About Us

Our Chairman’s Message

In recent years, Value Partners has faced very volatile markets, putting us to a severe test. From a net profit of HK$1.4 billion in 2020, the group swung to an unprecedented loss of HK$544 million in 2022. Then in 2023, the year under review, we turned around to make a small profit of HK$23 million (per share earnings of HK1.3 cents).

The near-term outlook is uncertain, but we see the potential for significant gains as Beijing tilts back to a pro-growth strategy. Right now, Value Partners is positioned to take advantage of any improvement in business conditions, while at the same time, we have built our defences against any further setbacks in the market.

Importantly, our focus is on fund performance, making sure our Investment Team carries out value-investing to high professional standards.

In this regard, we’re proud to report continuing success, with top-quartile performances over short and long term periods recorded by various equities, fixed-income and multi-asset portfolios under our management.

This can be seen from the healthy performance of our two leading equities funds – the Classic Fund¹ (US$894 million in size) and the High-Dividend Stocks Fund² (US$1.44 billion in size) – as compared to the MSCI China Index, a widely used benchmark:

_{Note: Cumulative performance net of all fees.
Sources: Value Partners data, Bloomberg. Updated to 31 December 2023.}

Value Partners’ assets under management stood at US$5.6 billion as of 31 December 2023, a decrease of 9% from the year-earlier figure. Subscriptions to our funds totaled US$1.2 billion while redemptions totaled US$1.5 billion (gross). We believe we gained market share in a depressed market.

Although Chinese stocks and fixed-income products remain a core focus for us, some of our portfolios are already well diversified, across Asia and other parts of the world. Furthermore, the Value Partners Value Gold Exchange Traded Fund (“ETF”), listed in Hong Kong, reached a size of HK$1.9 billion. Launched in 2010, this ETF is 100% backed by physical gold bars stored in Hong Kong.

Appreciation

To the many clients, shareholders, service providers and friends who have supported and encouraged us, we shall always be grateful. May I also express special appreciation to the staff of Value Partners, who are characterized by a strong and steady devotion to serving clients with the highest professional standards. Value Partners currently employs 182 staff.

Sincerely,

CHEAH Cheng Hye
Co-Chairman and Co-Chief Investment Officer

1. Value Partners Classic Fund (A Units) was launched on 1 April 1993. Calendar year return of A Units over past 5 years: 2019: 32.4%; 2020: 37.6%; 2021: -6.6%; 2022: -28.1%; 2023: -5.0%. The Fund (C Units) was launched on 15 October 2009. Calendar return of the C Units over past 5 years: 2019: 31.9%; 2020: 36.8%; 2021: -7.2%; 2022: -28.4%; 2023: -5.5%. Investors should note that figures for A Units shown above may differ from those of classes currently available for subscription (C Units), due to differences in launch date of these classes. For C Units, the since launch return is +79.7%. The Manager does not accept any application for A Units until further notice. New investors and existing unitholders who wish to top up may subscribe in C Units. Source: HSBC Institutional Trust Services (Asia) Limited, Morningstar and Bloomberg, in USD, NAV to NAV, with dividends reinvested. Fund performance is net of all fees. All indices are for reference only.
2. Value Partners High-Dividend Stocks Fund (“the Fund”) (Class A1 USD) was launched on 2 September 2002. Fund performance is net of all fees. Calendar year return of Class A1 USD in the past five calendar years: 2019: 14.9%; 2020: 13.9%; 2021: 3.5%; 2022 : -18.9%; 2023: 4.1%.Source: HSBC Institutional Trust Services (Asia) Limited, Morningstar and Bloomberg, in USD, NAV to NAV, with dividends reinvested. Fund performance is net of all fees. All indices are for reference only.