HHHHH
Morningstar RatingTM1
As at 31-03-2015
31 March 2015
2 Pages
Value Partners High-Dividend Stocks Fund
NAV per unit:
Fund size:
Class A1 (USD) - USD76.98 Class A2 MDis (USD) - USD11.77
USD3,626.1 million
• Value Partners High-Dividend Stocks Fund (“the fund”) primarily invests in stock markets of the Asia-Pacific region, with a Greater China focus.
• The fund will primarily invest in higher-yielding equities and debt securities, while maintaining a flexible allocation to other assets including gold,
REITs and cash on ancillary basis.
• The fund may invest in higher-yielding debt and equity securities that are below investment grade. Such investments can involve material risks, e.g.
counterparty risk, liquidity risk, credit risk and default risk, and may expose the fund to significant losses.
• In respect of the distribution units for the fund, the Manager currently intends to make monthly dividend distribution. However, the distribution
rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the fund. Investors
should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the
amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units.
• Please pay particular attention to the risk of investment in China and other markets in the Asian region and in companies with medium or small
capitalization. The value of the fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the
entire value of your investment could be lost.
• The fund may also invest in derivatives which can involve material risks, e.g. counterparty default 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 explanatory memorandum for details and risk
factors.
Investment objective
Dividend information – Class A2 MDis
The fund aims to provide capital appreciation to unitholders by
investing primarily in a portfolio of relatively higher yielding debt and
equity securities in Asian region.
Performance since launch (with dividends reinvested) 2
%
The fund (Class A1)
Index*
800
+677.8%
600
Classes 4
Dividend
per unit 5
0.0499
0.0458
0.0639
0.0503
0.0478
0.0641
Class A2 MDis USD
Class A2 MDis HKD
Class A2 MDis AUD Hedged
Class A2 MDis CAD Hedged
Class A2 MDis GBP Hedged
Class A2 MDis NZD Hedged
3
Annualized
yield 6
5.1%
5.1%
7.1%
5.6%
5.6%
7.1%
Ex-dividend
date
31-3-2015
31-3-2015
31-3-2015
31-3-2015
31-3-2015
31-3-2015
NAVs & codes
400
+321.3%
200
0
-100
2002
2005
2007
Performance update
One month
Year-to-date
One year
Three years
Five years
Since launch
Annualized return ^
Annualized volatility ^
2009
2011
2013
2015
2
Class A1
(USD)
+1.1%
+3.1%
+15.2%
+38.0%
+60.5%
+677.8%
+17.7%
18.8%
Index*
-0.3%
+4.4%
+6.3%
+20.7%
+32.7%
+321.3%
+12.1%
20.9%
Classes 4
Class A1 USD
Class A1 HKD 7
Class A2 MDis USD
Class A2 MDis HKD
Class A2 MDis AUD Hedged
Class A2 MDis CAD Hedged
Class A2 MDis GBP Hedged
Class A2 MDis NZD Hedged
Jan
-3.0%
-1.6%
+0.4%
+7.5%
+3.7%
-4.4%
+0.8%
Feb
+1.2%
+0.2%
-1.6%
+4.7%
+0.4%
+1.8%
+1.2%
Mar
+7.5%
+7.0%
+2.6%
-1.7%
-0.8%
+0.7%
+1.1%
Apr
+8.9%
+5.1%
+5.7%
+2.2%
+1.5%
+0.2%
ISIN
KYG931731056
KYG931731056
KYG9318L1041
KYG9318L1538
KYG9318L1207
KYG9318L1389
KYG9318L2031
KYG9318L1462
Bloomberg
VALASHY KY
VALASHY KY
VALHYA2 KY
VALHA2H KY
VALHA2A KY
VALHA2C KY
VALHDSF KY
VALHA2N KY
Class A2 MDis
(USD)
+1.2%
+3.1%
+15.2%
N/A
N/A
+30.0%
+11.1%
N/A
The fund – Class A1 (USD): Monthly performance from 1 Jan 2009 to 31 Mar 2015
Year
2009
2010
2011
2012
2013
2014
2015 (YTD)
NAV
76.98
596.9568
11.77
10.76
10.76
10.79
10.28
10.78
May
+18.9%
-6.4%
-2.3%
-6.5%
+1.7%
+3.8%
Jun
+5.4%
+3.5%
-2.1%
+1.5%
-5.6%
+1.8%
Jul
+9.2%
+2.4%
+2.5%
+2.4%
+2.3%
+5.9%
Aug
-3.8%
+1.5%
-5.2%
+0.4%
-0.1%
+1.2%
2
Sep
+3.3%
+8.0%
-15.1%
+5.5%
+2.5%
-4.1%
Oct
+10.2%
+5.6%
+9.2%
+3.1%
+2.7%
+0.3%
Nov
+3.9%
+0.0%
-4.7%
+1.7%
+1.6%
+1.8%
Dec
+2.1%
-1.2%
+0.2%
+2.4%
-1.5%
+0.6%
Annual
+82.8%
+25.8%
-11.9%
+25.2%
+8.1%
+9.4%
+3.1%
* Index refers to MSCI AC Asia Pacific (ex-Japan) Total Return Index.
^ Annualized return and volatility are calculated from inception on 2 Sep 2002. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less
risky the investment, and vice versa.
9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Tel : (852) 2880 9263 Fax : (852) 2565 7975
Email : [email protected] Website : www.valuepartners.com.hk
Value Partners High-Dividend Stocks Fund
31 March 2015
Top 10 securities holdings
Samsung Electronics
China Vanke
SK Telecom
Qingdao Haier
China Power International
Development
CK Hutchison
Agricultural Bank of China
Industry 8
Banks
Banks
Household & personal
products
Technology, hardware &
equipment
Real estate
Telecom services
Consumer durables &
apparel
Utilities
(%)
4.5
3.7
3.5
Real estate
Banks
2.4
2.3
3.0
2.8
2.7
2.4
2.4
These stocks constitute 30% of the fund. The top ten securities holdings only
include companies and/ or REITs the fund invested, excluding any index tracking
fund or ETF.
20%
20%
Fund facts
Manager:
Base currency:
Trustee:
Custodian:
Launch date:
Dividend policy 3:
Value Partners Limited
USD
Bank of Bermuda (Cayman) Limited
HSBC Institutional Trust Services (Asia) Limited
Class A1 (USD) - 2 Sep 2002
Class A2 MDis (USD) - 28 Sep 2012
Class A2 MDis (AUD/CAD/NZD) - 23 Sep 2013
Class A2 MDis (GBP) - 12 Mar 2015
Class A2 MDis – aim at monthly distribution,
subject to Manager’s discretion
Fee structure
15%
10%
7%
7%
6%
5%
4%
2%
2%
Short exposure includes: South Korea, -2.1%.
Sector exposure 8, 9
Consumer discretionary
Banks
Real estate
Industrials
Cash 10
Information technology
Bonds
Telecom services
Utilities
Energy
Consumer staples
Others 11
Insurance
REITs
Other financials
2015 12
9.7 times
1.4 times
4.5%
10.7%
Unit price is published daily in the South China Morning Post, the Hong Kong
Economic Journal and the Hong Kong Economic Times.
Geographical exposure by listing 9
Hong Kong
H Shares
South Korea
China A Shares
Cash 10
Red Chips
Singapore
Bonds
Others 11
Thailand
Taiwan
As at 31 Mar 2015
Price/earnings ratio
Price/book ratio
Dividend yield
Yield to maturity/put
17%
16%
14%
11%
7%
6%
5%
4%
4%
3%
3%
3%
2%
2%
2%
Total short exposure is -2.1%. Short exposure includes: Consumer staples, -2.1%.
Class A1
Minimum subscription
Minimum subsequent
subscription
Subscription fee
Management fee
Performance fee 13
Redemption fee
Dealing day
Class A2 MDis
USD10,000 / HKD80,000 /
USD10,000 or
AUD10,000 / CAD10,000 /
HKD equivalent 7
GBP10,000 / NZD10,000
USD5,000
/ HKD40,000 /
USD5,000 or
AUD5,000 / CAD5,000 /
HKD equivalent 7
GBP5,000 / NZD5,000
Up to 5%
1.25% p.a.
15% of profit (High-on-high principle)
Nil
Daily
Senior investment staff
Chairman & Co-Chief Investment Officer: Cheah Cheng Hye
Deputy Chairman & Co-Chief Investment Officer: Louis So
Deputy Chief Investment Officer: Renee Hung
Senior Investment Director: Norman Ho, CFA
Investment Directors: Eric Chow; Alan Wang, CFA; Michelle Yu, CFA
Recent awards
Lipper Fund Awards 2014 (Hong Kong)
Best Asia Pacific (Ex-Japan) Equity
5 Years Category 14
~ Lipper
Morningstar Hong Kong Fund Awards 2014 15
Best Asia Ex-Japan Equity Fund
~ Morningstar
Fund of the Year Awards 2013
Outstanding Achiever – Asia Pacific Equity
Category 16
~ Benchmark
1. © 2015 Morningstar, Inc. All Rights Reserved (for Class A1). 2. Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, in USD, NAV to NAV, with dividend reinvested.
Performance data is net of all fees. 3. The Manager currently intends to make monthly dividend distribution in respect of the A2 MDis Classes; actual dividend payout will be subject to the
Manager’s discretion. Distribution may be paid from capital of the fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return
or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. For A1 Class units, Manager
will review dividend distribution at its discretion once a year (last dividend payout date: 21 Nov 2005). Please refer to the explanatory memorandum for more details. 4. The fund may invest in
financial derivative instruments (“FDI”) for hedging purposes. In adverse situations, the fund’s use of FDI may become ineffective in hedging and the fund may suffer significant losses. Each hedged
share class will hedge the fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the fund’s base currency may
be higher than that of the equivalent class denominated in the fund’s base currency. Risks associated with FDI include counterparty risk, credit risk and liquidity risk. Such exposure may lead to a
high risk of capital loss. The AUD/CAD/GBP/NZD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 5. The receiving bank
may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor. 6. Annualized yield of Class A2 MDis is calculated as follows: (dividend
amount/NAV as of ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the fund, and that there is no
guarantee as to the actual frequency and/or amount of dividend payments. 7. Investors should note that the base currency of the fund is in USD. The HKD equivalent NAV per unit is for reference
only and should not be used for subscription or redemption purpose. Conversion to the base currency of the fund will normally take place at the prevailing rate (as determined by the fund’s Trustee
or Custodian) on the corresponding fund dealing day. Investors should be aware of possible risks resulting from fluctuations of exchange rates against USD. 8. Classification is based on Global
Industry Classification Standard (GICS). 9. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 10. Cash refers
to net cash on hand excluding cash for collaterals and margins. 11. Others include 1.0% cash for collaterals and margins. 12. The profile is based on market consensus forecast as derived from
S&P Capital IQ and Bloomberg. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. Investors should note that all yield figures are
for reference only and do not represent the actual performance of the fund or the dividend yield received by investors, nor does a positive yield imply a positive return. “Dividend yield” is calculated
based on the equity portion of the fund, whereas “Yield to maturity/put” is calculated based on the debt portion of the fund by taking the average of yields of individual holdings (being the higher of
the yield to maturity and yield to put of each bond/convertible bond) after excluding event-driven investment with extremely high yield. 13. Performance fee will only be charged if the NAV at the
end of the financial year or upon realization of units exceeds the “high watermark”, which is the all-time year-end high of the fund’s NAV. If in any one year, the fund suffers a loss, no performance
fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 14. Based on data as of year-end 2013. 15. The 2014 Morningstar award was based on data of
eligible funds in their respective Morningstar category up to 31 Dec 2013. 16. Based on data as of 30 Sep 2013.
Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory
memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but
Value Partners Limited does not guarantee the accuracy or completeness of the information provided by third parties. This report has not been reviewed by the Securities and Futures Commission.
Issuer: Value Partners Limited.
HDF_Master_201503
Name
Bank of China
China Construction Bank
Amorepacific Corp.
Portfolio characteristics