9,308,609) (3,559,285) (348,978) (1,300,499)

Net Assets Attributable to Redeemable Participating Shareholders as at the End of the Financial Period 194,664,822 42,941,593 – – 11,006,741 37,926,016

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 49 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares All China Equity High Yield Bond China A Shares High Dividend Consumption Fund Fund (TXLW\)XQG௘ )XQG௘ )XQG௘ 30 June 30 June 31 December 31 December 31 December 2020 2020 2020 2020 2020 USD USD USD USD USD

Net Assets Attributable to Redeemable Participating Shareholders as at the Beginning of the Financial Period 31,258,420 51,188,596 – – – Proceeds from Redeemable Participating Shares Issued 1,848,407 111,992,056 7,999,861 7,999,863 8,000,016 Payments for Redeemable Participating Shares Redeemed (3,070,041) (39,340,581) – – – Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders from Operations (582,112) 1,393,446 1,159,526 946,940 788,958

Net Assets Attributable to Redeemable Participating Shareholders as at the End of the Financial Period 29,454,674 125,233,517 9,159,387 8,946,803 8,788,974

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 50 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Partners Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity Health Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Care Fund Fund* Fund** Equity Fund Bond Fund 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 USD USD USD USD USD USD

Cash flows from operating activities Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders Provided by/ (Used in) Operations 24,657,696 29,223,637 – – 434,174 (787,109)

Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash Provided by/(Used in) Operating Activities: Decrease/(Increase) in Financial Assets at Fair Value through Profit or Loss 7,513,285 (251,879,613) – – (15,800,015) 2,108,712 (Increase)/Decrease in Dividend Receivable (34,217) (789,118) – 1,090 (31,525) – (Increase)/Decrease in Interest Receivable –––––(110,500) Decrease in Due from Brokers 609,665 – – – 399,699 – Increase in Financial Liabilities at Fair Value Through Profit or Loss 20,673 – – – 18,303 13,389 Decrease in Due to Brokers (5,594,089) (614,760) – – (211,755) 33,029 (Decrease)/Increase in Investment Manager Fees Payable (22,754) 9,825 – (41) 4,987 (1,182) Decrease in Performance Fees Payable (1,231,354) (1,672,176) – – – –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 51 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity Value Partners Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Health Care Fund Fund* Fund** Equity Fund Bond Fund 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 USD USD USD USD USD USD

Cash flows from operating activities (continued) Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash Provided by/(Used in) Operating Activities (continued): Increase/(Decrease) in Administrator Fees Payable 1,150 68,287 – (1,299) 3,834 1,128 Increase/(Decrease) in Depositary Fees Payable 520 20,123 – (5) 1,442 (25) Decrease in Transfer Agency Fees Payable (33) (33) – – (33) (33) Increase/(Decrease) in Other Fees Payable 34,551 11,785 (24,111) (20,772) (11,851) 380 Increase/(Decrease) in Dividend Tax Payable 2,797 48,623 – (272) 4,003 – Decrease in Distributions Payable –––––(991) Decrease in Audit Fees Payable (10,859) (10,858) – (20,071) (10,858) (10,858) Decrease in Termination Fees Payable – – (42,204) (4,296) – – (Increase)/Decrease in Other Assets (1,952) (2,705) 1,250 2,561 (39,320) (3,483)

Net cash generated provided by/(used in) operating activities 25,945,079 (225,586,983) (65,065) (43,105) (15,238,915) 1,242,457

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 52 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity Value Partners Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Health Care Fund Fund* Fund** Equity Fund Bond Fund 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 USD USD USD USD USD USD

Cash flows from Financing activities Proceeds from Redeemable Participating Shares Issued 1,272,866 289,154,850 – – 34,250,348 – Payments for Redeemable Participating Shares Redeemed (31,884,433) (44,467,513) – – (18,321,372) (198,880)

Cash flows (Used in)/Provided by Financing Activities (30,611,567) 244,687,337 – – 15,928,976 (198,880)

Net (Decrease)/Increase in Cash and Cash Equivalents (4,666,488) 19,100,354 (65,065) (43,105) 690,061 1,043,577

Cash and Cash Equivalents at the Beginning of the Financial Period 14,536,095 32,524,063 65,065 43,105 546,264 1,005,077

Cash and Cash Equivalents at the End of the Financial Period 9,869,607 51,624,417 – – 1,236,325 2,048,654

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 53 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Partners Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares Value Partners All China Equity High Yield Bond China A Shares High Dividend Consumption Asian Dynamic Fund Fund Equity Fund Fund Fund Bond Fund* 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 USD USD USD USD USD USD

Cash flows from operating activities (Decrease)/Increase in Net Assets Attributable to Redeemable Participating Shareholders (Used in)/ Provided by Operations (320,643) (962,768) 391,025 (528,760) (458,161) (331,467) Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash (Used in)/Provided by Operating Activities: Decrease/(Increase) in Financial Assets at Fair Value Through Profit or Loss 186,749 12,791,747 (152,232) 933,247 1,504,597 (9,958,479) Increase in Dividend Receivable (87,949) – – – – – Increase in Interest Receivable – (46,875) – – – – (Increase)/Decrease in Due from Brokers (388,159) (22,201,823) 679 651 180 (4,832,395) (Increase)/Decrease in Preliminary Expenses Receivable (1,259) 8,135 6,060 6,060 8,555 (8,359) Increase in Financial Liabilities at Fair Value Through Profit or Loss – 22,074 225 191 – 63,385 Increase/(Decrease) in Due to Brokers 263,660 27,126,075 (83,270) 701 – 6,344,910 Increase in Investment Manager Fees Payable 48 375 21 15 104 3,268

* Commenced operations on 3 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 54 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Partners Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares Value Partners All China Equity High Yield Bond China A Shares High Dividend Consumption Asian Dynamic Fund Fund Equity Fund Fund Fund Bond Fund* 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 USD USD USD USD USD USD

Cash flows from operating activities (continued) Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash Provided by/(Used in) Operating Activities (continued): (Decrease)/Increase in Administrator Fees Payable (3,793) 5,222 6,117 5,921 6,665 1,695 Decrease in Depositary Fees Payable 191 274 197 137 316 392 (Decrease)/Increase in Transfer Agency Fees Payable (33) (34) 633 633 633 614 (Increase)/Decrease in Other Fees Payable (9,439) 2,874 (4,638) 2,003 3,643 2,433 Increase in Dividend Tax Payable 728 – – – – – Decrease in Distributions Payable – (7,317) – – – – (Decrease)/Increase in Audit Fees Payable (10,858) (10,858) (8,008) (8,008) (8,008) 2,578 (Increase)/Decrease in Other Assets (12,514) 64 – (6,669) (43,050) –

Net cash generated (used in)/provided by operating activities (383,271) 16,727,165 156,809 406,122 1,015,474 (8,711,425)

* Commenced operations on 3 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 55 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021

Value Partners Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares Value Partners All China Equity High Yield Bond China A Shares High Dividend Consumption Asian Dynamic Fund Fund Equity Fund Fund Fund Bond Fund* 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 30 June 2021 USD USD USD USD USD USD

Cash flows from Financing activities (continued) Proceeds from Redeemable Participating Shares Issued 363,800 11,556,434 – – – 17,205,005 Payments for Redeemable Participating Shares Redeemed – (11,332,337) – – – –

Cash flows (used in)/provided by financing activities 363,800 224,097 – – – 17,205,005

Net Increase/(Decrease) in Cash and Cash Equivalents (19,471) 16,951,262 156,809 406,122 1,015,474 8,493,580

Cash and Cash Equivalents at the Beginning of the Financial Period 1,755,922 6,860,373 388,260 83,716 558,073 –

Cash and Cash Equivalents at the end of the financial period 1,736,451 23,811,635 545,069 489,838 1,573,547 8,493,580

* Commenced operations on 3 June 2021.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 56 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Equity Value Partners Market Bond Market Equity Asia ex-Japan Fixed Maturity Fund Health Care Fund Fund* Fund** Equity Fund Bond Fund 30 June 2020 30 June 2020 30 June 2020 30 June 2020 30 June 2020 30 June 2020 USD USD USD USD USD USD

Cash flows from operating activities Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders Provided by/ (Used in) Operations 1,941,291 6,653,279 (9,308,609) (3,559,285) (348,978) (1,300,499)

Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash (Used in)/Provided by Operating Activities: Decrease/(Increase) in Financial Assets at Fair value through profit or loss 27,065,467 (7,954,809) 63,305,296 18,140,075 781,854 6,177,136 (Increase)/Decrease in Dividend Receivable (58,435) (78,246) – 23,123 (30,088) – Increase in Interest Receivable – – – – – (110,500) (Increase)/Decrease in Due from Brokers (5,419,153) (233,927) 141,541 181,751 114,347 (75,534) Decrease in Preliminary Expenses Receivable – – 5,384 14,479 116 4,651 Increase in Financial Liabilities at Fair Value Through Profit or Loss 88,130 – – – 20,627 13,288 (Decrease)/Increase in Due to Brokers (2,057,503) 3,761,991 – (346,470) (210,403) 508,008 (Decrease)/Increase in Investment Manager Fees Payable (3,567) 21,309 (2,465) (3,739) (38) (3,955) (Decrease)/Increase in Performance Fees Payable (490,230) 472,343 – – – –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 57 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Asia Asian High Yield Classic Health Market Bond Market Equity ex-Japan Equity Fixed Maturity Equity Fund Care Fund Fund* Fund** Fund Bond Fund 30 June 2020 30 June 2020 30 June 2020 30 June 2020 30 June 2020 30 June 2020 USD USD USD USD USD USD

Cash flows from operating activities (continued) Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash (Used in)/Provided by Operating Activities(continued): Increase in Administrator Fees Payable 2,733 5,052 (17,236) (5,192) 3,356 2,293 (Decrease)/Increase in Depositary Fees Payable (222) 451 (5,521) (988) (58) (542) Decrease in Transfer Agency Fees Payable (689) (689) (1,333) – (689) (689) Increase in Other Fees Payable 1,336 7,317 27,595 34,653 12,631 11,998 Increase/(Decrease) in Dividend Tax Payable 2,176 6,783 – (2,562) 2,863 – Decrease in Distributions Payable – – (19,070) – – (13,750) (Decrease)/Increase in Audit Fees Payable (9,065) (9,065) (18,012) 324 (9,065) (9,064) Increase in Termination Fees Payable – – 45,580 10,469 – – Increase in Other Assets and Prepaid Expenses (2,010) – – – (2,010) –

Net cash generated from/(used in) operating activities 21,060,259 2,651,789 54,153,150 14,486,638 334,465 5,202,841

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 58 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Value Partners Value Partners Value Partners Global Emerging Global Emerging Value Partners Asian High Yield Classic Health Market Bond Market Equity Asia ex-Japan Fixed Maturity Equity Fund Care Fund )XQG௘ )XQG௘ Equity Fund Bond Fund 30 June 2020 30 June 2020 30 June 2020 30 June 2020 30 June 2020 30 June 2020 USD USD USD USD USD USD

Cash flows from Financing activities (continued) Proceeds from Redeemable Participating Shares Issued 2,970,230 21,434,557 11,945,632 – – – Payments for Redeemable Participating Shares Redeemed (26,250,243) (17,990,863) (67,849,469) (14,935,565) – (4,406,115)

Cash flows (used in)/generated from financing activities (23,280,013) 3,443,694 (55,903,837) (14,935,565) – (4,406,115)

Net (Decrease)/Increase in Cash and Cash Equivalents (2,219,754) 6,095,483 (1,750,687) (448,927) 334,465 796,726

Cash and Cash Equivalents at the Beginning of the Financial Period 10,344,336 1,107,384 1,847,224 506,879 135,332 290,030

Cash and Cash Equivalents at the end of the financial period 8,124,582 7,202,867 96,537 57,952 469,797 1,086,756

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 59 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Greater Value Partners Value Partners Value Partners Value Partners All China High Yield China A Shares China A Shares China A Shares China Equity Fund Bond Fund (TXLW\)XQG௘ +LJK'LYLGHQG)XQG௘ &RQVXPSWLRQ)XQG௘ 30 June 2020 30 June 2020 31 December 2020 31 December 2020 31 December 2020 USD USD USD USD USD

Cash flows from operating activities Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders Provided by/(Used in) from Operations (582,112) 1,393,446 1,159,526 946,940 788,958

Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash (Used in)/Provided by Operating Activities:

Decrease/(Increase) in Financial Assets at Fair Value Through Profit or Loss 2,555,732 (70,168,321) (9,092,616) (8,871,801) (8,232,801) (Increase)/Decrease in Dividend Receivable (97,545) (94,844) – – – Increase in Interest Receivable – (40) – – – (Increase)/Decrease in Due from Brokers (833,453) (6,260,851) (679) (651) (180) Decrease /(Increase) in Preliminary Expenses Receivable 7,448 (14,800) (18,218) (18,218) (21,924) Increase in Financial Liabilities at Fair Value Through Profit or Loss – – – – – (Decrease)/Increase in Due to Brokers 353,898 6,954,285 312,772 – 180 (Decrease)/Increase in Investment Manager Fees Payable (210) 25,407 9 11 52 (Decrease)/Increase in Performance Fees Payable – – – – –

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 60 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Greater Value Partners Value Partners Value Partners Value Partners All China High Yield China A Shares China A Shares China A Shares China Equity Fund Bond Fund (TXLW\)XQG௘ +LJK'LYLGHQG)XQG௘ &RQVXPSWLRQ)XQG௘ 30 June 2020 30 June 2020 31 December 2020 31 December 2020 31 December 2020 USD USD USD USD USD

Cash flows from operating activities (continued) Adjustments to Reconcile Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Shareholders to Net Cash (Used in)/Provided by Operating Activities (continued): Increase/(Decrease) in Administrator Fees Payable 1,118 25,579 5,703 5,679 3,501 (Decrease)/Increase in Depositary Fees Payable 18 6,983 516 509 308 (Decrease)/Increase in Transfer Agency Fees Payable (689) 1,408 1,618 1,618 1,006 Increase/(Decrease) in Other Fees Payable 12,520 19,158 4,960 4,958 4,149 Increase/(Decrease) in Dividend Tax Payable 6,394 – – – – (Increase)/Decrease in Distributions Payable – 134,481 – – – (Decrease)/Increase in Audit Fees Payable 157 48,226 14,808 14,808 14,808 Increase in Termination Fees Payable – – – – – Increase in Other Assets and Prepaid Expenses – – – – –

Net cash generated from/(used in) operating activities 1,423,276 (67,929,883) (7,611,601) (7,916,147) (7,441,943)

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 61 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

Value Partners Value Partners Greater China Value Partners Value Partners Greater China Value Partners All High Yield Bond China A Shares All China A Shares A Shares China Equity Fund Fund (TXLW\)XQG௘ +LJK'LYLGHQG)XQG௘ &RQVXPSWLRQ)XQG௘ 30 June 2020 30 June 2020 31 December 2020 31 December 2020 31 December 2020 USD USD USD USD USD

Cash flows from Financing activities (continued) Proceeds from Redeemable Participating Shares Issued 1,848,407 111,992,056 7,999,861 7,999,863 8,000,016 Payments for Redeemable Participating Shares Redeemed (3,070,041) (39,340,581) – – –

Cash flows (used in)/generated from financing activities (1,221,634) 72,651,475 7,999,861 7,999,863 8,000,016

Net (Decrease)/Increase in Cash and Cash Equivalents 201,642 4,721,592 388,260 83,716 558,073

Cash and Cash Equivalents at the beginning of the financial period 831,851 997,445 – – –

Cash and Cash Equivalents at the end of the financial period 1,033,493 5,719,037 388,260 83,716 558,073

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

The accompanying notes form an integral part of the financial statements.

SEMI-ANNUAL REPORT 2021 62 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

These unaudited financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”) and interpretations adopted by the International Accounting Standards Board (“IASB”) and the provisions of the Companies Act 2014 and applied in accordance with the ICAV Act 2015, European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”), (together “the UCITS Regulations”).

The unaudited financial statements are measured and presented in the currency of the primary economic environment that the ICAV operates which is US Dollar (“USD”). The ICAV has opted to prepare condensed interim financial statements as set out in ‘IAS 34’ Interim Financial Reporting. These unaudited financial statements should be read in conjunction with the prior year audited financial statements. These unaudited financial statements are prepared on a fair value basis for the financial assets and financial liabilities through profit and loss.

On 22 August 2020, the Hong Kong Securities and Futures Commissions (“HKSFC”) authorised Hong Kong registration of the Fund Value Partners Health Care Fund. On 11 May 2021, the Hong Kong Securities and Futures Commissions (“HKSFC”) authorised Hong Kong registration of the Fund Value Partners China A Shares Consumption Fund. Apart from Value Partners Health Care Fund and Value Partners China A Shares Consumption Fund, other Sub-Funds are not registered with the HKSFC and consequently are not available to Hong Kong investors.

The financial statements are prepared on a going concern basis and under the historical cost convention, as modified by financial assets and financial liabilities through profit and loss.

The presentation of unaudited financial statements in conformity with IFRS as adopted by the EU requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The Board of Directors voluntarily complies with the Corporate Governance Code for Collective Investment Schemes and Management Companies as published by Irish Funds (the “IF Code”) in December 2011, as the ICAV’s corporate governance code. The Board of Directors has assessed the measures included in the IF Code as being consistent with its corporate governance practices and procedures for the financial period.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 63 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

1. SIGNIFICANT ACCOUNTING POLICIES (Continued)

IAS 34 requires the presentation of comparative information comprising the Statement of Financial Position, as at prior year end, and the Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders and Statement of Cash Flows for the prior corresponding period.

The accounting policies used in the preparation of these unaudited financial statements are consistent with those used in the ICAV’s most recent annual financial statements for the year ended 31 December 2020. There have been no changes to the ICAV’s accounting policies except as describe below, since the date of the ICAV’s last annual financial statements, for the year ended 31 December 2020. The format of these unaudited financial statements differs in some respects from that of the most recent annual financial statements, in that the notes to the unaudited financial statements are presented in summary form.

The ICAV’s Funds are considered to be one operating segment and therefore IFRS 8 ‘Operating Segments’ has not been adopted in the unaudited financial statements. New standards, amendments and interpretations to existing standards which are effective for the current period Amendments to Sale or contribution of assets between an investor and its associate or – Amendments to IFRS 10 and IAS 28

The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations).

Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively. In December 2015 the IASB decided to defer the application date of this amendment until such time as the IASB has finalised its research project on the equity method. The application of the Amendment has not had a material impact on the financial statements of the ICAV.

SEMI-ANNUAL REPORT 2021 64 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS

The ICAV may use Financial Derivative Instruments (“FDIs”) for efficient portfolio management of its assets and for investment purposes. Efficient portfolio management means investment decisions involving transactions that are entered into for one or more of the following specific aims: the reduction of risk; the reduction of cost; or the generation of additional capital or income for the ICAV with an appropriate level of risk, taking into account the risk profile of the ICAV and the general provisions of the UCITS Regulations. The ICAV did not employ any techniques or instruments in this regard during the financial period.

Typically, derivative contracts serve as components of the Sub-Funds’ investment strategy and are utilised primarily to structure and economically hedge share classes to reduce risk to the Sub- Funds (the Funds do not designate any derivatives as hedges for hedge accounting purposes). The derivative contracts that the Sub-Funds hold are forward currency contracts, participatory notes and warrants.

1. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, at a price set at the time the contract is made. Forward currency contracts are valued by reference to a forward price at which a new forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward contracts is calculated as the difference between the contract rate and this forward price and the Sub-Fund recognises a realised gain or loss when the contract is closed. Unrealised gains or losses are taken to the Statement of Comprehensive Income.

2. Futures contracts are recorded on the trade date and are valued at the applicable last traded price on the last business day of the year. The difference between the original contract amount and the fair value of the open futures position is reflected as financial assets or financial liabilities at fair value through profit or loss in the statement of financial position and as net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income. Realised gains or losses are recognised on the closing or trade date of the contract and are included in income in net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 65 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

3. A warrant is a financial instrument which is usually issued along with a bond or preferred stock, entitling the holder to buy a specific amount of securities at a specific price, usually above the current market price at the time of issuance, for a specified or unspecified period. The listed warrants are traded on recognised exchanges and all warrants are valued at fair value. Realised and change in unrealised gains and losses are recorded in the Statement of Comprehensive Income.

4. Participatory Notes is a financial instrument which is usually issued by banks or broker- dealers that provide exposure to an underlying security on a 1 for 1 basis on the underlying security. Participation Notes can provide exposure to specific stocks, direct access to restricted markets or customised exposure to a country, region, sector, theme or basket. All Participatory Notes are valued at fair value. Realised and change in unrealised gains and losses are recorded in the Statement of Comprehensive Income.

As at 30 June 2021 and 31 December 2020, the Sub-Funds are subject to master netting arrangements with the counterparty to the forward contracts and futures. No financial assets or liabilities, subject to enforceable master netting arrangements or similar arrangements, are presented on a net basis in the Statement of Financial Position of the Sub-Funds as at 30 June 2021 and 31 December 2020. The gross amounts of unrealised gains and losses on forward contracts, by counterparty, are disclosed in the Schedule of Investments of the Sub-Funds. As at 30 June 2021 and 31 December 2020, the Sub-Funds do not have any material amounts of unrealised gains/losses on open forward contracts.

IFRS 7 requires an entity to disclose information about rights to off-set and related arrangements such as collateral posting requirements. The disclosure also applies to recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are set off in accordance with IAS 32. This addresses the potential effect of netting arrangements, including the right to offset associated with an entity’s recognised financial assets and financial liabilities.

SEMI-ANNUAL REPORT 2021 66 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements. Value Partners Classic Equity Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liability in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (22,271) – (22,271) – – (22,271)

(22,271) – (22,271) – – (22,271)

Value Partners Health Care Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 9 – 9––9

9 – 9––9

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 67 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners Asia ex-Japan Equity Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (18,315) – (18,315) – – (18,315)

(18,315) – (18,315) – – (18,315)

Value Partners Asian High Yield Fixed Maturity Bond Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (13,389) – (13,389) – – (13,389)

(13,389) – (13,389) – – (13,389)

SEMI-ANNUAL REPORT 2021 68 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners Greater China High Yield Bond Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 63 – 63 (63) – –

63 – 63 (63) – –

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (22,074) – (22,074) 63 – (22,011)

(22,074) – (22,074) 63 – (22,011)

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 69 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners China A Shares Equity Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (225) – (225) – – (225)

(225) – (225) – – (225)

Value Partners China A Shares High Dividend Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (191) – (191) – – (191)

(191) – (191) – – (191)

SEMI-ANNUAL REPORT 2021 70 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners China A Shares Consumption Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 32 – 32 – – 32

32 – 32 – – 32

Value Partners Asian Dynamic Bond Fund

30 June 2021

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives (63,385) – (63,385) – – (63,385)

(63,385) – (63,385) – – (63,385)

Value Partners All China Equity Fund does not have any financial instrument which have enforceable master netting agreement and similar agreements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 71 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners Classic Equity Fund

31 December 2020

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 96,209 – 96,209 (1,598) – 94,611

96,209 – 96,209 (1,598) – 94,611

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liability in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives 1,598 – 1,598 (1,598) – –

1,598 – 1,598 (1,598) – –

SEMI-ANNUAL REPORT 2021 72 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners Asia ex-Japan Equity Fund

31 December 2020

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liability in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives 36,602 – 36,602 (12) – 36,590

36,602 – 36,602 (12) – 36,590

Gross amount Net amount Gross amounts of Financial of Financial not offset Assets Liabilities in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Liabilities Liability Position Position Instruments posted Net amount USD USD USD USD USD USD

Derivatives 12 – 12 (12) – –

12 – 12 (12) – –

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 73 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners Asian High Yield Fixed Maturity Bond Fund

31 December 2020

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 30,195 – 30,195 – – 30,195

30,195 – 30,195 – – 30,195

Value Partners China A Shares Equity Fund

31 December 2020

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 304 – 304 – – 304

304 – 304 – – 304

SEMI-ANNUAL REPORT 2021 74 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

2. DERIVATIVE CONTRACTS (Continued)

The following table presents the Sub-Funds’ financial assets and liabilities subject to offsetting, enforceable master netting agreement and similar agreements (continued). Value Partners China A Shares High Dividend Fund

31 December 2020

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 310 – 310 – – 310

310 – 310 – – 310

Value Partners China A Shares Consumption Fund

31 December 2020

Gross amount Net amount Gross amounts of Financial of Financial not offset Liabilities Asset in the Statement of Gross amount offset in the presented in Financial Position of recognised Statement the Statement Cash Description of type of Financial of Financial of Financial Financial Collateral Financial Assets Asset Position Position Instruments received Net amount USD USD USD USD USD USD

Derivatives 131 – 131 – – 131

131 – 131 – – 131

Value Partners Health Care Fund, Value Partners All China Equity Fund and Value Partners Greater China High Yield Bond Fund did not have any financial instrument which have enforceable master netting agreement and similar agreements.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 75 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

As at 30 June 2021 and 31 December 2020, the financial assets at fair value through profit or loss of the Sub-Funds comprised of the following:

Value Partners Value Value Value Asian High Value Partners Partners Partners Asia Yield Fixed Partners All Classic Equity Health Care ex-Japan Maturity Bond China Equity 30 June 2021 Fund Fund Equity Fund Fund Fund USD USD USD USD USD

Financial assets – held for trading Equity Securities 264,450,074 370,711,475 29,493,871 – 38,805,810 Exchange Traded Funds – – 618,380 – – Participatory Notes 3,260,513 12,242,247 981,785 – – Fixed Coupon Notes – – – 35,819,100 – Investment in Related Parties 3,352,043 – – – – Forwards –9–––

Total assets 271,062,630 382,953,731 31,094,036 35,819,100 38,805,810

30 June 2021

Financial liabilities – held for trading Forwards (22,271) – (18,315) (13,389) –

(22,271) – (18,315) (13,389) –

SEMI-ANNUAL REPORT 2021 76 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

As at 30 June 2021 and 31 December 2020, the financial assets at fair value through profit or loss comprised of the following (continued):

Value Value Value Partners Partners Partners China A Value Partners China High China A Shares High China A Shares Value Partners Yield Bond Shares Equity Dividend Consumption Asian Dynamic 30 June 2021 Fund Fund Fund Fund Bond Fund* USD USD USD USD USD

Financial assets – held for trading Equity Securities – 8,556,420 7,902,595 6,680,548 – Participatory Notes – 688,428 35,959 47,624 – Fixed Coupon Notes 108,883,080 – – – 9,958,479 Investment in Related Parties – – – – – Forwards 63 – – 32 –

Total assets 108,883,143 9,244,848 7,938,554 6,728,204 9,958,479

30 June 2021

Financial liabilities – held for trading Forwards (22,074) (225) (191) – (63,385)

(22,074) (225) (191) – (63,385)

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 77 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

As at 30 June 2021 and 31 December 2020, the financial assets at fair value through profit or loss comprised of the following (continued):

Value Partners Value Partners Global Global Value Partners Value Partners Emerging Emerging Value Partners Classic Equity Health Care Market Bond Market Equity Asia ex-Japan 31 December 2020 Fund Fund Fund* Fund** Equity Fund USD USD USD USD USD

Financial assets – held for trading Equity Securities 269,345,394 127,874,586 – – 14,297,873 Warrants – – – – 368,923 Participatory Notes 5,761,926 3,199,532 – – 590,623 Investment in Related Parties 3,372,386 – – – – Forwards 96,209 – – – 36,602

Total assets 278,575,915 131,074,118 – – 15,294,021

31 December 2020

Financial liabilities – held for trading Forwards (1,598) – – – (12)

(1,598) – – – (12)

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

SEMI-ANNUAL REPORT 2021 78 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

As at 30 June 2021 and 31 December 2020, the financial assets at fair value through profit or loss comprised of the following (continued):

Value Partners Asian High Value Partners Value Value Value Partners Yield Fixed Value Partners Greater China Partners China Partners China China A Shares Maturity Bond All China High Yield A Shares A Shares High Consumption 31 December 2020 Fund Equity Fund Bond Fund Equity Fund*** Dividend Fund*** Fund**** USD USD USD USD USD USD

Financial assets – held for trading Equity Securities – 38,992,559 895,053 9,092,312 8,871,491 8,232,670 Fixed Coupon Notes 37,897,617 120,779,837 – – – Forwards 30,195 – – 304 310 131

Total assets 37,927,812 38,992,559 121,674,890 9,092,616 8,871,801 8,232,801

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 79 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

Value Partners Asian High Value Partners Value Partners Value Partners Yield Fixed Value Partners For the financial period ended Classic Equity Health Asia ex-Japan Maturity Bond All China 30 June 2021 Fund Care Fund Equity Fund Fund Equity Fund USD USD USD USD USD Net gains on financial assets and financial liabilities at fair value through profit or loss Realised gains/(losses) 37,917,166 1,301,592 2,150,472 (399,434) 2,881,383 Unrealised gains/losses (13,441,302) 28,061,415 (1,759,127) 569,843 (3,278,787)

Net gains/(losses) 24,475,864 29,363,007 391,345 170,409 (397,404)

Value Value Value Value Partners Partners Value Partners Partners China A China A Partners Greater China China A Shares High Shares Asian For the financial period ended High Yield Shares Equity Dividend Consumption Dynamic 30 June 2021 Bond Fund Fund Fund Fund Bond Fund* USD USD USD USD USD Net gains on financial assets and financial liabilities at fair value through profit or loss Realised (losses)/gains (4,752,998) 837,640 397,986 244,781 (5,676) Unrealised gains/losses 4,749,642 (414,504) (910,123) (674,431) (313,004)

Net (losses)/gains (3,356) 423,136 (512,137) (429,650) (318,680)

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 80 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

Value Partners Value Partners Global Global Value Partners Value Partners Emerging Emerging Value Partners For the financial period ended Classic Equity Health Care Market Bond Market Equity Asia ex-Japan 30 June 2020 Fund Fund Fund* Fund** Equity Fund USD USD USD USD USD Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss Realised (losses)/gains (1,077,270) 3,855,937 (14,678,673) (986,243) (38,713) Unrealised gains/losses 3,288,306 4,499,411 5,529,753 (2,431,903) (332,442)

Net gains/(losses) 2,211,036 8,355,348 (9,148,920) (3,418,146) (371,155)

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

Value Partners Value Partners Value Partners Value Partners Asian High Yield Value Partners Greater China Value Partners China A China A Shares Fixed Maturity All China Equity High Yield Bond China A Shares Shares High Consumption For the financial period ended 30 June 2020 Bond Fund Fund Fund (TXLW\)XQG௘ 'LYLGHQG)XQG௘ )XQG௘ USD USD USD USD USD USD Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss Realised (losses)/gains (609,520) (48,300) (1,041,610) 307,416 (33,220) 15,343 Unrealised (losses)/gains 427,319 (711,111) 2,883,072 907,283 1,020,220 815,287

Net (losses)/gains (182,201) (759,411) 1,841,462 1,214,699 987,000 830,630

*** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 81 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation

The ICAV classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors.

There were no investments priced using a cost approach as at 30 June 2021 (31 December 2020: Nil).

SEMI-ANNUAL REPORT 2021 82 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

Cash and cash equivalents include cash in hand and other short term deposits with original maturities of three months or less are categorised as Level 2. The carrying amount of these short- term financial assets approximate fair value because of their short-term nature and the high credit quality of counterparties.

All receivable and payable balances are categorised as Level 2. The carrying amount of these short-term financial assets approximate fair value because of their short-term nature and the high credit quality of counterparties.

Redeemable participating shares are redeemable at the shareholder’s options and are classified as financial liabilities. The Sub-Funds issue the redeemable shares at the amount equal to the proportionate share of net assets of the Sub-Funds at the time of the redemption, calculated on a basis consistent with that used in these financial statements. Accordingly, the carrying amount of net assets attributable to holders of redeemable shares approximates their fair value. The redeemable participating shares can be redeemed at any time for cash equal to a proportionate share of a particular Sub Fund’s net asset value. As such, Level 2 is deemed to be the most appropriate categorisation for net assets attributable to holders of redeemable shares.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 83 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 30 June 2021: Value Partners Classic Equity Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 264,450,074 – – 264,450,074 Investment in Related Funds – 3,352,043 – 3,352,043 Participatory Notes – 3,260,513 – 3,260,513

Total 264,450,074 6,612,556 – 271,062,630

Financial Liabilities at fair value through profit or loss Forwards – (22,271) – (22,271)

– (22,271) – (22,271)

Value Partners Health Care Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 370,711,475 – – 370,711,475 Participatory Notes – 12,242,247 – 12,242,247 Forwards 9 – 9

Total 370,711,475 12,242,256 – 382,953,731

SEMI-ANNUAL REPORT 2021 84 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Funds’ financial assets and liabilities measured at 30 June 2021 (continued): Value Partners Asia ex-Japan Fund

Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at fair value through profit or loss Equities 29,493,871 – – 29,493,871 Exchange Traded Funds – 618,380 – 618,380 Participatory Notes – 981,785 – 981,785

Total 29,493,871 1,600,165 – 31,094,036

Financial Liabilities at fair value through profit or loss Forwards – (18,315) – (18,315)

– (18,315) – (18,315)

Value Partners Asian High Yield Fixed Maturity Bond Fund

Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at fair value through profit or loss Fixed Coupon Notes – 35,819,100 – 35,819,100

Total – 35,819,100 – 35,819,100

Financial Liabilities at fair value through profit or loss Forwards – (13,389) – (13,389)

– (13,389) – (13,389)

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 85 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Funds’ financial assets and liabilities measured at 30 June 2021 (continued): Value Partners All China Equity Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 38,805,810 – – 38,805,810

Total 38,805,810 – – 38,805,810

Value Partners Greater China High Yield Bond Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Fixed Coupon Notes – 108,883,080 – 108,883,080 Forwards – 63 – 63

Total – 108,883,143 – 108,883,143

Financial Liabilities at fair value through profit or loss Forwards – (22,074) – (22,074)

Total – (22,074) – (22,074)

SEMI-ANNUAL REPORT 2021 86 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Funds’ financial assets and liabilities measured at 30 June 2021 (continued): Value Partners China A Shares Equity Fund

Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at fair value through profit or loss Equities 8,556,420 – – 8,556,420 Participatory Notes – 688,428 – 688,428

Total 8,556,420 688,428 – 9,244,848

Financial Liabilities at fair value through profit or loss Forwards – (225) – (225)

– (225) – (225)

Value Partners China A Shares High Dividend Fund

Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at fair value through profit or loss Equities 7,902,595 – – 7,902,595 Participatory Notes – 35,959 – 35,959

Total 7,902,595 35,959 – 7,938,554

Financial Liabilities at fair value through profit or loss Forwards – (191) – (191)

– (191) – (191)

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 87 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Funds’ financial assets and liabilities measured at 30 June 2021 (continued): Value Partners China A Shares Consumption Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 6,680,548 – – 6,680,548 Participatory Notes – 47,624 – 47,624 Forwards – 32 – 32

Total 6,680,548 47,656 – 6,728,204

Value Partners Asian Dynamic Bond Fund*

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Fixed Coupon Notes – 9,958,479 – 9,958,479

Total – 9,958,479 – 9,958,479

Financial Liabilities at fair value through profit or loss Forwards – (63,385) – (63,385)

Total – (63,385) – (63,385)

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 88 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 31 December 2020: Value Partners Classic Equity Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 269,345,394 – – 269,345,394 Investment in Related Funds – 3,372,386 – 3,372,386 Participatory Notes – 5,761,926 – 5,761,926 Forward Currency Contracts – 96,209 – 96,209

Total 269,345,394 9,230,521 – 278,575,915

Financial Liabilities at fair value through profit or loss Forwards – (1,598) – (1,598)

– (1,598) – (1,598)

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 89 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 31 December 2020 (continued): Value Partners Health Care Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 127,874,586 – – 127,874,586 Participatory Notes – 3,199,532 – 3,199,532

Total 127,874,586 3,199,532 – 131,074,118

The Value Partners Global Emerging Market Bond Fund was fully redeemed on 28 April 2020.

The Value Partners Global Emerging Market Equity Fund was fully redeemed on 23 June 2020.

SEMI-ANNUAL REPORT 2021 90 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 31 December 2020 (continued): Value Partners Asia ex-Japan Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 14,297,873 – – 14,297,873 Warrants – 368,923 – 368,923 Participatory Notes – 590,623 – 590,623 Forward Currency Contracts – 36,602 – 36,602

Total 14,297,873 996,148 – 15,294,021

Financial Liabilities at fair value through profit or loss Forwards – (12) – (12)

–(12)–(12)

Value Partners Asian High Yield Fixed Maturity Bond Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Fixed Coupon Notes – 37,897,617 – 37,897,617 Forwards – 30,195 – 30,195

Total – 37,927,812 – 37,927,812

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 91 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 31 December 2020 (continued): Value Partners All China Equity Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 38,992,559 – – 38,992,559

Total 38,992,559 – – 38,992,559

Value Partners Greater China High Yield Bond Fund

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 895,053 – – 895,053 Fixed Coupon Notes – 120,779,837 – 120,779,837

Total 895,053 120,779,837 – 121,674,890

SEMI-ANNUAL REPORT 2021 92 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 31 December 2020 (continued): Value Partners China A Shares Equity Fund*

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 9,092,312 – – 9,092,312 Forwards – 304 – 304

Total 9,092,312 304 – 9,092,616

Value Partners China A Shares High Dividend Fund*

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 8,871,491 – – 8,871,491 Forwards – 310 – 310

Total 8,871,491 310 – 8,871,801

* Commenced operations on 19 October 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 93 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued) Fair value Estimation (Continued)

The following table presents the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at 31 December 2020 (continued): Value Partners China A Shares Consumption Fund**

Level 1 Level 2 Level 3 Total USD USD USD USD

Financial Assets at fair value through profit or loss Equities 8,232,670 – – 8,232,670 Forwards – 131 – 131

Total 8,232,670 131 – 8,232,801

** Commenced operations on 16 November 2020.

As at 30 June 2021, the Funds did not hold any level 3 investments (31 December 2020: USD Nil)

There were no transfers between levels during the period. (30 June 2020: Nil) 4. COMMITMENTS AND CONTINGENT LIABILITIES

At the Statement of Financial Position date, the Funds have no commitments or contingent liabilities (31 December 2020: Nil).

SEMI-ANNUAL REPORT 2021 94 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL

The authorised share capital of the ICAV is 300,000 redeemable non-participating shares of no par value and 500,000,000,000 participating Shares of no par value. Non-participating Shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the consideration paid therefore but do not otherwise entitle them to participate in the assets of the ICAV. The Directors have the power to allot shares in the capital of the ICAV on such terms and in such manner as they may think fit. There are 300,000 non-participating shares out of which two shares were taken by the subscribers to the ICAV and transferred to the Investment Manager and the remainder of which are not yet issued. Voting Rights

Subject to any rights or restrictions for the time being attached to any class or classes of Shares, on a show of hands every holder who is present in person or by proxy shall have one vote and the holder(s) of non-participating shares present in person or by proxy shall have one vote in respect of all the non-participating shares in issue. On a poll every Shareholder present in person or by proxy shall be entitled to one vote in respect of each Share held by him and every holder of non- participating shares shall be entitled to one vote in respect of all non-participating shares held by him. A Shareholder entitled to more than one vote need not cast all his votes or cast all the votes he uses in the same way.

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows: Value Partners Classic Equity Fund US Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 766,622 578,755 Redeemable participating shares issued 36,023 278,430 Redeemable participating shares redeemed (44,235) (90,563) Switch out (503,272) –

Closing balance 255,138 766,622

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 95 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Classic Equity Fund (Continued) Swiss Franc Class A (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 158,176 98,229 Redeemable participating shares issued 2,250 81,560 Redeemable participating shares redeemed (12,350) (21,613) Switch out (76,780) –

Closing balance 71,296 158,176

Euro Class A (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 586,343 436,592 Redeemable participating shares issued – 196,774 Redeemable participating shares redeemed (417,327) (47,023) Switch out (75,750) –

Closing balance 93,266 586,343

Sterling Pounds Class A (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 2,917 5,617 Redeemable participating shares issued 488 – Redeemable participating shares redeemed – (2,700)

Closing balance 3,405 2,917

SEMI-ANNUAL REPORT 2021 96 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Classic Equity Fund (Continued) US Dollar Class Z (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 132,729 1,579,729 Redeemable participating shares issued – 67,000 Redeemable participating shares redeemed – (1,514,000)

Closing balance 132,729 132,729

US Dollar Class V (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 15,836,841 15,836,841

Value Partners Health Care Fund Hong Kong Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 1,075,836 3,848,949 Redeemable participating shares issued 1,208,014 438,678 Redeemable participating shares redeemed (145,975) (3,211,791)

Closing balance 2,137,875 1,075,836

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 97 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Health Care Fund (Continued) US Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 2,270,186 1,658,222 Redeemable participating shares issued 880,492 1,978,488 Redeemable participating shares redeemed (144,412) (1,366,524)

Closing balance 3,006,266 2,270,186

Singapore Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 601,048 378,272 Redeemable participating shares issued 744,731 2,092,240 Redeemable participating shares redeemed (270,840) (1,869,464)

Closing balance 1,074,939 601,048

Japanese Yen Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 9,278,090 – Redeemable participating shares issued 24,947,008 9,278,090 Redeemable participating shares redeemed (2,337,001) –

Closing balance 31,888,097 9,278,090

SEMI-ANNUAL REPORT 2021 98 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Health Care Fund (Continued) Euro Class A (Accumulating Non Hedged)^

Number of Shares 2021

Opening balance – Redeemable participating shares issued 3,630

Closing balance 3,630

Renminbi Class A (Accumulating Non Hedged)^

Number of Shares 2021

Opening balance – Redeemable participating shares issued 28,153

Closing balance 28,153

Singapore Dollar Class A (Accumulating Hedged)^

Number of Shares 2021

Opening balance – Redeemable participating shares issued 5,831

Closing balance 5,831

^ These share classes were issued on 16 June 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 99 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Global Emerging Market Bond Fund* US Dollar Class A (Accumulating Non Hedged)

Number of Shares 2020

Opening balance 10,000 Redeemable participating shares redeemed (10,000)

Closing balance –

US Dollar Class X (Accumulating Non Hedged)

Number of Shares 2020

Opening balance 5,337,112 Redeemable participating shares issued 992,984 Redeemable participating shares redeemed (6,330,096)

Closing balance –

US Dollar Class Z (MDIS Non Hedged)

Number of Shares 2020

Opening balance 332,811 Redeemable participating shares issued – Redeemable participating shares redeemed (332,811)

Closing balance –

* This Sub-Fund was fully redeemed on 28 April 2020.

SEMI-ANNUAL REPORT 2021 100 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Global Emerging Market Equity Fund** US Dollar Class V (Accumulating Non Hedged)

Number of Shares 2020

Opening balance 1,555,011 Redeemable participating shares redeemed (1,555,011)

Closing balance –

** The Sub-Fund was fully redeemed on 23 June 2020.

Value Partners Asia ex-Japan Equity Fund US Dollar Class V (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 51,900 50,000 Redeemable participating shares issued 537,151 1,900 Redeemable participating shares redeemed (104,499) – Switch in 869,879 –

Closing balance 1,354,431 51,900

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 101 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Asia ex-Japan Equity Fund (Continued) US Dollar Class V (Distributing Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 50,000 50,000 Redeemable participating shares redeemed (50,000) –

Closing balance – 50,000

US Dollar Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 700,000 700,000 Redeemable participating shares issued 550,000 – Redeemable participating shares redeemed (700,000) –

Closing balance 550,000 700,000

Sterling Pounds Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 38,555 38,555 Redeemable participating shares redeemed (38,555) –

Closing balance – 38,555

SEMI-ANNUAL REPORT 2021 102 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Asia ex-Japan Equity Fund (Continued) Sterling Pounds Class V (Distributing Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 38,555 38,555 Redeemable participating shares redeemed (38,555) –

Closing balance – 38,555

Singapore Dollar Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 68,565 68,565 Redeemable participating shares redeemed (68,565) –

Closing balance – 68,565

Singapore Dollar Class V (Distributing Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 68,565 68,565 Redeemable participating shares redeemed (68,565) –

Closing balance – 68,565

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 103 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Asia ex-Japan Equity Fund (Continued) Euro Class V (Accumulating Hedged)*

Number of Shares 2021

Opening balance – Redeemable participating shares redeemed (8,200) Switch in 172,254

Closing balance 164,054

* The share class was issued on 25 January 2021.

Swiss Franc Class V (Accumulating Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 29,250 Switch in 184,042

Closing balance 213,292

** The share class was issued on 17 February 2021.

SEMI-ANNUAL REPORT 2021 104 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Asian High Yield Fixed Maturity Bond Fund Australian Dollar Class A (Distributing Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 19,802 19,802

Hong Kong Dollar Class A (Distributing Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 871,396 896,148 Redeemable participating shares redeemed – (24,752)

Closing balance 871,396 871,396

US Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 20,792 20,792

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 105 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Asian High Yield Fixed Maturity Bond Fund (Continued) US Dollar Class A (Distribution Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 239,768 277,501 Redeemable participating shares redeemed (2,000) (37,733)

Closing balance 237,768 239,768

Value Partners All China Equity Fund US Dollar Class V (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 359,012 472,466 Redeemable participating shares issued 20,000 179,247 Redeemable participating shares redeemed – (292,701)

Closing balance 379,012 359,012

US Dollar Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 2,312,638 2,312,638

SEMI-ANNUAL REPORT 2021 106 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Greater China High Yield Bond Fund US Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 131,768 144,888 Redeemable participating shares issued 145,222 409,575 Redeemable participating shares redeemed – (96,047) Switch out – (326,648)

Closing balance 276,990 131,768

US Dollar Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 8,457,202 4,800,000 Redeemable participating shares issued 2,371,808 8,456,638 Redeemable participating shares redeemed (3,563,352) (4,799,436)

Closing balance 7,265,658 8,457,202

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 107 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Greater China High Yield Bond Fund (Continued) US Dollar Class A (MDIS Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 1,729,858 100,000 Redeemable participating shares issued – 1,640,199 Redeemable participating shares redeemed (121,405) (10,341)

Closing balance 1,608,453 1,729,858

US Dollar Class V (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 304,868 – Redeemable participating shares redeemed (88,417) – Switch in – 304,868

Closing balance 216,451 304,868

SEMI-ANNUAL REPORT 2021 108 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Greater China High Yield Bond Fund (Continued) Hong Kong Dollar Class A (MDIS Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance 776,363 – Redeemable participating shares issued – 1,169,971 Redeemable participating shares redeemed – (579,240) Switch in – 185,632

Closing balance 776,363 776,363

Hong Kong Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 776,363 776,363

Euro Class Z (Accumulating Hedged)*

Number of Shares 2021

Opening balance – Redeemable participating shares issued 541,541 Redeemable participating shares redeemed (200,000)

Closing balance 341,541

* The share class was issued on 25 January 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 109 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Greater China High Yield Bond Fund (Continued) Euro Class A (Accumulating Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 3,630

Closing balance 3,630

Euro Class A (MDIS Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 3,630

Closing balance 3,630

Renminbi Class A (Accumulating Non Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 28,153

Closing balance 28,153

** The share class was issued on 16 June 2021.

SEMI-ANNUAL REPORT 2021 110 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Greater China High Yield Bond Fund (Continued) Renminbi Class A (MDIS Non Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 28,153

Closing balance 28,153

Singapore Dollar Class A (Accumulating Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 5,831

Closing balance 5,831

Singapore Dollar Class A (MDIS Hedged)**

Number of Shares 2021

Opening balance – Redeemable participating shares issued 5,831

Closing balance 5,831

** The share class was issued on 16 June 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 111 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners China A Shares Equity Fund*** Swiss Franc Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 913 913

Euro Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 850 850

Sterling Pounds Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 767 767

US Dollar Class V (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 1,000 1,000

*** Value Partners China A Shares Equity Fund’s share classes were issued on 16 November 2020.

SEMI-ANNUAL REPORT 2021 112 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners China A Shares Equity Fund*** (Continued) US Dollar Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 796,000 796,000

*** Value Partners China A Shares Equity Fund’s share classes were issued on 16 November 2020.

Value Partners China A Shares High Dividend Fund**** Euro Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 850 850

Sterling Pounds Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 767 767

Swiss Franc Class V (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 913 913

**** Value Partners China A Shares High Dividend Fund’s share classes were issued on 16 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 113 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners China A Shares High Dividend Fund**** (Continued) US Dollar Class V (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 1,000 1,000

US Dollar Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 796,000 796,000

**** Value Partners China A Shares High Dividend Fund’s share classes were issued on 16 November 2020.

Value Partners China A Shares Consumption Fund***** Renminbi Class A (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 6,617 6,617

Hong Kong Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 7,749 7,749

***** Value Partners China A Shares Consumption Fund’s share classes were issued on 13 November 2020.

SEMI-ANNUAL REPORT 2021 114 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners China A Shares Consumption Fund***** (Continued) Singapore Dollar Class A (Accumulating Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 1,348 1,348

US Dollar Class A (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 1,000 1,000

US Dollar Class X (Accumulating Non Hedged)

Number of Number of Shares Shares 2021 2020

Opening balance and Closing balance 796,000 796,000

***** Value Partners China A Shares Consumption Fund’s share classes were issued on 13 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 115 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued)

Share capital transactions for the financial period ended 30 June 2021, and the financial year ended 31 December 2020, were as follows (continued): Value Partners Asian Dynamic Bond Fund* Euro Class V (Accumulating Hedged)

Number of Shares 2021

Opening balance – Redeemable participating shares issued 1,000,000

Closing balance 1,000,000

US Dollar Class V (Accumulating Non Hedged)

Number of Shares 2021

Opening balance – Redeemable participating shares issued 500,000

Closing balance 500,000

* Value Partners Asian Dynamic Bond Fund’s share classes were issued on 2 June 2021.

SEMI-ANNUAL REPORT 2021 116 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued) Dilution Levy

A dilution levy is a change to the share price applied to protect existing investors from bearing the costs of buying or selling the underlying investments as a result of large inflows into or outflows from the ICAV. The amounts incurred on each Sub-Fund is disclosed under the Statement of changes in net assets.

Dilution levy charges for the financial period ended 30 June 2021 were as follows:

Value Value Partners Value Value Partners Asian High Value Partners Partners Asia ex- Yield Fixed Partners All Classic Health Japan Equity Maturity China Equity 30 June 2021 Equity Fund Care Fund Fund Bond Fund Fund USD USD USD USD USD

Dilution Levy – 45,930 – – –

Total – 45,930 – – –

Value Value Partners Value Partners Value Partners Value Greater Partners China A China A Partners China High China A Shares High Shares Asian Yield Bond Shares Dividend Consumption Dynamic 30 June 2021 Fund Equity Fund Fund Fund Bond Fund* USD USD USD USD USD

Dilution Levy 23,681 – – – –

Total 23,681 – – – –

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 117 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. SHARE CAPITAL (Continued) Dilution Levy (Continued)

Dilution levy charges for the financial period ended 30 June 2020 were as follows:

Value Partners Value Partners Value Partners Global Global Asian High Value Partners Value Partners Emerging Emerging Value Partners Yield Fixed Classic Equity Health Care Market Bond Market Equity Asia ex-Japan Maturity Bond 30 June 2020 Fund Fund Fund* Fund** Equity Fund Fund USD USD USD USD USD USD

Dilution Levy 60,560 33,434 306,983 35,721 – 23,248

Total 60,560 33,434 306,983 35,721 – 23,248

Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares Value Partners All High Yield Bond China A Shares High Dividend Consumption 30 June 2020 China Equity Fund Fund (TXLW\)XQG௘ )XQG௘ )XQG௘ USD USD USD USD USD

Dilution Levy 1,592 187,496 – – –

Total 1,592 187,496 – – –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. *** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

SEMI-ANNUAL REPORT 2021 118 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

6. SOFT COMMISSION ARRANGEMENTS

The Investment Manager and/or any company associated with it and its delegates may enter into soft dollars/commission sharing arrangements with brokers through which brokerage transactions are entered on behalf of clients under management. The Investment Manager may receive, and are entitled to retain, research products and services (known as soft dollar benefits) which are of demonstrable benefit to the Sub-Funds (as may be permitted under applicable rules and regulations) from brokers and other persons through whom investment transactions are carried out (the “brokers”). Soft dollars may be received from them provided that the quality of transaction execution is consistent with best execution standards and brokerage rates are not in excess of the customary full-service brokerage rates. Such soft dollar benefits may include research and advisory services; economic and political analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services and software incidental to the above goods and services; clearing and custodian services and investment related publications. For the avoidance of doubt, soft dollar benefits do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employee salaries or direct money payments.

The Investment Manager will consider many judgemental factors deemed relevant in determining whether a broker will provide best execution. In general, investment orders will be allocated to brokers based on the range and overall quality of services offered by the broker. The core factors in determining the quality of services are the execution performance and capability of the broker. Other factors, such as the quality and quantity of research and investment ideas offered, access to potential investee companies and commission rate charges, would also be taken into consideration. Soft dollar benefits received from brokers should not be a determinant factor on allocating orders among brokers. The Investment Manager has implemented policies and procedures to ensure that transactions executed with brokers pursuant to a soft dollar commission sharing arrangement are conducted in the best execution standard. Soft dollars benefits received by the Investment Manager are used to facilitate in the Investment Manager’s investment management process, such benefits assist the Investment Manager in fulfilling its overall duty to clients and may be used in servicing any or all of the Investment Manager’s client accounts over which the Investment Manager exercises investment discretion. The Investment Manager does not usually attempt to allocate/attribute the soft dollar benefits to individual client account, as goods and services obtained may be beneficial to all clients in general, including those client accounts that do not generate credit to acquire the soft dollar benefits.

There were soft commission arrangements in place during the financial period for all Sub-Funds except Value Partners All China Equity Fund, Value Partners Health Care Fund and Value Partners Asia Ex-Japan Equity Fund as at the financial period ended 30 June 2021. (31 December 2020: all Sub-Funds except Value Partners All China Equity Fund and Value Partners Health Care Fund).

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 119 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

7. EXCHANGE RATES

The financial statements are prepared in USD. Exchange rates used to translate assets and liabilities in other currencies to USD at 30 June 2021 and 31 December 2020 were as follows:

As at As at 30 June 31 December 2021 2020

Australian Dollar 1.3328 1.2936 Chinese Yuan 6.4621 6.5319 Chinese Yuan Renminbi – 6.5028 Euro 0.8422 0.8151 Hong Kong Dollar 7.7664 7.7540 Indian Rupee 74.3465 – Indonesian Rupiah 14,500.0000 14,050.0000 Japanese Yen 110.6850 – Korean Republic Won 1,129.8450 1,088.7650 Malaysian Ringgit 4.1515 4.0225 New Taiwan Dollar 27.8885 28.1480 New Zeland Dollar 1.4325 – Philippine Peso 48.8770 48.0100 Pound Sterling 0.7225 0.7322 Singapore Dollar 1.3443 1.3208 Swiss Franc 0.9238 0.8805 Thai Baht 32.0500 29.9500

SEMI-ANNUAL REPORT 2021 120 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES

The Sub-Funds may pay out of the assets of the Sub-Funds, the fees and expenses payable to the Investment Manager, the Depositary, the Administrator and the Distributor, the fees and expenses of sub-custodian which will be at normal commercial rates, the fees and expenses of the Directors, any other miscellaneous fees such as, stamp duties, all taxes, ICAV secretarial fees, any costs incurred in respect of meetings of Shareholders and marketing and distribution costs.

Such fees, duties and charges will be charged to the Sub-Funds in respect of which they were incurred or, where an expense is not considered by the Directors to be attributable to any one Sub- Fund, the expense will be allocated by the Directors with the approval of the Depositary, in such manner and on such basis as the Directors in their discretion deem fair and equitable.

In the case of any fees or expenses of a regular or recurring nature, such as audit fees, the Directors may calculate such fees and expenses on an estimated figure for financial yearly or other periods in advance and accrue the same in equal proportions over any period. Administration Fee

HSBC Securities Services (Ireland) DAC acts as the Administrator to the ICAV.

The Value Partners Classic Equity Fund shall pay to the Administrator out of the net assets of the Sub-Fund an annual fee, accrued at each valuation point and payable in arrears each month at the following rates:

• 0.06% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value up to USD100 million

• 0.04% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value from USD100 million to USD300 million; and

• 0.02% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value in excess of USD300 million; subject to an annual minimum fee per Fund of USD30,000 borne by the Fund (plus VAT, if any thereon), including a monthly fee per share class of USD250.

The ICAV paid a flat fee of USD6,000 per annum for financial statement preparation and a UCITS annual fee of USD3,600 on behalf of the Value Partners Classic Equity Fund.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 121 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Administration Fee (Continued)

The Value Partners Health Care Fund, Value Partners Greater China Equity Fund, Value Partners Asia ex-Japan Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund, Value Partners Greater China High Yield Bond, Value Partners China A Shares Equity Fund, Value Partners China A Shares High Dividend Fund, Value Partners China A Shares Consumption Fund and Value Partners Asian Dynamic Bond Fund. Sub-Funds shall pay to the Administrator out of the net assets of the Sub-Funds an annual fee, accrued monthly at following rates:

• 0.1% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value up to USD500 million,

• 0.08% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value in excess of USD500 million to USD1 billion,

• 0.06% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value in excess of USD1 billion, subject to a monthly minimum fee per Sub-Fund of USD6,000 for the first share class and a monthly minimum fee of USD250 for each additional share class borne by each Sub-Fund (plus VAT, if any thereon).

The ICAV paid a flat fee of USD2,500 for financial statement preparation and UCITS annual fee of USD3,600 on behalf of the Value Partners Health Care Fund, Value Partners Greater China Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund, Value Partners Greater China High Yield Bond Fund, Value Partners China A Shares Equity Fund, Value Partners China A Shares High Dividend Fund, Value Partners China A Shares Consumption Fund and Value Partners Asian Dynamic Bond Fund.

The Administration Fees payable for the financial period ended at 30 June 2021 and financial year ended at 31 December 2020 and incurred for the financial periods ended 30 June 2021 and 30 June 2020 are presented in the Statement of Financial Position and Statement of Comprehensive Income respectively.

SEMI-ANNUAL REPORT 2021 122 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Transfer agency fees

The Administrator is entitled to maintenance fees for setting up the ICAV, the Sub-Fund and the Share Classes on the system and providing support to future changes at the following rates:

• Fund Maintenance charge of USD8,000 per annum; and

• New account set up charge of USD150 per account.

The Administrator is entitled to a Shareholder servicing fee for the opening of shareholder accounts, KYC and anti-money laundering (“AML”) checking, registration of client details, registration of broker details, supporting changes to client information, monthly account statements, pledges and storing of original documents at a rate not exceeding USD60 per Shareholder.

The Administrator is entitled to transaction fees at a rate not exceeding USD30 per transaction for orders (including subscription, redemption, transfer and conversion orders). The Administrator is entitled to a cash management fee for setting up the ICAV, the relevant Sub-Fund and the Share Classes on the system and providing support to future changes at a rate not exceeding USD30 per transaction.

The Administrator shall also be entitled to be repaid out of the assets of each Sub-Fund all of its reasonable out-of-pocket expenses incurred on behalf of each Sub-Fund which shall include legal fees, couriers’ fees and telecommunication costs and expenses together with VAT, if any, thereon.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 123 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Investment Manager Fee

The Investment Manager receives from each Sub-Fund an Investment Management Fee in respect of each Class of Shares per annum of the Net Asset Value as follows.

Investment management fee % per annum 2021 2020

Value Partners Classic Equity Fund US Dollar Class A (Accumulating Non Hedged) 1.25% 1.25% Swiss Franc Class A (Accumulating Hedged) 1.25% 1.25% Euro Class A (Accumulating Hedged) 1.25% 1.25% Sterling Pounds Class A (Accumulating Hedged) 1.25% 1.25% Sterling Pounds Class A (Accumulating Non Hedged) 1.25% 1.25% US Dollar Class Z (Accumulating Non Hedged) 0.75% 0.75% US Dollar Class V (Accumulating Non Hedged) 0.25% 0.25%

Value Partners Health Care Fund Hong Kong Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% Japanese Yen Class X (Accumulating Non Hedged) 1.50% – US Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% Singapore Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% Euro Class A (Accumulating Non Hedged) 1.50% – Renminbi Class A (Accumulating Non Hedged) 1.50% – Singapore Dollar Class A (Accumulating Hedged) 1.50% –

SEMI-ANNUAL REPORT 2021 124 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Investment Manager Fee (Continued)

The Investment Manager receives from each Sub-Fund an Investment Management Fee in respect of each Class of Shares per annum of the Net Asset Value as follows. (Continued)

Investment management fee % per annum 2021 2020

Value Partners Global Emerging Market Bond Fund* US Dollar Class A (Accumulating Non Hedged) – 1.25% US Dollar Class Z (MDIS Non Hedged) – 0.70%

Value Partners Global Emerging Market Equity Fund** US Dollar Class V (Accumulating Non Hedged) – 0.25%

Value Partners Asia ex-Japan Equity Fund US Dollar Class V (Accumulating Non Hedged) 0.25% 0.25% US Dollar Class V (Distributing Non Hedged) 0.25% 0.25% US Dollar Class X (Accumulating Non Hedged) 0.00% 0.00% Sterling Pounds Class V (Accumulating Hedged) 0.25% 0.25% Sterling Pounds Class V (Distributing Hedged) 0.25% 0.25% Singapore Dollar Class V (Accumulating Hedged) 0.25% 0.25% Singapore Dollar Class V (Distributing Hedged) 0.25% 0.25% Euro Class V (Accumulating Hedged) 0.25% – Swiss Franc Class V (Accumulating Hedged) 0.25% –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 125 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Investment Manager Fee (Continued)

The Investment Manager receives from each Sub-Fund an Investment Management Fee in respect of each Class of Shares per annum of the Net Asset Value as follows. (Continued)

Investment management fee % per annum 2021 2020

Value Partners Asian High Yield Fixed Maturity Bond Fund Australian Dollar Class A (Distributing Hedged) 0.80% 0.80% Hong Kong Dollar Class A (Distributing Non Hedged) 0.80% 0.80% US Dollar Class A (Accumulating Non Hedged) 0.80% 0.80% US Dollar Class A (Distributing Non Hedged) 0.80% 0.80%

Value Partners All China Equity Fund US Dollar Class V (Accumulating Non Hedged) 0.25% 0.25% US Dollar Class X (Accumulating Non Hedged) 0.00% 0.00%

Value Partners Greater China High Yield Bond Fund US Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% US Dollar Class X (Accumulating Non Hedged) 0.00% 0.00% US Dollar Class A (MDIS Non Hedged) 1.50% 1.50% Hong Kong Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% Hong Kong Dollar Class A (MDIS Non Hedged) 1.50% 1.50% US Dollar Class V (Accumulating Non Hedged) 1.50% 1.50% Euro Class Z (Accumulating Hedged) 0.70% – Euro Class A (Accumulating Hedged) 1.50% – Euro Class A (MDIS Hedged) 0.70% – Renminbi Class A (Accumulating Non Hedged) 0.25% – Renminbi Class A (MDIS Non Hedged) 0.25% – Singapore Dollar Class A (Accumulating Hedged) 1.50% – Singapore Dollar Class A (MDIS Hedged) 0.70% –

SEMI-ANNUAL REPORT 2021 126 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Investment Manager Fee (Continued)

The Investment Manager receives from each Sub-Fund an Investment Management Fee in respect of each Class of Shares per annum of the Net Asset Value as follows. (Continued)

Investment management fee % per annum 2021 2020

Value Partners China A Shares Equity Fund Swiss Franc Class V (Accumulating Hedged) 0.25% 0.25% Euro Class V (Accumulating Hedged) 0.25% 0.25% Sterling Pounds Class V (Accumulating Hedged) 0.25% 0.25% US Dollar Class V (Accumulating Non Hedged) 0.25% 0.25% US Dollar Class X (Accumulating Non Hedged) 0.00% 0.00%

Value Partners China A Shares High Dividend Fund Swiss Franc Class V (Accumulating Hedged) 0.25% 0.25% Euro Class V (Accumulating Hedged) 0.25% 0.25% Sterling Pounds Class V (Accumulating Hedged) 0.25% 0.25% US Dollar Class V (Accumulating Non Hedged) 0.25% 0.25% US Dollar Class X (Accumulating Non Hedged) 0.00% 0.00%

Value Partners China A Shares Consumption Fund Renminbi Class A (Accumulating Hedged) 1.50% 1.50% Hong Kong Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% Singapore Dollar Class A (Accumulating Hedged) 1.50% 1.50% US Dollar Class A (Accumulating Non Hedged) 1.50% 1.50% US Dollar Class X (Accumulating Non Hedged) 0.00% 0.00%

Value Partners Asian Dynamic Bond Fund* Euro Class V (Accumulating Hedged) 0.25% – US Dollar Class V (Accumulating Non Hedged) 0.25% –

* Commenced operations on 3 June 2021

The Investment Manager Fees payable for the financial period ended 30 June 2021 and financial year ended 31 December 2020 and incurred for the financial periods ended 30 June 2021 and 30 June 2020 are presented in the Statement of Financial Position and Statement of Comprehensive Income respectively.

Investment Manager fee percentages were presented based on the latest Prospectus and Supplements for each Sub-Fund under the ICAV.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 127 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Performance Fee

The Investment Manager is also entitled to receive an annual performance fee from the Value Partners Classic Equity Fund and Value Partners Health Care Fund calculated on a high-on-high basis, if the Net Asset Value per Share as at the Performance Fee Valuation Day (prior to the deduction of any provision for any performance fee and any distribution declared or paid in respect of that performance period) exceeds the higher of:

(a) the Initial Price of the relevant Class; and

(b) the Net Asset Value per Share as at the Performance Fee Valuation Day of the preceding performance period in respect of which a performance fee was last paid to the Investment Manager (after deduction of all fees including any performance fee and any distribution declared or paid in respect of that preceding performance period).

The rate of performance fee payable is 15% for both Value Partners Classic Equity Fund and Value Partners Health Care Fund. The performance fee is calculated by multiplying this fee rate by the product of such excess of the Net Asset Value per Share and the average of the number of Shares of both Sub-Funds in issue on each Valuation Day in the relevant performance period.

Value Partners Asia ex-Japan Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund, Value Partners Greater China High Yield Bond Fund, Value Partners China A Shares Equity Fund, Value Partners China A Shares High Dividend Fund, Value Partners China A Shares Consumption Fund and Value Partners Asian Dynamic Bond Fund are not subject to performance fees.

The performance fee payable for the financial period ended at 30 June 2021 and financial year ended at 31 December 2020 and incurred for the financial period ended 30 June 2021 and financial year ended 31 December 2020 are presented in the Statement of Financial Position and Statement of Comprehensive Income respectively.

The performance fees incurred for Value Partners Classic Equity Fund for the financial period ended 30 June 2021 were USD318,923 (30 June 2020: USD24,257) of which USD314,808 (31 December 2020: USD1,546,162) was payable as at 30 June 2021.

The performance fees incurred for Value Partners Health Care Fund for the financial period ended 30 June 2021 were USD1,181,544 (30 June 2020: USD1,408,941) of which USD1,156,907 (31 December 2020: USD2,829,083) was payable as at 30 June 2021.

SEMI-ANNUAL REPORT 2021 128 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Performance Fee (Continued)

There is no performance fee incurred for the financial period ended 30 June 2021 and financial period ended 30 June 2020 nor payable as at 30 June 2021 and 31 December 2020 for Value Partners Asia ex-Japan Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund, Value Partners Greater China High Yield Bond Fund, Value Partners China A Shares Equity Fund, Value Partners China A Shares High Dividend Fund, Value Partners China A Shares Consumption Fund and Value Partners Asian Dynamic Bond Fund as they are not subject to performance fees (31 December 2020: Value Partners Global Emerging Market Equity Fund, Value Partners Global Emerging Market Bond Fund, Value Partners Asia ex-Japan Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund, Value Partners Greater China High Yield Bond Fund, Value Partners China A Shares Equity Fund, Value Partners China A Shares High Dividend Fund and Value Partners China A Shares Consumption Fund). Depositary Fee

In line with UCITS regulations, the ICAV has appointed HSBC Continental Europe, (the “Depositary”) to act as its Depositary pursuant to the terms of the Depositary agreement.

The Value Partners Classic Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund and Value Partners Greater China High Yield Bond Fund shall pay to the Depositary, out of the net assets of the Fund an annual fee, accrued at each Valuation Point and payable monthly in arrears at the following rates;

• 0.02% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value up to USD100 million; and

• 0.01% per annum of the Net Asset Value of the Sub-Fund on the portion of the Net Asset Value excess of USD100 million;

Subject to an annual minimum fee per Fund of USD18,000 borne by the Sub-Fund (plus VAT, if any thereon).

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 129 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Depositary Fee (Continued)

Value Partners Health Care Fund, Value Partners Asia ex-Japan Equity Fund, Value Partners China A Shares Equity Fund, Value Partners China A Shares High Dividend Fund, Value Partners China A Shares Consumption Fund and Value Partners Asian Dynamic Bond Fund shall pay to the Depositary, out of the net assets of the Fund an annual fee, accrued at each Valuation Point and payable monthly in arrears at following rates:

• 0.03% per annum of the Net Asset of the Sub-Fund on the portion of the Net Asset Value up to USD1 billion; and

• 0.02% per annum of the Net Asset of the Sub-Fund on the portion of the Net Asset Value in excess of USD1 billion; subject to monthly minimum fee per Sub-Fund of USD3,500 borne by the Fund (plus VAT, if any thereon).

The Depositary is also entitled to receive a fixed annual fee of USD7,000 per Sub-Fund, for the cash monitoring activities in respect of Depository duties under UCITS V.

The Depositary shall also be entitled to be repaid all of its disbursements out of the assets of the relevant Sub-Fund, including legal fees, couriers’ fees, transaction charges and telecommunication costs and expenses and the fees, transaction charges and expenses of any sub-custodian appointed by it which shall be at normal commercial rates together with VAT, if any, thereon. The Depositary fees payable and incurred for the financial period ended at 30 June 2021 and financial year ended 31 December 2020 and incurred for the financial period ended 30 June 2021 and financial period ended 30 June 2020 are presented in the Statement of Financial Position and Statement of Comprehensive Income respectively.

SEMI-ANNUAL REPORT 2021 130 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Directors’ Fee

The Instrument of Incorporation authorise the Directors to charge a fee for their services at a rate determined by the Directors. The Directors shall receive a fee for their services up to a total aggregate maximum fee of €30,000 per annum, or such other amount as may from time to time be disclosed in the annual report of the ICAV. Any increase above the maximum permitted fee will be notified in advance to Shareholders. Each Director may be entitled to special remuneration if called upon to perform any special or extra services to ICAV. Only Mr. Jim Cleary is entitled to €20,000 per annum as Mr. Brian Fennessy, Ms. Wong Ngai Sze, Icy and Mr. Lam Wai Sing, Wilson have waived their fees.

All Directors will be entitled to be reimbursed out of the assets of the Sub-Funds for out of pocket expenses incurred in discharging their duties as Directors. The Directors’ Fees payable and incurred for the financial period ended 30 June 2021 and 30 June 2020 are presented in the Statement of Financial Position and Statement of Comprehensive Income respectively. Directors fee of USD12,316 was incurred for the period ended 30 June 2021 (2020: USD9,305). There were no fees payable as at 30 June 2021 (31 December 2020: Nil). Consultancy Fees

KB Associates provides consultancy services, Money Laundering Reporting Officer (“MLRO”) and secretarial services to the ICAV and the fee for the period ended 30 June 2021 is USD50,600 (financial period ended 30 June 2020: USD51,842). Fees payable as at 30 June 2021 are USD17,688 (31 December 2020: USD14,787). Transaction Costs

Transaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Transaction costs on the purchase and sale of bonds, forwards and swaps are included in the purchase and sale price of the investment.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 131 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Transaction Costs (Continued)

Transaction costs on purchases and sales of equities and fixed income securities are as below;

Value Partners Value Value Value Asian High Value Partners Partners Partners Asia Yield Fixed Partners All Classic Health ex-Japan Maturity China Equity 30 June 2021 Equity Fund Care Fund Equity Fund Bond Fund Fund USD USD USD USD USD

Commission costs 407,953 237,453 46,344 – 23,696 Tax costs 326,750 147,302 54,419 – 34,354 Other transaction costs –––––

Total 734,703 384,755 100,763 – 58,050

Value Value Value Partners Value Partners Partners Value Greater Partners China A China A Partners China High China A Shares High Shares Asian Yield Bond Shares Dividend Consumption Dynamic 30 June 2021 Fund Equity Fund Fund Fund Bond Fund* USD USD USD USD USD

Commission costs 1,584 14,190 8,334 7,548 – Tax costs 1,138 11,466 6,777 6,733 – Other transaction costs –––––

Total 2,722 25,656 15,111 14,281 –

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 132 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Transaction Costs (Continued)

Transaction costs on purchases and sales of equities and fixed income securities are as below (Continued);

Value Partners Value Partners Value Partners Global Global Asian High Value Partners Value Partners Emerging Emerging Value Partners Yield Fixed Classic Equity Health Care Market Bond Market Equity Asia ex-Japan Maturity Bond 30 June 2020 Fund Fund Fund* Fund** Equity Fund Fund USD USD USD USD USD USD

Commission costs 413,787 109,731 – 52,038 8,562 – Tax costs 314,693 98,404 – 23,952 9,403 – Other transaction costs 1,556 98 – – 839 –

Total 730,036 208,233 – 75,990 18,804 –

Value Partners Value Partners Asian High Value Partners Value Partners China A Value Partners Yield Fixed Value Partners Greater China China A Shares High China A Shares Maturity Bond All China High Yield Shares Equity Dividend Consumption 30 June 2020 Fund Equity Fund Bond Fund )XQG௘ )XQG௘ )XQG௘ USD USD USD USD USD USD

Commission costs – 31,990 19,602 10,658 9,087 6,130 Tax costs – 20,622 974 4,583 3,515 1,590 Other transaction costs – – – – – –

Total – 52,612 20,576 15,241 12,602 7,720

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. *** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 133 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Other Expenses

The breakdown of other expenses on the Statement of Comprehensive Income is detailed in the table below.

Value Partners Value Value Value Asian High Value Partners Partners Partners Asia Yield Fixed Partners All Classic Health Care ex-Japan Maturity China Equity 30 June 2021 Equity Fund Fund Equity Fund Bond Fund Fund USD USD USD USD USD

Paying agent fees 1,983 – 1,983 – – Registration fees 7,173 992––– Consultancy fee accruals 4,830 4,828 4,830 4,830 4,830 Termination fees – – – – – Commission fees ––––– Other expenses 10,320 60,180 4,398 7,171 2,548

24,306 66,000 11,211 12,001 7,378

Value Value Value Partners Value Partners Partners Value Greater Partners China A China A Partners China High China A Shares High Shares Asian Yield Bond Shares Dividend Consumption Dynamic 30 June 2021 Fund Equity Fund Fund Fund Bond Fund* USD USD USD USD USD

Paying agent fees ––––– Registration fees – – – – – Consultancy fee accruals 4,830 5,202 5,202 4,830 613 Commission fees ––––– Other expenses 2,889 2,866 2,443 3,472 491

7,719 8,068 7,645 8,302 1,104

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 134 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

8. FEES AND EXPENSES (Continued) Other Expenses (Continued)

The breakdown of other expenses on the Statement of Comprehensive Income is detailed in the table below. (Continued)

Value Partners Value Partners Value Partners Global Global Asian High Value Partners Value Partners Emerging Emerging Value Partners Yield Fixed Classic Equity Health Care Market Bond Market Equity Asia ex-Japan Maturity Bond 30 June 2020 Fund Fund Fund* Fund** Equity Fund Fund USD USD USD USD USD USD

Paying agent fees 1,990 – – 4,000 1,990 – Registration fees 6,466 1,109 – – – – Transaction fees 2,982 – 28 – – – Other expenses 11,002 10,931 59,953 30,636 10,904 36,827

22,440 12,040 59,981 34,636 12,894 36,827

Value Partners Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares All China High Yield China A Shares High Dividend Consumption 30 June 2020 Equity Fund Bond Fund (TXLW\)XQG௘ )XQG௘ )XQG௘ USD USD USD USD USD

Paying agent fees – 1,989 – – – Registration fees – – 2,103 2,103 2,124 Transaction fees – – – – – Other expenses 16,164 14,687 5,322 4,590 3,239

16,164 16,676 7,425 6,693 5,363

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. *** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 135 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

9. OTHER INCOME

The breakdown of other income on the Statement of Comprehensive Income is detailed in the table below.

Value Partners Value Value Value Asian High Value Partners Partners Partners Asia Yield Fixed Partners All Classic Equity Health ex-Japan Maturity Bond China Equity 30 June 2021 Fund Care Fund Equity Fund Fund Fund USD USD USD USD USD

VAT refund received – – 443 – 11,977 Sundry Income 3,120 322 37,368 842 556

3,120 322 37,811 842 12,533

Value Value Value Value Partners Partners Value Partners Partners China A China A Partners Greater China China A Shares High Shares Asian High Yield Shares Equity Dividend Consumption Dynamic 30 June 2021 Bond Fund Fund Fund Fund Bond Fund* USD USD USD USD USD

VAT refund received ––––– Sundry Income 13,648 – 39 145 –

13,648 – 39 145 –

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 136 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

9. OTHER INCOME (Continued)

The breakdown of other income on the Statement of Comprehensive Income is detailed in the table below. (Continued)

Value Partners Value Partners Value Partners Global Global Asian High Value Partners Value Partners Emerging Emerging Value Partners Yield Fixed Classic Equity Health Care Market Bond Market Equity Asia ex-Japan Maturity Bond 30 June 2020 Fund Fund Fund* Fund** Equity Fund Fund USD USD USD USD USD USD

VAT refund received 60,718 5,109 7,870 3,423 1,803 3,549 Sundry Income 333 – 2,500 264 116 –

61,051 5,109 10,370 3,687 1,919 3,549

Value Partners Value Partners Value Partners Greater China Value Partners China A Shares China A Shares Value Partners All High Yield Bond China A Shares High Dividend Consumption 30 June 2020 China Equity Fund Fund (TXLW\)XQG௘ )XQG௘ )XQG௘ USD USD USD USD USD

VAT refund received 2,594 – – – – Sundry Income – – – – –

2,594 – – – –

* The Sub-Fund was fully redeemed on 28 April 2020. ** The Sub-Fund was fully redeemed on 23 June 2020. *** Commenced operations on 19 October 2020. **** Commenced operations on 16 November 2020.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 137 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

10. DISTRIBUTION POLICY

The ICAV offer classes of shares that accumulate income or pay regular dividends out of net current income or, on occasion, make payments out of capital, net realized gains or net realized and unrealized gains. The distribution of dividends is not guaranteed and is subject to the sole discretion of the Directors.

For the distribution classes of shares (collectively referred as the “Distribution Classes”), the Directors intend to declare and pay monthly dividends equal to all or substantially all of the net distributable income attributable to each of the Distribution Classes. 11. CROSS-LIABILITY

There are no cross liabilities between the Sub-Funds. 12. CONNECTED PERSONS AND RELATED PARTIES

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

The following are related parties:

• The Investment Manager and Distributor, Value Partners Hong Kong Limited.

• Mr. Brian Fennessy is an employee and shareholder of KB Associates. KB Associates is a firm which provides consultancy, MLRO and secretarial services to the ICAV.

• Directors – Ms. Wong Ngai Sze, Icy was, until 6 August 2021, and Mr. Lam Wai Sing Wilson, is currently, an employee of Value Partners Fund Hong Kong Limited. Value Partners Hong Kong Limited is the Investment Manager, Distributor and Hong Kong Representative to the ICAV.

Investment Manager Fees, Performance Fees, Directors Fees, Consulting Fees, Administration Fees and KB Associates Fees for consultancy, MLRO and secretarial services are disclosed in Note 8.

No Directors of the ICAV held any interest in shares of the ICAV as at 30 June 2021 (31 December 2020: Nil). As at 30 June 2021, a Director of the Investment Manager and Distributor held 294,914 shares of the Value Partners Health Care Fund (31 December 2020: 294,914 shares).

SEMI-ANNUAL REPORT 2021 138 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

12. CONNECTED PERSONS AND RELATED PARTIES (Continued)

At 30 June 2021 and 31 December 2020, Value Partners Limited, a wholly owned subsidiary of Value Partners Hong Kong Limited (Investment Manager of the ICAV), held shares in the Sub- Funds listed below.

As at As at 30 June 2021 31 December 2020

Value Partners Health Care Fund US Dollar Class A (Accumulating Non Hedged) 1,032,586 1,692,475 Singapore Dollar Class A (Accumulating Non Hedged) 5,831 – Renminbi Class A (Accumulating Non Hedged) 28,153 – Euro Class A (Accumulating Non Hedged) 3,630 –

Value Partners Greater China High Yield Bond Fund Singapore Dollar Class A (MDIS Hedged) 5,831 100,000 Singapore Dollar Class A (Accumulating Hedged) 5,831 – Renminbi Class A (MDIS Non Hedged) 28,153 – Renminbi Class A (Accumulating Non Hedged) 28,153 – US Dollar Class A (MDIS Non Hedged) 100,000 4,800,000 US Dollar Class X (Accumulating Non Hedged) 4,697,518 3,546,349 US Dollar Class A (Accumulating Non Hedged) 100,000 100,000 Euro Class A (MDIS Hedged) 3,630 – Euro Class A (Accumulating Hedged) 3,630 –

Value Partners Asia Ex-Japan Fund US Dollar Class X (Accumulating Non Hedged) 550,000 –

Value Partners China A Shares Equity Fund Swiss Franc Class V (Accumulating Hedged) 913 913 Euro Class V (Accumulating Hedged) 850 850 Sterling Pounds Class V (Accumulating Hedged) 767 767 US Dollar Class V (Accumulating Non Hedged) 1,000 1,000 US Dollar Class X (Accumulating Non Hedged) 746,000 746,000

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 139 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

12. CONNECTED PERSONS AND RELATED PARTIES (Continued)

As at As at 30 June 2021 31 December 2020

Value Partners China A Shares High Dividend Fund Swiss Franc Class V (Accumulating Hedged) 913 913 Euro Class V (Accumulating Hedged) 850 850 Sterling Pounds Class V (Accumulating Hedged) 767 767 US Dollar Class A (Accumulating Non Hedged) 1,000 1,000 US Dollar Class X (Accumulating Non Hedged) 746,000 746,000

Value Partners China A Shares Consumption Fund Renminbi Class A (Accumulating Hedged) 6,617 6,617 Hong Kong Dollar Class A (Accumulating Non Hedged) 7,749 7,749 Singapore Dollar Class A (Accumulating Hedged) 1,348 1,348 US Dollar Class A (Accumulating Non Hedged) 1,000 1,000 US Dollar Class X (Accumulating Non Hedged) 746,000 746,000

Value Partners Dynamic Bond Fund US Dollar Class V (Accumulating Non Hedged) 500,000 –

SEMI-ANNUAL REPORT 2021 140 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

12. CONNECTED PERSONS AND RELATED PARTIES (Continued)

There were 1,745,900 shares subscriptions made by Value Partners Limited in Value Partners Greater China High Yield Bond Fund and 57,655 redemptions were made during the financial period ended 30 June 2021 (31 December 2020: 61,716 shares subscriptions and 523,560 redemptions).

There were 37,615 share subscription made by Value Partners Limited in Value Partners Health Care Fund and no shares redemptions made during the financial period ended 30 June 2021 (31 December 2020: 1,192,475 share subscription and 659,889 shares redemptions).

There were 550,000 share subscription made by Value Partners Limited in Value Partners Asia Ex-Japan Fund and no redemptions made during the financial period ended 30 June 2021.

There were no share subscription made by Value Partners Limited in Value Partners China A Shares Equity Fund and no redemptions made during the financial period ended 30 June 2021 (31 December 2020: 749,530 share subscription).

There were no share subscription made by Value Partners Limited in Value Partners China A Shares High Dividend Fund and no redemptions made during the financial period ended 30 June 2021 (31 December 2020: 749,530 share subscription).

There were no share subscription made by Value Partners Limited in Value Partners China A Shares Consumption Fund and no redemptions made during the financial period ended 30 June 2021 (31 December 2020: 762,715 share subscription).

There were 500,000 share subscription made by Value Partners Limited in Value Partners Asian Dynamic Bond Fund and no redemptions made during the financial period ended 30 June 2021.

Value Partners Classic Equity Fund holds 226,031 (Note 14) shares of Value Partners All China Equity Fund as at the financial period ended 30 June 2021 which is 8.40% ownership (31 December 2020: 226,031 shares which is 8% ownership).

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 141 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

12. CONNECTED PERSONS AND RELATED PARTIES (Continued)

Significant Shareholdings As at 30 June 2021 As at 31 December 2020 Number of Number of Significant % of Significant % of Shareholders Holdings Shareholders Holdings

Value Partners Classic Equity Fund One 95% One 85% Value Partners Health Care Fund One 83% One@ 66% Value Partners Asia ex-Japan Equity Fund One 77% One 100% Value Partners Asian High Yield Fixed Maturity Bond Fund Two 94% Two 94% Value Partners All China Equity Fund One 78% One 78% Value Partners Greater China High Yield Bond Fund Two 81% One@ 61% Value Partners China A Shares Equity Fund One^ 94% One^ 94% Value Partners China A Shares High Dividend Fund One^ 94% One^ 94% Value Partners China A Shares Consumption Fund One^ 94% One^ 94% Value Partners Asian Dynamic Bond Fund* One 70% – –

@ Excluding Value Partners Limited. ^ Majority shares held by Value Partners Limited. * Commenced operations on 3 June 2021.

Any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group company of such a management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if conducted at arm’s length. Transactions must be in the best interests of the shareholders of the UCITS.

The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out above (as referred to in Regulation 43(1) of the Central Bank UCITS Regulations) are applied to all transactions with connected persons, and that transactions with connected parties entered into during the financial year complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.

SEMI-ANNUAL REPORT 2021 142 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

12. CONNECTED PERSONS AND RELATED PARTIES (Continued)

The following is a summary of significant related party transactions/transactions entered into during the period between the ICAV and the Depository, the Investment Manager and their connected persons. Connected persons of the Depository and the Investment Manager are those as defined in the HK SFC Code. As per HK SFC regulations, all such transactions were entered into in the ordinary course of business and on normal commercial terms. (a) Investment Manager Fee

The Investment Manager receives from each Sub-Fund an Investment Management Fee in respect of each Class of Shares per annum of the Net Asset Value, which are detailed in Note 8. (b) Performance Fees

The Investment Manager is also entitled to receive an annual performance fee from the Value Partners Classic Equity Fund and Value Partners Health Care Fund calculated on a high-on-high basis, which are detailed in Note 8. (c) Depositary Fee

HSBC Continental Europe acts as the Depository of the Sub-Funds. The Value Partners Classic Equity Fund, Value Partners Asian High Yield Fixed Maturity Bond Fund, Value Partners All China Equity Fund and Value Partners Greater China High Yield Bond Fund shall pay to the Depositary, out of the net assets of the Fund an annual fee, accrued at each Valuation Point and payable monthly in arrears, which are detailed in Note 8.

Depository fee and Safe Custody fee of Value Partners Health Care Fund are USD44,365 (financial period ended 30 June 2020: USD13,617) and USD22,850 (financial period ended 30 June 2020: USD13,617) respectively. Detailed Depository fee is disclosed in Note 8.

Depository fee and Safe Custody fee of Value Partners China A Shares Consumption Fund are USD1,281 (from 16 November 2020 to 31 December 2020: USD308) and USD2,919 (from 16 November 2020 (date of commencement) to 31 December 2020: USD709) respectively. Detailed Depository fee is disclosed in Note 8.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 143 VALUE PARTNERS IRELAND FUND ICAV VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds) (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

12. CONNECTED PERSONS AND RELATED PARTIES (Continued) (d) Other transaction and balances with the Depository and its related parties

In addition to the Depository fee and the registrar fee as disclosed in Note 8, the ICAV does not have additional transactions with the Depository and its related parties.

For Value Partners Health Care Fund, during the period ended 30 June 2021 and 2020, other than depositary fees that paid to HSBC Continental Europe or their connected persons, other respective amounts paid to the HSBC Continental Europe or their connected persons were as follows:

30 June 30 June 2021 2020 USD USD

Transaction costs 81,640 31,749

In addition to the Depository fees payable as disclosed in Note 8, Value Partners Health Care Fund and Value Partners China A Shares Consumption Fund had the following additional balances with the Depository and their related parties.

30 June 31 December 2021 2020 USD USD

HSBC Continental Europe 53,179,933 33,064,105

SEMI-ANNUAL REPORT 2021 SEMI-ANNUAL REPORT 2021 144 For the six months ended 30 June 2021 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

13. EVENTS DURING THE FINANCIAL PERIOD

A prospectus was issued on 9 March 2021 to reflect the change in the restrictions on distribution and sale of shares and application of EU Sustainable Finance Disclosure Regulation (“SFDR”) to the ICAV. Value Partners Asian Dynamic Bond Fund was approved by the Central Bank of Ireland on 30 April 2021, commenced operations on 3 June 2021 and a supplement to the prospectus was issued on 30 April 2021.

On 11 May 2021, the Hong Kong Securities and Futures Commissions (“HKSFC”) authorised Hong Kong registration of the Sub-Fund Value Partners China A Shares Consumption Fund.

The Board has considered the general impact resulting from the spread of a coronavirus known as COVID-19 on the ICAV and has ongoing engagement with its delegates. The delegates have invoked their Business Continuity Plans (BCPs) which are operating effectively allowing the ICAV to continue to service its client base.

The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the ICAV’s performance.

The Board continues to closely monitor market conditions taking into account any changes in liquidity or other market volatility and/or restrictions.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 145 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

13. EVENTS DURING THE FINANCIAL PERIOD (Continued)

Following the UK Government’s notification to the European Union (EU) of its intention to leave the Union (i.e. “Brexit”), on 23 January 2020, the UK Government enacted the European Union (Withdrawal Agreement) Act 2020 (WAA). The WAA implemented the withdrawal agreement into UK law. The EU also ratified the withdrawal agreement in accordance with its procedures, with the European Parliament consenting to the Withdrawal Agreement on 29 January 2020. Although a free trade agreement was ratified by both the EU member States and the UK Government in December 2020 and the transitionary phase has ended, there remains a number of uncertainties in connection with the UK’s relationship with the EU in regards to potential regulatory alignment or equivalence. Until the terms of regulation are clearer, it is not possible to determine the full impact that the UK’s departure and/or any related matters may have on the ICAV and its investments.

There were no other significant events other than those mentioned above during the financial period. 14. EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE

The Investment Manager, in conjunction with the Directors, intends to remove the operation of performance fee across all shares in the Value Partners Classic Equity Fund with effect from 1 July 2021.

The Investment Manager intends to increase the investment manager fee for Class A shares in the Value Partners Classic Equity Fund from 1.25% to 1.5% with effect from 1 July 2021.

On 6 August 2021, Ms. Wong Ngai Sze, Icy resigned as a Director and Mr. Lam Wai Sing Wilson was appointed as a Director of Value Partners Ireland Fund ICAV. Mr. Lam Wai Sing Wilson was appointed alternate director to Ms. Wong Ngai Sze, Icy until her resignation.

The COVID-19 outbreak has caused extensive disruption to businesses and economic activities globally. The uncertainty and instability described in Note 13 continues post financial period-end.

Following the Central Bank review of the implementation of Consultation Paper 86 (“CP86”) and the introduction of additional substance requirements for self-managed investment companies (“SMIC”) such as the ICAV, the Board of Directors took the decision to seek a UCITS management company to take on the required regulatory functions and to move the ICAV away from its status as a SMIC. The Board of Directors conducted a search for appropriate service providers and, following extensive due diligence, decided to appoint Carne Group as UCITS management company for the ICAV, subject to regulatory approval. The Board of Directors approved the appointment in principle on 30 March 2021 and the necessary legal and regulatory work is now being undertaken.

It is possible that ultimately there will be more divergence between the UK and EU regulations post Brexit as described in Note 13. As at the date of approval of these Financial Statements, the nature and extent of such changes remain uncertain.

There were no other significant events after the Statement of Financial Position date.

SEMI-ANNUAL REPORT 2021 146 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) (Continued)

15. CROSS INVESTMENTS

Value Partners Classic Equity Fund holds 226,031 shares of Value Partners All China Equity Fund as at the financial period ended 30 June 2021 (31 December 2020: 226,031 shares). The subscriptions and unrealised movement details are in the table below. The ICAV has classified its cross investment under fair value through profit or loss are measured at fair value with changes in gains and losses arising from fair value recognised in the Statement of Comprehensive Income.

The value of Cross Investments as at the financial period ended 30 June 2021 and financial year ended 31 December 2020 are disclosed in the Schedule of Investments.

30 June 2021 31 December 2020 Value Partners All Value Partners All China Equity Fund China Equity Fund USD USD

Cost at beginning of financial period/year 3,372,386 2,536,070 Net change in unrealised gains/losses on financial assets through profit and loss at fair value (20,343) 836,316

Fair value at financial period/year ended 3,352,043 3,372,386

16. APPROVAL OF THE FINANCIAL STATEMENTS

The Board of Directors approved the financial statements on 18 August 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 147 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED)

Value Partners Classic Equity Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 94.78% (31 December 2020: 94.47%)

China – 12.70% (31 December 2020:11.75%) China Tourism Group Duty Free Corp Ltd A SHARES (SHHK) 118,802 5,517,166 1.98% East Money Information Co Ltd A SHARES (SZHK) 1,155,130 5,861,363 2.10% Guangdong Haid Group Co Ltd A SHARES (SZHK) 352,780 4,454,720 1.60% Kweichow Moutai Co Ltd A SHARES (SHHK) 42,378 13,487,695 4.83% Ping An Bank Co Ltd A SHARES (SZHK) 1,745,080 6,108,496 2.19%

35,429,440 12.70%

SEMI-ANNUAL REPORT 2021 148 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Classic Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 94.78% (31 December 2020: 94.47%) (Continued)

Hong Kong – 64.95% (31 December 2020: 49.78%) AIA Group Ltd 808,000 10,039,723 3.60% ANTA Sports Products Ltd 158,000 3,718,916 1.33% Beijing Tong Ren Tang Chinese Medicine Co Ltd 2,347,000 3,874,219 1.39% BOC Hong Kong Holdings Ltd 1,298,500 4,405,605 1.58% Cathay Media and Education Group Inc 1,656,000 1,151,429 0.41% China Education Group Holdings Ltd 2,329,000 5,193,982 1.86% China Mengniu Dairy Co Ltd 458,000 2,768,752 0.99% China Merchants Bank Co Ltd H SHARES 1,475,000 12,582,326 4.51% China Resources Beer (Holdings) Co Ltd 600,000 5,388,632 1.93% COSCO SHIPPING Holdings Co Ltd H SHARES 4,611,500 11,614,328 4.16% Galaxy Entertainment Group Ltd 614,000 4,913,518 1.76% Hope Education Group Co Ltd 12,614,000 3,037,228 1.09% Innovent Biologics Inc 533,500 6,220,222 2.23% Kingboard Laminates Holdings Ltd 2,085,500 4,677,797 1.68% Lenovo Group Ltd 1,198,000 1,377,499 0.49% Li Ning Co Ltd 1,013,000 12,365,191 4.43% Luk Fook Holdings (International) Ltd 1,465,000 5,055,399 1.81% Meituan 261,500 10,788,157 3.87% Minsheng Education Group Co Ltd 17,196,000 2,989,126 1.07% Nine Dragons Paper (Holdings) Ltd 3,442,000 4,414,213 1.58% Orient Overseas International Ltd 442,000 9,572,631 3.43% Ping An Insurance (Group) Co of China Ltd H SHARES 506,000 4,954,876 1.78% Semiconductor Manufacturing International Corp 1,656,000 5,096,139 1.83% SIIC Environment Holdings Ltd 15,659,600 2,500,261 0.90% Techtronic Industries Co Ltd 691,500 12,073,548 4.33% Tencent Holdings Ltd 352,300 26,491,621 9.49% Xiaomi Corp 1,140,000 3,963,252 1.42%

181,228,590 64.95%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 149 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Classic Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 94.78% (31 December 2020: 94.47%) (Continued)

Taiwan – 11.74% (31 December 2020: 15.61%) Elan Microelectronics Corp 232,000 1,618,015 0.58% Makalot Industrial Co Ltd 215,000 2,112,340 0.76% MediaTek Inc 170,000 5,864,066 2.10% Taiwan Semiconductor Manufacturing Co Ltd 1,085,000 23,148,430 8.30%

32,742,851 11.74%

United States – 5.39% (31 December 2020: 17.33%) Pinduoduo Inc ADR 77,008 9,857,024 3.53% TAL Education Group ADR 201,403 5,192,169 1.86%

15,049,193 5.39%

Total Equities 264,450,074 94.78%

SEMI-ANNUAL REPORT 2021 150 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Classic Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Investment in Related Funds

% of HOLDING Quantity Fair Value Net Assets USD

Investment in Related Funds – 1.20% (31 December 2020: 1.18%)

Ireland – 1.20% (31 December 2020: 1.18%) Value Partners Ireland Fund ICAV-Value Partners All China Equity Fund Class X USD Unhedged Acc 226,031 3,352,043 1.20%

3,352,043 1.20%

Financial derivative instruments dealt in on a regulated market

Participatory Notes – 1.17% (31 December 2020: 2.02%)

China – 1.17% (31 December 2020: 2.02%) CICC Financial Trading Ltd (Kweichow Moutai Co Ltd A SHARES) P-Note 1/4/2024 10,237 3,260,513 1.17%

3,260,513 1.17%

Financial Assets at Fair Value Through Profit or Loss 271,062,630 97.15%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 151 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Classic Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – Nil (31 December 2020: 0.04%)

Forward Currency Contracts* – 0.00% (31 December 2020: 0.00%)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Net Date Currency received Currency delivered Loss Assets

30 JUL 2021 CHF 1,550,317 USD (1,687,307) (7,876) 0.00% 30 JUL 2021 EUR 2,125,785 USD (2,539,063) (13,470) 0.00% 30 JUL 2021 GBP 76,614 USD (106,973) (925) 0.00%

(22,271) 0.00%

Financial Liabilities at Fair Value Through Profit or Loss (22,271) 0.00%

% of HOLDING Quantity Fair Value Net Assets USD

Cash and Cash Equivalents 9,869,607 3.54% Net Current Liabilities (1,896,694) (0.69%)

Net Assets Attributable to Redeemable Participating Shareholders 279,013,272 100.00%

% of Analysis of Total Assets: (unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 93.66% b) Financial derivative instruments dealt in on a regulated market 1.15% c) Investment in Related Funds 1.19% e) Other current assets 4.00%

Total Assets 100.00%

* As at 30 June 2021, HSBC Bank plc, the counterparty of forwards has the credit rating of Aa3 as per Moody’s. (31 December 2020: HSBC Bank plc Aa3).

SEMI-ANNUAL REPORT 2021 152 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Health Care Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 84.09% (31 December 2020: 88.49%)

China – 42.79% (31 December 2020: 48.48%) Aier Eye Hospital Group Co Ltd A SHARES (SZHK) 1,167,195 12,820,523 2.91% Beijing Tiantan Biological Products Corp Ltd A SHARES (SHHK) 977,323 5,179,943 1.18% Beijing Tongrentang Co Ltd A SHARES (SHHK) 534,676 3,379,941 0.77% Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 165,840 9,931,768 2.26% China National Accord Medicines Corp Ltd A SHARES (SZHK) 288,248 1,687,888 0.38% Chongqing Zhifei Biological Products Co Ltd A SHARES (SZHK) 57,200 1,652,861 0.37% DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 442,194 3,497,398 0.79% Fujian Green Pine Co Ltd A SHARES (SZHK) 1,718,000 5,609,601 1.27% Guangzhou Wondfo Biotech Co Ltd A SHARES (SZHK) 509,806 5,103,503 1.16% Huadong Medicine Co Ltd A SHARES (SZHK) 186,090 1,324,956 0.30% Hualan Biological Engineering Inc A SHARES (SZHK) 2,237,886 12,702,629 2.88%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 153 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Health Care Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 84.09% (31 December 2020: 88.49%) (Continued)

China – 42.79% (31 December 2020: 48.48%) (Continued) Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 2,792,732 29,374,661 6.66% Shandong Pharmaceutical Glass Co Ltd A SHARES (SHHK) 462,892 2,431,900 0.55% Shanghai Pharmaceuticals Holding Co Ltd A SHARES (SHHK) 1,926,466 6,299,226 1.43% Shenzhen Kangtai Biological Products Co Ltd A SHARES (SZHK) 237,721 5,481,257 1.25% Shenzhen Mindray Bio-Medical Electronics Co Ltd A SHARES (SZHK) 351,279 26,095,462 5.92% Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 4,250,406 18,476,022 4.19% WuXi AppTec Co Ltd A SHARES (SHHK) 389,792 9,445,463 2.14% Yunnan Baiyao Group Co Ltd A SHARES (SZHK) 1,164,018 20,844,642 4.73% Zhejiang NHU Co Ltd A SHARES (SZHK) 1,638,909 7,273,783 1.65%

188,613,427 42.79%

SEMI-ANNUAL REPORT 2021 154 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Health Care Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 84.09% (31 December 2020: 88.49%) (Continued)

Hong Kong – 41.04% (31 December 2020: 40.01%) 3SBio Inc 3,186,500 3,938,839 0.89% Akeso Inc 958,000 7,728,045 1.75% Alibaba Health Information Technology Ltd 3,948,000 8,753,734 1.99% BeiGene Ltd 184,600 5,020,057 1.14% Beijing Tong Ren Tang Chinese Medicine Co Ltd 6,318,000 10,429,193 2.37% CARsgen Therapeutics Holdings Ltd 342,000 1,340,900 0.30% CSPC Pharmaceutical Group Ltd 13,454,080 19,471,677 4.42% Hansoh Pharmaceutical Group Co Ltd 542,000 2,372,801 0.54% InnoCare Pharma Ltd 1,994,000 7,330,174 1.66% Innovent Biologics Inc 1,166,500 13,600,543 3.09% Jinxin Fertility Group Ltd 2,916,000 7,359,133 1.67% Livzon Pharmaceutical Group Inc H SHARES 329,900 1,624,788 0.37% Pharmaron Beijing Co Ltd H SHARES 265,000 7,063,164 1.60% Shandong Weigao Group Medical Polymer Co Ltd H SHARES 3,764,000 8,781,948 1.99% Shanghai Fosun Pharmaceutical Group Co Ltd H SHARES 613,500 4,952,964 1.12% Shanghai Junshi Biosciences Co Ltd H SHARES 926,400 7,693,807 1.75% Shanghai Pharmaceuticals Holding Co Ltd H SHARES 1,678,100 3,664,601 0.83% Sino Biopharmaceutical Ltd 25,478,500 24,998,380 5.67% Sinopharm Group Co Ltd H SHARES 4,006,000 11,915,327 2.70% SSY Group Ltd 4,748,000 4,242,806 0.96% The United Laboratories International Holdings Ltd 9,320,000 7,644,312 1.73% WuXi AppTec Co Ltd H SHARES 228,920 5,343,977 1.21% Wuxi Biologics Cayman Inc 235,000 4,305,819 0.98% Zai Lab Ltd 7,750 1,361,128 0.31%

180,938,117 41.04%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 155 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Health Care Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 84.09% (31 December 2020: 88.49%) (Continued)

United States Of America – 0.26% (31 December 2020:Nil) Align Technology Inc 1,900 1,159,931 0.26%

1,159,931 0.26%

Total Equities 370,711,475 84.09%

Participatory Notes – 2.78% (31 December 2020: 2.21%)

China – 2.78% (31 December 2020: 2.21%) CICC Financial Trading Ltd (Beijing Tongrentang Co Ltd A SHARES) P-Note 12/18/2023 1,636,900 10,355,154 2.35% CICC Financial Trading Ltd (Shenzhen New Industries Biomedical Engineering Co Ltd A SHARES) P-Note 5/27/2024 197,820 1,887,093 0.43%

12,242,247 2.78%

SEMI-ANNUAL REPORT 2021 156 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Health Care Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – 0.00% (31 December 2020: Nil)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Date Currency received Currency delivered Gain/Loss Net Assets

30 JUL 2021 SGD 43,870 USD (43,861) 9 0.00%

9 0.00%

Financial Assets at Fair Value Through Profit or Loss (Total investments cost: US$334,600,249) 382,953,731 86.87%

Cash and Cash Equivalents 51,624,417 11.71% Net Current Assets 6,238,850 1.42%

Net Assets Attributable to Redeemable Participating Shareholders 440,816,998 100.00%

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 83.09% b) Financial derivative instruments dealt in on a regulated market 2.74% c) OTC derivative instruments 0.00% d) Other current assets 14.17%

Total Assets 100.00%

* As at 30 June 2021, HSBC Bank plc, the counterparty of forwards has the credit rating of Aa3 as per Moody’s (31 December 2020: HSBC Bank plc Aa3).

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 157 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 92.59% (31 December 2020: 91.59%)

China – 8.21% (31 December 2020: 11.38%) Beijing Thunisoft Corp Ltd A SHARES (SZHK) 119,934 357,272 1.12% China Tourism Group Duty Free Corp Ltd A SHARES (SHHK) 10,049 466,676 1.47% East Money Information Co Ltd A SHARES (SZHK) 95,000 482,049 1.51% Kweichow Moutai Co Ltd A SHARES (SHHK) 1,000 318,271 1.00% LONGi Green Energy Technology Co Ltd A SHARES (SHHK) 26,000 357,444 1.12% Yunnan Energy New Material Co Ltd A SHARES (SZHK) 17,500 633,966 1.99%

2,615,678 8.21%

SEMI-ANNUAL REPORT 2021 158 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 92.59% (31 December 2020: 91.59%) (Continued)

Hong Kong – 33.17% (31 December 2020: 23.96%) AIA Group Ltd 70,000 869,778 2.73% Alibaba Group Holding Ltd 40,000 1,133,093 3.56% Apollo Future Mobility Group Ltd 2,800,000 151,422 0.48% BYD Co Ltd H SHARES 15,500 463,422 1.45% China Communications Services Corp Ltd H SHARES 650,000 324,734 1.02% China Modern Dairy Holdings Ltd 1,650,000 365,423 1.15% China Molybdenum Co Ltd H SHARES 519,000 308,071 0.97% CK Hutchison Holdings Ltd 45,000 350,551 1.10% COSCO SHIPPING Holdings Co Ltd H SHARES 240,000 604,454 1.90% ESR Cayman Ltd 100,000 337,353 1.06% HBM Holdings Ltd 300,000 382,419 1.20% HKT Trust & HKT Ltd 225,000 306,515 0.96% Kuaishou Technology 14,000 351,156 1.10% Meituan 10,000 412,549 1.29% Ping An Insurance (Group) Co of China Ltd H SHARES 65,000 636,496 2.00% SITC International Holdings Co Ltd 120,000 501,394 1.57% Techtronic Industries Co Ltd 20,000 349,199 1.10% Tencent Holdings Ltd 24,200 1,819,748 5.71% WH Group Ltd 400,000 359,500 1.13% Zijin Mining Group Co Ltd H SHARES 400,000 537,704 1.69%

10,564,981 33.17%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 159 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 92.59% (31 December 2020: 91.59%) (Continued)

Indonesia – 2.00% (31 December 2020: 1.51%) Bank Mandiri Persero Tbk PT 400,000 162,759 0.51% Ciputra Development Tbk PT 1,711,000 109,740 0.34% Indofood Sukses Makmur Tbk PT 273,400 116,431 0.37% United Tractors Tbk PT 64,300 89,798 0.28% Vale Indonesia Tbk PT 500,000 158,966 0.50%

637,694 2.00%

Malaysia – 0.74% (31 December 2020: 1.35%) MISC Bhd 63,300 103,378 0.32% Tenaga Nasional Bhd 56,100 132,294 0.42%

235,672 0.74%

Philippines – 0.56% (31 December 2020: 0.98%) Ayala Corp 7,190 117,683 0.37% Security Bank Corp 25,190 60,814 0.19%

178,497 0.56%

SEMI-ANNUAL REPORT 2021 160 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 92.59% (31 December 2020: 91.59%) (Continued)

Singapore – 3.58% (31 December 2020: 2.77%) Ascendas India Trust 215,000 222,317 0.70% CapitaLand Ltd 107,600 296,966 0.94% DBS Group Holdings Ltd 11,800 261,676 0.82% United Overseas Bank Ltd 8,500 163,266 0.51% Wilmar International Ltd 58,500 195,834 0.61%

1,140,059 3.58%

South Korea – 16.21% (31 December 2020: 19.75%) KB Financial Group Inc 6,850 338,303 1.06% Korea Investment Holdings Co Ltd 3,834 349,519 1.10% LG Chem Ltd 483 363,368 1.14% NAVER Corp 1,700 628,184 1.97% POSCO 1,100 338,808 1.07% Samsung Electro-Mechanics Co Ltd 2,000 313,317 0.98% Samsung Electronics Co Ltd 26,049 1,860,569 5.84% Samsung Electronics Co Ltd – Preference Shares 3,069 200,191 0.63% SK Hynix Inc 4,000 451,389 1.42% Soulbrain Co Ltd 1,100 320,017 1.00%

5,163,665 16.21%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 161 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 92.59% (31 December 2020: 91.59%) (Continued)

Taiwan – 18.41% (31 December 2020: 17.74%) Airtac International Group 10,000 385,464 1.21% Evergreen Marine Corp (Taiwan) Ltd 85,000 600,427 1.88% MediaTek Inc 20,000 689,890 2.17% Parade Technologies Ltd 6,000 297,972 0.94% Taiwan Semiconductor Manufacturing Co Ltd 115,000 2,453,520 7.70% Unimicron Technology Corp 70,000 323,789 1.02% United Microelectronics Corp 250,000 476,003 1.49% Yageo Corp 32,000 636,822 2.00%

5,863,887 18.41%

Thailand – 1.55% (31 December 2020: 1.03%) Central Pattana PCL 93,700 153,487 0.48% PTT PCL 140,000 172,543 0.54% Siam Commercial Bank PCL 55,000 168,175 0.53%

494,205 1.55%

SEMI-ANNUAL REPORT 2021 162 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 92.59% (31 December 2020: 91.59%) (Continued)

United States – 8.16% (31 December 2020: 11.12%) 21Vianet Group Inc ADR 16,000 377,120 1.18% Baidu Inc ADR 1,750 360,063 1.13% Infosys Ltd ADR 35,000 746,200 2.34% JOYY Inc 5,500 372,625 1.17% Pinduoduo Inc ADR 2,500 320,000 1.01% Sea Ltd ADR 1,500 423,525 1.33%

2,599,533 8.16%

Total Equities 29,493,871 92.59%

Exchange Traded Funds – 1.94% (31 December 2020: Nil)

United States – 1.94% (31 December 2020: Nil) iShares MSCI India ETF 14,000 618,380 1.94%

Total Exchange Traded Funds 618,380 1.94%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 163 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Financial derivative instruments dealt in on a regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Participatory Notes – 3.09% (31 December 2020: 3.78%)

India – 3.09% (31 December 2020: 3.78%) Societe Generale Group (HCL Technologies Ltd) P-Note 8/27/2021 35,159 465,104 1.46% Societe Generale Group (Reliance Industries Ltd) P-Note 9/3/2021 11,168 317,052 1.00% Societe Generale Group (Tata Consultancy Services Ltd) P-Note 9/13/2021 4,436 199,629 0.63%

Total Participatory Notes 981,785 3.09%

OTC financial derivative instruments

Warrants – Nil (31 December 2020: 2.36%)

India – Nil (31 December 2020: 2.36%)

Forward Currency Contracts* – Nil (31 December 2020: 0.24%)

Financial Assets at Fair Value Through Profit or Loss 31,094,036 97.62%

SEMI-ANNUAL REPORT 2021 164 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asia ex-Japan Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments (Continued)

Forward Currency Contracts* – (0.06%) (31 December 2020: (0.00%))

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Date Currency received Currency delivered Loss Net Assets

30 JUL 2021 EUR 1,577,929 USD (1,884,225) (9,525) (0.03%) 30 JUL 2021 CHF 1,860,290 USD (2,024,010) (8,790) (0.03%)

(18,315) (0.06%)

Financial Liabilities at Fair Value Through Profit or Loss (18,315) (0.06%)

Cash and Cash Equivalents 1,236,325 3.88% Net Current Liabilities (458,048) (1.44%)

Net Assets Attributable to Redeemable Participating Shareholders 31,853,998 100.00%

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 92.59% b) Financial derivative instruments dealt in on a regulated market 3.02% d) Other current assets 4.39%

Total Assets 100.00%

* As at 30 June 2021, HSBC Bank plc, the counterparty of forwards has the credit rating of Aa3 as per Moody’s. (31 December 2020: HSBC Bank plc Aa3).

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 165 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian High Yield Fixed Maturity Bond Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 94.97% (31 December 2020: 97.91%)

China – 70.02% (31 December 2020: 70.23%) Azure Nova International Finance Ltd 3.5% 3/21/2022 200,000 205,087 0.54% Beijing Gas Singapore Capital Corp 2.75% 5/31/2022 650,000 660,984 1.75% CDBL Funding 2 3.75% 3/11/2022 200,000 205,585 0.55% China Evergrande Group 9.5% 4/11/2022 650,000 568,001 1.51% China Grand Automotive Services Ltd 8.885% 7/25/2021 615,000 622,099 1.65% China Hongqiao Group Ltd 7.125% 7/22/2022 2,000,000 2,113,520 5.60% China Merchants Finance Co Ltd 5% 5/4/2022 1,592,000 1,659,937 4.40% China Resources Gas Group Ltd 4.5% 4/5/2022 200,000 207,163 0.55% CITIC Ltd 3.125% 2/28/2022 200,000 204,614 0.54% CNAC HK Finbridge Co Ltd 3.125% 6/19/2022 1,000,000 1,017,656 2.70% CNAC (HK) Finbridge Co Ltd 3.5% 7/19/2022 700,000 725,595 1.92% Easy Tactic Ltd 5.75% 1/13/2022 500,000 502,338 1.33% eHi Car Services Ltd 5.875% 8/14/2022 1,000,000 1,023,436 2.71% Fantasia Holdings Group Co Ltd 11.75% 4/17/2022 1,650,000 1,598,570 4.24% Fuqing Investment Management Ltd 4% 6/12/2022 300,000 304,342 0.81% GET International Investment Holdings Ltd 3.75% 7/18/2022 2,000,000 2,074,552 5.50% Haimen Zhongnan Investment Development International Co Ltd 10.875% 6/18/2022 800,000 763,294 2.03%

SEMI-ANNUAL REPORT 2021 166 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian High Yield Fixed Maturity Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 94.97% (31 December 2020: 97.91%) (Continued)

China – 70.02% (31 December 2020: 70.23%) (Continued) ICBCIL Finance Co Ltd 3.375% 4/5/2022 400,000 410,032 1.09% Kaisa Group Holdings Ltd 8.5% 6/30/2022 2,600,000 2,588,274 6.86% Redsun Properties Group Ltd 9.95% 4/11/2022 1,500,000 1,552,252 4.12% Ronshine China Holdings Ltd 10.5% 3/1/2022 1,700,000 1,767,487 4.69% Seazen Group Ltd 6.45% 6/11/2022 780,000 798,645 2.12% Sinic Holdings Group Co Ltd 10.5% 6/18/2022 500,000 439,248 1.16% Sunac China Holdings Ltd 7.25% 6/14/2022 600,000 614,670 1.63% Yango Justice International Ltd 10.25% 3/18/2022 1,200,000 1,241,452 3.29% Zhenro Properties Group Ltd 5.98% 4/13/2022 2,300,000 2,328,624 6.17% Zhongliang Holdings Group Co Ltd 9.5% 7/29/2022 208,000 210,472 0.56%

26,407,929 70.02%

Hong Kong – 0.82% (31 December 2020: Nil) Bocom Leasing Management Hong Kong Co Ltd 4% 1/22/2022 300,000 309,732 0.82%

309,732 0.82%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 167 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian High Yield Fixed Maturity Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 94.97% (31 December 2020: 97.91%) (Continued)

India – 13.99% (31 December 2020: 11.83%) Bank of Baroda/London 3.5% 4/4/2022 1,800,000 1,846,048 4.89% Bharat Petroleum Corp Ltd 4.375% 1/24/2022 200,000 207,425 0.55% IndusInd Bank Ltd/Gift City 3.875% 4/15/2022 1,800,000 1,829,885 4.85% JSW Steel Ltd 5.25% 4/13/2022 300,000 310,120 0.82% ONGC Videsh Vankorneft Pte Ltd 2.875% 1/27/2022 200,000 204,666 0.54% Reliance Industries Ltd 5.4% 2/14/2022 250,000 261,968 0.70% Shriram Transport Finance Co Ltd 5.7% 2/27/2022 600,000 617,985 1.64%

5,278,097 13.99%

Indonesia – 4.66% (31 December 2020: 5.92%) Indonesia Government International Bond 3.75% 4/25/2022 1,300,000 1,341,665 3.56% Pertamina Persero PT 4.875% 5/3/2022 200,000 209,267 0.55% Perusahaan Penerbit SBSN Indonesia III 3.4% 3/29/2022 200,000 205,827 0.55%

1,756,759 4.66%

Malaysia – 3.02% (31 December 2020: 2.97%) IOI Investment L Bhd 4.375% 6/27/2022 1,110,000 1,138,691 3.02%

1,138,691 3.02%

SEMI-ANNUAL REPORT 2021 168 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian High Yield Fixed Maturity Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 94.97% (31 December 2020: 97.91%) (Continued)

Mongolia – Nil (31 December 2020: 4.55%)

South Korea – 1.08% (31 December 2020: 1.06%) GS Caltex Corp 3% 6/12/2022 200,000 204,140 0.54% Mirae Asset Daewoo Co Ltd 3.125% 5/7/2022 200,000 204,150 0.54%

408,290 1.08%

Thailand – 1.38% (31 December 2020: 1.35%) Siam Commercial Bank PCL/Cayman Islands 3.2% 7/26/2022 500,000 519,602 1.38%

519,602 1.38%

Total Fixed Coupon Notes 35,819,100 94.97%

Financial Assets at Fair Value Through Profit or Loss 35,819,100 94.97%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 169 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian High Yield Fixed Maturity Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – Nil (31 December 2020: 0.08%)

Forward Currency Contracts* – (0.04%) (31 December 2020: Nil)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Date Currency received Currency delivered Loss Net Assets

30 JUL 2021 AUD 1,938,762 USD (1,468,242) (13,389) (0.04%)

(13,389) (0.04%)

Financial Liabilities at Fair Value Through Profit or Loss (13,389) (0.04%)

Cash and Cash Equivalents 2,048,654 5.43% Net Current Liabilities (137,664) (0.36%)

Net Assets Attributable to Redeemable Participating Shareholders 37,716,701 100.00%

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 94.31% b) Other current assets 5.69%

Total Assets 100.00%

SEMI-ANNUAL REPORT 2021 170 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners All China Equity Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 97.27% (31 December 2020: 97.85%)

China – 32.45% (31 December 2020: 37.14%) Bank of Ningbo Co Ltd A SHARES (SZHK) 73,901 445,663 1.12% Beijing Thunisoft Corp Ltd A SHARES (SZHK) 129,980 387,198 0.97% Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 3,200 191,641 0.48% China Merchants Bank Co Ltd A SHARES (SHHK) 95,000 796,653 2.00% China Tourism Group Duty Free Corp Ltd A SHARES (SHHK) 11,128 516,784 1.30% China Yangtze Power Co Ltd A SHARES (SHHK) 145,000 463,131 1.16% Contemporary Amperex Technology Co Ltd A SHARES (SZHK) 6,084 503,509 1.26% DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 37,556 297,038 0.75% East Money Information Co Ltd A SHARES (SZHK) 108,000 548,014 1.37% Focus Media Information Technology Co Ltd A SHARES (SZHK) 265,000 385,889 0.97% Foshan Haitian Flavouring & Food Co Ltd A SHARES (SHHK) 9,360 186,777 0.47% Ganfeng Lithium Co Ltd A SHARES (SZHK) 12,500 234,231 0.59% Hang Zhou Great Star Industrial Co Ltd A SHARES (SZHK) 35,000 184,584 0.46% Hengli Petrochemical Co Ltd A SHARES (SHHK) 70,000 284,242 0.71% Industrial Bank Co Ltd A SHARES (SHHK) 115,000 365,709 0.92% Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 76,467 435,815 1.09%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 171 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners All China Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 97.27% (31 December 2020: 97.85%) (Continued)

China – 32.45% (31 December 2020: 37.14%) (Continued) Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 53,524 562,979 1.41% JOYY Inc 6,000 406,500 1.02% Kweichow Moutai Co Ltd A SHARES (SHHK) 3,506 1,115,859 2.80% LONGi Green Energy Technology Co Ltd A SHARES (SHHK) 40,000 549,914 1.38% Luxshare Precision Industry Co Ltd A SHARES (SZHK) 61,288 436,274 1.09% Luzhou Laojiao Co Ltd A SHARES (SZHK) 5,700 208,115 0.52% Ping An Bank Co Ltd A SHARES (SZHK) 205,000 717,584 1.80% Riyue Heavy Industry Co Ltd A SHARES (SHHK) 81,997 343,616 0.86% Shenzhen Mindray Bio-Medical Electronics Co Ltd A SHARES (SZHK) 6,500 482,865 1.21% Wanhua Chemical Group Co Ltd A SHARES (SHHK) 15,952 268,627 0.67% Wuliangye Yibin Co Ltd A SHARES (SZHK) 14,523 669,482 1.68% Yunnan Energy New Material Co Ltd A SHARES (SZHK) 17,000 615,852 1.54% Zhejiang Dahua Technology Co Ltd A SHARES (SZHK) 47,000 153,464 0.38% Zijin Mining Group Co Ltd A SHARES (SHHK) 124,919 187,318 0.47%

12,945,327 32.45%

SEMI-ANNUAL REPORT 2021 172 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners All China Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 97.27% (31 December 2020: 97.85%) (Continued)

Hong Kong – 53.60% (31 December 2020: 46.05%) Alibaba Group Holding Ltd 90,000 2,549,460 6.39% ANTA Sports Products Ltd 18,000 423,674 1.06% Apollo Future Mobility Group Ltd 6,000,000 324,477 0.81% China Communications Services Corp Ltd H SHARES 800,000 399,673 1.00% China Conch Venture Holdings Ltd 85,000 357,890 0.90% China Construction Bank Corp H SHARES 850,000 668,718 1.68% China Education Group Holdings Ltd 160,000 356,821 0.89% China Mengniu Dairy Co Ltd 119,000 719,392 1.80% China Merchants Bank Co Ltd H SHARES 92,500 789,061 1.98% China Modern Dairy Holdings Ltd 1,400,000 310,056 0.78% China Molybdenum Co Ltd H SHARES 750,000 445,190 1.12% China Resources Land Ltd 100,000 404,952 1.02% CIFI Holdings (Group) Co Ltd 420,000 327,722 0.82% COSCO SHIPPING Holdings Co Ltd H SHARES 370,000 931,866 2.34% Country Garden Services Holdings Co Ltd 50,000 540,151 1.35% Dongfang Electric Corp Ltd H SHARES 240,000 192,214 0.48% Ganfeng Lithium Co Ltd H SHARES 14,000 209,107 0.52% Automobile Holdings Ltd 180,000 566,676 1.42% Haier Smart Home Co Ltd H SHARES 110,000 383,835 0.96% HBM Holdings Ltd 398,000 507,343 1.27% Innovent Biologics Inc 60,000 699,556 1.75% JD.com Inc 11,000 432,558 1.08% Kuaishou Technology 20,000 501,651 1.26% Meituan 22,000 907,608 2.28% Ping An Insurance (Group) Co of China Ltd H SHARES 90,000 881,302 2.21%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 173 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners All China Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 97.27% (31 December 2020: 97.85%) (Continued)

Hong Kong – 53.60% (31 December 2020: 46.05%) (Continued) SITC International Holdings Co Ltd 150,000 626,742 1.57% Tencent Holdings Ltd 46,000 3,459,025 8.67% Tingyi (Cayman Islands) Holding Corp 250,000 498,947 1.25% WH Group Ltd 400,000 359,500 0.90% Wuxi Biologics Cayman Inc 50,000 916,132 2.30% Yeahka Ltd 46,000 289,338 0.73% Zijin Mining Group Co Ltd H SHARES 300,000 403,278 1.01%

21,383,915 53.60%

United States- 11.22% (31 December 2020: 14.66%) 21Vianet Group Inc ADR 20,500 483,185 1.21% Baidu Inc ADR 3,650 750,988 1.88% Bilibili Inc ADR 4,500 553,320 1.39% HUTCHMED (China) Ltd ADR 20,000 802,200 2.01% Kingsoft Cloud Holdings Ltd ADR 11,000 381,260 0.96% New Oriental Education & Technology Group Inc ADR 45,000 366,975 0.92% Pinduoduo Inc ADR 5,000 640,000 1.60% XPeng Inc ADR 11,500 498,640 1.25%

4,476,568 11.22%

Total Equities 38,805,810 97.27%

SEMI-ANNUAL REPORT 2021 174 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners All China Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Financial Assets at Fair Value Through Profit or Loss 38,805,810 97.27%

Cash and Cash Equivalents 1,736,451 4.35% Net Current Liabilities (648,300) (1.62%)

Net Assets Attributable to Redeemable Participating Shareholders 39,893,961 100.00%

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 94.57% b) Other current assets 5.43%

Total Assets 100.00%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 175 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – Nil (31 December 2020: 0.73%)

Fixed Coupon Notes – 97.60% (31 December 2020: 98.76%)

Australia – Nil (31 December 2020: 2.63%)

British Virgin Islands – 2.16% (31 December 2020: Nil) Hong Zu Senior Secured Notes 12% Nov 2022 2,300,000 2,408,100 2.16%

China – 77.42% (31 December 2020: 82.20%) 21Vianet Group Inc Conv 0% 2/1/2026 1,150,000 1,007,184 0.90% Baoxin Auto Finance I Ltd 9.109% PERP 300,000 241,359 0.22% CAR Inc 9.75% 3/31/2024 600,000 645,884 0.58% Central China Real Estate Ltd 7.25% 4/24/2023 500,000 482,882 0.43% Central China Real Estate Ltd 7.65% 8/27/2023 1,000,000 973,599 0.87% China Evergrande Group 8.75% 6/28/2025 800,000 533,490 0.48% China Hongqiao Group Ltd 6.25% 6/8/2024 2,000,000 2,045,399 1.83% China Hongqiao Group Ltd 7.125% 7/22/2022 1,217,000 1,288,511 1.15% China Hongqiao Group Ltd 7.375% 5/2/2023 1,600,000 1,690,773 1.52% China SCE Group Holdings Ltd 5.95% 9/29/2024 1,750,000 1,784,568 1.60% China SCE Group Holdings Ltd 7% 5/2/2025 2,500,000 2,565,009 2.30% China South City Holdings Ltd 6.75% 9/13/2021 1,500,000 1,488,844 1.33% Chongqing Nanan Urban Construction 4.2% 07/07/2024 334,000 334,000 0.30% CNAC (HK) Finbridge Co Ltd 4.125% 7/19/2027 500,000 551,923 0.49% Easy Tactic Ltd 11.625% 9/3/2024 500,000 493,458 0.44% Easy Tactic Ltd 5.75% 1/13/2022 1,500,000 1,510,015 1.35% Easy Tactic Ltd 5.875% 2/13/2023 1,000,000 912,017 0.82% Easy Tactic Ltd 8.125% 2/27/2023 1,000,000 962,755 0.86% Easy Tactic Ltd 8.125% 7/11/2024 500,000 452,821 0.41% Easy Tactic Ltd 8.625% 3/5/2024 500,000 456,902 0.41% eHi Car Services Ltd 5.875% 8/14/2022 1,950,000 2,005,451 1.80% eHi Car Services Ltd 7.75% 11/14/2024 1,800,000 1,885,325 1.69%

SEMI-ANNUAL REPORT 2021 176 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 97.60% (31 December 2020: 98.76%) (Continued)

China – 77.42% (31 December 2020: 82.20%) (Continued) Fantasia Holdings Group Co Ltd 15% 12/18/2021 2,500,000 2,493,750 2.24% Fortune Star BVI Ltd 5% 5/18/2026 2,000,000 2,044,957 1.83% Fortune Star BVI Ltd 5.95% 10/19/2025 1,000,000 1,062,760 0.95% Fortune Star BVI Ltd 6.85% 7/2/2024 1,500,000 1,653,635 1.48% GCL New Energy Holdings Ltd 10% 1/30/2024 3,739,572 3,319,820 2.98% Haiguo Xintai Capital Ltd 4.3% 10/8/2022 1,000,000 1,007,128 0.90% Haimen Zhongnan Investment Development International Co Ltd 11.5% 4/7/2024 2,500,000 2,403,929 2.15% Hilong Holding Ltd 9.75% 11/18/2024 1,003,000 905,081 0.81% iQIYI Inc Conv 2% 4/1/2025 1,500,000 1,419,098 1.27% Jinke Properties Group Co Ltd 6.85% 5/28/2024 1,000,000 944,654 0.85% Kaisa Group Holdings Ltd 11.25% 4/9/2022 1,000,000 1,048,313 0.94% Kaisa Group Holdings Ltd 11.5% 1/30/2023 2,000,000 2,125,823 1.91% Kaisa Group Holdings Ltd 9.375% 6/30/2024 1,000,000 942,248 0.84% Logan Group Co Ltd 4.7% 7/6/2026 412,000 413,030 0.37% New Metro Global Ltd 6.8% 8/5/2023 1,000,000 1,068,639 0.96% NIO Inc Conv 0.5% 2/1/2027 1,210,000 1,119,542 1.00% Poseidon Finance 1 Ltd 0% 2/1/2025 1,000,000 1,061,630 0.95% Redsun Properties Group Ltd 10.5% 10/3/2022 2,500,000 2,619,687 2.35% Redsun Properties Group Ltd 13% 10/30/2021 2,000,000 2,087,077 1.87% RongXingDa Development (BVI) Ltd 9% 7/15/2021 2,000,000 2,059,500 1.85% Ronshine China Holdings Ltd 11.25% 8/22/2021 1,000,000 1,045,624 0.94% Scenery Journey Ltd 11.5% 10/24/2022 500,000 431,169 0.39% Seazen Group Ltd 6% 8/12/2024 1,000,000 1,065,500 0.96% Sinic Holdings Group Co Ltd 9.5% 10/18/2021 1,000,000 986,234 0.88% Sunac China Holdings Ltd 5.95% 4/26/2024 2,000,000 2,030,524 1.82% Sunac China Holdings Ltd 7.5% 2/1/2024 2,000,000 2,112,083 1.89% Sunac China Holdings Ltd 8.35% 4/19/2023 1,000,000 1,053,437 0.95% Tequ Mayflower Ltd 0% 3/2/2026 1,000,000 866,400 0.78% Tongfang Aqua Ltd 6.8% 1/10/2022 3,000,000 3,025,059 2.71% Wanda Group Overseas Ltd 7.5% 7/24/2022 1,500,000 1,496,211 1.34%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 177 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 97.60% (31 December 2020: 98.76%) (Continued)

China – 77.42% (31 December 2020: 82.20%) (Continued) West China Cement Ltd 4.95% 7/8/2026 4,000,000 4,000,000 3.59% Xiaomi Best Time International Ltd 0% 12/17/2027 1,000,000 1,082,195 0.97% Yango Cayman Investment Ltd 12.5% 9/24/2021 2,200,000 2,245,831 2.01% Yango Justice International Ltd 10% 2/12/2023 3,440,000 3,538,422 3.17% Yango Justice International Ltd 10.25% 3/18/2022 1,000,000 1,036,544 0.93% Yango Justice International Ltd 7.875% 04/09/2024 1,500,000 1,635,135 1.47% Yango Justice International Ltd 9.25% 4/15/2023 1,580,000 748,238 0.67% Zhenro Properties Group Ltd 6.63% 1/7/2026 800,000 1,059,245 0.95% Zhenro Properties Group Ltd 8.7% 8/3/2022 1,000,000 798,617 0.72%

86,368,938 77.42%

Hong Kong – 5.75% (31 December 2020: 1.77%) Beijing Energy International Holding Co Ltd 8% 1/20/2022 2,000,000 2,086,153 1.87% FWD Group Ltd 0% PERP 800,000 756,796 0.68% Melco Resorts Finance Ltd 5.75% 7/21/2028 750,000 814,984 0.73% NWD Finance BVI Ltd 5.25% PERP 700,000 754,968 0.68% Sino Biopharmaceutical Ltd 0% 2/17/2025 519,000 596,540 0.53% Yango Justice International Ltd 7.875% 04/09/2024 1,500,000 1,401,376 1.26%

6,410,817 5.75%

India – Nil (31 December 2020: 5.45%)

SEMI-ANNUAL REPORT 2021 178 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 97.60% (31 December 2020: 98.76%) (Continued)

Indonesia – 7.87% (31 December 2020: 2.79%) Alam Sutera Realty Tbk PT 6% 5/2/2024 1,312,000 1,157,403 1.04% Gajah Tunggal Tbk PT 8.95% 6/23/2026 2,000,000 1,979,481 1.78% Indika Energy Capital IV Pte Ltd 8.25% 10/22/2025 640,000 690,773 0.62% Jababeka International BV 6.5% 10/5/2023 2,500,000 2,491,171 2.23% Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.25% 10/24/2042 500,000 571,107 0.51% Soechi Capital Pte Ltd 8.375% 1/31/2023 2,257,000 1,888,724 1.69%

8,778,659 7.87%

Japan – 1.28% (31 December 2020: 1.13%) SoftBank Group Corp 6% PERP 1,375,000 1,430,493 1.28%

1,430,493 1.28%

Macao – 1.85% (31 December 2020: 0.88%) Studio City Finance Ltd 5% 1/15/2029 2,000,000 2,064,362 1.85%

2,064,362 1.85%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 179 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Fixed Coupon Notes – 97.60% (31 December 2020: 98.76%) (Continued)

Mongolia – 0.68% (31 December 2020: Nil) Mongolian Mining Corp/Energy Resources LLC 9.25% 4/15/2024 800,000 762,417 0.68%

762,417 0.68%

Singapore – Nil (31 December 2020: 1.91%)

Sri Lanka – 0.59% (31 December 2020: Nil) Sri Lanka Government International Bond 7.55% 3/28/2030 1,000,000 659,294 0.59%

659,294 0.59%

Total Fixed Coupon Notes 108,883,080 97.60%

SEMI-ANNUAL REPORT 2021 180 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – 0.00% (31 December 2020: Nil)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Date Currency received Currency delivered Gain Net Assets

30 JUL 2021 SGD 58,235 USD (43,287) 31 0.00% 30 JUL 2021 SGD 58,235 USD (43,287) 32 0.00%

63 0.00%

Financial Assets at Fair Value Through Profit or Loss 108,883,143 97.60%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 181 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Greater China High Yield Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments (Continued)

Forward Currency Contracts* – (0.02%) (31 December 2020: Nil)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Date Currency received Currency delivered Loss Net Assets

30 JUL 2021 EUR 3,414,484 USD (4,078,301) (21,636) (0.02%) 30 JUL 2021 EUR 36,254 USD (43,292) (219) 0.00% 30 JUL 2021 EUR 36,254 USD (43,292) (219) 0.00%

(22,074) (0.02%)

Financial Liabilities at Fair Value Through Profit or Loss (22,074) (0.02%)

Cash and Cash Equivalents 23,811,635 21.34% Net Current Liabilities (21,110,354) (18.92%)

Net Assets Attributable to Redeemable Participating Shareholders 111,562,350 100.00%

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 60.40% b) OTC financial derivative instruments 0.00% c) Other current assets 39.60%

Total Assets 100.00%

SEMI-ANNUAL REPORT 2021 182 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Equity Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 89.59% (31 December 2020: 99.27%)

China – 89.59% (31 December 2020: 99.27%) Baoshan Iron & Steel Co Ltd A SHARES (SHHK) 98,000 115,863 1.21% China Merchants Bank Co Ltd A SHARES (SHHK) 92,002 771,512 8.08% China Vanke Co Ltd A SHARES (SZHK) 12,152 44,775 0.47% Contemporary Amperex Technology Co Ltd A SHARES (SZHK) 1,900 157,243 1.64% DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 33,360 263,851 2.76% East Money Information Co Ltd A SHARES (SZHK) 63,000 319,675 3.35% Focus Media Information Technology Co Ltd A SHARES (SZHK) 206,900 301,284 3.15% Fujian Green Pine Co Ltd A SHARES (SZHK) 80,193 261,846 2.74% GoerTek Inc A SHARES (SZHK) 79,218 523,944 5.49% Great Wall Motor Co Ltd A SHARES (SHHK) 55,200 372,351 3.90% Hang Zhou Great Star Industrial Co Ltd A SHARES (SZHK) 33,200 175,091 1.83% Hangzhou Robam Appliances Co Ltd A SHARES (SZHK) 49,720 357,775 3.75% Hengli Petrochemical Co Ltd A SHARES (SHHK) 21,800 88,521 0.92% Himile Mechanical Science & Technology (Shandong) Co Ltd A SHARES (SZHK) 21,600 89,246 0.93% Hualan Biological Engineering Inc A SHARES (SZHK) 46,100 261,672 2.74% Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 16,066 91,566 0.96% Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 16,875 177,496 1.86% Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 2,900 92,985 0.97% Kweichow Moutai Co Ltd A SHARES (SHHK) 1,950 620,629 6.50% Lao Feng Xiang Co Ltd A SHARES (SHHK) 23,410 191,892 2.01%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 183 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 89.59% (31 December 2020: 99.27%) (Continued)

China – 89.59% (31 December 2020: 99.27%) (Continued) LONGi Green Energy Technology Co Ltd A SHARES (SHHK) 23,380 321,425 3.37% Luxshare Precision Industry Co Ltd A SHARES (SZHK) 63,583 452,611 4.74% Midea Group Co Ltd A SHARES (SZHK) 16,591 183,238 1.92% Ping An Bank Co Ltd A SHARES (SZHK) 145,400 508,960 5.33% Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 8,800 87,536 0.92% Poly Developments and Holdings Group Co Ltd A SHARES (SHHK) 23,500 43,784 0.46% Riyue Heavy Industry Co Ltd A SHARES (SHHK) 79,986 335,188 3.51% SF Holding Co Ltd A SHARES (SZHK) 9,608 100,658 1.05% Shanghai Pharmaceuticals Holding Co Ltd A SHARES (SHHK) 28,800 94,171 0.99% Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 50,290 218,605 2.29% Tsingtao Brewery Co Ltd A SHARES (SHHK) 11,135 199,279 2.09% Wuliangye Yibin Co Ltd A SHARES (SZHK) 9,800 451,761 4.73% Zijin Mining Group Co Ltd A SHARES (SHHK) 186,719 279,987 2.93%

Total Equities 8,556,420 89.59%

SEMI-ANNUAL REPORT 2021 184 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

Financial derivative instruments dealt in on a regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Participatory Notes – 7.21% (31 December 2020: Nil)

China – 7.21% (31 December 2020: Nil) CICC Financial Trading Ltd (Beijing Roborock Technology Co Ltd A SHARES) P-note 1/22/2024 400 78,112 0.82% CICC Financial Trading Ltd (Luoyang Xinqianglian Slewing Bearing Co Ltd A SHARES) P-note 1/25/2024 31,720 430,750 4.51% CICC Financial Trading Ltd (Shanghai Milkground Food Tech Co Ltd A SHARES) P-Note 1/12/2024 8,200 88,636 0.93% CICC Financial Trading Ltd (Zhangjiagang Guangda Special Material Co Ltd A SHARES) P-note 6/24/2024 17,209 90,930 0.95%

688,428 7.21%

Financial Assets at Fair Value Through Profit or Loss 9,244,848 96.80%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 185 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Equity Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – Nil (31 December 2020: 0.00%)

Forward Currency Contracts* – 0.00% (31 December 2020: Nil)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Date Currency received Currency delivered Loss Net Assets

30 JUL 2021 CHF 10,632 USD 11,572 (54) 0.00% 30 JUL 2021 EUR 9,911 USD (11,837) (63) 0.00% 30 JUL 2021 GBP 8,984 USD (12,544) (108) 0.00%

(225) 0.00%

Financial Liabilities at Fair Value Through Profit or Loss (225) 0.00%

Cash and Cash Equivalents 545,069 5.71% Net Current Liabilities (239,280) (2.51%)

Net Assets Attributable to Redeemable Participating Shareholders 9,550,412 100.00%

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 87.29% b) Financial derivative instruments dealt in on a regulated market 7.02% c) Other current assets 5.69%

Total Assets 100.00%

* As at 30 June 2021, HSBC Bank plc, the counterparty of forwards has the credit rating of Aa3 as per Moody’s (31 December 2020: HSBC Bank plc Aa3).

SEMI-ANNUAL REPORT 2021 186 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares High Dividend Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 93.87% (31 December 2020: 99.16%)

China – 93.87% (31 December 2020: 99.16%) Anhui Conch Cement Co Ltd A SHARES (SHHK) 16,572 105,272 1.25% Baoshan Iron & Steel Co Ltd A SHARES (SHHK) 155,900 184,317 2.19% China Merchants Bank Co Ltd A SHARES (SHHK) 97,272 815,705 9.69% China Vanke Co Ltd A SHARES (SZHK) 86,679 319,374 3.79% China Yangtze Power Co Ltd A SHARES (SHHK) 106,700 340,801 4.05% DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 13,749 108,743 1.29% East Money Information Co Ltd A SHARES (SZHK) 37,680 191,196 2.27% Focus Media Information Technology Co Ltd A SHARES (SZHK) 235,600 343,077 4.08% Fujian Green Pine Co Ltd A SHARES (SZHK) 24,400 79,671 0.95% GoerTek Inc A SHARES (SZHK) 29,800 197,096 2.34% Gongniu Group Co Ltd A SHARES (SHHK) 5,700 178,177 2.12% Gree Electric Appliances Inc of Zhuhai A SHARES (SZHK) 62,210 501,562 5.96% Hang Zhou Great Star Industrial Co Ltd A SHARES (SZHK) 40,100 211,480 2.51% Hangzhou Hikvision Digital Technology Co Ltd A SHARES (SZHK) 5,500 54,897 0.65% Hengli Petrochemical Co Ltd A SHARES (SHHK) 19,600 79,588 0.95% Hualan Biological Engineering Inc A SHARES (SZHK) 30,100 170,853 2.03% Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 42,500 242,224 2.88% Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 15,480 162,823 1.93% Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 2,600 83,366 0.99% Kweichow Moutai Co Ltd A SHARES (SHHK) 1,900 604,715 7.18%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 187 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares High Dividend Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of HOLDING Quantity Fair Value Net Assets USD

Equities – 93.87% (31 December 2020: 99.16%) (Continued)

China – 93.87% (31 December 2020: 99.16%) (Continued) Luxshare Precision Industry Co Ltd A SHARES (SZHK) 67,900 483,341 5.74% Midea Group Co Ltd A SHARES (SZHK) 33,200 366,674 4.36% Ming Yang Smart Energy Group Ltd A SHARES (SHHK) 79,783 199,886 2.37% Ping An Bank Co Ltd A SHARES (SZHK) 194,419 680,546 8.08% Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 35,479 352,918 4.19% Poly Developments and Holdings Group Co Ltd A SHARES (SHHK) 77,300 144,023 1.71% Riyue Heavy Industry Co Ltd A SHARES (SHHK) 49,200 206,177 2.45% Sany Heavy Industry Co Ltd A SHARES (SHHK) 1,804 8,116 0.10% Wuliangye Yibin Co Ltd A SHARES (SZHK) 6,700 308,857 3.67% Xinjiang Goldwind Science & Technology Co Ltd A SHARES (SZHK) 4,557 8,575 0.10% Zijin Mining Group Co Ltd A SHARES (SHHK) 112,400 168,545 2.00%

Total Equities 7,902,595 93.87%

SEMI-ANNUAL REPORT 2021 188 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares High Dividend Fund (Continued)

Schedule of Investments as at 30 June 2021

Financial derivative instruments dealt in on a regulated market

% of HOLDING Quantity Fair Value Net Assets USD

Participatory Notes – 0.43% (31 December 2020: Nil)

China – 0.43% (31 December 2020: Nil) CICC Financial Trading Ltd (Changchun High & New Technology Industry (Group) Inc A SHARES) P-note 4/12/2024 600 35,959 0.43%

35,959 0.43%

Financial Assets at Fair Value Through Profit or Loss 7,938,554 94.30%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 189 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares High Dividend Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – Nil (31 December 2020: 0.00%)

Forward Currency Contracts* – 0.00% (31 December 2020: Nil)

Currency Currency Issue to be Settle to be Unrealised % of Total Actual Settle Date Currency received Currency delivered Loss Assets

30 JUL 2021 CHF 9,448 USD (10,280) (45) 0.00% 30 JUL 2021 EUR 8,808 USD (10,518) (53) 0.00% 30 JUL 2021 GBP 7,983 USD (11,144) (93) 0.00%

(191) 0.00%

Financial Liabilities at Fair Value Through Profit or Loss (191) 0.00%

Cash and Cash Equivalents 489,838 5.82% Net Current Liabilities (10,158) (0.12%)

Net Assets Attributable to Redeemable Participating Shareholders 8,418,043 100.00%

% of Total Analysis of Total Assets: (Unaudited) Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 93.63% b) Financial derivative instruments dealt in on a regulated market 0.42% c) Other current assets 5.95%

Total Assets 100.00%

* As at 30 June 2021, HSBC Bank plc, the counterparty of forwards has the credit rating of Aa3 as per Moody’s (31 December 2020: Aa3).

SEMI-ANNUAL REPORT 2021 190 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Consumption Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listing

% of Net HOLDING Quantity Fair Value Assets USD

Equities – 80.19% (31 December 2020: 93.67%)

China – 80.19% (31 December 2020: 93.67%) Aier Eye Hospital Group Co Ltd A SHARES (SZHK) 4,797 52,690 0.63% Anhui Gujing Distillery Co Ltd A SHARES (SZHK) 8,700 322,442 3.87% Beijing Shunxin Agriculture Co Ltd A SHARES (SZHK) 16,100 105,089 1.26% China Merchants Bank Co Ltd A SHARES (SHHK) 15,800 132,496 1.59% Chongqing Brewery Co Ltd A SHARES (SHHK) 3,100 94,961 1.14% Foshan Haitian Flavouring & Food Co Ltd A SHARES (SHHK) 5,850 116,736 1.40% Great Wall Motor Co Ltd A SHARES (SHHK) 24,400 164,590 1.98% Guangdong Haid Group Co Ltd A SHARES (SZHK) 26,400 333,365 4.00% Hangzhou Hikvision Digital Technology Co Ltd A SHARES (SZHK) 18,565 185,302 2.22% Hangzhou Robam Appliances Co Ltd A SHARES (SZHK) 22,000 158,308 1.90% Hualan Biological Engineering Inc A SHARES (SZHK) 30,600 173,691 2.08% Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 28,700 163,572 1.96% Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 34,200 359,724 4.32% Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 16,300 522,641 6.27% Kweichow Moutai Co Ltd A SHARES (SHHK) 2,500 795,678 9.55% Luxshare Precision Industry Co Ltd A SHARES (SZHK) 24,100 171,554 2.06% Luzhou Laojiao Co Ltd A SHARES (SZHK) 16,900 617,042 7.41% Midea Group Co Ltd A SHARES (SZHK) 32,400 357,838 4.30% Oppein Home Group Inc A SHARES (SHHK) 3,700 81,282 0.98% SF Holding Co Ltd A SHARES (SZHK) 13,300 139,337 1.67% Shandong Linglong Tyre Co Ltd A SHARES (SHHK) 9,600 64,980 0.78%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 191 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Consumption Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listing (Continued)

% of Net HOLDING Quantity Fair Value Assets USD

Equities – 80.19% (31 December 2020: 93.67%) (Continued)

China – 80.19% (31 December 2020: 93.67%) (Continued) Shanghai International Airport Co Ltd A SHARES (SHHK) 21,000 156,409 1.88% Sichuan Swellfun Co Ltd A SHARES (SHHK) 4,500 87,986 1.06% Tsingtao Brewery Co Ltd A SHARES (SHHK) 14,700 263,081 3.16% Wanhua Chemical Group Co Ltd A SHARES (SHHK) 15,300 257,648 3.09% Wuliangye Yibin Co Ltd A SHARES (SZHK) 17,400 802,106 9.63%

6,680,548 80.19%

Total Equities 6,680,548 80.19%

Financial derivative instruments dealt in on a regulated market

Participatory Notes – 0.57% (31 December 2020: Nil)

China – 0.57% (31 December 2020: Nil) CICC Financial Trading Ltd (Huali Industrial Group Co Ltd A SHARES) P-note 5/13/2024 2,700 47,624 0.57%

47,624 0.57%

Total Participatory Notes 47,624 0.57%

SEMI-ANNUAL REPORT 2021 192 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Consumption Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – 0.00% (31 December 2020: 0.00%)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Total Date Currency received Currency delivered Gain Assets

30 JUL 2021 CNH 67,786 USD (10,444) 25 0.00% 30 JUL 2021 SGD 13,608 USD (10,115) 7 0.00%

32 0.00%

Financial Assets at Fair Value Through Profit or Loss (Total investment cost: US$6,554,552) 6,728,204 80.76%

Forward Currency Contracts* – 0.00% (31 December 2020: Nil)

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Total Date Currency received Currency delivered Gain Assets

30 JUL 2021 CNH 1,791 USD (277) 0 0.00% 30 JUL 2021 SGD 357 USD (266) 0 0.00%

0 0.00%

Financial Liabilities At Fair Value Through Profit or Loss 0 0.00%

Cash and Cash Equivalents 1,573,547 18.89% Net Current Assets 29,062 0.35%

Net Assets Attributable to Redeemable Participating Shareholders 8,330,813 100.00%

* As at 30 June 2021, HSBC Bank plc, the counterparty of forwards has the credit rating of Aa3 as per Moody’s. (31 December 2020: HSBC Bank plc Aa3).

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 193 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners China A Shares Consumption Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments (Continued)

% of Analysis of Total Assets: (Unaudited) Total Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 79.93% b) Financial derivative instruments dealt in on a regulated market 0.57% c) OTC financial derivative instruments 0.00% d) Other current assets 19.50%

Total Assets 100.00%

SEMI-ANNUAL REPORT 2021 194 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian Dynamic Bond Fund

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market

% of Net HOLDING Quantity Fair Value Assets USD

Fixed Coupon Notes – 59.02%

Australia – 3.81% Newcastle Coal Infrastructure Group Pty Ltd 4.4% 9/29/2027 300,000 314,835 1.87% Santos Finance Ltd 4.125% 9/14/2027 300,000 327,435 1.94%

642,270 3.81%

Burundi – 1.48% Eastern & Southern African Trade & Development Bank 4.125% 6/30/2028 250,000 250,078 1.48%

250,078 1.48%

China – 31.64% Bluestar Finance Holdings Ltd 3.1% PERP 200,000 200,000 1.19% CAR Inc 9.75% 3/31/2024 400,000 430,590 2.55% China Hongqiao Group Ltd 6.25% 6/8/2024 300,000 306,810 1.82% China Oil & Gas Group Ltd 4.7% 6/30/2026 250,000 254,213 1.51% CIFI Holdings (Group) Co Ltd 4.45% 8/17/2026 200,000 200,533 1.19% CNAC (HK) Finbridge Co Ltd 3.35% PERP 200,000 204,196 1.21% eHi Car Services Ltd 7.75% 11/14/2024 300,000 314,221 1.86% ENN Clean Energy International Investment Ltd 3.375% 5/12/2026 400,000 410,138 2.43% Fortune Star BVI Ltd 5% 5/18/2026 300,000 306,743 1.82% Kaisa Group Holdings Ltd 9.75% 9/28/2023 300,000 303,341 1.80% Logan Group Co Ltd 5.25% 10/19/2025 250,000 259,416 1.54% New Metro Global Ltd 6.8% 8/5/2023 250,000 267,160 1.58% Powerlong Real Estate Holdings Ltd 4.9% 5/13/2026 300,000 295,579 1.75% Redsun Properties Group Ltd 9.95% 4/11/2022 300,000 311,050 1.84% Ronshine China Holdings Ltd 10.5% 3/1/2022 200,000 208,690 1.24%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 195 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian Dynamic Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of Net HOLDING Quantity Fair Value Assets USD

Fixed Coupon Notes – 59.02% (Continued)

China – 31.64% Shenzhen Expressway Co Ltd 1.75% 7/8/2026 200,000 200,070 1.18% Sunac China Holdings Ltd 5.95% 4/26/2024 400,000 406,105 2.41% West China Cement Ltd 4.95% 7/8/2026 250,000 250,000 1.48% Zhenro Properties Group Ltd 8.3% 9/15/2023 200,000 209,342 1.24%

5,338,197 31.64%

Hong Kong – 2.46% Elect Global Investments Ltd 4.1% PERP 400,000 414,267 2.46%

414,267 2.46%

India – 1.76% REC Ltd 2.25% 9/1/2026 300,000 296,156 1.76%

296,156 1.76%

Indonesia – 6.81% Gajah Tunggal Tbk PT 8.95% 6/23/2026 300,000 296,922 1.76% Indika Energy Capital IV Pte Ltd 8.25% 10/22/2025 200,000 215,867 1.28% Indonesia Asahan Aluminium Persero PT 5.8% 5/15/2050 200,000 238,491 1.41% Jababeka International BV 6.5% 10/5/2023 400,000 398,587 2.36%

1,149,867 6.81%

SEMI-ANNUAL REPORT 2021 196 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian Dynamic Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of Net HOLDING Quantity Fair Value Assets USD

Fixed Coupon Notes – 59.02% (Continued)

Japan – 1.19% Sumitomo Corp 1.55% 7/6/2026 200,000 200,090 1.19%

200,090 1.19%

Macao – 1.22% Studio City Finance Ltd 5% 1/15/2029 200,000 206,361 1.22%

206,361 1.22%

Malaysia – 1.19% RHB Bank BHD 1.658% 6/29/2026 200,000 200,766 1.19%

200,766 1.19%

Saudi Arabia – 2.44% SA Global Sukuk Ltd 1.602% 6/17/2026 210,000 210,147 1.24% SA Global Sukuk Ltd 2.694% 6/17/2031 200,000 202,711 1.20%

412,858 2.44%

South Korea – 3.84% Export-Import Bank of Korea 1.125% 12/29/2026 200,000 199,281 1.18% LG Chem Ltd 1.375% 7/7/2026 200,000 198,678 1.18% LG Chem Ltd 2.375% 7/7/2031 250,000 249,499 1.48%

647,458 3.84%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 197 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian Dynamic Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

Transferable securities admitted to official stock exchange listings or a traded regulated market (Continued)

% of Net HOLDING Quantity Fair Value Assets USD

Fixed Coupon Notes – 59.02% (Continued)

United Arab Emirates – 1.18% DIB Sukuk Ltd 1.959% 6/22/2026 200,000 200,111 1.18%

200,111 1.18%

Total Fixed Coupon Notes 9,958,479 59.02%

Financial Assets at Fair Value Through Profit or Loss 9,958,479 59.02%

SEMI-ANNUAL REPORT 2021 198 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

Value Partners Asian Dynamic Bond Fund (Continued)

Schedule of Investments as at 30 June 2021

OTC financial derivative instruments

Forward Currency Contracts* – (0.38)%

Currency Currency Actual Settle Issue to be Settle to be Unrealised % of Total Date Currency received Currency delivered Loss Assets

30 JUL 2021 EUR 10,003,344 USD (11,948,114) (63,385) (0.38%)

(63,385) (0.38%)

Financial Liabilities at Fair Value Through Profit or Loss (63,385) (0.38%)

Cash and Cash Equivalents 8,493,580 50.34% Net Current Liabilities (1,515,136) (8.98%)

Net Assets Attributable to Redeemable Participating Shareholders 16,873,538 100.00%

% of Total Analysis of Total Assets: (Unaudited) Assets a) Transferable securities admitted to official stock exchange listings or a traded regulated market 42.75% b) Other current assets 57.25%

Total Assets 100.00%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 199 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) Value Partners Classic Equity Fund

Largest Purchases Quantity Value USD

Pinduoduo Inc ADR 110,059 17,468,859 TAL Education Group ADR 195,465 7,672,276 Vipshop Holdings Ltd ADR 198,848 7,361,836 Ping An Insurance (Group) Co of China Ltd H SHARES 563,000 6,869,340 Kingboard Laminates Holdings Ltd 3,864,000 6,602,972 Tencent Holdings Ltd 81,900 6,597,759 China Construction Bank Corp H SHARES 7,912,000 6,485,080 Meituan 157,300 6,394,499 Semiconductor Manufacturing International Corp 1,656,000 6,194,958 Luzhou Laojiao Co Ltd A SHARES (SZHK) 164,000 6,167,959 Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 774,732 6,032,039 Baidu Inc ADR 24,915 5,902,588 Bilibili Inc ADR 40,266 5,690,660 China Resources Beer (Holdings) Co Ltd 600,000 5,619,812 Ping An Bank Co Ltd A SHARES (SZHK) 1,745,080 5,587,461 Galaxy Entertainment Group Ltd 614,000 5,580,243 AIA Group Ltd 415,000 5,495,611 China Tourism Group Duty Free Corp Ltd A SHARES (SHHK) 118,802 5,400,815 BOC Hong Kong Holdings Ltd 1,298,500 4,734,381 Geely Automobile Holdings Ltd 1,080,000 4,597,843 Orient Overseas International Ltd 404,000 4,275,679 Guangdong Haid Group Co Ltd A SHARES (SZHK) 391,780 4,269,484 Asustek Computer 410,000 4,215,258 Xiaomi Corp 1,140,000 4,001,030 Taiwan Semiconductor Manufacturing Co Ltd 183,000 3,815,363 China Mobile (HK) 619,500 3,777,314 Li Ning Co Ltd 445,500 3,034,011 Sitronix Technology 499,000 2,946,543 Wuliangye Yibin Co Ltd A SHARES (SZHK) 60,400 2,846,556 China Mengniu Dairy Co Ltd 458,000 2,669,623 RLX Technology Inc USD000001 (OrdV1) ADR 133,437 2,286,964 Hope Education Group Co Ltd 7,194,000 2,227,895 Innovent Biologics Inc 155,500 2,048,444 Makalot Industrial Co Ltd 215,000 2,025,909 Kuaishou Technology 127,000 1,948,196

SEMI-ANNUAL REPORT 2021 200 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Classic Equity Fund (Continued) Largest Sales Quantity Value USD

Pinduoduo Inc ADR 159,468 (21,787,033) Vipshop Holdings Ltd ADR 725,142 (18,279,758) Wuliangye Yibin Co Ltd A CNY1 SZHK 346,770 (14,964,070) United Micro Electronics 5,413,000 (9,744,196) Innovent Biologics 828,500 (9,050,569) Meituan Dianping B 214,500 (8,899,617) Baidu Com ADR(V01 Ord) 24,915 (6,872,921) China Construction Bank 7,912,000 (6,573,225) Luzhou Laojiao Co Ltd A SHARES (SZHK) 164,000 (6,381,253) Asustek Computer 410,000 (5,632,323) Inner Mongolia Yili Industrial Group A 774,732 (5,479,811) Bilibili Inc ADR (V1 Ord) 40,266 (4,625,236) Kuaishou Technology 127,000 (4,487,219) Taiwan Semicon Manufacturing 207,000 (4,451,270) Sitronix Technology 499,000 (4,428,994) CHINA RESOURCES LAND 25,160 (4,347,143) Cosco Shipping Holdings Co 948,000 (4,260,325) Taiwan Union Technology 3,557,500 (4,108,951) BOC Hong Kong Holdings 1,004,000 (3,999,886) RLX Technology Inc USD000001 (OrdV1) ADR 1,216,500 (3,845,974) China Mobile (HK) 133,437 (3,818,095) New Oriental Education and Tech GRP ADR(V4 Ord) 619,500 (3,746,484) Geely Automobiles 1,080,000 (3,583,375) Kingboard Laminates Holdings 1,778,500 (3,239,926) Zhen Ding Technology Holding 733,000 (3,022,482) China International Capital Corp Ltd H 1,032,000 (2,859,826) TAL Education Group ADR 58,593 (2,822,029) Kweichou Moutai01012024 (CICC) 8,600 (2,781,036) Pop Mart International Group 272,000 (2,652,380) Yum China Holdings 44,750 (2,607,424) China Merchants Bank 333,500 (2,595,620) Hefei Meiya Optoelectronic Tec A CNY1 SZHK 400,978 (2,553,387) Huazhu Group Ltd ADR(V1 Ord) 52,655 (2,457,051) China Vanke Co 714,000 (2,437,601) Uni- President China Holdings 1,966,000 (2,231,471) LI NING 273,000 (2,221,686) Gigadevice Semiconductor Beijing Inc A 77,960 (2,132,833) Mediatek 63,000 (2,110,177)

The Statement of Significant Portfolio Transactions reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate sales of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. The full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 201 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Health Care Fund

All Purchases* Quantity Value USD

Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 1,501,142 22,673,359 Shenzhen Mindray Bio-Medical Electronics Co Ltd A SHARES (SZHK) 290,151 19,823,666 Sino Biopharmaceutical Ltd 12,968,000 12,863,492 CSPC Pharmaceutical Group Ltd 10,964,000 12,648,039 Yunnan Baiyao Group Co Ltd A SHARES (SZHK) 641,885 11,734,267 Innovent Biologics Inc 861,500 9,470,609 Shanghai Junshi Biosciences Co Ltd H SHARES 926,400 8,791,627 Aier Eye Hospital Group Co Ltd A SHARES (SZHK) 923,510 8,565,478 WuXi AppTec Co Ltd A SHARES (SHHK) 351,407 8,236,071 Hualan Biological Engineering Inc A SHARES (SZHK) 1,096,447 7,563,388 Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 98,866 6,969,104 Sinopharm Group Co Ltd H SHARES 2,678,800 6,549,824 Pharmaron Beijing Co Ltd H SHARES 265,000 6,297,071 Zhejiang NHU Co Ltd A SHARES (SZHK) 953,255 6,117,453 Shenzhen Kangtai Biological Products Co Ltd A SHARES (SZHK) 237,721 5,959,837 Alibaba Health Information Technology Ltd 1,924,000 5,819,149 The United Laboratories International Holdings Ltd 7,828,000 5,731,668 Guangzhou Wondfo Biotech Co Ltd A SHARES (SZHK) 486,436 5,634,215 Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 1,854,097 5,007,172 Shandong Weigao Group Medical Polymer Co Ltd H SHARES 2,356,000 4,832,662 BeiGene Ltd 184,600 4,691,410 3SBio Inc 3,186,500 4,503,137 DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 380,535 4,167,203 WuXi AppTec Co Ltd H SHARES 195,700 3,854,444 Shanghai Fosun Pharmaceutical Group Co Ltd H SHARES 613,500 3,591,535 Shanghai Pharmaceuticals Holding Co Ltd H SHARES 1,678,100 3,580,466 Wuxi Biologics Cayman Inc 235,000 3,051,433 Shanghai Pharmaceuticals Holding Co Ltd A SHARES (SHHK) 936,998 2,687,293 Beijing Tiantan Biological Products Corp Ltd A SHARES (SHHK) 429,372 2,568,104 Beijing Tong Ren Tang Chinese Medicine Co Ltd 1,964,000 2,319,902

SEMI-ANNUAL REPORT 2021 202 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Health Care Fund (Continued)

All Purchases* Quantity Value USD

Chongqing Zhifei Biological Products Co Ltd A SHARES (SZHK) 57,200 1,716,371 Shandong Pharmaceutical Glass Co Ltd A SHARES (SHHK) 271,092 1,645,355 InnoCare Pharma Ltd 933,000 1,589,533 Fujian Green Pine Co Ltd A SHARES (SZHK) 504,200 1,488,494 CanSino Biologics 38,600 1,419,157 Huadong Medicine Co Ltd A SHARES (SZHK) 186,090 1,415,405 CARsgen Therapeutics Holdings Ltd 342,000 1,315,003 Zai Lab Ltd 7,750 1,261,818 Livzon Pharmaceutical Group Inc H SHARES 316,200 1,234,902 Align Technology Inc 1,900 1,081,117 By-health Co Ltd A CNY1 SZHK 218,600 963,597 Intco Medical Technology Co 51,700 815,688

* The full listing of the portfolio changes for the period is given according to the HK SFC Code Requirement.

All Sales* Quantity Value USD

Akeso Inc 119,000 762,890 Hansoh Pharmaceutical Group Co Ltd 164,000 696,463 China National Accord Medicines Corp Ltd A SHARES (SZHK) 87,800 579,578 Chaoju Eye Care Holdings 23,500 32,408 Angelalign Technology 200 4,504

* The full listing of the portfolio changes for the period is given according to the HK SFC Code Requirement.

The Statement of Significant Portfolio Transactions reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate sales of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. The full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 203 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Asia ex-Japan Equity Fund

Largest Purchases Quantity Value USD

Taiwan Semiconductor Manufacturing Co Ltd 106,000 2,336,629 Tencent Holdings Ltd 18,000 1,616,685 Alibaba Group Holding Ltd 11,497 1,603,495 Samsung Electronics Co Ltd 19,500 1,494,767 Meituan 20,500 949,938 East Money Information Co Ltd A SHARES (SZHK) 176,800 910,877 iShares MSCI India ETF 19,800 830,806 Ping An Insurance (Group) Co of China Ltd H SHARES 57,500 701,914 Infosys Ltd ADR 37,187 664,457 SK Hynix Inc 5,469 635,633 Baidu Inc ADR 2,683 632,500 AIA Group Ltd 48,600 626,030 Yageo Corp 30,000 623,791 NAVER Corp 2,000 616,595 Kuaishou Technology 17,000 614,562 COSCO SHIPPING Holdings Co Ltd H SHARES 320,000 592,976 BYD Co Ltd H SHARES 18,500 585,987 MediaTek Inc 18,000 573,743 Pinduoduo Inc ADR 3,200 560,423 JOYY Inc 6,407 556,722 Zijin Mining Group Co Ltd H SHARES 400,000 537,697 China Molybdenum Co Ltd H SHARES 720,000 534,168 China Youzan 1,308,000 523,764 Xinte Energy Co 158,800 497,261 XPeng Inc ADR 10,441 495,183 CK Hutchison Holdings Ltd 67,000 489,535 Unimicron Technology Corp 128,000 482,012 Samsung Electro-Mechanics Co Ltd 2,436 474,877 Soulbrain Co Ltd 1,900 474,531 Airtac International Group 13,000 470,177 Dongfang Electric Corp Ltd H SHARES 452,600 466,798 POSCO 1,600 465,053 Geely Automobile Holdings Ltd 127,000 464,535 China Tourism Group Duty Free Corp Ltd A SHARES (SHHK) 9,849 456,409 SITC International Holdings Co Ltd 120,000 450,467 Evergreen Marine Corp (Taiwan) Ltd 155,000 445,267 Angang Steel Co Ltd H Shares H SHARES 900,000 444,261 HBM Holdings Ltd 361,000 439,693 LG Chem Ltd 503 427,121

SEMI-ANNUAL REPORT 2021 204 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Asia ex-Japan Equity Fund (Continued) Largest Sales Quantity Value USD Alibaba Group Holding Ltd 21,360 (1,189,030) Taiwan Semiconductor Manufacturing Co Ltd 51,000 (1,162,708) Sany Heavy Industry Co Ltd A SHARES (SHHK) 121,600 (659,433) Tencent Holdings Ltd 6,800 (654,183) Samsung SDI Co Ltd 1,008 (646,883) Angang New Steel H 900,000 (557,178) NAVER Corp 1,550 (541,229) Infosys Ltd WTS 10032021 (BNP) 28,738 (519,190) JOYY Inc USD000001 ADR (V20 Ord) 6,407 (497,343) Samsung Electronics Co Ltd 6,451 (494,841) Kingsoft Cloud Holdings Ltd ADR 9,360 (477,127) SK Hynix Inc 4,119 (469,647) Alibaba Health Information Technology Ltd 184,000 (460,681) Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 74,500 (453,008) Midea Group Co Ltd A SHARES (SZHK) 37,300 (449,785) Samsung Electro-Mechanics Co Ltd 2,436 (437,883) Meituan 10,500 (430,959) Globalwafers Co 14,000 (425,433) MediaTek Inc 12,000 (420,167) LG Chem Ltd 520 (418,641) SK Holdings Co 1,714 (418,528) 133,000 (409,251) Unimicron Technology Corp 118,000 (405,399) Dongfang Electric Corp Ltd H SHARES 452,600 (395,323) Aztech Global 432,000 (390,595) Vipshop Holdings ADR 11,481 (387,882) Great Wall Motor Company 120,000 (378,011) Yageo Corp 18,000 (375,661) Genius Electronic Optical 21,000 (370,473) East Money Information Co Ltd A SHARES (SZHK) 81,800 (367,890) Hyundai Mobis 1,300 (364,930) XPeng Inc ADR 10,441 (349,587) Huayu Automotive Systems-A 70,864 (345,298) Geely Automobile Holdings Ltd 127,000 (344,641) Evergreen Marine Corp (Taiwan) Ltd 70,000 (342,343) China Youzan 1,308,000 (323,581) Taiwan Surface Mounting Technology 77,000 (320,604) Xinte Energy Co 158,800 (319,765) Inc ADR 10,246 (312,268) China Conch Venture Holdings Ltd 65,000 (309,964) NWS Holdings 287,000 (301,029) CanSino Biologics 8,000 (288,046)

The Statement of Significant Portfolio Transactions reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate sales of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. The full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 205 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Asian High Yield Fixed Maturity Bond Fund

All Purchases Quantity Value USD

Zhenro Properties Group Ltd 5.98% 4/13/2022 2,300,000 2,304,616 Redsun Properties Group Ltd 9.95% 4/11/2022 1,500,000 1,596,560 Yango Justice International Ltd 10.25% 3/18/2022 1,200,000 1,262,717 eHi Car Services Ltd 5.875% 8/14/2022 1,000,000 979,509 Shriram Transport Finance Co Ltd 5.7% 2/27/2022 600,000 626,630 China Grand Automotive Services Ltd 8.885% 7/25/2021 615,000 612,901 Easy Tactic Ltd 5.75% 1/13/2022 500,000 503,733 JSW Steel Ltd 5.25% 4/13/2022 300,000 312,975 Zhongliang Holdings Group Co Ltd 9.5% 7/29/2022 208,000 214,439

All Sales Quantity Value USD

Huarong Finance 2019 Co Ltd 3375% 2,050,000 (2,099,608) China Evergrande Group 9.5% 4/11/2022 2,150,000 (2,031,579) Mongolian Mortgage Corp Hfc LLC 975% 1,700,000 (1,800,994) China Evergrande Group 825% 1,000,000 (984,729) Hejun Shunze Investment Co Ltd 11% 500,000 (362,153) CFLD Cayman Investment Ltd 9% 500,000 (354,375)

The Statement of Significant Portfolio Transactions reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the period. All the purchases and sales during the period have been disclosed. Where less than 20 purchases or sales are shown this is the complete list of purchases or sales for the period.

SEMI-ANNUAL REPORT 2021 206 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners All China Equity Fund Largest Purchases Quantity Value USD Alibaba Group Holding Ltd 29,500 967,894 Baidu Inc ADR 3,650 836,173 Wuxi Biologics Cayman Inc 50,000 778,378 CanSino Biologics 16,000 704,410 COSCO SHIPPING Holdings Co Ltd H SHARES 370,000 689,440 Kuaishou Technology 20,000 668,108 JOYY Inc USD000001 ADR (V20 Ord) 6,000 623,796 New Oriental Education & Technology Group Inc ADR 31,500 591,507 SITC International Holdings Co Ltd 150,000 568,261 China Molybdenum Co Ltd H SHARES 750,000 554,496 HBM Holdings Ltd 398,000 531,586 XPeng Inc ADR 11,500 484,620 Xinte Energy Co 140,000 478,106 China Youzan 1,200,000 478,008 Apollo Future Mobility Group Ltd 6,000,000 477,395 Dongfang Electric Corp Ltd H SHARES 440,000 461,417 BYD Co Ltd H SHARES 14,000 450,521 ANTA Sports Products Ltd 18,000 439,608 Vipshop Holdings USD00001 ADR (1ADR 2Ord) 13,000 430,931 Weichai Power 190,000 412,784 Zijin Mining Group Co Ltd H SHARES 300,000 408,910 China Communications Services Corp Ltd H SHARES 800,000 400,753 Riyue Heavy Industry Co Ltd A SHARES (SHHK) 81,997 400,093 Industrial Bank Co Ltd A SHARES (SHHK) 115,000 398,240 Beijing Thunisoft Corp Ltd A SHARES (SZHK) 129,980 382,634 Yunnan Energy New Material Co Ltd A SHARES (SZHK) 20,000 375,173 JD.com Inc 7,500 371,477 Ping An Insurance (Group) Co of China Ltd H SHARES 30,000 357,922 WH Group Ltd 400,000 353,874 Angang New Steel H 800,000 353,343 DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 33,797 344,979 Hengli Petrochemical Co Ltd A SHARES (SHHK) 70,000 341,415 ACM Research 3,000 310,074 Sinopec Engineering Group Co 550,000 306,025 LONGi Green Energy Technology Co Ltd A SHARES (SHHK) 21,800 272,574 Pinduoduo Inc ADR 1,700 267,975 Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 18,500 239,751 Ganfeng Lithium Co Ltd A SHARES (SZHK) 12,500 239,511 East Money Information Co Ltd A SHARES (SZHK) 50,000 235,590 China Yangtze Power Co Ltd A SHARES (SHHK) 75,000 234,944 SF Holding Co Ltd A SHARES (SZHK) 14,500 226,350 Kweichow Moutai Co Ltd A 700 224,753

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 207 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners All China Equity Fund (Continued) Largest Sales Quantity Value USD Alibaba Group Holding Ltd 23,526 (994,810) Vipshop Holdings USD00001 ADR (1ADR 2Ord) 29,000 (831,747) Yum China Holdings 13,500 (791,640) Angang New Steel H 1,200,000 (780,926) Alibaba Health Information Technology Ltd 240,000 (598,624) BOE Technology Group Co Ltd A CNY1 SZHK 550,000 (598,356) Kingdee International Software Group 180,000 (592,851) CanSino Biologics 16,000 (579,218) Sany Heavy Industry Co Ltd A SHARES (SHHK) 110,950 (566,983) ENN Energy Holdings 37,500 (559,279) Weichai Power 190,000 (531,747) CITIC Securities Co Ltd H SHARES 225,000 (530,786) Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 49,000 (488,149) Meituan Dianping B 13,000 (452,432) Mango Excellent A CNY1 SZHK 40,000 (448,894) Foxconn Industrial Internet Co 209,977 (445,579) Huayu Automotive Systems Co Ltd A SHARES (SHHK) 105,240 (429,591) East Money Information Co Ltd A SHARES (SZHK) 80,000 (412,088) Hangzhou Hikvision Digital Technology Co Ltd A SHARES (SZHK) 53,000 (403,801) Li Auto Inc USD00002 ADR (V2 Ord) 12,000 (400,739) JOYY Inc USD000001 ADR (V20 Ord) 6,000 (400,514) Bilibili Inc ADR 3,200 (388,867) Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 25,000 (381,166) Wuliangye Yibin Co Ltd A SHARES (SZHK) 8,500 (374,275) Shanghai International Airport Co Ltd A SHARES (SHHK) 36,957 (366,591) Xiaomi Corp 110,000 (360,023) CITIC Securities Co Ltd A SHARES 85,000 (352,614) Kingsoft Cloud Holdings Ltd ADR 6,000 (348,615) China Vanke Co Ltd A SHARES (SZHK) 90,000 (336,077) Shenzhen International Holdings Limited 192,000 (330,656) Anhui Conch Cement 47,500 (329,300) JD.com Inc 9,000 (329,166) Midea Group Co Ltd A SHARES (SZHK) 26,909 (319,590) China Modern Dairy Holdings Ltd 900,000 (308,537) BYD Co Ltd H SHARES 14,000 (302,038) Xinte Energy Co 140,000 (299,328) Sinopec Engineering Group Co 550,000 (291,852) Contemporary Amperex Technology Co Ltd A SHARES (SZHK) 5,200 (282,581) Yeahka Ltd 24,000 (269,387) China Youzan 1,200,000 (237,634) Oppein Home Group Inc A SHARES (SHHK) 10,000 (229,080) Focus Media Information Technology Co Ltd A SHARES (SZHK) 120,000 (225,948)

The Statement of Significant Portfolio Transactions reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the period. All the purchases and sales during the period have been disclosed. Where less than 20 purchases or sales are shown this is the complete list of purchases or sales for the period. SEMI-ANNUAL REPORT 2021 208 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Greater China High Yield Bond Fund

Largest Purchases Quantity Value USD

Redsun Properties Group Ltd 73% 6,400,000 6,302,146 China Evergrande Group 890% 5,000,000 5,098,444 LG Chem Ltd 2375% 5,000,000 4,997,800 Kaisa Group Holdings Ltd 995% 5,000,000 4,947,868 Hejun Shunze Investment Co Ltd 885% 4,400,000 4,146,880 Central China Real Estate Ltd 6875% 4,000,000 4,015,962 West China Cement Ltd 4.95% 7/8/2026 4,000,000 4,000,000 LG Chem Ltd 1375% 4,000,000 3,979,840 New Metro Global Ltd 45% 4,000,000 3,905,418 Hejun Shunze Investment Co Ltd 12% 3,700,000 3,828,317 Studio City Finance Ltd 5% 1/15/2029 3,500,000 3,565,000 China SCE Group Holdings Ltd 6% 3,500,000 3,387,000 Sunac China Holdings Ltd 5.95% 4/26/2024 3,000,000 2,999,489 Fantasia Holdings Group 7375% 3,000,000 2,999,073 Hong ZU Bvi Ltd 12% 3,000,000 2,933,040 Haiguo Xintai Capital Ltd 4.3% 10/8/2022 3,000,000 2,932,742 Vedanta Resources Finance II PLC 895% 2,840,000 2,800,110 Yuzhou Properties Co Ltd 85% 3,000,000 2,745,243 China Evergrande Group 8.75% 6/28/2025 3,300,000 2,686,483 NIO Inc Conv 0.5% 2/1/2027 2,800,000 2,628,211 China SCE Group Holdings Ltd 7% 5/2/2025 2,500,000 2,598,181 Sunac China Holdings Ltd 65% 2,500,000 2,499,590 Kaisa Group Holdings Ltd 9.375% 6/30/2024 2,500,000 2,487,344 Sinic Holdings Group Co Ltd 85% 2,500,000 2,480,538 Jababeka International BV 6.5% 10/5/2023 2,500,000 2,444,306 Easy Tactic Ltd 8.125% 2/27/2023 2,500,000 2,418,627 Fortune Star BVI Ltd 5% 5/18/2026 2,400,000 2,400,000 Modern Land China Co Ltd 98% 2,400,000 2,372,352 Ronshine China Holdings Ltd 81% 2,300,000 2,336,468

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 209 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Greater China High Yield Bond Fund (Continued)

Largest Sales Quantity Value USD

Redsun Properties Group Ltd 73% 6,400,000 (6,354,486) China Evergrande Group 890% 6,000,000 (6,114,794) LG Chem Ltd 2375% 5,000,000 (5,000,825) Kaisa Group Holdings Ltd 995% 5,000,000 (4,960,921) Yuzhou Properties Co Ltd 83% 3,800,000 (4,107,666) Central China Real Estate Ltd 6875% 4,000,000 (4,060,469) LG Chem Ltd 1375% 4,000,000 (3,981,460) Hejun Shunze Investment Co Ltd 885% 4,400,000 (3,963,813) New Metro Global Ltd 45% 4,000,000 (3,944,500) Yuzhou Properties Co Ltd 77% 3,500,000 (3,726,217) Yango Justice International Ltd 825% 3,250,000 (3,467,443) China SCE Group Holdings Ltd 6% 3,500,000 (3,407,833) Hejun Shunze Investment Co Ltd 11% 4,130,000 (3,135,133) Sinic Holdings Group Co Ltd 9.5% 10/18/2021 3,000,000 (3,012,514) Vedanta Resources Finance II PLC 895% 2,840,000 (2,878,469) Yuzhou Properties Co Ltd 85% 3,000,000 (2,826,646) Yango Justice International Ltd 75% 2,600,000 (2,605,500) Sinic Holdings Group Co Ltd 105% 2,600,000 (2,512,417) Sunac China Holdings Ltd 65% 2,500,000 (2,496,708) Fantasia Holdings Group 7375% 2,485,000 (2,493,129) Sinic Holdings Group Co Ltd 85% 2,500,000 (2,423,924) Haimen Zhongnan Investment Dev 10875% 2,300,000 (2,416,849) Modern Land China Co Ltd 98% 2,400,000 (2,324,431)

The Statement of Significant Portfolio Transactions reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the period. All the purchases and sales during the period have been disclosed. Where less than 20 purchases or sales are shown this is the complete list of purchases or sales for the period.

SEMI-ANNUAL REPORT 2021 210 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners China A Shares Equity Fund

Largest Purchases Quantity Value USD

Midea Group Co Ltd A SHARES (SZHK) 46,491 692,285 Zijin Mining Group Co Ltd A SHARES (SHHK) 367,519 591,025 GoerTek Inc A SHARES (SZHK) 79,218 487,752 Wuliangye Yibin Co Ltd A SHARES (SZHK) 10,000 436,622 Poly Developments and Holdings Group Co Ltd A SHARES (SHHK) 178,400 414,650 Kweichow Moutai Co Ltd A SHARES (SHHK) 1,300 411,903 Riyue Heavy Industry Co Ltd A SHARES (SHHK) 79,986 403,872 Great Wall Motor Co Ltd A SHARES (SHHK) 71,000 387,189 Luxshare Precision Industry Co Ltd A SHARES (SZHK) 63,583 358,069 DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 27,800 322,228 Focus Media Information Technology Co Ltd A SHARES (SZHK) 206,900 316,390 Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 24,500 311,328 Hangzhou Robam Appliances Co Ltd A SHARES (SZHK) 49,720 303,534 LONGi Green Energy Technology Co Ltd A SHARES (SHHK) 18,700 280,710 Jinke Properties Group Co Ltd A CNY1 SZHK 244,700 273,181 East Money Information Co Ltd A SHARES (SZHK) 52,500 258,093 Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 36,000 249,238 Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 81,754 224,070 Ping An Bank Co Ltd A SHARES (SZHK) 61,500 189,421 Tsingtao Brewery Co Ltd A SHARES (SHHK) 11,135 189,013 Hang Zhou Great Star Industrial Co Ltd A SHARES (SZHK) 33,200 188,284 China Vanke Co Ltd A SHARES (SZHK) 38,200 173,237 Huatai Securities Co Ltd A SHARES (SHHK) 57,100 168,672 Contemporary Amperex Technology Co Ltd A SHARES (SZHK) 1,900 149,891 China Merchants Bank Co Ltd A SHARES (SHHK) 20,500 146,050 Baoshan Iron & Steel Co Ltd A SHARES (SHHK) 98,000 133,953 Fujian Green Pine Co Ltd A SHARES (SZHK) 37,293 114,383 Lao Feng Xiang Co Ltd A SHARES (SHHK) 12,724 92,793 Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 2,900 91,662

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 211 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners China A Shares Equity Fund (Continued)

Largest Sales Quantity Value USD

Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 144,700 (917,014) China Vanke Co Ltd A SHARES (SZHK) 199,000 (870,252) Luzhou Laojiao Co Ltd A SHARES (SZHK) 19,600 (764,762) Kweichow Moutai Co Ltd A SHARES (SHHK) 2,100 (725,908) Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 210,600 (652,041) Huatai Securities Co Ltd A SHARES (SHHK) 190,500 (491,418) Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 41,400 (471,455) Wuliangye Yibin Co Ltd A SHARES (SZHK) 8,800 (423,820) Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 28,200 (409,929) Hengli Petrochemical Co Ltd A SHARES (SHHK) 70,500 (402,708) Himile Mechanical Science & Technology (Shandong) Co Ltd A SHARES (SZHK) 85,600 (388,688) Midea Group Co Ltd A SHARES (SZHK) 29,900 (348,660) Poly Developments and Holdings Group Co Ltd A SHARES (SHHK) 154,900 (330,395) Bank of Ningbo Co Ltd A SHARES (SZHK) 52,444 (298,465) Zijin Mining Group Co Ltd A SHARES (SHHK) 180,800 (291,151) China Merchants Bank Co Ltd A SHARES (SHHK) 34,100 (285,183) Jinke Properties Group Co Ltd A CNY1 SZHK 244,700 (273,299) Lao Feng Xiang Co Ltd A SHARES (SHHK) 24,500 (205,432) Fujian Green Pine Co Ltd A SHARES (SZHK) 54,500 (179,488) Shanghai Pharmaceuticals Holding Co Ltd A SHARES (SHHK) 48,400 (148,614) Zhengzhou Bus Co Ltd A 60,271 (132,764) Ping An Bank Co Ltd A SHARES (SZHK) 37,100 (132,680) Hualan Biological Engineering Inc A SHARES (SZHK) 15,800 (110,068) SF Holding Co Ltd A SHARES (SZHK) 11,300 (107,514)

The Statement of Significant Portfolio Transactions reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate sales of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. The full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SEMI-ANNUAL REPORT 2021 212 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners China A Shares High Dividend Fund

Largest Purchases Quantity Value USD

Midea Group Co Ltd A SHARES (SZHK) 34,900 466,252 Focus Media Information Technology Co Ltd A SHARES (SZHK) 235,600 392,211 Zijin Mining Group Co Ltd A SHARES (SHHK) 170,600 313,538 China Yangtze Power Co Ltd A SHARES (SHHK) 97,100 305,197 China Vanke Co Ltd A SHARES (SZHK) 62,400 286,549 Ming Yang Smart Energy Group Ltd A SHARES (SHHK) 88,525 270,365 Luxshare Precision Industry Co Ltd A SHARES (SZHK) 39,300 244,339 Xinjiang Goldwind Science & Technology Co Ltd A SHARES (SZHK) 96,857 231,587 Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 16,600 211,674 Hang Zhou Great Star Industrial Co Ltd A SHARES (SZHK) 40,100 211,634 Baoshan Iron & Steel Co Ltd A SHARES (SHHK) 155,900 205,958 Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 70,000 205,020 Gongniu Group Co Ltd A SHARES (SHHK) 5,700 190,098 Hualan Biological Engineering Inc A SHARES (SZHK) 30,100 186,804 GoerTek Inc A SHARES (SZHK) 29,800 184,411 Poly Developments and Holdings Group Co Ltd A SHARES (SHHK) 77,300 169,627 Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 24,300 164,676 Riyue Heavy Industry Co Ltd A SHARES (SHHK) 24,900 140,099 DaShenLin Pharmaceutical Group Co Ltd A SHARES (SHHK) 11,458 129,446 Ping An Bank Co Ltd A SHARES (SZHK) 30,700 105,274 China Merchts Prpty Oprtn and Serv Co Lt A 27,002 98,206 Zhongji Innolight Co Ltd A SHARES 15,500 90,004 Fujian Green Pine Co Ltd A SHARES (SZHK) 24,400 85,040 Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 2,600 82,180 Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 1,200 81,458

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 213 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners China A Shares High Dividend Fund (Continued)

Largest Sales Quantity Value USD

Ming Yang Smart Energy Group Ltd A SHARES (SHHK) 168,600 (543,710) Huayu Automotive Systems-A 128,200 (532,066) Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 35,100 (490,014) Riyue Heavy Industry Co Ltd A SHARES (SHHK) 80,700 (446,430) Tianjin ZhongXin Pharmaceutical Group Corp Ltd A SHARES (SHHK) 132,600 (431,653) Hengli Petrochemical Co Ltd A SHARES (SHHK) 73,200 (391,505) Sany Heavy Industry Co Ltd A SHARES (SHHK) 67,000 (341,343) Wuliangye Yibin Co Ltd A SHARES (SZHK) 7,000 (296,490) Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 37,100 (219,866) East Money Information Co Ltd A SHARES (SZHK) 46,500 (218,206) Ping An Insurance (Group) Co of China Ltd A SHARES (SHHK) 18,000 (213,586) China Vanke Co Ltd A SHARES (SZHK) 49,000 (212,966) Kweichow Moutai Co Ltd A SHARES (SHHK) 600 (186,993) China Yangtze Power Co Ltd A SHARES (SHHK) 57,400 (167,183) Xinjiang Goldwind Science & Technology Co Ltd A SHARES (SZHK) 92,300 (164,256) Luxshare Precision Industry Co Ltd A SHARES (SZHK) 23,300 (117,190) China Merchants Bank Co Ltd A SHARES (SHHK) 13,700 (113,446) Hangzhou Hikvision Digital Technology Co Ltd A SHARES (SZHK) 11,600 (110,787) China Merchts Prpty Oprtn and Serv Co Lt A 27,002 (91,728) Zijin Mining Group Co Ltd A SHARES (SHHK) 58,200 (83,987) Zhongji Innolight Co Ltd A SHARES 15,500 (80,314) Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 1,200 (79,612)

The Statement of Significant Portfolio Transactions reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate sales of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. The full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SEMI-ANNUAL REPORT 2021 214 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners China A Shares Consumption Fund

Largest Purchases* Quantity Value USD

Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 61,800 468,210 Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 10,700 360,024 Shandong Linglong Tyre Co Ltd A SHARES (SHHK) 46,196 291,113 Wanhua Chemical Group Co Ltd A SHARES (SHHK) 15,300 279,935 SF Holding Co Ltd A SHARES (SZHK) 16,400 254,473 Tsingtao Brewery Co Ltd A SHARES (SHHK) 14,700 249,842 Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 3,100 222,584 Luzhou Laojiao Co Ltd A SHARES (SZHK) 6,100 219,336 Sichuan Teway Food Group Co Ltd 20,400 209,250 Ming Yang Smart Energy Group 65,500 195,482 Focus Media Information Techno A CNY1 SZHK 87,700 153,096 Fuyao Group Glass Ind A 16,200 146,630 Chongqing Brewery Co Ltd A SHARES (SHHK) 6,900 138,992 Foshan Haitian Flavouring & Food Co Ltd A SHARES (SHHK) 4,500 138,798 Hangzhou Robam Appliances Co Ltd A SHARES (SZHK) 22,000 121,854 Beijing Shunxin Agriculture Co Ltd A SHARES (SZHK) 16,100 120,376 Great Wall Motor Co Ltd A SHARES (SHHK) 24,400 120,212 China Merchants Bank Co Ltd A SHARES (SHHK) 15,800 119,806 Oppein Home Group Inc A SHARES (SHHK) 3,700 95,613 Sichuan Swellfun Co Ltd A SHARES (SHHK) 4,500 88,629 Kweichow Moutai Co Ltd A SHARES (SHHK) 200 63,764 Yifeng Pharmacy Chain Co Ltd A 3,100 49,404 Shanghai International Airport Co Ltd A SHARES (SHHK) 4,900 46,648 Anhui Gujing Distillery Co Ltd A SHARES (SZHK) 1,200 45,652 Luxshare Precision Industry Co Ltd A SHARES (SZHK) 5,700 42,523 Wuliangye Yibin Co Ltd A SHARES (SZHK) 900 41,442 Aier Eye Hospital Group Co Ltd A SHARES (SZHK) 3,700 41,280

* The full listing of the portfolio changes for the period is given according to the HK SFC Code Requirement.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 215 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners China A Shares Consumption Fund (Continued)

Largest Sales* Quantity Value USD

Changchun High & New Technology Industry (Group) Inc A SHARES (SZHK) 7,700 (540,213) Luzhou Laojiao Co Ltd A SHARES (SZHK) 10,500 (396,255) Shanxi Xinghuacun Fen Wine 6,724 (395,447) Chongqing Brewery Co Ltd A SHARES (SHHK) 14,000 (305,283) Gree Electric Appliances Inc o A SHARES (SHHK) 27,400 (275,874) Midea Group Co Ltd A SHARES (SZHK) 23,100 (268,115) Shandong Linglong Tyre Co Ltd A SHARES (SHHK) 36,596 (254,180) Aier Eye Hospital Group Co Ltd A SHARES (SZHK) 19,400 (240,889) Jiangsu Yanghe Brewery Joint-Stock Co Ltd A SHARES (SZHK) 6,700 (231,695) Ming Yang Smart Energy Group 65,500 (219,031) Yifeng Pharmacy Chain Co Ltd A SHARES 13,600 (209,061) Inner Mongolia Yili Industrial Group Co Ltd A SHARES (SHHK) 33,100 (189,876) Kweichow Moutai Co Ltd A SHARES (SHHK) 600 (185,444) Luxshare Precision Industry Co Ltd A SHARES (SZHK) 21,600 (171,001) Contemporary Amperex Technology Co Ltd A SHARES 2,700 (169,953) Wuliangye Yibin Co Ltd A SHARES (SZHK) 3,300 (154,613) Fuyao Group Glass Ind A SHARES 16,200 (153,142) Focus Media Information Techno A SHARES (SZHK) 87,700 (149,638) Huayu Automotive Systems A SHARES 32,000 (139,956) Fujian Green Pine Co Ltd A SHARES (SZHK) 51,900 (136,144) Hangzhou Hikvision Digital Technology Co Ltd A SHARES (SZHK) 14,100 (133,932) Anhui Gujing Distillery Co Ltd A SHARES (SZHK) 3,400 (125,544) Sichuan Teway Food Group Co Ltd 24,480 (107,078) Foshan Haitian Flavouring & Food Co Ltd A SHARES (SHHK) 3,000 (99,422) Jiangsu Hengrui Medicine Co Ltd A SHARES (SHHK) 6,600 (80,467) Shanghai International Airport Co Ltd A SHARES (SHHK) 9,600 (72,742) SF Holding Co Ltd A SHARES (SZHK) 3,100 (39,826)

* The full listing of the portfolio changes for the period is given according to the HK SFC Code Requirement.

SEMI-ANNUAL REPORT 2021 216 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Asian Dynamic Bond Fund

Largest Purchases Quantity Value USD

Sumitomo Corp 1.55% 7/6/2026 1,500,000 1,497,480 LG Chem Ltd 2.375% 7/7/2031 1,250,000 1,249,450 LG Chem Ltd 1.375% 7/7/2026 1,000,000 994,960 Mongolia (Govt Of) 445% 1,000,000 980,230 Indika Energy Capital IV Pte Ltd 8.25% 10/22/2025 550,000 590,597 CAR Inc 9.75% 3/31/2024 400,000 435,258 Sunac China Holdings Ltd 5.95% 4/26/2024 400,000 414,941 Elect Global Investments Ltd 4.1% PERP 400,000 411,282 ENN Clean Energy International Investment Ltd 3.375% 5/12/2026 400,000 409,358 Jababeka International BV 6.5% 10/5/2023 400,000 396,478 Hana Bank 125% 350,000 349,167 Santos Finance Ltd 4.125% 9/14/2027 300,000 326,085 Bukit Makmur Mandiri Utama PT 775% 300,000 315,806 Newcastle Coal Infrastructure Group Pty Ltd 4.4% 9/29/2027 300,000 313,473 eHi Car Services Ltd 7.75% 11/14/2024 300,000 310,860 Redsun Properties Group Ltd 9.95% 4/11/2022 300,000 310,818 Kaisa Group Holdings Ltd 9.75% 9/28/2023 300,000 308,781 Fortune Star BVI Ltd 5% 5/18/2026 300,000 306,042 China Hongqiao Group Ltd 6.25% 6/8/2024 300,000 303,750 Powerlong Real Estate Holdings Ltd 4.9% 5/13/2026 300,000 297,980 REC Ltd 2.25% 9/1/2026 300,000 296,763 Gajah Tunggal Tbk PT 8.95% 6/23/2026 300,000 295,002 New Metro Global Ltd 6.8% 8/5/2023 250,000 267,811 Logan Group Co Ltd 5.25% 10/19/2025 250,000 257,550 China Oil & Gas Group Ltd 4.7% 6/30/2026 250,000 250,000 West China Cement Ltd 4.95% 7/8/2026 250,000 250,000 Eastern & Southern African Trade & Development Bank 4.125% 6/30/2028 250,000 248,125 Indonesia Asahan Aluminium Persero PT 5.8% 5/15/2050 200,000 238,467 Zhenro Properties Group Ltd 8.3% 9/15/2023 200,000 210,419 SA Global Sukuk Ltd 1.602% 6/17/2026 210,000 210,000 Ronshine China Holdings Ltd 10.5% 3/1/2022 200,000 209,917 Studio City Finance Ltd 5% 1/15/2029 200,000 207,112 CIFI Holdings (Group) Co Ltd 4.45% 8/17/2026 200,000 201,569 CNAC (HK) Finbridge Co Ltd 3.35% PERP 200,000 201,396 Bluestar Finance Holdings Ltd 3.1% PERP 200,000 200,000 Cemex SAB de CV 5125% VRN Perp 200,000 200,000 Emirates Development Bank PJSC 1639% 200,000 200,000

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 217 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Asian Dynamic Bond Fund (Continued)

Largest Purchases (Continued) Quantity Value USD

RHB Bank BHD 1.658% 6/29/2026 200,000 200,000 SA Global Sukuk Ltd 2.694% 6/17/2031 200,000 200,000 DIB Sukuk Ltd 1959% 200,000 200,000 Oman Sovereign Sukuk Co 4875% 200,000 200,000 BOCOM International Blossom Ltd 175% 200,000 199,876 Agricultural Bank of China LtdHon 07% 200,000 199,746 Mirae Asset Securities Co Ltd 1375% 200,000 199,736 Agricultural Bank of China LtdHo 125% 200,000 199,344 Shenzhen Expressway Co Ltd 1.75% 7/8/2026 200,000 199,220 Export-Import Bank of Korea 1.125% 12/29/2026 200,000 199,066 Frontera Energy Corp 7875% 200,000 198,680 SierraCol Energy Andina LLC 6% 200,000 198,600

SEMI-ANNUAL REPORT 2021 218 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

SIGNIFICANT PORTFOLIO TRANSACTIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2021 (UNAUDITED) (Continued) Value Partners Asian Dynamic Bond Fund (Continued)

Largest Sales Quantity Value USD

Sumitomo Corp 1.55% 7/6/2026 1,300,000 (1,299,457) LG Chem Ltd 2.375% 7/7/2031 1,000,000 (995,185) Mongolia (Govt Of) 445% 1,000,000 (981,250) LG Chem Ltd 1.375% 7/7/2026 800,000 (794,308) Indika Energy Capital IV Pte Ltd 8.25% 10/22/2025 350,000 (377,606) Hana Bank 125% 350,000 (349,444) Bukit Makmur Mandiri Utama PT 775% 300,000 (318,340) Cemex SAB de CV 5125% VRN Perp 200,000 (207,126) SierraCol Energy Andina LLC 6% 200,000 (202,667) Oman Sovereign Sukuk Co 4875% 200,000 (202,500) Emirates Development Bank PJSC 1639% 200,000 (201,600) Frontera Energy Corp 7875% 200,000 (200,975) BOCOM International Blossom Ltd 175% 200,000 (200,108) Mirae Asset Securities Co Ltd 1375% 200,000 (199,903) Agricultural Bank of China LtdHon 07% 200,000 (199,752) Agricultural Bank of China LtdHo 125% 200,000 (199,388) Origin Energy Finance Ltd 265% 200,000 (154,421) Aurizon Finance Pty Ltd 3% 200,000 (153,057)

The Statement of Significant Portfolio Transactions reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate sales of a security greater than one percent of the total sales for the period. At a minimum the largest 20 purchases and largest 20 sales must be given. The full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 219 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

TOTAL EXPENSE RATIOS (UNAUDITED)

Outlined below are the total expense ratios (TERs) for the financial period ended 30 June 2021 and the year ended 31 December 2020: Total Expense Ratios %

30 June 30 June 31 December 31 December 2021 2021 2020 2020 Total Total Total Total expense ratio expense ratio expense ratio expense ratio (excluding (including (excluding (including Performance Performance Performance Performance fees) fees) fees) fees)

Value Partners Classic Equity Fund US Dollar Class (Accumulating Non Hedged) 1.46% 3.15% 1.43% 7.25% Swiss Franc Class (Accumulating Hedged) 1.46% 3.10% 1.43% 7.01% Euro Class (Accumulating Hedged) 1.48% 3.62% 1.44% 7.34% Sterling Pounds Class (Accumulating Hedged) 1.45% 2.50% 1.43% 7.46% US Dollar Z Class (Accumulating Non Hedged) 0.95% 2.16% 0.92% 1.77% US Dollar V Class (Accumulating Non Hedged) 0.44% 0.44% 1.43% 7.25%

Value Partners Health Care Fund Hong Kong Dollar Class A (Accumulating Non Hedged) 1.78% 4.05% 2.05% 4.27% Singapore Dollar Class A (Accumulating Non Hedged) 1.78% 4.52% 2.16% 3.50% US Dollar Class A (Accumulating Non Hedged) 1.78% 3.63% 2.05% 4.43% Japanese Yen Class X (Accumulating Non Hedged) 0.26% 0.28% 0.09% 0.09% Euro Class A (Accumulating Non Hedged) 1.72% 2.51% – – Renminbi Class A (Accumulating Non Hedged) 1.72% 2.36% – – Singapore Dollar Class A (Accumulating Hedged) 1.72% 2.21% – –

Value Partners Asia ex-Japan Equity Fund US Dollar Class V (Accumulating Non Hedged) 0.60% 0.60% 1.58% 1.58% US Dollar Class V (Distributing Non Hedged) 0.60% 0.60% 1.58% 1.58% US Dollar Class X (Accumulating Non Hedged) 0.35% 0.35% 1.33% 1.33% Sterling Pounds Class V (Accumulating Hedged) 0.60% 0.60% 1.56% 1.56% Sterling Pounds Class V (Distributing Hedged) 0.60% 0.60% 1.56% 1.56% Singapore Dollar Class V (Accumulating Hedged) 0.60% 0.60% 1.57% 1.57% Singapore Dollar Class V (Distributing Hedged) 0.60% 0.60% 1.57% 1.57% Euro Class V (Accumulating Hedged) 0.43% 0.43% – – Swiss Franc Class V (Accumulating Hedged) 0.48% 0.48% – –

SEMI-ANNUAL REPORT 2021 220 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

TOTAL EXPENSE RATIOS (UNAUDITED) (Continued)

Total Expense Ratios % (Continued)

30 June 30 June 31 December 31 December 2021 2021 2020 2020 Total Total Total Total expense ratio expense ratio expense ratio expense ratio (excluding (including (excluding (including Performance Performance Performance Performance fees) fees) fees) fees)

Value Partners Asian High Yield Fixed Maturity Bond Fund Australian Dollar Class A (Distributing Hedged) 1.16% 1.16% 1.26% 1.26% Hong Kong Dollar Class A (Distributing Non Hedged) 1.16% 1.16% 1.26% 1.26% US Dollar Class A (Distributing Non Hedged) 1.16% 1.16% 1.26% 1.26% US Dollar Class A (Accumulating Non Hedged) 1.16% 1.16% 1.26% 1.26%

Value Partners All China Equity Fund US Dollar Class V (Accumulating Non Hedged) 0.60% 0.60% 0.82% 0.82% US Dollar Class X (Accumulating Non Hedged) 0.35% 0.35% 0.57% 0.57%

Value Partners Greater China High Yield Bond Fund US Dollar Class A (Accumulating Non Hedged) 1.77% 1.77% 1.74% 1.74% US Dollar Class X (Accumulating Non Hedged) 0.27% 0.27% 0.27% 0.27% US Dollar Class A (MDIS Non Hedged) 1.77% 1.77% 1.67% 1.67% Hong Kong Dollar Class A (Accumulating Non Hedged) 1.77% 1.77% 1.76% 1.76% Hong Kong Dollar Class A (MDIS Non Hedged) 1.77% 1.77% 1.76% 1.76% US Dollar Class V (Accumulating Non Hedged) 0.52% 0.52% 0.42% 0.42% Euro Class Z (Accumulating Hedged) 0.97% 0.97% – – Euro Class A (Accumulating Hedged) 1.79% 1.79% – – Euro Class A (MDIS Hedged) 1.79% 1.79% – – Renminbi Class A (Accumulating Non Hedged) 1.79% 1.79% – – Renminbi Class A (MDIS Non Hedged) 1.79% 1.79% – – Singapore Dollar Class A (Accumulating Hedged) 1.79% 1.79% – – Singapore Dollar Class A (MDIS Hedged) 1.79% 1.79% – –

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 221 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

TOTAL EXPENSE RATIOS (UNAUDITED) (Continued)

Total Expense Ratios % (Continued)

30 June 30 June 31 December 31 December 2021 2021 2020 2020 Total Total Total Total expense ratio expense ratio expense ratio expense ratio (excluding (including (excluding (including Performance Performance Performance Performance fees) fees) fees) fees)

Value Partners China A Shares Equity Fund Euro Class V (Accumulating Hedged) 1.36% 1.36% 1.59% 1.59% Swiss Franc Class V (Accumulating Hedged) 1.36% 1.36% 1.59% 1.59% Sterling Pounds Class V (Accumulating Hedged) 1.36% 1.36% 1.58% 1.58% US Dollar Class V (Accumulating Non Hedged) 1.36% 1.36% 1.58% 1.58% US Dollar Class X (Accumulating Non Hedged) 1.11% 1.11% 1.33% 1.33%

Value Partners China A Shares High Dividend Fund Euro Class V (Accumulating Hedged) 1.38% 1.38% 1.48% 1.48% Sterling Pounds Class V (Accumulating Hedged) 1.39% 1.39% 1.47% 1.47% Swiss Franc Class V (Accumulating Hedged) 1.38% 1.38% 1.48% 1.48% US Dollar Class V (Accumulating Non Hedged) 1.38% 1.38% 1.47% 1.47% US Dollar Class X (Accumulating Non Hedged) 1.13% 1.13% 1.22% 1.22%

Value Partners China A Shares Consumption Fund Hong Kong Dollar Class A (Accumulating Non Hedged) 2.70% 2.70% 2.72% 2.72% Renminbi Class A (Accumulating Hedged) 2.71% 2.71% 2.72% 2.72% Singapore Dollar Class A (Accumulating Hedged) 2.71% 2.71% 2.72% 2.72% US Dollar Class A (Accumulating Non Hedged) 2.71% 2.71% 2.72% 2.72% US Dollar Class X (Accumulating Non Hedged) 1.21% 1.21% 1.21% 1.21%

Value Partners Asian Dynamic Bond Fund* Euro Class V (Accumulating Hedged) 0.97% 0.97% – – US Dollar Class V (Accumulating Non Hedged) 0.97% 0.97% – –

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 222 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

PORTFOLIO TURNOVER RATIOS (UNAUDITED)

Outlined below are the portfolio turnover rate (PTRs) for the financial period ended 30 June 2021 and the year ended 31 December 2020:

30 June 31 December Portfolio Turnover Rate % 2021 2020 PTR PTR

Value Partners Classic Equity Fund 129.87% 285.48% Value Partners Health Care Fund (22.89%) 127.33% Value Partners Asia ex-Japan Equity Fund 50.80% 197.68% Value Partners All China Equity Fund 107.15% 198.89% Value Partners Asian High Yield Fixed Maturity Bond Fund 46.45% 31.72% Value Partners Greater China High Yield Bond Fund 294.88% 635.47% Value Partners China A Shares Equity Fund 192.79% 70.46% Value Partners China A Shares High Dividend Fund 118.82% 50.40% Value Partners China A Shares Consumption Fund 119.70% 8.29% Value Partners Asian Dynamic Bond Fund* 42.31% –

* Commenced operations on 3 June 2021.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 223 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

APPENDIX I HONG KONG SECURITIES AND FUTURES COMMISSIONS (“HKSFC”) CODE DISCLOSURES (UNAUDITED) On August 22, 2020, the Hong Kong Securities and Futures Commissions (“HKSFC”) authorised Hong Kong registration of the Sub-Fund Value Partners Health Care Fund. On 11 May 2021, HKSFC authorised Hong Kong registration of the Sub-Fund Value Partners China A Shares Consumption Fund. As a result, the below additional disclosures have been made with respect to Value Partners Health Care Fund and Value Partners China A Shares Consumption Fund. INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) Value Partners Health Care Fund

FOR THE PERIOD ENDED 30 June 2021

% of net assets 30 June 31 December 2021 2020

Listed equity securities China 42.79% 48.48% Hong Kong – H shares 11.57% 4.47% – Red chips 4.42% 2.24% – Others 25.05% 33.30% United States Of America 0.26% –

84.09% 88.49%

Participation notes 2.78% 2.21%

Total investments, net 86.87% 90.70%

SEMI-ANNUAL REPORT 2021 224 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

APPENDIX I HONG KONG SECURITIES AND FUTURES COMMISSIONS (“HKSFC”) CODE DISCLOSURES (UNAUDITED) (Continued) INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) (CONTINUED) Value Partners China A Shares Consumption Fund

FOR THE PERIOD ENDED 30 June 2021

% of net assets 30 June 31 December 2021 2020

Listed equity securities China 80.19% 93.67%

80.19% 93.67%

Participation notes 0.57% –

Total investments, net 80.76% 93.67%

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 225 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

APPENDIX I HONG KONG SECURITIES AND FUTURES COMMISSIONS (“HKSFC”) CODE DISCLOSURES (UNAUDITED) (Continued) DETAILS IN RESPECT OF DERIVATIVE FINANCIAL STATEMENTS (UNAUDITED)

The Value Partners Health Care Fund’s derivative financial instruments at 30 June 2021 are detailed below:

Financial assets:

Participation notes

Underlying assets Issuer Fair value USD

CICC Financial Trading Ltd (Beijing Beijing Tongrentang CICC Financial 10,355,154 Tongrentang Co Ltd A SHARES) Co Ltd A Shares Trading Ltd P-Note 12/18/2023 CICC Financial Trading Ltd Shenzhen New CICC Financial 1,887,093 (Shenzhen New Industries Industry Trading Ltd Biomedical Engineering Co Ltd A SHARES) P-Note 5/27/2024

12,242,247

Participation notes are not secured.

SEMI-ANNUAL REPORT 2021 226 For the six months ended 30 June 2021 VALUE PARTNERS IRELAND FUND ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle registered in Ireland with segregated liability between its sub-funds)

APPENDIX I HONG KONG SECURITIES AND FUTURES COMMISSIONS (“HKSFC”) CODE DISCLOSURES (UNAUDITED) (Continued) DETAILS IN RESPECT OF DERIVATIVE FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Value Partners China A Shares Consumption Fund’s derivative financial instruments at 30 June 2021 are detailed below:

Financial assets:

Participation notes

Underlying assets Issuer Fair value USD

CICC Financial Trading Ltd (Huali Huali Indus Grp Co CICC Financial Industrial Group Co Ltd A Ltd Trading Ltd SHARES) P-note 5/13/2024 47,624

Participation notes are not secured.

SEMI-ANNUAL REPORT 2021 For the six months ended 30 June 2021 227