China Convergence Fund
A sub-fund of Value Partners Intelligent Funds
 
NAV per unit : US$121.39 ( as at 31 August 2010 )
 
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.
 
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 Every 15th day and the last business day of each calendar month
Fund size US$220.88million (as at 31 August 2010)
Bloomberg code VAPAICB KY
ISIN code KYG9317Q1047

 

Performance update*  (Up to 31 August 2010)
The Fund 
One month +1.6% 
Year-to-date +6.5% 
One-year +30.9% 
Five-year +10.5% 
Since launch +1,113.9% 
Annualized return +27.8% 
Annualized volatility 28.0% 
 
Annual returns*
2010 (Year-to-date)
+6.5%+ 
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 31 August 2010.
 
 
 
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^ 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.