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Alibaba's Link to Elite Military Family Is Etched in When Enron Met Alibaba: The Rise of VIEs in
Stone - The New York Times (nytimes.com) China (hbs.edu)

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Alibaba tweaks a controversial legal structure | Alibaba: A Case Study of Synthetic Control
The Economist (harvard.edu)

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Alibaba Founder Jack Ma's Recent Deals Raise Busy At Home: Alibaba Pictures' $103M Loan To
Flags - WSJ Jack Ma-Linked Studio (forbes.com)

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Alibaba-Backed Former Smartphone Highflyer
Gets Government Lifeline (caixinglobal.com)
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Another Year, Another Loss For Alibaba Pictures
As Pandemic Strikes (forbes.com)
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Alibaba buys South China Morning Post
(cnn.com)
Alibaba buys Chinese soccer club (cnn.com)
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Alibaba founder defends overtime work culture
as 'huge blessing' | Reuters
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Method in the madness of the Alibaba cult |
Financial Times

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Alibaba is the force behind hit Chinese Alibaba offered clients facial recognition to
Communist Party app | Reuters identify Uighur people, report reveals | Alibaba |
The Guardian

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“Alibaba: The House That Jack Ma Built”, Duncan Chinese Government Has A Huge "Stake" In
Clark Alibaba (forbes.com)

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Jack Ma’s Ant Group Ramped Up Loans, Alibaba Pictures Finds Possible Accounting
Exposing Achilles’ Heel of China’s Banking System - Irregularities, Delays Results - WSJ
WSJ

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SEC Pursues Plan Requiring Chinese Firms to Use
Auditors Overseen by U.S. - WSJ

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National Economy was Generally Stable in 2019
with Main Projected Targets for Development
Achieved (stats.gov.cn)

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As at 31st December 2020

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Strategy Information
Strategy Launch Date 05/03/2020
Benchmark MSCI Emerging Markets Index (USD)
Number of Holdings 34

Strategy Top Ten Holdings

Company Portfolio (%) Company Portfolio (%)
Uni-President Enterprises 7.1 AIA 3.6
Fomento Economico Mexicano 6.4 Universal Robina 3.3
Unilever 6.3 Banco de Chile 3.3
Tata Consultancy Services 4.3 Mahindra & Mahindra 3.2
Marico 4.2 AVI Ltd 3.0
Total 44.7

Strategy Country Weights

Portfolio (%) Portfolio (%) Portfolio (%)
Emerging Asia 64 EMEA 7 Developed 10
China 7 Hungary 2 UK 6
Hong Kong 8 South Africa 5 Japan 2
Taiwan 13 Switzerland 2
South Korea 1
Indonesia 5 Latin America 14 Cash 5
Malaysia 1 Brazil 4
Philippines 3 Chile 3
Thailand 3 Mexico 6
India 23

Strategy Sector Weights

Portfolio (%) Portfolio (%)
Communication Services 3 Financials 19
Consumer Discretionary 7 Industrials 6
Consumer Staples 40 Information Technology 12
Health Care 8 Cash 5

Strategy Performance (31 December 2020) Inception

1 Month 3 Month 6 Month (05/03/2020)
Strategy Return (%) 5.9 16.1 25.5 21.0
MSCI Emerging Market Index (%) 7.4 19.7 31.1 26.7

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