2015
惠 理 基 金 管 理 公 司 (852) 2880 9263 (852) 2565 7975 vpl@vp.com.hk www.valuepartners.com.hk
2-3 4-13 14-15 16-23 24 1
Bank of Bermuda (Cayman) Limited P.O. Box 513 HSBC House 68 West Bay Road Grand Cayman KY1-1106 Cayman Islands Maples and Calder P.O. Box 258 George Town Grand Cayman, KY1-1104 Cayman Islands (852) 2143 0688 (852) 2565 7975 fis@vp.com.hk www.valuepartners.com.hk 2
2015 3A 2014/2015 Asian Private Banker 2015 2014 (i) (ii) (iii) Benchmark 2014 DHL AsiaHedge Awards 2014 2014 25 2014 25 Institutional InvestorAlpha 2014 9 2014 100 58 Institutional InvestorAlpha 2014 5 2014 3A 2014 AsianInvestor 3
2015 7 86 1232% 2015 7 8 A 8% 12 70% 2015 67 67 10% 15% 4
6 18 2.3 1.5 7 1 2014 H 2015 7 8H MSCI 9.2 300A13.5 9% 618.6% MSCI13.7% 14.6% 5
6 6% 6A A3 17% 10%A 2015The Asset 3A 2014/15 (Asia Private Banker) 2009 6
2015 5 20 400 2015 8 21 A 2015 6 30 7
2015 6 30 2015 1816 HK) 238 4.06 21.5 2.4 1.5% 2014 12 2014 6 2628 HK) 1,376 33.75 * 1.4 1.9% 8
2015 6 30 2015 3311 HK) 72 13.96 12.8 2.4 2.3% 1093 HK) 58 7.66 26.3 4.8 1.4% C 9
2015 6 30 2015 2186 HK) 36 8.30 27.7 3.9 0.3% 2014 8,000 NTES US) 189 144.87 19.2 4.2 1.1% 10
2015 6 30 2015 857 HK) 3,195 8.65 22.3 1.1 2.0% 110 69 20,000 SIIC Environment SIIC SP) 16 0.20 SIIC EnvironmentSIIC 23.4 2.1 0.0% SIIC SIIC SIIC 11
2015 6 30 2015 000858 CH) 194 31.70 19.8 2.8 2.0% 3898 HK) 88 58.10 20.7 4.2 1.3% * = 2015 6 3037.1%2015 6 30 12
2015 06 30 A B C C C C C 316.63 143.58 18.24 141.4020 ß 14.96 14.73 14.96 1993 4 12015 6 30 3,500% 3,000% 2,500% A 3,066.3% 2,000% 1,500% 1,000% 500% 0% 488.2% 18.8% -500% 1993 1995 1997 1999 2001 2003 2005 2008 2010 2012 2014 ß C C C # 2004 12 31 1998 12 31MSCIMSCI MSCI MSCI 13
2,423,947,035 1,487,584,358 226,077,759 116,666,616 44,283,383 7,124,717 13,065,183 195,807 70,097,398 173,358,669 116,018,259 46,285,826 2,893,489,017 1,831,215,993 1,626,937 9,320 171,390,589 122,569,833 19,385,057 15,354,308 57,392,514 31,397,546 226,068,319 203,389,152 1,709,845 419,214 477,573,261 373,679,373 2,415,915,756 1,457,536,620 14
745,275 31.12.2014 764,130 A 316.63 267.03 2,831,159 31.12.2014 2,977,735 B 143.58 121.39 92,946,708 31.12.2014 56,993,570 C 18.24 15.31 4,491,428 31.12.2014 1,574,574 C 14.96 12.42 1,017,348 31.12.2014 110,573 C 14.73 12.24 1,423,512 31.12.2014 265,709 C 14.96 12.28 15
623,285 2,444,160 0.10 5,065,684 14,898,494 0.62 3,707,803 22,967,210 0.95 18,364,789 46,976,222 1.94 1,247,265 6,827,529 0.28 8,156,383 13,025,298 0.54 13,643,695 10,172,537 0.42 117,311,450 4.85 H H 12,616,000 13,425,951 0.56 H 68,269,000 44,383,700 1.84 H 3,028,000 2,327,939 0.10 H 111,134,000 58,202,603 2.41 H 22,462,000 97,789,366 4.05 H 7,261,000 21,167,731 0.88 H 12,454,000 9,783,530 0.40 H 12,640,000 9,913,342 0.41 H 34,556,000 16,537,384 0.68 H 15,302,000 43,227,661 1.79 16
H H 48,763,000 38,747,221 1.60 H 6,195,400 37,001,538 1.53 H 85,518,000 95,420,804 3.95 H 4,295,000 58,006,849 2.40 H 16,728,000 9,861,197 0.41 H 10,181,000 6,146,186 0.25 H 397,800 2,540,033 0.11 H 32,477,000 21,658,874 0.90 H 6,907,000 11,689,413 0.48 H 25,774,000 22,042,700 0.91 H 12,709,000 95,248,236 3.94 H 20,105,760 51,144,252 2.12 766,266,510 31.72 17
10,814,000 17,297,267 0.72 36,396,000 13,943,748 0.58 14,132,000 41,927,686 1.73 37,782,000 68,036,160 2.82 12,644,762 45,426,083 1.88 15,742,000 10,051,585 0.42 105,032,000 103,781,474 4.29 11,380,000 15,941,953 0.66 57,624,000 28,245,966 1.17 39,058,500 29,524,504 1.22 374,176,426 15.49 18
21,105,500 28,586,065 1.18 1,822,500 15,116,385 0.62 3,582,000 5,738,741 0.24 2,646,500 38,883,473 1.61 737,300 711,402 0.03 6,266,000 37,786,915 1.56 14,964,000 6,254,061 0.26 18,386,000 23,479,664 0.97 42,408,000 38,292,636 1.58 12,874,000 7,672,288 0.32 70,518,000 75,500,097 3.12 14,179,500 2,560,698 0.11 13,415,000 26,475,949 1.10 1,847,000 1,226,997 0.05 16,483,000 5,740,761 0.24 11,366,000 4,134,530 0.17 21,152,000 46,111,322 1.91 13,151,000 5,733,831 0.24 3,526,000 7,204,551 0.30 17,420,000 3,370,613 0.14 37,339,000 34,149,028 1.41 13,316,000 2,902,886 0.12 417,632,893 17.28 1,558,075,829 64.49 19
Hongkong Land Holdings Limited 3,287,000 26,953,400 1.12 SIIC Environment Holdings Ltd 436,759,100 63,340,789 2.62 90,294,189 3.74 Amorepacific Corp 116,200 21,350,338 0.89 LG Chem Ltd 38,888 9,707,012 0.40 Lotte Chemical Corp 45,722 11,843,166 0.49 SK Innovation Co Ltd 95,472 10,439,522 0.43 53,340,038 2.21 4,170,000 10,700,275 0.44 11,683,000 36,716,378 1.52 3,442,000 5,910,449 0.25 53,327,102 2.21 Worldsec Ltd 200,000 19,448 0.00 20
Changyou.com Ltd 346,400 10,333,112 0.43 China Mobile Games & Entertainment Group Ltd 1,136,034 24,015,759 0.99 Home Inns & Hotels Management Inc 758,800 23,462,096 0.97 NetEase Inc 418,509 60,627,306 2.51 Phoenix New Media Ltd 1,274,500 10,094,040 0.42 WuXi PharmaTech Cayman Inc 209,522 8,854,400 0.37 YY Inc 1,600 111,232 0.00 Zhaopin Ltd 345,350 5,311,483 0.22 142,809,428 5.91 Credit Suisse Nassau A 05/06/2020 5,472,121 32,887,447 1.36 Credit Suisse Nassau A05/29/2020 6,954,400 35,536,984 1.47 A 100,000,000 152,596,987 6.32 CICC Financial Trading Ltd. AELN 12/17/2017 28,029,294 143,229,692 5.93 364,251,110 15.08 21
6,885,464 A 12,236,224 31,344,080 1.30 Value Partners Global Contrarian Fund 1,303,309 13,111,291 0.54 238,180 50,018 0.00 44,505,389 1.84 13,052 0.00 2,423,947,035 100.33 22
H (712,000) (927,621) (0.04) (699,316) (0.03) (1,626,937) (0.07) 2,422,320,098 100.26 2,281,324,693 23
4.85 10.91 H 31.72 25.42 15.49 14.60 17.28 23.29 3.74 1.58 2.17 0.91 2.21 4.57 0.00 0.00 5.91 0.69 83.37 81.97 15.08 17.50 1.84 2.58 (0.03) 0.01 100.26 102.06 24