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EHAC Value Portfolio - Hong Kong

June 30, 2011

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 06/30/2011


135 NAV per share 125 115 105 95 85 75 11/24/09 3/24/10 7/24/10 11/24/10 3/24/11 Hang Seng HK MidCap Index (Indexed at 100) HSI (Indexed at 100)

Cumulative Performance %
Portfolio Hang Seng Index HSCEI HK MidCap Index 1 month -3.41% -5.43% -5.21% -3.16% 2007 1 year 0.73% 11.27% 9.68% 15.91% 2008 3 years 2009 2.54% -3.64% -4.30% 1.65% 5 years 2010 8.65% 5.32% -0.79% 8.42% Since inception 3.73% -1.32% -5.93% 7.41% 2011 YTD -6.90% -2.77% -0.91% -2.53%

Portfolio Information
Portfolio manager Inception date Base currency NAV per unit AUM as of 06/30/2011 Dreamer429 11/24/09 HKD 103.73 610,348.08

Calendar Year Performance %


Portfolio Hang Seng Index HSCEI HK MidCap Index

Sector Exposure Portfolio Characteristics


Price / Earnings Price / Book Dividend Yield Portfolio 15.5 2.8 3.3 HSI 11.8 1.7 2.9 Financials Materials Property 18.0% 16.6% 16.1% 8.3% 7.9% 2.3% 3.2% 27.6%

Breakdown by Market Capitalization


Small Cap 31.2% Consumer Discretionary ETFs Consumer Staples Large Cap 62.4% Industrials Cash

Mid Cap 6.4%

Statistical Analysis
1 year 3 year Correlation Beta Annualized volatility % Sharpe ratio Average annual return % 0.64 0.75 18.68 -0.56 0.73 Since launch 0.63 0.67 19.51 0.16 2.32

Top Five Holdings as at 06/30/2011


Holding LERADO GROUP PING AN INSURANCE LINK REIT CHINA LIFE INSURANCE YIP'S CHEMICAL Sector Consumer Discretionary Financials Property Financials Materials % 16.1% 15.0% 13.5% 12.6% 11.8%

EHAC Value Portfolio - Hong Kong