Value Partners China Greenchip Fund Limited
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Risk Disclosure
- Value Partners China Greenchip Fund Limited (The “Fund”) invests primarily in companies established in Greater China or which derive a majority of their revenue from business related to Greater China.
- The Fund invests in China, China-related companies and medium or small capitalization companies and is therefore subject to emerging market and concentration risks. The value of the Fund can be extremely volatile and could go down substantially within a short period of time.
- It is possible that the entire value of your investment could be lost.
- 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.
- In respect of the distribution shares for the Fund, the Manager currently intends to make quarterly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of shares.
- 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 24-04-2024
Performance Since Launch
Hang Seng Index refers to Hang Seng Index (Price Return) up to 31 Dec 2004, thereafter it is the Hang Seng Index (Total Return). Hang Seng Index (Total Return) includes dividend reinvestment whereas Hang Seng Index (Price Return) does not take into account reinvestment of dividends.
The MSCI China Index (Net Total Return) includes dividends reinvested and withholding taxes deducted, since the inception of the fund until present.
Refers to chain link return of Class N & Class A HKD, Class N since inception (7 Sep 2002) to 17 Dec 2020 and Class A since 18 Dec 2020. Class N was firstly launched in 2002 & closed for subscription from 26 Mar 2007. Class A was launched on 27 Mar 2007 with the same NAV of Class N. Therefore Classes A & N have the same NAV since 27 Mar 2007. Class N was fully redeemed on 17 Dec 2020 and NAV was no longer available. Hence Class A is now the representative share class after 17 Dec 2020.
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 medium-term capital growth by means of investing in companies established in Greater China or which derive a majority of their revenue from business related to Greater China, whether in the form of direct investment in, or trade with, Greater China. This includes companies incorporated and/or listed outside Greater China.
Value Partners China Greenchip Fund Limited is one of the eligible collective investment schemes for the purpose of the Hong Kong Capital Investment Entrant Scheme (CIES). The CIES was suspended by the Hong Kong Government with effect from 15 January 2015 until further notice. Fund manager Value Partners Limited
Custodian HSBC Institutional Trust Services (Asia) Limited
Launch date Class N: 08-04-2002 (Closed）
Class A (HKD): 27-03-2007
Class A2 QDis (HKD): 22-07-2013
Class A (USD): 26-05-2014
Class A (Hedged classes – AUD/CAD/NZD):
26-05-2014
Fund size HKD812.58 million ( as at 25-04-2024 ) Share classes Class A:
Unhedged classes – HKD/USD
Hedged classes – AUD/CAD/NZA/USD
Class A2 QDis: HKD/USDMinimum subscription Class A and Class A2 QDis:
HKD80,000 or equivalentMinimum subsequent subscription Class A and Class A2 QDis:
HKD40,000 or equivalentSubscription fee Up to 5%
Management fee 1.5% per annum
Redemption fee NilPerformance fee 15% of profit^ (high-on-high principle)Dealing frequency Daily
^Performance fees will only be charged if the 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 manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the Explanatory Memorandum for further details including the distribution policy.
Click here for the latest dividend schedule. Click here for Fund Dividend Composition Details.
#Annualized yield of Class A2 QDis is calculated as follows: (dividend amount/NAV as of ex-dividend date) x 4, based on the dividend distribution in the last 12 months. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments.
+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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Historical Prices
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Awards
Year Award Organizers 2014 Lipper Fund Awards 2014 (Hong Kong)
Best Greater China Equity Fund – 5 YearsBased on returns as of year-end 2013.
Lipper 2013 Lipper Fund Awards 2013 (Hong Kong)
Best Greater China Equity Fund – 5 YearsBased on returns as of year-end 2012.
Lipper 2012 2011 Best of the Best Performance Awards
Greater China Region Equity – 3 YearsJudging for the 2011 Best of the Best Awards involved the submission of nomination forms to Asia Asset Management judges, on or before 19 December 2011. Funds are judged based on their annual performance, ending respectively on 30 September 2011. Judging criteria for the China Greenchip Fund’s performance was dependent on the nominated fund’s fund size, performance against its peers, 3-year return, and monthly and year-to-date. Judging criteria for Value Gold ETF was dependent on the nominated ETF (with under US$50 million in AUM) in terms of its performance over the last year as well as its capabilities and achievements.
Asia Asset Management Lipper Fund Awards 2012 (Hong Kong)
Best Greater China Equity Fund – 3 YearsBased on returns as of year-end 2011.
Lipper 2011 Lipper Fund Awards 2011 (Hong Kong)
Best Greater China Equity Fund – 3 YearsBased on returns as of year-end 2010.
Lipper 2010 Best of the Best Awards
Best of the Best Performance Award – Greater China Region Equity – 3 YearsJudging for the 2010 Best of the Best Awards involved the submission of nomination forms to Asia Asset Management judges, on or before 17 December 2010. Funds are judged based on their annual performance, ending on 30 September 2010. Judging criteria for the China Greenchip Fund’s performance was dependent on the nominated fund’s fund size, performance against its peers, 3-year return, and monthly and year-to-date.
Asia Asset Management 2010 Best China Fund of the Year 2010^
AsiaHedge Awards 2010 ^ Value Partners China Greenchip Fund Limited is not authorized as a hedge fund by the SFC in Hong Kong according to the Code on Unit Trust and Mutual Funds. SFC authorization is not a recommendation or endorsement of a scheme, nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors, nor is it an endorsement for its suitability for any particular investor or class of investors.
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 2014 Lipper Fund Awards 2014 (Hong Kong)
Best Greater China Equity Fund – 5 YearsBased on returns as of year-end 2013.
Lipper 2013 Lipper Fund Awards 2013 (Hong Kong)
Best Greater China Equity Fund – 5 YearsBased on returns as of year-end 2012.
Lipper 2012 2011 Best of the Best Performance Awards
Greater China Region Equity – 3 YearsJudging for the 2011 Best of the Best Awards involved the submission of nomination forms to Asia Asset Management judges, on or before 19 December 2011. Funds are judged based on their annual performance, ending respectively on 30 September 2011. Judging criteria for the China Greenchip Fund’s performance was dependent on the nominated fund’s fund size, performance against its peers, 3-year return, and monthly and year-to-date. Judging criteria for Value Gold ETF was dependent on the nominated ETF (with under US$50 million in AUM) in terms of its performance over the last year as well as its capabilities and achievements.
Asia Asset Management Lipper Fund Awards 2012 (Hong Kong)
Best Greater China Equity Fund – 3 YearsBased on returns as of year-end 2011.
Lipper 2011 Lipper Fund Awards 2011 (Hong Kong)
Best Greater China Equity Fund – 3 YearsBased on returns as of year-end 2010.
Lipper 2010 Best of the Best Awards
Best of the Best Performance Award – Greater China Region Equity – 3 YearsJudging for the 2010 Best of the Best Awards involved the submission of nomination forms to Asia Asset Management judges, on or before 17 December 2010. Funds are judged based on their annual performance, ending on 30 September 2010. Judging criteria for the China Greenchip Fund’s performance was dependent on the nominated fund’s fund size, performance against its peers, 3-year return, and monthly and year-to-date.
Asia Asset Management 2010 Best China Fund of the Year 2010^
AsiaHedge Awards 2010 ^ Value Partners China Greenchip Fund Limited is not authorized as a hedge fund by the SFC in Hong Kong according to the Code on Unit Trust and Mutual Funds. SFC authorization is not a recommendation or endorsement of a scheme, nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors, nor is it an endorsement for its suitability for any particular investor or class of investors.
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.
Dividend History
Dividend history of - Class A2 QDis HKD
Ex-dividend date Ex-dividend date NAV ( HKD ) Dividend per unit ( HKD )* Annualized yield# 2024-03-2828-03-2024 9.37 0.0607 2.6 % 2023-12-2929-12-2023 9.29 0.0607 2.6 % 2023-09-2929-09-2023 9.47 0.0607 2.6 % 2023-06-3030-06-2023 9.76 0.0607 2.5 % 2023-03-3131-03-2023 10.65 0.0607 2.3 % 2022-12-3030-12-2022 10.14 0.0607 2.4 % 2022-09-3030-09-2022 9.11 0.0607 2.7 % 2022-06-3030-06-2022 11.19 0.0607 2.2 % 2022-03-3131-03-2022 11.85 0.0607 2.0 % 2021-12-3131-12-2021 14.31 0.0607 1.7 % 2021-09-3030-09-2021 15.30 0.0607 1.6 % 2021-06-3030-06-2021 17.35 0.0607 1.4 % 2021-03-3131-03-2021 15.63 0.0607 1.6 % 2020-12-3131-12-2020 15.57 0.0607 1.6 % 2020-09-3030-09-2020 12.85 0.0607 1.9 % 2020-06-3030-06-2020 11.42 0.0607 2.1 % 2020-03-3131-03-2020 9.69 0.0607 2.5 % 2019-12-3131-12-2019 12.03 0.0607 2.0 % 2019-09-3030-09-2019 10.69 0.0469 1.8 % 2019-06-2828-06-2019 10.95 0.0469 1.7 % 2019-03-2929-03-2019 11.30 0.0469 1.7 % 2018-12-3131-12-2018 9.49 0.0469 2.0 % 2018-09-2828-09-2018 10.59 0.0469 1.8 % 2018-06-2929-06-2018 11.97 0.0469 1.6 % 2018-03-2929-03-2018 12.29 0.0469 1.5 % 2017-12-2929-12-2017 12.58 0.0469 1.5 % 2017-09-2929-09-2017 12.21 0.0469 1.5 % 2017-06-3030-06-2017 11.29 0.0469 1.7 % 2017-03-3131-03-2017 10.36 0.0469 1.8 % 2016-03-3131-03-2016 8.77 0.0000 0.0 % 2015-12-3131-12-2015 9.65 0.0000 0.0 % 2015-09-3030-09-2015 9.40 0.0488 2.1 % 2015-06-3030-06-2015 12.26 0.0856 2.8 % 2015-03-3131-03-2015 11.85 0.0565 1.9 % 2014-12-3131-12-2014 11.30 0.0565 2.0 % 2014-09-3030-09-2014 11.26 0.0565 2.0 % 2014-06-3030-06-2014 11.34 0.0550 1.9 % 2014-03-3131-03-2014 11.00 0.0388 1.4 % 2013-12-3131-12-2013 11.28 0.0388 1.4 % 2013-09-3030-09-2013 10.28 0.0388 1.5 % ^Performance fees will only be charged if the 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 manager intends to declare and pay monthly dividends equal to all or substantially all of the net income attributable to each of the Distribution Classes. However, there is neither a guarantee that such dividends will be made nor will there be a target level of dividend payout. No dividends will be paid with respect to the Accumulation Classes. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount that have been originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. Please refer to the Explanatory Memorandum for further details including the distribution policy.
Click here for the latest dividend schedule. Click here for Fund Dividend Composition Details.
#Annualized yield of Class A2 QDis is calculated as follows: (dividend amount/NAV as of ex-dividend date) x 4, based on the dividend distribution in the last 12 months. Investors should note that yield figures are estimated and for reference only and do not represent the performance of the fund, and that there is no guarantee as to the actual frequency and/or amount of dividend payments.
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