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 4-9 10 11-21 22 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 493 Century Yard Cricket Square Grand Cayman KY1-1106 Cayman Islands (852) 2880 9263 (852) 2565 7975 vpl@vp.com.hk www.valuepartners.com.hk 2
2014100 58 Institutional InvestorAlpha Magazine 2014 5 2014 AsianInvestor 20143A 2013 25 252010 Institutional InvestorAlpha2013 9 2013 3
2014 6 51.0 4.9%63.4% 10.3%MSCI 0.7% BH 46 A MSCIA 4
6B 10% B H 2014 50% 21% 30% 6.7 5
AsianInvestor2014 2014The Asset 3A 2014 6 30 6
2014 6 30 (2014) ( 2202 HK-H 153 ( 000002 CH-A 153 ( 200625 CH 92 13.76 6.7 1.4 4.4% 8.27 4.8 1.0 6.2% 15.30 8.3 2.2 1.5% 60 300 B H 2013 (SUV) Kuga EcoSport SUV 201340% 2015 7
2014 6 30 669 HK 59 763 HK 72 (2014) 24.85 18.4 2.9 1.3% 15.28 16.0 1.8 1.1% RYOBI Milwaukee Hoover Dirt Devil 2008 230160 2012 LTE 4G 2014 6 3021.1% 2014 6 30 8
= 121.88 2014 06 30 2000 7 142014 06 30 1,400% 1,200% 1,000% +1,118.8% 800% 600% 400% 200% 0% +151.8% -200% 2000 2002 2004 2006 2008 2010 2012 2014 9
307,426,348 372,447,284 1,507,989 53,665 46,114 190,103 3,653,480 335,231 1,699,575 133,419 314,333,506 373,159,702 22,760,752 15,132,637 370,026 3,607,887 1,087,699 288,981 373,755 389,976 36,694 47,942 485,129 608,607 27,655 45,166 25,056,936 20,205,970 289,276,570 352,953,732 2,044,570 31.12.2013 2,429,531A 121.88 128.14 3,825,929 31.12.2013 3,789,278Z 10.48 10.99 10
A 252,900 640,831 0.22 B 439,619 910,922 0.32 A 838,900 613,915 0.21 A 204,810 719,037 0.25 A 198,500 805,352 0.28 A 36,550 194,657 0.07 A 219,097 367,999 0.13 B 4,044,161 5,598,700 1.95 B 636,031 2,785,974 0.96 A 175,400 502,977 0.17 A 1,701,875 2,268,691 0.78 B 551,684 979,418 0.34 B 10,057,798 19,854,247 6.86 A 1,713,500 3,165,271 1.09 A 891,800 646,878 0.22 A 1,902,700 1,935,271 0.67 B 384,120 315,693 0.11 A 290,800 416,714 0.14 A 318,910 1,370,473 0.47 A 372,759 1,769,521 0.61 11
A 306,405 836,665 0.29 A 5,526,720 3,679,254 1.27 A 2,191,810 1,084,635 0.38 A 1,272,500 1,160,958 0.40 A 268,715 1,434,579 0.50 A 1,273,975 1,137,661 0.39 A 299,851 799,435 0.28 B 1,250,518 1,681,190 0.58 A 535,682 1,668,232 0.58 A 557,813 1,198,563 0.41 A 100,000 325,123 0.11 A 83,000 526,326 0.18 A 532,050 425,379 0.15 A 272,400 648,091 0.22 A 225,000 554,902 0.19 A 53,900 203,565 0.07 A 339,245 1,104,058 0.38 B 2,703,051 3,205,818 1.11 A 638,000 1,592,995 0.55 A 468,899 1,314,380 0.46 A 370,516 783,579 0.27 71,227,929 24.62 12
H H 7,876,000 3,475,289 1.20 H 2,592,000 1,464,766 0.51 H 5,052,000 2,255,270 0.78 H 1,892,000 1,269,356 0.44 H 6,603,000 4,992,269 1.72 H 1,054,000 2,760,551 0.95 H 2,665,000 2,891,694 1.00 H 2,208,000 1,304,739 0.45 H 3,126,000 7,517,855 2.60 H 7,098,000 6,767,675 2.34 H 2,254,000 1,320,288 0.46 H 8,645,000 2,810,765 0.97 H 7,878,190 13,986,336 4.83 H 2,634,500 5,812,372 2.01 H 1,000,000 1,771,195 0.61 H 6,104,000 1,386,074 0.48 H 813,000 954,533 0.33 H 12,210,000 6,395,887 2.21 H 5,190,000 3,140,503 1.09 H 9,234,000 3,049,923 1.05 H 7,471,320 4,723,376 1.63 H 1,518,500 5,035,087 1.74 H 5,332,000 6,734,912 2.33 H 260,300 923,562 0.32 H 6,318,000 1,679,213 0.58 H 748,900 1,557,571 0.54 H 4,922,500 5,538,106 1.91 13
H H 1,052,000 2,911,402 1.01 H 2,423,600 2,823,630 0.98 H 667,000 2,026,636 0.70 H 4,003,600 7,892,837 2.73 117,173,672 40.50 582,000 2,691,976 0.93 5,312,000 699,065 0.24 576,000 1,397,138 0.48 7,328,000 2,893,117 1.00 1,276,000 4,016,979 1.39 19,592,000 1,693,607 0.59 4,168,000 3,387,875 1.17 TCL 2,368,000 2,865,785 0.99 19,645,542 6.79 14
1,936,000 484,581 0.17 230,000 1,276,014 0.44 3,574,000 3,057,223 1.06 4,060,000 2,702,930 0.93 2,432,000 1,179,806 0.41 6,790,000 2,671,952 0.92 4,556,000 911,118 0.31 962,000 430,689 0.15 2,097,500 1,174,494 0.40 5,828,000 1,609,135 0.56 4,879,000 2,253,580 0.78 2,847,000 1,068,906 0.37 350,000 2,515,257 0.87 4,908,000 2,342,963 0.81 1,649,000 4,308,288 1.49 2,368,000 910,452 0.31 4,119,000 1,992,884 0.69 6,828,000 2,590,001 0.89 3,046,000 550,195 0.19 652,000 2,225,012 0.77 10,112,000 6,184,071 2.14 2,267,000 3,205,687 1.11 2,704,500 8,671,065 3.00 4,070,000 1,444,063 0.50 13,890,000 1,612,886 0.56 5,198,000 308,499 0.11 57,681,751 19.94 194,500,965 67.23 15
2,362,000 2,503,720 0.87 1,912,000 (REG) 11/22/2019 451,000 77,555 0.03 A04/23/2015 4,071,499 2,972,194 1.03 A03/24/2015 4,463,400 5,936,322 2.05 A04/02/2015 203,900 271,187 0.09 A11/24/2014 1,260,200 1,279,103 0.44 A05/21/2015 520,000 2,769,000 0.96 A11/20/2014 1,967,400 1,998,878 0.69 16
A04/23/2015 170,300 173,025 0.06 A12/16/2014 1,159,100 2,444,542 0.85 A12/18/2014 376,000 792,984 0.27 A04/23/2015 342,200 721,700 0.25 Credit Suisse Nassau A11/27/2015 2,100,000 1,520,400 0.53 Credit Suisse Nassau A12/20/2018 2,439,268 1,766,030 0.61 Credit Suisse Nassau A12/17/2018 374,100 920,286 0.32 Credit Suisse Nassau A07/05/2016 515,458 523,705 0.18 24,089,356 8.33 17
ACWts 01/20/2015 625,633 1,581,600 0.55 ACWts 01/20/2015 289,933 294,282 0.10 ACWts 01/20/2015 46,300 113,898 0.04 ACWts 01/20/2015 1,059,998 1,076,958 0.37 ACWts 01/20/2015 421,500 888,943 0.31 HSBC Bank Plc A CWts 10/13/2020 768,100 1,941,757 0.67 HSBC Bank PlcACWts 12/13/2022 575,000 419,750 0.14 HSBC Bank PlcACWts 02/11/2019 727,500 967,575 0.33 HSBC Bank PlcACWts 03/02/2021 171,900 124,456 0.04 18
HSBC Bank Plc ACWts 09/25/2023 510,200 2,716,815 0.94 HSBC Bank Plc ACWts 08/10/2020 1,371,800 1,222,274 0.42 ACWts 05/22/2015 625,350 1,580,885 0.55 ACWts 04/29/2015 620,485 1,526,393 0.53 ACWts 11/06/2014 365,200 371,043 0.13 CWts 11/25/2014 71,600 200,194 0.07 15,026,823 5.19 307,426,348 106.27 297,045,289 19
24.62 28.63 67.23 64.48 0.87 1.70 0.07 92.72 94.88 0.03 0.02 8.33 7.31 5.19 3.31 106.27 105.52 20