Value Partners Classic Equity Fund A Sub-Fund of Value Partners Ireland Fund ICAV A UCITS-Compliant Fund 1 NAV per unit : Class A USD - USD27.29 Fund size : USD285.1 million HHH Morningstar RatingTM* As at 31-12-2020 December 2020 • Value Partners Classic Equity Fund (The “Fund”) primarily invests in equity and equity-related securities listed on stock exchanges in markets in the Asia Pacific Region. • Investment in Asia Pacific region may be subject to higher risk than developed markets and hence subject to certain risks such as political, tax, economic, foreign exchange, liquidity and regulatory risks. • The Fund is also subject to concentration risk due to its concentration in Asia-Pacific region. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. • The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses. • You should not make investment decision on the basis of this material alone. Please read the prospectus for details and risk factors. Investment objective Geographical exposure by listing 3 The Fund aims to achieve long-term capital growth primarily through Hong Kong 38% investment in equity and equity related securities listed on stock Taiwan 16% exchanges within the Asia Pacific region. United States 16% China A-shares 14% Performance since launch H-shares 9% % Red Chips 3% 4 200 The Fund (Class A USD) Cash 4% 180 Hang Seng Index (Total Return) 2 +172.9% 160 Index 3, 5 +153.2% Sector exposure 140 120 Consumer discretionary 32% 100 Information technology 17% +90.5% 80 Consumer staples 12% 60 Industrials 8% 40 Communication services 7% 20 Health care 6% 0 Banks 5% Insurance -20 2% Materials 2% 5/2012 12/2013 12/2014 12/2015 12/2016 12/2017 12/2018 12/2019 12/2020 Other financials 2% Real estate 2% Performance update Others 1% 4 The Fund The Fund Hang Seng 2 Cash 4% (Class A USD) (Class Z USD) Index Index One month +9.2% +9.2% +3.4% +4.6% Three months +24.4% +24.4% +16.2% +14.1% Single year performance (5 years ending Dec) Six months +35.0% +36.2% +13.2% +27.7% Jan 2021 - Jan 2020 - Jan 2019 - Jan 2018 - Jan 2017 - Year-to-date +35.9% +36.4% +0.2% +28.2% Dec 2021 Dec 2020 Dec 2019 Dec 2018 Dec 2017 One year +35.9% +36.4% +0.2% +28.2% Class A USD N/A +35.9% +28.8% -16.9% +35.0% Unhedged Three years +45.4% +48.9% +1.7% +35.2% Class Z USD N/A +36.4% +29.0% -15.4% +35.8% Five years +95.3% +97.9% +48.6% +97.5% Unhedged Total return since launch +172.9% +124.8% +90.5% +153.2% Class A CHF N/A +33.2% +25.8% -19.8% +32.8% Hedged Annualized return since launch ^ +12.3% +12.4% +7.7% +11.4% Class A EUR N/A +33.2% +26.0% -19.5% +33.0% Hedged Class A GBP N/A +30.7% +26.8% -18.7% +33.8% Hedged Class V USD N/A +43.5% +31.7% N/A N/A Unhedged The Fund – Class A USD: Monthly performance from 14 May 2012 to 31 Dec 2020 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2012 N/A N/A N/A N/A -1.4% -1.4% -1.9% +1.0% +5.3% +1.7% +2.5% +4.4% +10.5% 6 2013 +8.8% -2.2% -2.3% +0.1% +1.6% -7.8% +2.0% +1.0% +2.5% +4.8% +5.2% +0.8% +14.3% 2014 -3.4% +2.8% -5.1% -2.0% +1.2% +3.6% +5.6% +2.2% -0.8% +1.0% +1.0% +2.0% +7.8% 2015 +0.8% +2.3% +3.9% +15.2% -0.4% -2.4% -10.8% -9.8% -0.2% +6.4% -2.8% +2.9% +2.6% 2016 -14.9% -1.8% +9.6% +0.2% -1.7% +1.7% +4.8% +4.7% +1.8% -0.9% +0.0% -2.1% -0.5% 2017 +4.8% +1.2% +2.6% +1.6% +4.2% +2.6% +3.0% +3.0% +0.9% +5.3% -0.2% +1.5% +35.0% 2018 +7.8% -4.5% -0.8% -0.5% +2.4% -4.5% -0.4% -4.5% -0.2% -11.5% +4.7% -4.9% -16.9% 2019 +9.1% +6.4% +2.7% +1.9% -9.6% +6.6% -0.4% -0.9% -0.1% +5.1% +0.7% +5.5% +28.8% 2020 -7.2% -1.2% -8.8% +7.6% +2.3% +9.5% +6.6% +3.2% -1.3% +4.3% +9.2% +9.2% +35.9% ^ Annualized return is calculated from inception based on published NAV. 43rd Floor, The Center, 99 Queen’s Road Central, Hong Kong Hotline: Hong Kong (852) 2143 0688 | Singapore (65) 6718 0380 Email: [email protected] www.valuepartners-group.com Follow us on Value Partners Classic Equity Fund | December 2020 Top holdings Fund facts Name Industry 5 % Manager: Value Partners Hong Kong Limited Pinduoduo Inc Retailing 7.9 Base currency: USD Taiwan Semiconductor Semiconductors & 7.3 Launch date: Class A USD Unhedged - 14 May 2012 Manufacturing Co Ltd semiconductor equipment Class A EUR Hedged - 20 May 2013 Tencent Holdings Ltd Media & entertainment 7.0 Class A EUR/CHF Hedged - 5 Jun 2013 Class A GBP Hedged - 10 Jun 2013 Kweichow Moutai Co Ltd Food, beverage & tobacco 6.1 Class Z USD Unhedged - 22 Jan 2014 Vipshop Holdings Ltd Retailing 5.1 Class V USD Unhedged - 19 Jun 2018 Innovent Biologics Inc Pharmaceuticals, 4.5 Dealing frequency: Daily, Cutoff time 11:59am Irish time biotechnology & life sciences Legal status: Authorized by the Central Bank as an undertaking for Wuliangye Yibin Co Ltd Food, beverage & tobacco 4.5 collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Meituan Retailing 4.3 Investment in Transferable Securities) Regulations 2011 1 China Merchants Bank Co Ltd Banks 4.0 Depositary: HSBC Continental Europe Techtronic Industries Co Ltd Capital goods 3.5 Reporting: www.valuepartners-group.com These securities constitute 54% of the Fund. Fee structure Portfolio characteristics Class A Class Z Class V 7 CHF10,000 / EUR10,000 / As at 31 Dec 2020 Minimum subscription: GBP10,000 USD10,000,000 USD50,000,000 Price/earnings ratio 17.9 times HKD80,000 10 / USD10,000 Price/book ratio 2.7 times Initial subscription fee: Up to 5% of the issue price Management fee: 1.25% p.a. 0.75% p.a. 0.25% p.a. Portfolio yield 2.0% 11 up to 15% on The Fund The Fund Hang Seng Performance fee : 15% on high watermark Index 2 high watermark (Class A USD) (Class Z USD) Index Redemption fee: Currently nil Annualized volatility (3 years) 8 19.5% 19.2% 18.9% 19.4% NAVs & codes Classes 9 NAV ISIN Bloomberg Class A USD Unhedged 27.29 IE00B7SWNS53 VAGCUUH ID Class A CHF Hedged 20.22 IE00B7SWPT01 VAGCCHG ID Class A EUR Hedged 20.68 IE00B7FRZP47 VAGCEHG ID Class A GBP Hedged 21.41 IE00B7JVL981 VAGCSHG ID Class V USD Unhedged 15.32 IE00BFMFB601 VAGCUVU ID Class Z USD Unhedged 22.48 IE00B96RCG78 VAGCUSZ ID Source: HSBC Institutional Trust Services (Ireland) DAC and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only. Our portfolio disclosure policy can be obtained from the Investment Manager upon request to email [email protected]. * © Morningstar 2020. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 1. Value Partners Classic Equity Fund is a sub-fund of Value Partners Ireland Fund ICAV (formerly Value Partners Ireland Fund plc), is an umbrella scheme with segregated liability between sub- funds authorised by the Central Bank of Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. The ICAV is authorised and supervised by the Central Bank. Authorisation by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not liable for the performance or default of the ICAV. 2. MSCI China Total Return Index (Net) was removed starting from Jan 2018. Index herein is a combination of the Hang Seng Total Return Index since inception till 31 Dec 2017 followed by the MSCI Golden Dragon Total Net Return Index from 1 Jan 2018. All indices are for reference only. 3. Exposure refers to net exposure (long exposure minus short exposure). Derivatives e.g. index futures are calculated based on P/L instead of notional exposure. 4. Cash includes receivables and payables (except cash for collaterals and margins). 5. Classification is based on Global Industry Classification Standard (GICS). 6. Performance shown is calculated based on the Fund’s since launch return.