20184 C * * * % 1.25% 15% CFA MDis * 頴 CFACFA CFA CFA CFACFA 9 A B 2% -1.1%-0.6%

Transcription

1 TM C / / / / / / / 20184? ,500 % 4,000 3,600 3,200 2,800 2,400 2,000 1,600 1, 基金於過去多個市場週期均表現出眾本基金 (A 單位, 美元 ) 恒生指數 2 指數 3 +3,224.6% % A B H % 非股票持倉 * 2007 年 11 月 年 6 月全球金融危機 因應市況作靈活配置 年 8 月 -9 月上海股市大跌 年 2 月 -8 月歐洲債務危機爆發前夕 2011 年 6 月 年 10 月歐洲債務危機爆發 2013 年 7 月 -8 月中國新領導層習近平及李克強接班, 美國削減量化寬鬆規模 * 2016 年 1 月 -2 月憂慮中國硬著陸 % A % % 140% 120% 100% 80% 60% 40% 20% 0% 9/15/ /15/ /15/ /15/2008 1/15/2009 2/15/2009 3/15/2009 4/15/2009 5/15/2009 6/15/2009 7/15/2009 8/15/2009 9/15/ Morningstar TM % 10% 0% -10% -20% -30% -40% -50%

2 20184 C * * * % 1.25% 15% CFA MDis * 頴 CFACFA CFA CFA CFACFA 9 A B 2% -1.1%-0.6% -0.4% 9, 10 10% 10% 9% 8% 1 12% 10% 9% 7% 7% 5% 2% 2% 21% 29% 26% -2.1% -0.6%-0.6%-0.5% -0.4% 8 A 3-3.9% +1.2% +10.0% +12.8% +9.6% +7.1% +10.4% ,224.6% % % +7.8% % 25.7% Asian Private Banker AsiaHedge Awards HFM Asia Performance Awards ^ * ^ 6. A BC % 關注我們 (852)

3 A B C ,079.0 HHHH TM % 4,000 3,600 3,200 2,800 2,400 2,000 1,600 1, A ,909.0% % % 4 ISIN A HK VLPARAI HK B HK VLPARBI HK C HK VLPARCI HK C HK VLPARCI HK C HK VLCHCRM HK C HK VLCHAUD HK C HK VLCHCAD HK C HK VLCHCHH HK C HK VLCHNZD HK C HK VLCHCRH HK C 7.96 HK VLCCMDU HK C 7.92 HK VLCCMDH HK C 8.18 HK VLCCMDR HK C 7.89 HK VLCCMRH HK A A B C % +4.8% +4.8% +6.4% +5.5% -18.4% -18.8% -18.7% -8.4% % -17.4% -17.4% -6.1% -9.6% +17.7% +16.0% +15.4% +33.4% +26.6% +28.5% % +32.5% +25.7% +2,909.0% +1,241.8% % % ^ +14.2% +12.2% +5.8% +7.7% +7.4% ^ 21.7% 22.4% 19.7% 25.8% 25.8% A B % -0.2% +8.2% +8.2% +20.1% % +0.1% +2.5% +7.5% +5.9% +2.2% +82.9% % +2.2% +7.1% +3.1% -6.1% +1.1% +5.0% +0.2% +10.5% +3.8% -0.7% -0.7% +20.2% % -1.6% +5.4% +3.5% % +2.8% -7.5% -19.8% % +1.0% -17.2% % % +1.6% -10.2% -2.1% % +6.4% % +5.9% +14.0% % -2.5% -2.9% +0.6% +1.2% -9.0% % +2.2% +6.2% +4.8% +0.4% +11.2% % % -1.6% +2.0% +4.6% +6.2% +3.0% -1.5% +1.6% +1.9% +4.6% +13.5% % +3.7% +17.1% -1.5% -3.5% -11.0% -11.6% +0.2% +6.5% -3.8% +2.9% -1.5% % -1.5% +8.7% +0.2% -1.4% +2.4% +5.0% +7.4% +1.4% -1.8% -0.2% -5.0% -3.2% % +1.9% +3.7% +2.6% +5.7% +3.0% +4.5% +3.5% % -0.1% +1.8% +44.9% % -5.7% -2.5% -1.8% +1.5% -5.8% -0.2% -4.4% -1.1% -13.7% +4.8% -18.4% ^ C % +82.0% +7.7% % +19.6% +21.2% % -17.6% -17.6% % +13.4% +13.4% % +10.6% +10.8% % +13.0% % -2.0% -2.0% % -3.7% -3.7% % +44.1% % -18.8% -18.7% C C % C % C % C % (852) (65) fis@vp.com.hk

4 % 12 Alibaba Group Holding Ltd % % 12 A B 11% 9% 9% 9% 5% 2% -1.9% -0.6% -0.4% 10, 12 12% 11% 10% 8% 7% 7% 5% 5% 2% 2% 1% 25% 24% 21% -2.9% -1.0% -0.6% -0.6% -0.4% A B C C / / C C C C C C C C A B C A B C A B C 10,000 5,000 5% 0.75% 1.25% 1.25% 14 15% CFA 頴 CFACFA CFA CFACFA CFA 15 ~ AsiaHedge Awards ~ HFM Asia Performance Awards ~ HFM Asia Performance Awards Morningstar A C C C 6. C 7. C Unit MDis MDis x S&P Capital IQ S&P Capital IQ % (Restricted Scheme) (i)(ii) Value Partners Asset Management Singapore Pte Ltd G VPCF_Master+SG_

5 產品資料概要惠理價值基金 發行人 : 惠理基金管理香港有限公司 2018 年 10 月 本概要提供有關惠理價值基金 ( 本基金 ) 的重要資料 本概要乃本基金的銷售文件之一部分 請勿單憑本概要作投資決定 資料便覽 經理人 : 信託人及保管人 : 惠理基金管理香港有限公司 滙豐機構信託服務 ( 亞洲 ) 有限公司 全年經常性開支比率 # : 不包括表現費包括表現費 A 單位 0.96% β 0.96% β B 單位 1.46% β 1.46% β C 單位美元 1.46% β 1.46% β C 單位每月分派美元 1.45% β 1.45% β C 單位澳元對沖 1.46% β 1.46% β C 單位加元對沖 1.46% β 1.46% β C 單位新西蘭元對沖 1.46% β 1.46% β C 單位人民幣 1.46% β 1.46% β C 單位港元對沖 1.46% β 1.46% β C 單位每月分派港元 1.45% β 1.45% β C 單位人民幣對沖 1.46% β 1.46% β C 單位每月分派人民幣 1.45% β 1.45% β C 單位每月分派人民幣對沖 1.45% β 1.45% β 交易頻密程度 : A 單位 - 每日基金贖回 ( 以香港營業日計 ) B 單位 - 每日基金贖回 ( 以香港營業日計 ) C 單位 + - 每日 ( 以香港營業日計 ) C 單位 - 對沖 * - 每日 ( 以香港營業日計 ) 基礎貨幣 : 派息政策 : 美元 就所有類別單位 (C 單位每月分派美元 C 單位每月分派港元 C 單位每月分派人民幣及 C 單位每月分派人民幣對沖除外 ) 而言, 經理人目前無意就本基金進行派息 C 單位每月分派美元 C 單位每月分派港元 C 單位每月分派人民幣及 C 單位每月分派人民幣對沖 : 倘宣派股息, 經理人目前擬按月作出分派, 惟經理人擁有酌情權 經理人可酌情決定自有關類別單位的資本中支付股息, 這可能導致本基金的每單位資產淨值即時減少 惠理價值基金 產品資料概要 1

6 惠理價值基金 最低投資金額 : 只適用於 C 單位及 C 單位 - 對沖 : 首次 10,000 美元 ( 或相關類別貨幣的等值 ), 其後 5,000 美元 ( 或相關類別貨幣的等值 ) 財政年度終結日 : 12 月 31 日 + C 單位包括 C 單位人民幣 C 單位美元 C 單位每月分派港元 C 單位每月分派人民幣及 C 單位每月分派美元 * C 單位 - 對沖包括 C 單位澳元對沖 C 單位加元對沖 C 單位歐元對沖 C 單位英鎊對沖 C 單位港元對沖 C 單位新西蘭元對沖 C 單位人民幣對沖 C 單位新加坡元對沖及 C 單位每月分派人民幣對沖 截至本文件日期止,C 單位歐元對沖 C 單位英鎊對沖及 C 單位新加坡元對沖尚未推出, 但將於由經理人決定和發出通知的稍後日期推出, 惟須獲信託人事先通過 # β 經常性開支比率是於下述相應期間, 以單位類別的開支總和佔平均資產淨值的百分比表達 此數字每年均可能有所變動 將於每年年底支付 ( 在適用情況下 ) 的表現費可能因市況而有所變動 資料更新至 2018 年 9 月 6 日 此數字是根據截至 2018 年 6 月 30 日止半年度的費用計算的年度化數字 實際經常性開支比率數字可能不同, 且每年均可能有所變動 本基金是甚麼產品? 本基金原先是根據開曼群島法律下構成的單位信託基金 在 2015 年 9 月 21 日當日及自該日起, 本基金的司法管轄區由開曼群島改為香港 目標及投資策略 目標 本基金投資目標乃專注分析具升值潛質投資項目的基本因素, 從而達致持續理想回報 經理人旨在挑選其市值相對其內在價值而言有重大折讓的股票 策略 本基金將會集中投資亞太區股市 本基金的資產分布並無地域性 領域性或行業性比重限制 經理人亦不會試圖按照市場指數基準去分配本基金組合內股票的地域 領域或行業比重 經理人可能大舉投資在比較少數量的股票 本基金將其資產淨值 ( 資產淨值 ) 至少 70% 投資於股本證券 本基金可按經理人認為合適的資產比例投資於任何市場規模的公司所發行的股本證券 本基金可投資的股本證券包括但不限於上市股票 房地產投資信託基金 ( REIT ) 及交易所買賣基金 ( ETF ) 本基金可按照證監會 單位信託及互惠基金守則 的規定將其資產淨值少於 30% 投資於以下每一類證券, 即 REIT 及 ETF 惠理價值基金 產品資料概要 2

7 惠理價值基金 本基金的投資組合除股本證券外, 尚會不時包括現金 存款 短期票據如國庫券 存款證 銀行承兌票據 短期商業票據及其他固定收益工具等 然而, 本基金不會將其資產淨值多於 10% 投資於由單一主權發行人 ( 包括其政府 公共或地方機構 ) 發行及 / 或擔保的低於投資級別的債務證券 經理人亦可在投資組合內大幅增持現金或其他現金等值項目, 並可將本基金資產淨值最多 30% 投資於集體投資計劃 ( 包括經理人或其關連人士 ( 定義見解釋備忘錄 利益衝突 一節 ) 管理或發售的計劃 ), 惟須符合證監會 單位信託及互惠基金守則 所准許的範圍 在特殊情況下 ( 例如市場下瀉或出現重大危機 ), 本基金可為現金流管理暫時將其資產淨值最多 100% 投資於流動資產, 例如存款 國庫券 存款證 短期商業票據 本基金亦可能投資於商品 期貨 期權 認股權證 股票掛鈎票據及其他金融工具, 惟有關投資須符合證監會 單位信託及互惠基金守則 所准許的範圍及解釋備忘錄 投資限制 一節所載的條文 本基金透過滬港股票市場交易互聯互通機制及深港股票市場交易互聯互通機制 中國 A 股連接產品及透過合格境外機構投資者或人民幣合格境外機構投資者直接投資於 A 股的集體投資計劃 ( 包括經理人或其關連人士管理或發售的計劃 ) 對 A 股作出的最高投資額以本基金總資產淨值的 20% 為限 對中國內地市場 ( 例如 A 股及 B 股 ) 作出的總投資額不會超過本基金最近期可得資產淨值的 20% 為免產生疑問, 本基金合計不會將其多於 20% 的非現金資產投資於中國內地市場 本基金將有限度地 ( 即將其資產淨值少於 30%) 投資於以人民幣計值的投資項目 以人民幣計值的資產乃參考 CNH 匯率 ( 有關 CNH 匯率 的涵義, 請參閱下文標題為 與人民幣單位類別相關的風險 的風險因素 ) 予以估值 本基金持有任何單一發行人的證券價值不得超逾本基金總資產淨值的 10% 本基金不會使用證券化及結構式金融工具, 如抵押債務證券 按揭證券 資產抵押證券及信貸違約掉期 本基金亦不擬進行購回及反向購回交易或其他類似的場外交易 然而, 本基金可訂立股票借貸安排, 前提是擬借出之證券之價值, 連同本基金已借出之所有其他證券之價值, 不可超過本基金最近期可得資產淨值的 10% 在得到信託人事先同意下, 經理人可從本基金資產中向外發放貸款 在符合證監會 單位信託及互惠基金守則 所准許的範圍及解釋備忘錄 投資限制 分節所載的條文的情況下, 本基金可以投資商品 商品期貨合約 金融期貨合約及提供備兌認購期權 然而, 經理人一般預期不會考慮運用此等投資技巧, 惟用來對沖政治及經濟上的不利發展及 或貨幣匯率或利率的不利走勢則除外 惠理價值基金 產品資料概要 3

8 惠理價值基金 本基金有哪些主要風險? 投資涉及風險 請參閱銷售文件, 了解風險因素等資料 1. 投資風險 本基金是一個投資基金 本基金投資組合的價值可能因以下任何主要風險因素而下跌, 因此, 閣下可能損失大部分或全數投資金額 不能保證償還本金 2. 集中風險 本基金的投資集中於亞太區且可能集中於特定行業或少量股票 相比由較為分散的全球投資組成的投資組合, 這可能令本基金面臨更大波動 本基金的價值可能更易受影響亞太區的不利經濟 政治 政策 外匯 流通性 稅務 法律或監管事件的影響 3. 投資於新興市場的風險 投資於新興市場涉及與投資於較成熟經濟體或市場不常見的更多風險及特殊考慮因素, 如更高的政治 政策 稅務 經濟 外匯風險 / 管制 流通性 結算 託管 法律及監管風險, 以及波動性可能較高 4. 股市風險 本基金於股本證券的投資承受一般市場風險, 其價值可能因多項因素而波動, 例如投資情緒 政治及經濟狀況之轉變, 以及與發行人相關的因素 5. 與亞太區股市波動性高有關的風險 亞太區若干新興市場的市場波動性高, 而且潛在結算困難, 亦可能導致在該等市場買賣的證券價格大幅波動, 因而可能對本基金的價值造成不利影響 6. 與亞太區股市監管 / 外匯規定 / 政策有關的風險 亞太區若干新興市場的證券交易所通常有權暫停或限制任何證券於相關交易所進行買賣 政府或監管機構亦可能實施會影響金融市場的政策 所有這些因素均可能對本基金產生負面影響 7. 與小型 / 中型公司有關的風險 本基金可投資於小型 / 中型公司股票, 一般而言, 相比較大型公司股票, 小型 / 中型公司股票的流通性可能較低, 且其價格更易因不利經濟發展而波動 8. 貨幣兌換風險 本基金以美元計值 本基金的相關投資可能以本基金的基礎貨幣以外的貨幣計值 此外, 單位類別的指定貨幣亦可能是本基金的基礎貨幣以外的貨幣 本基金的表現可能受所持資產的貨幣與美元匯率變動的不利影響, 而任何外匯管制法規的改變, 可能亦令匯出資金帶來困難 9. 表現費風險 向經理人支付表現費可激勵經理人作出相對不收取表現費的情況下風險或投機成份較高的投資 表現費的計算不會就個別單位持有人的均分信貸或均分損失作出調整 即使單位持有人在贖回單位時, 其投資資本已蒙受虧損, 該單位持有人仍有可能須就有關單位承擔表現費 此外, 可能就本基金不會變現的未變現收益支付表現費 惠理價值基金 產品資料概要 4

9 惠理價值基金 10. 投資於其他集體投資計劃的風險 本基金可能投資的相關計劃可能未受證監會監管 投資於該等相關計劃可能涉及額外成本 亦不保證相關計劃時刻擁有足夠的流通性以於有需要時應付本基金的贖回要求 相關計劃的投資決策乃在該等計劃的層面作出 概不保證 (i) 相關計劃的經理人挑選將可有效分散投資風格, 以及相關計劃的持倉維持不變 ; 以及 (ii) 將成功達到相關計劃的投資目標及策略 準投資者應注意, 本基金須承擔應付予經理人及其他服務供應商的費用, 以及按比例間接承擔由相關計劃支付予經理人及相關計劃的服務供應商的費用 本基金投資於由經理人 其受委人或任何關連人士所管理的集體投資計劃的股份或單位時, 可能產生利益衝突 若出現利益衝突的情況, 經理人將盡力確保上述衝突得到公平解決, 而本基金與任何各方之間的交易將按公平基礎進行 11. 與貨幣對沖及貨幣對沖類別 ( 貨幣對沖類別 ) 有關的風險 經理人可以 ( 但無責任 ) 訂立若干貨幣相關交易, 以將可歸屬於某特定類別的本基金資產之貨幣風險承擔對沖至相關類別的類別貨幣 貨幣對沖類別的投資者或會承擔該貨幣對沖類別貨幣以外的貨幣風險 投資者亦應注意, 若貨幣對沖類別的計價貨幣對本基金的基礎貨幣貶值, 則該對沖策略可能大幅限制以類別貨幣列示的貨幣對沖類別的任何潛在升值的利益 應用於某個特定貨幣對沖類別的確切對沖策略或會不同 此外, 概不保證將會獲得預期的對沖工具或對沖策略將會達到其預期效果 在該等情況下, 貨幣對沖類別的投資者可能仍須承受未對沖的貨幣兌換風險 倘若用作對沖目的之工具的交易對手方違約, 貨幣對沖類別的投資者可能承擔未對沖的貨幣兌換風險及可能因此蒙受進一步損失 12. 與人民幣單位類別有關的風險 投資者可投資於 C 單位人民幣 C 單位人民幣對沖 C 單位每月分派人民幣或 C 單位每月分派人民幣對沖 ( 人民幣單位類別 ) 務須注意, 由於人民幣須受中國政府實施的外匯管制政策及限制所規限, 因此人民幣目前並非可自由轉換的貨幣 中國政府的外匯管制及資金匯出限制政策可能更改, 投資者於人民幣單位類別的投資可能會受到不利影響 非人民幣為本投資者面臨匯兌風險, 且概不能保證人民幣兌投資者的基礎貨幣的價值將不會貶值 倘人民幣出現任何貶值, 可能對投資者於本基金的投資造成不利影響 儘管離岸人民幣 ( CNH 匯率 ) 及境內人民幣 ( CNY 匯率 ) 乃同一貨幣, 它們以不同的匯率買賣 CNH 匯率與 CNY 匯率間的任何差異可能對投資者造成不利影響 在特殊情況下, 以人民幣支付贖回及 / 或分派款項可能因適用於人民幣的外匯管制及限制而延遲 13. 與自資本中派息有關的風險 自資本中支付股息相當於歸還或提取投資者的部分原投資額或該原投資額應佔的任何資本增益 任何有關分派可能導致每單位資產淨值即時減少 惠理價值基金 產品資料概要 5

10 惠理價值基金 14. 與投資於衍生工具有關的風險 與衍生工具有關的風險包括對手方 / 信用風險 流通性風險 估值風險 波動性風險及場外交易風險 衍生工具的槓桿元素 / 部分以及相關資產 利率或指數的價值或水平的不利變動可能導致本基金產生的損失遠高於投資於衍生工具的金額 投資於衍生工具可能導致本基金承受產生重大損失的高風險 本基金過往的業績表現如何? 100% 80% 82.9% 60% 40% 20% 20.2% 14.0% 11.2% 13.5% 44.9% 0% -20% -40% -60% % -1.5% -3.2% -47.9% 附註 : 往績並非預測日後業績表現的指標 投資者未必能取回全部投資本金 本基金業績表現以曆年末的資產淨值作為比較基礎, 股息會滾存再作投資 上述數據顯示 A 單位總值在有關曆年內的升跌幅度 業績表現以美元計算, 當中反映出本基金的持續費用, 但不包括本基金可能向閣下收取的認購費及贖回費 本基金發行日: 1993 年 4 月 1 日 A 單位發行日: 1993 年 4 月 1 日 A 單位擁有最長業績表現, 並廣泛地反映本基金的表現特色 自 2002 年 4 月 12 日起, A 單位停止認購 ; 現有和新的投資者可認購 C 單位或 C 單位 對沖 請注意,C 單位或 C 單位 - 對沖的管理費較 A 單位為高 本基金有否提供保證? 本基金並不提供任何保證 閣下未必能全數取回投資本金 惠理價值基金 產品資料概要 6

11 惠理價值基金 投資本基金涉及哪些費用及收費? 閣下或須支付的收費 本基金單位交易或須繳付以下費用 費用 閣下須支付 認購費 ( 首次認購費 ) 最高為認購額的 5% 轉換費無 ** 贖回費 無 ** 個別分銷商或會就每次轉換透過該分銷商購入的某一類別單位至本基金另一個類別單位徵收費用, 該費用將於轉換時扣除及支付予相關分銷商 擬把某一類別單位轉換至另一個類別單位的單位持有人, 應向其相關分銷商查詢轉換費用 本基金持續繳付的費用 以下費用從本基金中扣除 閣下的投資回報將會因而減少 每年收費率 ( 佔本基金資產淨值百分比 ) 管理費 * A 單位 0.75% B 單位 1.25% C 單位及 C 單位 - 對沖 1.25% 信託人費 ( 包括保管人及註冊處代理人費用 ) 本基金資產淨值的首 150,000,000 美元 %* 本基金資產淨值的其後 150,000,000 美元 餘額 % 根據信託契約之條款, 信託人亦有權收取 3,000 美元之定額年費 再者, 信託人亦有權就本基金提供註冊處代理人之服務, 按本基金資產淨值收取每年 0.0 的費用 表現費於表現期間內每單位資產淨值高於每單位高水位的升值的 15% 升值指於有關表現期間內的每單位資產淨值超過高水位的數額 高水位為以下兩者中的較高者 :(i) 首次發售價及 (ii) 於對上一次支付表現費之表現期間結束時之每單位資產淨值 每個表現期間對應本基金的財政年度 倘就某表現期間向經理人支付表現費, 於該表現期間最後估值日的每單位資產淨值 ( 已扣除表現費及就該對上一個表現期間已宣佈或已支付的任何分派 ) 將被設定為下一個表現期間的高水位 倘若每單位資產淨值超過高水位, 表現費於每個估值日累計 於每個估值日, 於上個估值日累計之表現費 ( 如有 ) 將回撥, 並將計算及累計新的表現費 如每單位資產淨值低於或相等於高水位, 任何累計之表現費將回撥, 以及不會累計表現費 惠理價值基金 產品資料概要 7

12 惠理價值基金 A 單位及 B 單位之表現費會合併計算, 再在 A 單位及 B 單位之間按比例進行分配 C 單位及 C 單位 - 對沖之表現費乃就本基金各單位類別而計算 有關表現費之計算詳情及說明例子, 請參閱本基金之解釋備忘錄 表現費 部分 其他費用 閣下買賣本基金的單位時或須支付其他費用 * 請注意, 在給予各單位持有人至少一個月事先通知的前提下, 部分費用可獲調升至某指定許可最高水平 有關本基金可能需應付的費用及收費 最高許可費用及其他須持續支付的費用詳情, 請參閱銷售文件內 費用及支出 部分 其他資料 經理人於下午五時正 ( 香港時間 )( 即本基金各交易日的交易截止時間 ) 或之前收妥閣下直接或經由分銷商提交的認購及贖回要求, 一般按隨後釐定的本基金單位資產淨值執行 閣下在發出認購或贖回指示前, 請向閣下的分銷商查詢其內部交易截止時間 ( 可能早於本基金的交易截止時間 ) 本基金在每個營業日計算資產淨值, 單位價格會在每個營業日登載於經理人的網站 投資者可於經理人的網站 取得其他向香港投資者提呈發售的單位類別之過往業績資料 若股息包含來自收益及資本的金額, 過去 12 個月的股息組成 ( 即自 (i) 可分派淨收益及 (ii) 資本中支付的相關金額 )( 如有 ) 可向經理人索取, 亦可於經理人的網站 * 瀏覽 投資者可致電 (852) 向經理人查詢本基金所委任分銷商的有關資料 * 此網站未經證監會審閱或認可 重要提示 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述 惠理價值基金 產品資料概要 8

13 Value Partners Classic Fund HKD/USD/AUD/CAD/NZD/RMB classes and HKD/USD/RMB monthly distribution classes available for C Units Morningstar RatingTM1 Q As at Value Partners Classic Fund (The Fund ) primarily invests in markets of the Asia-Pacific region, with a Greater China focus. The Fund invests in China-related companies and emerging markets which involve certain risks not typically associated with investment in more developed markets, such as greater political, tax, economic, foreign exchange, liquidity and regulatory risks. The Fund is also subject to concentration risk due to its concentration in Asia-Pacific region, particularly China-related companies. The value of the Fund 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. In respect of the distribution units for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. Why invest in Value Partners Classic Fund? Renowned Greater China expert An award-winning investment team of over 70 seasoned professionals who are fully committed to uncovering quality stocks within Greater China Extensive 360-degree fundamental research analysis combined with more than 6,500 due diligence meetings every year Flagship value investment product that has consistently outperformed the market throughout different market cycles Well-equipped to capture value opportunities Benchmark agnostic fund that possesses the flexibility to invest in a variety of stocks, including A, B, H-shares and American Depositary Receipts across all market capitalizations This flexibility enables the fund be fully-invested during bull markets, while the composition of the portfolio can freely shift towards holding more cash, gold and other hedging tools in order to defend against volatile conditions Enjoy outstanding risk-adjusted returns Ranked first among Greater China equity funds 4 for delivering the highest annualized returns, while maintaining the lowest volatility 5 Following the global financial crisis, the fund outperformed the markets to recover in a far shorter span of time (35 months vs index s 88 months) Outstanding performance throughout major market cycles % 4,000 3,600 3,200 2,800 2,400 2,000 1,600 1, % The Fund (A Units, USD) Hong Kong Hang Seng Index 2 Index % Flexibly adapting to different environments Non-equity exposures* +3,224.6% Nov Jun 2009 The global financial crisis Feb-Aug 2010 Looming European debt crisis Jun Oct 2012 European debt crisis July-Aug 2013 New China leadership under Xi Jinping and Li Keqiang, and US tapering Aug-Sept 2015 Shanghai stock market crash Jan-Feb 2016 Fears of hard landing in China * Non-equity exposures include 3 asset classes: cash, gold and index futures (for hedging purpose) Annualized Return% Risk/reward trade-off Value Partners Classic Fund (A Units) 10 5 Greater China Index 3 Category Hang Seng Index Annualized Volatility% Greater China Equity Peers Hong Kong Equity Category China Equity Category Index Hang Seng Index Category Average Source: Morningstar, data from 1 April 1993 to 30 September Focus on the duration rather than the timing It is an almost impossible task to time your investments perfectly. Adopting a long-term, disciplined approach towards investing has generally been proven to be more rewarding Historical data has shown that the Fund is able to generate positive 1-year and 2-year rolling returns regardless of the timing of investment following a market correction 160% 140% 120% 100% 80% 60% 40% 20% 0% Fund returns following the financial crisis 9/15/ /15/2008 The stock market has bottomed out 11/15/ /15/2008 1/15/2009 2/15/2009 3/15/2009 4/15/2009 5/15/2009 6/15/2009 7/15/2009 8/15/2009 9/15/ % 10% 0% -10% -20% -30% -40% -50% 1-year rolling return (LHS) 2-year rolling return (LHS) Hang Seng Index (RHS) Fund performance is quoted as of 28 September Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, in USD, NAV to NAV, with dividends reinvested. Performance data is net of all fees Morningstar. All Rights Reserved. Morningstar Rating TM as of 30 September Hang Seng Price Return Index was used till 31 December 2004, thereafter it is the Hang Seng Total Return Index. Hang Seng Total Return Index takes into account of dividend reinvestment whereas Hang Seng Price Return Index does not. 3. Index refers to Hang Seng Index (Price Return) since fund inception till 31 December 2004, thereafter it is the Hang Seng Index (Total Return) up to 30 September Hang Seng Index (Total Return) includes dividend reinvestment whereas Hang Seng Index (Price Return) does not take into account reinvestment of dividends. With effect from 1 October 2017, it is the MSCI Golden Dragon Index (Total Net Return), which takes into account of dividend reinvestment after deduction of withholding tax. 4. Peer group includes all funds with performance history started before 1 April 1993 in the Morningstar category of Greater China Equity (offshore domiciled open-end funds). 5. Annualized return and volatility are calculated from inception. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa.

14 Value Partners Classic Fund Q Investment objective and strategy The Fund aims to achieve consistent superior returns through an investment discipline that places emphasis on the fundamental value of potential investments, which the Manager believes are being traded at deep discounts to their intrinsic values. The Fund will concentrate on investing in the markets of the Asia Pacific region (particularly in Greater China region) but without fixed geographical, sectoral or industry weightings. Fund facts (C Units) 6 Share classes Launch date USD 15 October 2009 AUD/CAD/ NZD hedged* 17 March 2014 RMB hedged* 28 October 2015 HKD hedged* RMB 30 November 1 December Subscription fee Up to 5% Management fee 1.25% p.a Performance fee 7 15% of profit (high-on-high principle) Redemption fee Nil Dealing frequency Daily dealing Senior investment staff Chairman & Co-Chief Investment Officer Deputy Chairman & Co-Chief Investment Officer Deputy Chief Investment Officer Senior Investment Director Investment Directors Senior Fund Managers Performance 8 Cheah Cheng Hye Louis So MDis HKD/USD/RMB unhedged & RMB hedged* 16 October 2017 Renee Hung Norman Ho, CFA Chung Man Wing; Kenny Tjan, CFA; Michelle Yu, CFA; Yu Xiao Bo Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai Mak; Yu Chen Jun The Fund (A Units USD) Index 3 One year -3.9% +1.2% Three years (annualized) +10.0% +12.8% Five years (annualized) +9.6% +7.1% Ten years (annualized) +10.4% +7. Since launch +3,224.6% % Annualized return % +7.8% Annualized volatility % 25.7% Geographical exposure by listing 9 Hong Kong H Shares Red Chips Taiwan United States China A Shares Bonds Vietnam China B Shares 2% 10% 10% 9% 8% Short exposure includes: Hong Kong, -1.1%; H Shares, -0.6% and United States, -0.4%. 9, 10 Sector exposure Consumer discretionary Information technology Insurance Banks Energy Industrials Utilities Communication services Bonds Health care Materials Real estate Consumer staples Other financials 1 12% 10% 9% 7% 7% 5% 2% 2% 21% 29% 26% Total short exposure is -2.1%. Short exposure includes: Industrials, -0.6%; Health care, -0.6%; Utilities, -0.5% and Consumer discretionary, -0.4%. Recent awards Corporate: Fund: Benchmark Fund of the Year Awards 2017, Hong Kong 11 Outstanding Manager of the Year - Greater China Equity - Dato Seri Cheah Cheng Hye and Mr. Louis So Asian Private Banker Asset Management Awards for Excellence Best Fund Provider Greater China Equity AsiaHedge Awards Best Asia ex-japan Fund Scan the QR code to download the new Value Partners Mobile App^ now! Access the latest fund information and market updates! * The fund may invest in financial derivative instruments ( FDI ) for hedging purposes. In adverse situations, the fund s use of FDI may become ineffective in hedging and the fund may suffer significant losses. Each hedged share class will hedge the fund s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the fund s base currency may be higher than that of the equivalent class denominated in the fund s base currency. Risks associated with FDI include counterparty risk, credit risk and liquidity risk. Such exposure may lead to a high risk of capital loss. The AUD/CAD/NZD/RMB/HKD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. ^ For Hong Kong investors only. Fund information refers to Value Partners funds authorized by the Securities and Futures Commission of Hong Kong. Authorization does not imply official recommendation. 6. A Units and B Units are closed for subscription. New investors and existing unitholders who wish to top up may subscribe in C Units. 7. 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). 8. Performance in USD, NAV to NAV, is net of fees and with dividend reinvested. 9. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 10. Classification is based on Global Industry Classification Standard (GICS). 11. The award recognized individuals who have led his/her team to outstanding performances over the consistency of three-year and five-year performances against the benchmark and their peers up to 30 September Dato' Seri Cheah Cheng Hye and Mr. Louis So are Value Partners Co-Chief Investment Officers. 12. Based on performance and achievements for Based on performance for the 12-month period from September 2016 to the end of August The awards were judged based on performance over the past 12 months, up to 30 April The award recognized funds that have outperformed their peers over the past 12 months, up to 30 April Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. This material has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited. For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No G. This advertisement has not been reviewed by the Monetary Authority of Singapore. Follow us on HFM Asia Performance Awards 2017 Fund of the Year Best Greater China fund over US$500 million 15 Hong Kong: ( 852 ) Singapore: ( 65)

15 Value Partners Classic Fund NAV per unit : A Units - USD B Units - USD C Units - USD16.83 Fund size : USD1,079.0 million HHHH Morningstar Rating TM1 As at Investment objective The Fund aims to achieve consistent superior returns through an investment discipline that places emphasis on the fundamental value of potential investments, which the Manager believes are being traded at deep discounts to their intrinsic values. The Fund will concentrate on investing in the markets of the Asia Pacific region (particularly in Greater China region) but without fixed geographical, sectoral or industry weightings. Performance since launch % 4,000 3,600 3,200 2,800 2,400 2,000 1,600 1, The Fund (A Units, USD) Hong Kong Hang Seng Index 2 Index 3 November 2018 Value Partners Classic Fund (The Fund ) primarily invests in markets of the Asia-Pacific region, with a Greater China focus. The Fund invests in China-related companies and emerging markets which involve certain risks not typically associated with investment in more developed markets, such as greater political, tax, economic, foreign exchange, liquidity and regulatory risks. The Fund is also subject to concentration risk due to its concentration in Asia-Pacific region, particularly China-related companies. The value of the Fund 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. In respect of the distribution units for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. Performance update A Units B Units C Units Hang Seng USD USD USD Index 2 Index 3 One month +4.8% +4.8% +4.8% +6.4% +5.5% Year-to-date -18.4% -18.8% -18.7% -8.4% -11. One year -17.0% -17.4% -17.4% -6.1% -9.6% Three years +17.7% +16.0% +15.4% +33.4% +26.6% Five years +28.5% % +32.5% +25.7% Since launch +2,909.0% +1,241.8% % % Annualized return ^ +14.2% +12.2% +5.8% +7.7% +7.4% Annualized volatility ^ 21.7% 22.4% 19.7% 25.8% 25.8% Annual performance from 2009 to ,909.0% A Units B Units C Units USD USD USD % +82.0% +7.7% % +19.6% +21.2% % -17.6% -17.6% % +13.4% +13.4% % % % +10.6% +10.8% % +13.0% % -2.0% -2.0% NAVs & codes % -3.7% -3.7% % +44.1% +43. Classes 4 NAV ISIN Bloomberg A Units USD HK VLPARAI HK 2018 (YTD) -18.4% -18.8% -18.7% B Units USD HK VLPARBI HK Dividend information C Units MDis 7 C Units USD HK VLPARCI HK Classes 4 Dividend per Annualized Ex-dividend C Units HKD HK VLPARCI HK unit 8 yield 9 date C Units RMB HK VLCHCRM HK C Units MDis USD % C Units AUD Hedged HK VLCHAUD HK C Units MDis HKD % C Units CAD Hedged HK VLCHCAD HK C Units HKD Hedged HK VLCHCHH HK C Units MDis RMB % C Units NZD Hedged HK VLCHNZD HK C Units MDis RMB Hedged % C Units RMB Hedged HK VLCHCRH HK C Units MDis USD 7.96 HK VLCCMDU HK C Units MDis HKD 7.92 HK VLCCMDH HK C Units MDis RMB 8.18 HK VLCCMDR HK C Units MDis RMB Hedged 7.89 HK VLCCMRH HK The Fund A Units USD: Monthly performance from 1 Jan 2009 to 30 Nov 2018 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual % -0.2% +8.2% +8.2% +20.1% % +0.1% +2.5% +7.5% +5.9% +2.2% +82.9% % +2.2% +7.1% +3.1% -6.1% +1.1% +5.0% +0.2% +10.5% +3.8% -0.7% -0.7% +20.2% % -1.6% +5.4% +3.5% % +2.8% -7.5% -19.8% % +1.0% -17.2% % % +1.6% -10.2% -2.1% % +6.4% % +5.9% +14.0% % -2.5% -2.9% +0.6% +1.2% -9.0% % +2.2% +6.2% +4.8% +0.4% +11.2% % % -1.6% +2.0% +4.6% +6.2% +3.0% -1.5% +1.6% +1.9% +4.6% +13.5% % +3.7% +17.1% -1.5% -3.5% -11.0% -11.6% +0.2% +6.5% -3.8% +2.9% -1.5% % -1.5% +8.7% +0.2% -1.4% +2.4% +5.0% +7.4% +1.4% -1.8% -0.2% -5.0% -3.2% % +1.9% +3.7% +2.6% +5.7% +3.0% +4.5% +3.5% % -0.1% +1.8% +44.9% 2018 (YTD) +10.8% -5.7% -2.5% -1.8% +1.5% -5.8% -0.2% -4.4% -1.1% -13.7% +4.8% -18.4% ^ Annualized return and volatility are calculated from inception. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa. 43rd Floor, The Center, 99 Queen s Road Central, Hong Kong Hotline: Hong Kong (852) Singapore (65) fis@vp.com.hk Follow us on

16 Value Partners Classic Fund November 2018 Top 10 securities holdings Name Industry 10 % 12 Alibaba Group Holding Ltd Retailing 8.3 Ping An Insurance (Group) Insurance 4.9 Co of China Ltd AIA Group Ltd Insurance 4.7 SIIC Environment Holdings Ltd Utilities 4.1 China Merchants Bank Co Ltd Banks 3.5 Taiwan Semiconductor Semiconductors & 3.5 Manufacturing Co Ltd semiconductor equipment Industrial & Commercial Bank Banks 3.2 of China Ltd CNOOC Ltd Energy 2.8 Huaneng Renewables Utilities 2.8 Corp Ltd PetroChina Co Ltd Energy 2.8 These stocks constitute 41% 12 of the Fund. Portfolio characteristics As at 30 Nov Price/earnings ratio 10.4 times Price/book ratio 1.3 times Portfolio yield 3.5% Geographical exposure by listing 12 H Shares Hong Kong US China A Shares Red Chips Taiwan Cash 13 Bonds Vietnam China B Shares 11% 9% 9% 9% 5% 2% 25% 24% Short exposure includes: Hong Kong, -1.9%; United States, -0.6% and H Shares, -0.4%. Sector exposure 10, 12 Consumer discretionary Information technology Insurance Banks Industrials Energy Utilities Cash 13 Health care Bonds Communication services Materials Consumer staples Other financials Others 12% 11% 10% 8% 7% 7% 5% 5% 2% 2% 1% 21% Total short exposure is -2.9%. Short exposure includes: Real estate, -1.0%; Consumer discretionary, -0.6%; Health care, -0.6%; Industrials, -0.4% and Utilities, -0.. Fund facts Manager: Value Partners Hong Kong Limited Base currency: USD Trustee: HSBC Institutional Trust Services (Asia) Limited Custodian: HSBC Institutional Trust Services (Asia) Limited Launch date: A Units USD - 1 Apr 1993 B Units USD - 15 May 1996 C Units USD - 15 Oct 2009 C Units AUD/CAD/NZD Hedged - 17 Mar 2014 C Units RMB Hedged - 28 Oct 2015 C Units HKD Hedged - 30 Nov 2015 C Units RMB - 1 Dec 2015 C Units MDis USD - 16 Oct 2017 C Units MDis HKD - 16 Oct 2017 C Units MDis RMB - 16 Oct 2017 C Units MDis RMB Hedged - 16 Oct 2017 Dividend Policy 7 : C Units MDis aim at monthly distribution, subject to Manager s discretion A, B and C units are invested in the same fund, A and B units were no longer issued from 12 Apr 2002 and 15 Oct 2009 respectively. Only C units are currently available. Fee structure A Units B Units C Units Minimum subscription Closed Closed USD10,000 or equivalent Minimum subsequent USD5,000 Nil Nil subscription or equivalent Subscription fee Closed Closed up to 5% Management fee 0.75% p.a. 1.25% p.a. 1.25% p.a. Performance fee 14 15% of profit (High-on-high principle) Redemption fee Nil Daily Dealing day redemption Senior investment staff Daily redemption Daily dealing Chairman & Co-Chief Investment Officer: Cheah Cheng Hye Deputy Chairman & Co-Chief Investment Officer: Louis So Deputy Chief Investment Officer: Renee Hung Senior Investment Director: Norman Ho, CFA Investment Directors: Chung Man Wing; Kenny Tjan, CFA; Michelle Yu, CFA; Yu Xiao Bo Senior Fund Managers: Anthony Chan, CFA; Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Luo Jing, CFA; Kai Mak; Yu Chen Jun Recent fund awards Best Asia ex-japan Fund 15 ~ AsiaHedge Awards 2017 Fund of the Year ~ HFM Asia Performance Awards 2017 Best Greater China fund over US$500 million 16 ~ HFM Asia Performance Awards 2017 Scan QR code for fund documents 17 : Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only Morningstar, Inc. All Rights Reserved (for A Units). 2. Hang Seng Price Return Index was used till 31 Dec 2004, thereafter it is the Hang Seng Total Return Index. Hang Seng Total Return Index takes into account of dividend reinvestment whereas Hang Seng Price Return Index does not. 3. Index refers to Hang Seng Index (Price Return) since fund inception till 31 Dec 2004, thereafter it is the Hang Seng Index (Total Return) up to 30 Sep Hang Seng Index (Total Return) includes dividend reinvestment whereas Hang Seng Index (Price Return) does not take into account reinvestment of dividends. With effect from 1 Oct 2017, it is the MSCI Golden Dragon Index (Total Net Return), which takes into account of dividend reinvestment after deduction of withholding tax. 4. Each hedged share class will hedge the Fund s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund s base currency may be higher than that of the equivalent class denominated in the Fund s base currency. The AUD/CAD/NZD/RMB Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. 5. Investors should note that the base currency of C Units is in USD. The HKD is for reference only and should not be used for subscription or redemption purpose. Conversion to the base currency of C Units will normally take place at the prevailing rate (as determined by the Fund s Trustee or Custodian) on the corresponding fund dealing day. Investor should be aware of possible risks resulting from fluctuations of exchange rates against USD. 6. Calculated based on the since inception return of C Untis. 7. The Manager currently intends to make monthly dividend distribution in respect of the C Unit MDis Classes; actual dividend payout will be subject to the Manager s discretion. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the explanatory memorandum for more details. 8. The receiving bank may charge a fee for incoming payments. Such fees will reduce the actual amount of dividends received by the investor. 9. Annualized yield of MDis Class is calculated as follows: (Latest dividend amount/nav as at ex-dividend date) x 12. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the Fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments. 10. Classification is based on Global Industry Classification Standard (GICS). 11. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 12. Exposure refers to net exposure (long exposure minus short exposure). Exposure of equity swaps is measured by the value of the underlying stock holdings. (Due to rounding, percentages shown may not add up to 100%). 13. Cash refers to net cash on hand excluding cash for collaterals and margins. 14. Performance fee will only be charged if the NAV at the end of the financial year or upon realization of units 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). 15. The award was based on performance for the full 12-month period, from Sep 2016 to the end of Aug The awards were judged based on performance over the past 12 months, up to 30 Apr For Hong Kong investors only. Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Hong Kong Limited does not guarantee the accuracy or completeness of the information provided by third parties. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No G This document has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Value Partners Hong Kong Limited. VPCF_Master+SG_

17 PRODUCT KEY FACTS Value Partners Classic Fund Issuer: Value Partners Hong Kong Limited October 2018 This statement provides you with key information about the Value Partners Classic Fund (the Fund ). This statement is a part of the offering document. You should not invest in this product based on this statement alone. Quick facts Manager: Trustee and Custodian: Ongoing charges over a year # : Value Partners Hong Kong Limited HSBC Institutional Trust Services (Asia) Limited Exclusive of performance fees Inclusive of performance fees A Units 0.96% β 0.96% β B Units 1.46% β 1.46% β C Units USD 1.46% β 1.46% β C Units MDis USD 1.45% β 1.45% β C Units AUD Hedged 1.46% β 1.46% β C Units CAD Hedged 1.46% β 1.46% β C Units NZD Hedged 1.46% β 1.46% β C Units RMB 1.46% β 1.46% β C Units HKD Hedged 1.46% β 1.46% β C Units MDis HKD 1.45% β 1.45% β C Units RMB Hedged 1.46% β 1.46% β C Units MDis RMB 1.45% β 1.45% β C Units MDis RMB Hedged 1.45% β 1.45% β Dealing frequency: Base currency: Dividend policy: A Units Daily redemption (Hong Kong business days) B Units Daily redemption (Hong Kong business days) C Units + Daily dealing (Hong Kong business days) C Units Hedged* Daily dealing (Hong Kong business days) US dollars (US$) For all classes of Units other than C Units MDis USD, C Units MDis HKD, C Units MDis RMB and C Units MDis RMB Hedged, it is the current intention of the Manager that distributions of income will not be made from the Fund. C Units MDis USD, C Units MDis HKD, C Units MDis RMB and C Units MDis RMB Hedged: Subject to the Manager s discretion, it is the current intention of the Manager that dividend, if declared, will be distributed monthly. Dividends may, at the discretion of the Manager, be paid out of capital of the relevant class of Units and may result in an immediate reduction of the net asset value per Unit of the Fund. Value Partners Classic Fund Product Key Facts 1

18 Minimum investment: Financial year-end of this Fund: 31 December + Value Partners Classic Fund For C Units and C Units Hedged only: US$10,000 (or its equivalent in the relevant class currency) initial, and US$5,000 (or its equivalent in the relevant class currency) subsequent C Units include C Units RMB, C Units USD, C Units MDis HKD, C Units MDis RMB and C Units MDis USD. * C Units Hedged include C Units AUD Hedged, C Units CAD Hedged, C Units EUR Hedged, C Units GBP Hedged, C Units HKD Hedged, C Units NZD Hedged, C Units RMB Hedged, C Units SGD Hedged and C Units MDis RMB Hedged. C Units EUR Hedged, C Units GBP Hedged and C Units SGD Hedged, which have not been launched yet as at the date of this document, will be launched on a future date to be determined and notified by the Manager, with the prior approval of the Trustee. # The ongoing charges figure is expressed as a percentage of the sum of expenses over the average net asset value of the class of units for the corresponding period as described below. This figure may vary from year to year. The performance fees to be paid as at year end, where applicable, may vary subject to market conditions. Information is updated as at 6 September β This figure is an annualized figure based on the expenses for the Interim period ended 30 June The actual ongoing charges figure may be different and may vary from year to year. What is this product? The Fund was originally a unit trust constituted under the laws of the Cayman Islands. With effect on and from 21 September 2015, the jurisdiction of the Fund was changed from the Cayman Islands to Hong Kong. Objectives and Investment Strategy Objectives The investment objective of the Fund is to achieve consistent superior returns through an investment discipline that places emphasis on the fundamental value of potential investments. The Manager seeks to select stocks which it believes are being traded at deep discounts to their intrinsic values. Strategy The Fund will concentrate on investing in the markets of the Asia Pacific region. There are no fixed geographical, sectoral or industry weightings in the allocation of assets in the Fund. The Manager does not attempt to follow benchmark indices in determining the geographical, sectoral or industry weighting of the Fund. The Manager may make large investments in a relatively small number of stocks. The Fund will invest at least 70% of its net asset value ( NAV ) in equity securities. The Fund may invest in equity securities issued by companies of any market size and in such proportions as the Manager deems appropriate. Equity securities that the Fund may invest in include but are not limited to listed equities, real estate investment trusts ( REITs ), and Exchange Traded Funds ( ETFs ). The Fund may invest less than 30% of its NAV in each of the following types of securities, namely REITs and ETFs, in accordance with the requirements under the SFC s Code on Unit Trusts and Mutual Funds. Value Partners Classic Fund Product Key Facts 2

19 Value Partners Classic Fund In addition to equity securities, the portfolio may from time to time include cash, deposits, short-term papers such as treasury bills, certificates of deposit, bankers acceptances, short-term commercial paper and other fixed income instruments. However, the Fund will not invest more than 10% of its NAV in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade. The Manager may also place a substantial portion of the portfolio in cash or cash equivalents, and may invest up to 30% of the Fund s NAV in collective investment schemes (including those managed or offered by the Manager or its Connected Persons (as defined in the section headed Conflicts of Interest of the Explanatory Memorandum)) to the extent permitted by the SFC s Code on Unit Trusts and Mutual Funds. Under exceptional circumstances (e.g. market crash or major crisis), the Fund may be invested temporarily up to 100% in liquid assets such as deposits, treasury bills, certificates of deposit, short-term commercial papers for cash flow management. The Fund may also invest in commodities, futures, options, warrants, equity-linked notes and other financial instruments to the extent permitted by the SFC s Code on Unit Trusts and Mutual Funds and the provisions set out under the section Investment Restrictions in the Explanatory Memorandum. The Fund s exposure to A shares through the Shanghai-Hong Kong Stock Connect and the Shenzhen- Hong Kong Stock Connect, China A Shares Access Products and collective investment schemes (including those managed or offered by the Manager or its Connected Persons) directly investing in A shares through qualified foreign institutional investors or Renminbi qualified foreign institutional investors is subject to a maximum exposure of 20% of the Fund s total NAV. The aggregate exposure to investments in the Mainland China market such as A shares and B shares will not exceed 20% of the Fund s latest available NAV. For the avoidance of doubt, the Fund will not in aggregate invest more than 20% of its non-cash assets in the Mainland China market. The Fund will have limited exposure (i.e. less than 30% of its NAV) to investments denominated in RMB. Assets denominated in RMB are valued with reference to the CNH rate (see the risk factor below headed Risks associated with RMB classes of units for meaning of CNH rate ). The value of the Fund s holding of securities issued by any single issuer will not exceed 10% of the total NAV of the Fund. The Fund does not use securitized and structured finance instruments such as collateralised debt obligations, mortgage backed securities, asset-backed securities and credit default swaps. Nor does the Fund intend to engage in repurchase and reverse repurchase transactions or other similar over-the-counter transactions. However, the Fund may enter into stock lending arrangements provided that the value of the securities to be loaned, together with the value of all other securities which are the subject of a loan by the Fund does not exceed 10% of its latest available NAV. Subject to obtaining the prior consent of the Trustee, the Manager may make loans out of the assets of the Fund. To the extent permitted by the SFC s Code on Unit Trusts and Mutual Funds and the provisions set out under the sub-section headed Investment Restrictions in the Explanatory Memorandum, the Fund may invest in commodities, commodity futures contracts and financial futures contracts and write covered call options. However, the Manager would not ordinarily expect to utilize any of these investment techniques except to hedge against adverse political and economic developments and/or adverse movements in currency exchange rates or interest rates. Value Partners Classic Fund Product Key Facts 3

20 Value Partners Classic Fund What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors. 1. Investment risk The Fund is an investment fund. The Fund s investment portfolio may fall in value due to any of the key risk factors below and you may lose a substantial proportion or all of your investment in the Fund. There is no guarantee of the repayment of principal. 2. Concentration risk The Fund s investments are concentrated in the Asia Pacific region and may be concentrated in specific sector or a small number of stocks. This may result in greater volatility than portfolios which comprise broad-based global investments. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Asia Pacific region. 3. Risk of investing in emerging markets Investing in emerging markets involves increased risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, policy, tax, economic, foreign exchange risks/control, liquidity, settlement, custody, legal and regulatory risk and the likelihood of a high degree of volatility. 4. Equity market risk The Fund's investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. 5. Risk associated with high volatility of the equity market in the Asia Pacific region High market volatility and potential settlement difficulties in certain emerging markets in the Asia Pacific region may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund. 6. Risk associated with regulatory/exchanges requirements/policies of the equity market in the Asia Pacific region Securities exchanges in certain emerging markets in the Asia Pacific region typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. 7. Risks associated with small/mid-capitalisation companies The Fund may invest in stocks of small/mid-capitalisation companies which may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general. 8. Currency exchange risk The Fund is denominated in US dollars. Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. Also, a class of units may be designated in a currency other than the base currency of the Fund. The Fund s performance may be affected unfavourably by movements in the exchange rates between the currencies in which the assets are held and US dollars, and any changes in exchange control regulations which may cause difficulties in the repatriation of funds. 9. Performance fee risk The performance fee payable to the Manager may create an incentive for the Manager to make investments that are riskier or more speculative than would be the case in the absence of a performance fee. There is no adjustment of equalisation credit or equalisation losses on an individual unitholder basis for the calculation of the performance fee. A unitholder redeeming units may still incur performance fee in respect of the units, even though a loss in investment capital has been suffered by the redeeming unitholder. In addition, performance fees may be paid on unrealised gains which may never be realised by the Fund. Value Partners Classic Fund Product Key Facts 4