Allard Growth Fund Monthly Review – August 2016

Allard Partners is an absolute return investment manager focused solely on Asia. We grow our clients’ wealth
over the long term by investing in quality companies only when they meet our valuation criteria.

Performance Review Composition of AGF Portfolio*

The Allard Growth Fund’s (AGF) unaudited unit value, At the end of August the asset breakdown of the
net of all fees, was up 5.24% in August and 13.28% portfolio stood at 83.5% invested in equities and
for the calendar year-to-date. Since inception at the 16.5% held in cash.
end of 1995, the Fund has achieved a net compound
annualised return (CAGR) of +10.95%. Geographic Breakdown
1
AGF Net Performance Summary Indo 0.8%
India 14.0% Cash 16.5%

Korea 4.9%
US$ Unit Price (31/08/2016) 70.1184

Monthly Net Performance +5.24% Sing

12.3%

Calendar year-to-date +13.28% HK/China1

51.5%
CAGR
Since inception end Dec 1995 +10.95%
Ten years +6.88% 1
Includes Chinese businesses listed in the US.
Seven years +6.88%
Five years +3.72% Industry Breakdown
Three years +5.90% Health &
F&B
5.4% Personal Care
2.0% Cash
Annualised Volatility Services 2.9% 16.5%
Since inception end Dec 1995 12.61%
Manuf 4.7%
Ten years 13.75%
Utility 11.5%
Seven years 10.47%
Five years 10.83% Others2
1.5%
Three years 10.69% Fin Services
19.4%

Total Net Performance since Retail

5.7%
inception end December 1995 +756.21%
Real Est 5.1%

Sharpe Ratio (assuming RFR 2.5%) 0.70 Telco 13.0%

Conglom 12.3%
_________________
2 2
MSCI Asia Pacific ex Japan (US$) All industries with less than 1% are categorised as ‘Others’.
Monthly – August 2016 +2.11%
Calendar year-to-date +10.53% Concentration of Portfolio
CAGR Next 5
Since end Dec 1995 Holdings
+5.56% 18.9%
Top 5
Ten years +6.04% Holdings
Seven years 44.3%
+6.31%
Five years +3.51%
Three years +3.92% Remaining
Holdings
20.3%
Annualised Vol since end Dec 1995 21.96%

Performance since end Dec 1995 +205.72%

1. All data is net of all fees and audited up to Dec 2015 Cash 16.5%
2. MSCI Asia Pacific ex Japan AC Total Return Index
* For the purpose of reporting the underlying equity value of the portfolio,
we assume all put options, which currently represent 2.5% of the portfolio,
are exercised.

AGF© 2016 Allard Partners I Confidential Absolute focus on Asia I Page 1

 Allard Growth Fund Monthly Review – August 2016

Historical Performance

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2016 -5.62 -2.16 7.50 1.27 -1.10 3.04 5.07 5.24 - - - - 13.28% YTD

2015 1.71 0.18 -0.96 4.31 -1.34 -2.40 -1.28 -6.46 -0.64 5.82 -3.47 -0.23 -5.23%

2014 -2.61 1.66 2.93 0.21 2.61 0.25 3.33 0.77 -2.59 1.15 0.35 -0.78 7.31%

2013 1.85 -0.35 -0.43 0.41 -0.88 -3.79 -0.29 -1.83 3.70 1.54 -0.13 -1.97 -2.37%

2012 6.00 3.01 -0.86 -0.39 -5.25 2.31 1.63 0.04 3.76 1.68 0.61 1.61 14.54%

2011 -1.37 -1.96 2.45 1.50 -0.06 0.88 2.12 -2.94 -8.45 5.84 -3.39 -0.44 -6.36%

2010 -1.69 -0.31 5.47 3.59 -4.25 2.22 5.51 1.41 4.68 1.38 -1.80 2.64 19.95%

2009 -5.14 -6.57 8.32 11.01 12.81 3.40 8.15 0.77 5.79 0.26 1.40 2.39 49.18%

2008 -4.94 1.87 -1.95 3.55 -0.09 -5.14 -0.64 -1.46 -10.16 -16.62 -4.74 9.32 -28.83%

2007 0.45 0.20 0.94 2.69 0.97 0.05 1.76 -0.30 4.67 3.87 -1.01 1.59 16.89%

2006 1.56 1.24 0.48 2.09 -2.21 -0.59 1.94 1.10 1.50 1.86 1.59 3.14 14.45%

2005 0.73 3.84 0.92 0.01 0.27 1.39 2.04 -1.04 0.46 -1.43 0.34 3.15 11.06%

2004 2.96 -0.72 -0.09 -1.48 1.26 3.12 1.16 0.89 4.13 2.35 5.40 2.87 23.89%

2003 2.57 2.23 -1.08 6.69 5.18 2.93 -1.00 2.08 2.35 5.04 -0.22 3.57 34.49%

2002 2.16 0.69 5.11 1.39 6.39 -2.16 -2.09 4.55 -3.29 0.06 2.83 2.70 19.35%

2001 2.21 2.54 -7.11 4.06 7.20 -0.78 0.42 3.64 -4.87 2.22 4.21 1.68 15.56%

2000 -5.26 -2.64 5.08 -2.51 -1.55 6.17 5.32 -0.24 -4.64 -1.35 1.06 6.07 4.64%

1999 0.17 -0.30 4.82 7.28 0.27 6.32 -1.41 -0.16 -0.99 -1.24 1.07 3.29 20.29%

1998 -3.64 5.18 1.05 -0.19 -0.67 -3.39 0.99 -9.08 5.09 12.03 4.23 0.64 11.24%

1997 -8.37 6.63 -0.01 0.38 1.98 2.49 2.55 0.10 -0.06 -8.53 -1.44 0.72 -4.53%

1996 4.75 3.05 1.25 2.70 -1.59 -2.25 0.21 4.36 0.11 2.20 5.53 0.17 22.11%

All performance figures are net of all fees and measured in US$. The data is audited up to Dec 2015.

AGF© 2016 Allard Partners I Confidential Absolute focus on Asia I Page 2

 Allard Growth Fund Monthly Review – August 2016

Return Distribution

80

70

60
No. of Months

50

40

30

20

10

Performance Over Multiple Cycles

AGF
700
+54% CAGR +11.0%
Volatility 12.6%
400

MSCI Asia
-0.5%
US$ '000

Pacific ex-Japan
200
CAGR +5.6%
Volatility 22.0%

100
Global Financial Crisis

50 SARS/Iraq War
Tech
Asia Crisis Bubble

Allard Partners Limited is a registered investment adviser regulated by the Securities and Futures Commission of Hong Kong. The Allard
Growth Fund is a Cayman Islands Unit Trust Fund – it is not authorized by the SFC in Hong Kong. The investment performance has been
verified by the Trustee of the Fund based on the actual performance of the relevant portion of its predecessor Fund. Past performance is no
guarantee of future performance. The above monthly review is prepared solely for informational purposes and is furnished on a confidential
basis only. This report is not a solicitation, nor is it an official confirmation of terms.
Notice to investors in Switzerland: Swiss representative of AGF – Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland;
Swiss paying agent of AGF – Banque Cantonale de Geneve, 17, quai de l’lle, 1204 Geneva, Switzerland; Place of jurisdiction - In respect of the
Units distributed in or from Switzerland, the place of jurisdiction under Swiss Law is the registered office of the Swiss representative.
For more information on Allard Partners, please visit www.allardpartners.com or email info@allardpartners.com.

AGF© 2016 Allard Partners I Confidential Absolute focus on Asia I Page 3