EHAC Value Portfolio - Hong Kong

May 31, 2013

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 05/31/2013
130 120 110 100 90 80 70 60 Nov-09 Nov-10 Nov-11 May-10 May-11 May-12 Nov-12 May-13 HSCEI (Indexed at 100) Hang Seng HK MidCap Index (Indexed at 100) HSI (Indexed at 100) NAV per share

Cumulative Performance %
Portfolio Hang Seng Index HSCEI HK MidCap Index 1 month -4.8% -1.5% -2.9% 0.6% 2009 2.5% -3.6% -4.3% 1.6% 1 year 12.4% 20.2% 9.4% 20.0% 2010 8.6% 5.3% -0.8% 8.4% 3 years -12.6% 13.3% -7.8% 1.7% 2011 -31.7% -20.0% -21.7% -29.5% 5 years 2012 23.0% 22.9% 15.1% 22.0% Since inception -13.0% -1.3% -20.7% -4.8% 2013 YTD -7.0% -1.2% -7.3% 0.5%

Portfolio Information
Portfolio manager Inception date Base currency NAV per unit AUM as of 05/31/2013 Dreamer429 11/24/09 HKD 87.02 818,332.83

Calendar Year Performance %
Portfolio Hang Seng Index HSCEI HK MidCap Index

Sector Exposure Portfolio Characteristics
Price / Earnings Price / Book Dividend Yield
* ex-financials

Portfolio* 5.6 1.2 3.3

HSI 10.3 1.4 3.7

Financials

38.9%

Breakdown by Market Capitalization

Property

25.5%

ETFs

10.4%

Large Cap 100.0%

Cash

25.3%

Statistical Analysis
1 year 3 year Correlation Beta Annualized volatility % Sharpe ratio Average annual return % 0.82 0.79 15.1 -0.5 12.4 0.81 0.83 20.5 -0.4 -4.4 Since launch 0.78 0.79 20.6 -0.2 -3.9

Top Five Holdings as at 05/31/2013
Holding LINK REIT CHINA LIFE INSURANCE PING AN INSURANCE HS H-Share ETF Sector Property Financials Financials ETFs % 25.5% 20.2% 18.7% 10.4%

EHAC Value Portfolio - Hong Kong

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