China Convergence Fund
A sub-fund of Value Partners Intelligent Funds
  		• 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(s) 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 website alone. Please read the explanatory memorandum for details and risk factors.
  		• You should not invest unless the intermediary who sells it to you has advised you that the product is suitable for you and explained how it is consistent with your investment objectives.
     
    NAV per unit : US$116.91 ( as at 2 February 2012 )
     
    Investment objectives
     
    China Convergence Fund aims to provide unitholders with long-term capital appreciation by investing
    primarily in A and B shares listed on the stock exchanges of Shanghai and Shenzhen as well as in H
    shares listed in Hong Kong. The fund may also invest to a lesser extent in shares of China-related
    companies listed in Hong Kong other than H shares, as well as China-related shares listed on other
    recognized stock exchanges and in China-related fixed income securities. The fund's investment in A
    shares is subject to a maximum exposure of 35% of non-cash assets.
     
    Changes to China Convergence Fund
     
    Effective from 25 June 2011, the dealing day of the Fund will be changed to every Hong Kong business day. For more details, please refer to the Fund’s Notice to Unitholders dated 25 May 2011. The first dealing day of China Convergence Fund after these changes are effected shall be 27 June 2011.
     
    Fund fact
    Fund manager Value Partners Limited
    Launch date 14 July 2000
    Minimum subscription US$10,000
    Subscription fee Up to 5% of the issue price
    Management fee 1.25% per annum
    Performance fee^ 15% of profit (high-on-high principle)
    Redemption fee First 12 months: 5%
    Second 12 months: 3%
    After 24 months: waived
    Dealing and valuation frequency Daily (Hong Kong business days)
    Fund size US$194.36million (as at 30 December 2011)
    Bloomberg code VAPAICB KY
    ISIN code KYG9317Q1047

     
    Performance update*  (Up to 30 December 2011)
    The Fund 
    One month -0.3% 
    Year-to-date -22.4% 
    One-year -22.4% 
    Five-year +76.2% 
    Since launch +973.4% 
    Annualized return +22.9% 
    Annualized volatility 27.9% 
     
    Annual returns*
    2011 (Year-to-date)
    -15.8%+ 
    2010
    +21.3% 
    2009
    +87.1% 
    2008
    -45.2% 
    2007
    +56.6% 
    2006
    +86.9% 
    2005
    +3.9% 
    2004
    +0.8% 
    2003
    +92.1% 
     
     +  Year-to-date return as at 30 December 2011.
     
     
     
    Click here for Monthly Report
    Click here for Literatures and Forms
     
     
    ^ Performance fee will only be charged if the NAV at the end of the financial year 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).
     
    * Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, in US dollar, NAV to NAV, with dividend reinvested. Performance data is net of all fees.
     
    SFC authorization does not imply official recommendation.
     
    Please note that investment involves risks. The unit price of the Funds may go down as well as up and the past performance of the Funds does not indicate future return. Investors should refer to the explanatory memorandum of the Funds for further details and the risk factors in particular those involved in investing in emerging markets prior to the subscription of the units of the Fund.