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EHAC Value Portfolio - Hong Kong

February 28, 2013

Investment Objective
To provide long term capital growth by investing in securities of companies with promising growth prospects, unique businesses and strong financial positions. An aggressive while conservative value investing approach is adopted. The portfolio will primarily invest in public securities of companies (including but not limited to Chinese companies and global / regional companies) which are located in the PRC or derive a predominant part of their income and / or assets from the PRC and / or benefit from the economic growth of the PRC. The portfolio may invest in ETFs, options or futures whose price movements are perceived to be highly correlated with the economic and / or market performance over the short, medium or long term either for the purpose of investment or hedging.

Performance from 11/24/2009 to 02/28/2013


130 120 110 100 90 80 70 60 Nov-09 Hang Seng HK MidCap Index (Indexed at 100) HSI (Indexed at 100) HSCEI (Indexed at 100) May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 NAV per share

Cumulative Performance %
Portfolio Hang Seng Index HSCEI HK MidCap Index 1 month -4.2% -3.0% -5.7% -1.3% 2009 2.5% -3.6% -4.3% 1.6% 1 year 9.5% 6.2% -3.3% 5.7% 2010 8.6% 5.3% -0.8% 8.4% 3 years -0.4% 11.7% -0.9% -0.3% 2011 -31.7% -20.0% -21.7% -29.5% 5 years 2012 23.0% 22.9% 15.1% 22.0% Since inception -5.5% 1.4% -14.5% -1.1% 2013 YTD 1.1% 1.6% 0.0% 4.4%

Portfolio Information
Portfolio manager Inception date Base currency NAV per unit AUM as of 02/28/2013 Dreamer429 11/24/09 HKD 94.54 864,624.42

Calendar Year Performance %


Portfolio Hang Seng Index HSCEI HK MidCap Index

Sector Exposure Portfolio Characteristics


Price / Earnings Price / Book Dividend Yield
* ex-financials

Portfolio* 11.3 1.7 2.7

HSI 11.6 1.5 3.4

Financials Property ETFs Consumer Discretionary Consumer Staples 10.6% 8.3% 4.7% 12.3% 23.9%

40.2%

Breakdown by Market Capitalization


Small Cap 9.5% Large Cap 90.5%

Cash

Statistical Analysis
1 year 3 year Correlation Beta Annualized volatility % Sharpe ratio Average annual return % 0.82 0.75 15.0 0.2 9.5 0.81 0.83 21.0 -0.2 -0.1 Since launch 0.78 0.79 21.0 -0.1 -1.7

Top Five Holdings as at 02/28/2013


Holding LINK REIT CHINA LIFE INSURANCE PING AN INSURANCE HS H-Share ETF LERADO GROUP Sector Property Financials Financials ETFs Consumer Discretionary % 23.9% 20.3% 19.9% 10.6% 8.3%

EHAC Value Portfolio - Hong Kong