Welcome to Value Partners

Value Partners Classic Fund

	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(s) may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the fund(s) 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 : ( as at 2 February 2012 )

A Unit - US$203.48

B Unit - US$93.85

C Unit - US$11.78

C Unit(for reference only) - HK$91.35^β

Investment objectives

Value Partners Classic Fund has a broad mandate to invest in the Asia-Pacific markets, with an
emphasis on Greater China equities. The fund aims to achieve long-term capital appreciation for unit
holders through strict bottom-up, value-driven stock selection. The Fund was the first authorized fund^○
launched by Value Partners and remains the company's flagship investment product.

New additional class of Unit with daily subscription/redemption

With effective from 15 October 2009, Value Partners Classic Fund – "B" Unit will be closed for subscription. For existing unitholders of "B" Units who are making regular contribution amounts to the Fund under an insurance savings plan commencing before 15 October 2009, the Fund will continue to issue "B" Units for those previously agreed regular contributions.

Starting from 15 October 2009, new investors who wish to invest in Value Partners Classic Fund and existing unitholders who wish to further subscribe for units in the Fund may subscribe for units in a new class of units ("C" Units). In addition, "A" Units and "B" Units will be made redeemable on a daily basis for existing unitholders. For more details, please refer to the Explanatory Memorandum.

Fund fact

Fund manager	Value Partners Limited
Launch date	A Units – 1 April 1993 B Units – 15 May 1996 C Units – 15 October 2009
Minimum subscription	A Units – Closed B Units – Closed C Units – US$10,000 or HK$ equivalent^α
Minimum subsequent subscription	A Units – Nil B Units – Nil C Units – US$5,000 or HK$ equivalent^α
Subscription fee	A Units – Closed B Units – Closed C Units – Up to 5% of the issue price
Management fee	A Units – 0.75% per annum B Units – 1.25% per annum C Units – 1.25% per annum
Redemption fee	Nil
Performance fee^	15% of profit (high-on-high principle)
Dealing and valuation frequency	Daily (Hong Kong business days)
Fund size	US$1,596.33million (as at 30 December 2011)
Bloomberg code	A Units – VLPARAI KY B Units – VLPARBI KY C Units – VLPARCI KY
ISIN code	A Units – KYG9316N1025 B Units – KYG931701018 C Units – KYG9316N1280

Performance update* (Up to 30 December 2011)

	A Units	B Units	C Units
One month	+1.0%	+1.0%	+0.9%
Year-to-date	-17.2%	-17.6%	-17.6%
One-year	-17.2%	-17.6%	-17.6%
Three-year	+82.1%	+79.4%	0.0%
Since launch	+1,756.4%^#	+756.6%^~	+7.5%
Annualized return	+16.9%	+14.7%	+3.3%
Annualized volatility	22.7%	23.8%	22.4%

Annual returns*

	A Units	B Units	C Units
2011 (Year-to-date)	-11.1%⁺	-11.5%⁺	-11.6%⁺
2010	+20.2%	+19.6%	+21.2%
2009	+82.9%	+82.0%	N/A
2008	-47.9%	-48.1%	N/A
2007	+41.1%	+40.4%	N/A
2006	+41.8%	+41.2%	N/A
2005	+15.9%	+15.6%	N/A
2004	+5.8%	+5.6%	N/A
2003	+83.6%	+83.1%	N/A

⁺	Year-to-date return as at 30 December 2011.
^#	Since A Units launched on 1 April 1993.
^~	Since B Units launched on 15 May 1996.
	Since C Units launched on 15 October 2009.

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.

^β

Investors should note that the base currency of “C” Unit is in USD. The HKD equivalent NAV per unit for “C” Unit is for reference only and should not be used for subscription or redemption purpose. Conversion to the base currency of “C” Unit will normally take place at the prevailing rate (as determined by the Fund’s trustee or custodian) on the corresponding fund dealing day.

^α

Please note that the exchange rate applied to the HKD subscription monies by investors will be based on the prevailing rate (as determined by the Fund’s trustee or custodian) on a Hong Kong business day which is the dealing day the subscription is made. Investor should be aware that there is a currency exchange risk involved as a result of the fluctuations in exchange rates between US dollars and such other currency.

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.