Value Partners Intelligent Funds –
China Convergence Fund
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Risk Disclosure
- China Convergence Fund (The “Fund”) primarily invests in A and B shares listed on the stock exchanges of Shanghai and Shenzhen as well as in H shares listed in Hong Kong.
- The Fund invests in China and therefore is subject to emerging market risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty.
- The Fund is also subject to concentration risk due to its concentration in China-related companies. Adverse development in such region may affect the value of the underlying securities in which the Fund invests.
- The Fund may directly invest in A Shares and other eligible securities through the qualified foreign institutional investors (“QFII”) quota. Investors will be subject to certain risks including repatriation risk, custodial risk, regulatory risk. In addition, the QFII policy and rules are subject to change. All these may adversely impact the Fund.
- The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses.
- You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors.
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Performance
Performance Update
Annual Returns
Annual Returns
Performance Since Launch as at 23-12-2024
Performance Since Launch
MSCI China Index (Total Return) since fund inception to 31 Dec 2000, thereafter it is the MSCI China Index (Total Net Return) which takes into account of dividend reinvestment after deduction of withholding tax. MSCI index (Total Return) does not take into account of deduction of withholding tax.
Source: Value Partners & Morningstar
Performance shown is NAV to NAV in denominated currency with income reinvested and net of fees. For funds/classes denominated in foreign currencies, US/HK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate. All indices are for reference only.
Investment involves risk. Past performance is not indicative of future performance. The price of units/NAV per share can go down as well as up and is not guaranteed. Investors may not get back the full amount invested. Please refer to the relevant offering documents including the risk factors.
+The Fund is one of the eligible collective investment schemes for the purpose of the New Capital Investment Entrant Scheme (New CIES) in Hong Kong with effect from 1 March 2024. -
Fund Facts
Investment Objective
The Fund aims to achieve long-term capital appreciation by investing primarily in equity securities of China-related companies. This includes securities listed on a Mainland China stock exchange, the Hong Kong Stock Exchange and major stock exchanges in other jurisdictions. The investable universe covers, but is not limited to A, B and H-shares as well as American Depositary Receipts.
Fund manager Value Partners Limited
Custodian HSBC Institutional Trust Services (Asia) Limited
Launch date Class A USD: 14-07-2000
Class A AUD Hedged: 27-10-2015
Class A CAD Hedged: 07-01-2016
Class A NZD Hedged: 07-01-2016Fund size USD97.17 million ( as at 23-12-2024 ) Minimum subscription USD10,000 or equivalent
Minimum subsequent subscription USD5,000 or equivalent
Subscription fee Up to 5%
Management fee 1.25% per annum
Redemption fee Nil
Performance fee 15% of profit^ (high-on-high principle)Dealing frequency Daily
^Performance fees will only be charged if the net asset value (NAV) at the end of the financial year exceeds the “high watermark”, which is the all-time year-end high of the fund’s NAV. If in any one year, the fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle).
+The Fund is one of the eligible collective investment schemes for the purpose of the New Capital Investment Entrant Scheme (New CIES) in Hong Kong with effect from 1 March 2024. -
Documents
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Quarterly Commentary Annual Reports Interim Reports Explanatory Memorandum Subsequent Subscription Form Switching Form Redemption Form Change Of Details KYC Requirement for Investor Dealing Calendar -
Historical Prices
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Awards
Year Award Organizers 2018 2018 HKCAMA – Bloomberg Offshore China Fund Awards
2nd Runner-up in Total Returns – Greater China Equity (5 Years)HKCAMA & Bloomberg 2015 Fund of the Year Awards 2015
China Equity Category – Outstanding AchieverBased on fund performance as at September 2015.
Benchmark 2011 Morningstar 2010 Fund Awards (Hong Kong)
– Best Greater China Equity FundStar ratings as of 29 February 2012.
Morningstar Top 100 Funds of the Year 2010 – China Equity
Based on fund size, track record, Morningstar’s Star rating and one year absolute ranking as at month end October 2010.
Benchmark 2004 Ranked No. 2 the best performing Greater China Equity funds in terms of annualized total return and low volatility for the period from February 28, 2001 to February 27, 2004
Lipper 2002 Ranked No. 1 the best performing Hong Kong and China Equity funds in terms of annualized total return for the period from July 14, 2000 to October 31, 2002
Lipper 2001 Fund of the Year Awards 2001
Equity Hong Kong and China (1 Year) categoryBased on returns as of year-end 2000.
Benchmark / Lipper Investment involves risk. Past performance is not indicative of future performance. The price of units/NAV per share can go down as well as up and is not guaranteed. Investors may not get back the full amount invested. Please refer to the relevant offering documents including the risk factors.
Year Award Organizers 2018 2018 HKCAMA – Bloomberg Offshore China Fund Awards
2nd Runner-up in Total Returns – Greater China Equity (5 Years)HKCAMA & Bloomberg 2015 Fund of the Year Awards 2015
China Equity Category – Outstanding AchieverBased on fund performance as at September 2015.
Benchmark 2011 Morningstar 2010 Fund Awards (Hong Kong)
– Best Greater China Equity FundStar ratings as of 29 February 2012.
Morningstar Top 100 Funds of the Year 2010 – China Equity
Based on fund size, track record, Morningstar’s Star rating and one year absolute ranking as at month end October 2010.
Benchmark 2004 Ranked No. 2 the best performing Greater China Equity funds in terms of annualized total return and low volatility for the period from February 28, 2001 to February 27, 2004
Lipper 2002 Ranked No. 1 the best performing Hong Kong and China Equity funds in terms of annualized total return for the period from July 14, 2000 to October 31, 2002
Lipper 2001 Fund of the Year Awards 2001
Equity Hong Kong and China (1 Year) categoryBased on returns as of year-end 2000.
Benchmark / Lipper Investment involves risk. Past performance is not indicative of future performance. The price of units/NAV per share can go down as well as up and is not guaranteed. Investors may not get back the full amount invested. Please refer to the relevant offering documents including the risk factors.
Other Funds