2014
惠理基金管理公司 (852) 2880 9263 (852) 2565 7975 vpl@vp.com.hk www.valuepartners.com.hk
2-3 4-12 13-14 15-23 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) 2880 9263 (852) 2565 7975 vpl@vp.com.hk www.valuepartners.com.hk 2
2014 100 58 Institutional InvestorAlpha 2014 5 2014 AsianInvestor 2014 3A 2013 25 252010 Institutional InvestorAlpha 2013 9 2013 2011 Ω 10 AsiaHedge Awards 2011ˇ Ω ˇ A2011 10 2011 100 3
2014 651.0 2.6% 6 4.6%14.4% 2%MSCI0.7% B H 46 A MSCI A 4
77% 4% 2020 4% 10% 61% 35% 40% 2015 EV/PV-10 EVPV 10% 1.31.8 6 B 10% B H 5
2014 50% 21% 30% 6.7 AsianInvestor 2014 2014The Asset 3A A (2014 6 30 6
2014 6 30 2014 2202 HK-H 153 000002 CH-A 153 13.76 6.7 1.4 4.4% 8.27 4.8 1.0 6.2% 60 300 B H 200625 CH 92 15.30 8.3 2.2 1.5% 2013 (SUV) Kuga EcoSport SUV 2013 40% 2015 7
2014 6 30 2014 1093 HK 47 6.19 27.3 4.3 0.6% C 600887 CH 109 33.12 18.1 3.5 2.4% 2010 8
2014 6 30 2014 2005 HK 11 2.98 15.4 2.6 1.6% 2013 62.8% 90% 2013 44.9% 42.5% 857 HK 2,234 9.79 10.6 1.2 4.1% 110 69 20,000 2013 6 9
2014 6 30 2014 460 HK 63 4.74 23.7 4.3 1.4% TCL 2618 HK 15 9.38 10.0 2.9 3.0% TCL TCL-Alcatel 2013 TCL 10
2014 6 30 2014 669 HK 59 24.85 18.4 2.9 1.3% RYOBI Milwaukee Hoover Dirt Devil 2008 2014 6 3051.2%2014 6 30 11
2014 06 30 A B C C C C C 229.06 104.39 13.12 101.6892 ß 10.34 10.31 10.34 1993 4 12014 6 30 2,500% 2,000% A +2,190.6% 1,500% 1,000% 500% 0% +400.5% -4.7% -500% 1993 1995 1997 1999 2001 2003 2005 2008 2010 2012 2014 ß C C C # 2004 12 31 1998 12 31MSCIMSCI MSCI MSCI 12
1,346,644,306 1,592,443,172 37,394,099 61,672,833 1,049,801 1,204,623 7,459,537 244,027 49 5,623 51,856,884 5,910,398 1,444,404,676 1,661,480,676 34,279,823 3,604,029 22,834,803 5,163,104 6,837,311 5,986,189 1,207,411 12,520,459 167,301,414 236,604,778 1,068,370 1,470,794 233,529,132 265,349,353 1,210,875,544 1,396,131,323 13
788,371 31.12.2013 870,423 A 229.06 235.21 3,154,702 31.12.2013 3,453,410 B 104.39 107.46 53,374,790 31.12.2013 60,717,905 C 13.12 13.51 25,434 31.12.2013C 10.34 16,906 31.12.2013C 10.31 5,464 31.12.2013C 10.34 14
14,691,105 20,338,235 1.68 5,133,261 22,484,964 1.86 2,328,270 4,133,432 0.34 62,256,263 122,894,813 10.15 14,368,987 17,041,619 1.41 8,156,383 10,965,398 0.90 197,858,461 16.34 H 42,219,000 18,629,154 1.54 44,359,000 19,859,591 1.64 1,246,000 556,228 0.05 21,842,000 14,653,954 1.21 11,974,000 7,075,609 0.58 7,240,000 17,411,795 1.44 3,351,600 11,826,836 0.97 12,674,000 12,084,181 1.00 19,526,000 9,547,981 0.79 37,860,439 67,214,528 5.55 23,162,000 17,422,228 1.44 3,632,000 6,504,207 0.54 15
H 15,896,000 8,326,701 0.69 6,714,000 2,217,586 0.18 30,002,000 18,967,293 1.57 8,542,300 28,324,811 2.34 89,416,000 112,942,397 9.33 1,085,100 3,850,007 0.32 3,213,800 6,684,100 0.55 315,200 872,313 0.07 7,139,400 14,074,862 1.16 399,046,362 32.96 2,149,500 6,226,054 0.51 9,525,000 3,760,499 0.31 2,310,000 7,272,117 0.60 7,177,200 12,852,973 1.06 5,492,000 8,488,802 0.70 65,438,000 52,261,243 4.32 17,188,000 23,462,273 1.94 17,394,000 14,138,362 1.17 TCL 28,812,000 34,868,665 2.88 163,330,988 13.49 16
5,797,000 9,214,528 0.76 3,011,000 753,653 0.06 7,625,500 6,522,903 0.54 11,912,000 24,713,246 2.04 23,445,500 13,128,294 1.08 11,754,500 3,745,935 0.31 3,259,700 4,786,069 0.40 82,000 589,289 0.05 1,206,000 1,233,899 0.10 317,000 157,463 0.01 IGG Inc 7,026,000 4,296,804 0.36 35,518,000 13,518,534 1.12 17,966,500 14,371,902 1.19 16,131,000 8,845,233 0.73 188,938,000 72,643,147 6.00 9,891,000 2,718,184 0.22 7,443,000 2,275,912 0.19 21,932,000 5,348,095 0.44 14,179,500 2,561,227 0.21 8,043,000 27,447,502 2.27 17
78,880,000 48,239,668 3.98 1,847,000 1,127,164 0.09 957,000 379,061 0.03 4,038,000 5,709,998 0.47 13,151,000 7,465,700 0.62 11,520,000 36,934,986 3.05 11,262,500 8,529,665 0.70 12,872,000 12,754,585 1.05 9,321,000 10,979,748 0.91 2,900,000 1,766,034 0.15 65,924,000 7,654,999 0.63 748,000 9,940,263 0.82 13,316,000 3,796,865 0.31 19,970,000 1,185,209 0.10 11,180,000 4,716,813 0.39 380,052,577 31.38 18
10,150,000 10,759,000 0.89 2,747,000 1,862,856 0.15 6,862,000 8,927,655 0.74 2,806,000 12,591,809 1.04 914,000 7,361,341 0.61 3,082,468 7,969,141 0.66 2,309,000 9,781,605 0.81 1,919,000 10,346,572 0.85 3,442,000 6,939,098 0.57 65,780,077 5.43 Worldsec Ltd 200,000 21,070 0.00 1 1 953,381 8,246,746 0.68 19
A11/03/2015 4,374,724 23,238,534 1.92 A13/03/2015 61,347 325,875 0.03 A05/03/2015 6,000,000 7,980,000 0.66 A24/03/2015 5,502,623 7,318,489 0.61 A06/05/2015 5,221,700 6,944,861 0.57 A25/08/2014 2,423,099 11,473,374 0.95 A08/09/2014 694,684 3,289,329 0.27 A12/09/2014 1,048,600 4,965,121 0.41 20
A06/11/2014 1,852,000 8,769,220 0.73 A07/11/2014 7,700 36,459 0.00 A21/05/2015 2,279,374 12,137,666 1.00 A12/06/2015 890,000 4,739,250 0.39 A 12/06/2015 (AC6482080) 2,691,250 14,330,906 1.18 105,549,084 8.72 21
6,885,464 A09/10/2014 12,025,939 15,994,499 1.32 238,180 4,764 0.00 678 0.00 1,346,644,306 111.21 22
(16,618,000) (11,320,660) (0.94) (6,280,000) (11,781,026) (0.97) (9,072,000) (11,178,036) (0.92) (34,279,722) (2.83) (101) (0.00) (34,279,823) (2.83) 1,312,364,483 108.38 1,256,741,101 23
16.34 22.89 H 32.96 32.04 13.49 10.54 28.55 24.01 0.89 2.20 3.43 5.43 4.16 0.00 0.00 0.68 4.86 98.34 104.13 8.72 8.53 1.32 1.14 0.00 0.00 108.38 113.80 24