8/8/2019 Dreamer 429 EHAC Value 201009

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Investment Objective Performance from 11/24/2009 to 09/30/2010

Portfolio Manager's Report

Portfolio Review:

Cumulative Performance %

1 month 1 year 3 years 5 years

Portfolio 11.16% - - -

Hang Seng Index 8.87% - - -

HSCEI 8.80% - - -

HK MidCap Index 12.29% - - -

Calendar Year Performance %

2006 2007 2008 2009

Portfolio - - - 2.54%

Hang Seng Index - - - -3.64%

Outlook: HSCEI - - - -4.30%

HK MidCap Index - - - 1.65%

Portfolio Analysis

Portfolio Information

Portfolio manager

Inception date

Base currency Top Five Holdings as at 09/30/2010NAV per unit Holding %

AUM as of 09/30/2010 RUINIAN INTL LTD Vitamins & Nutrition Products 21.53%

LERADO GROUP Manufacturing 15.53%

Statistical Analysis PING AN INSURANCE Financial Services 9.89%

LINK REIT REIT 9.60%

CHINA LIFE INSURANCE Financial Services 8.98%

Correlation - - 0.58

Beta - - 0.63

Annualized volatility % - - 21.23

Sharpe ratio - - 0.80

Average annual return % - - 15.20

2.22%

-3.03%

7.47%

-7.20%

EHAC Value Portfolio - Hong Kong

HKD

11/24/09

Sector

483,050.35

We are increasingly confident of our consumption

growth story as we believe that the policies in China is

gradually moving in our favor. We had been aggressively

accumulating quality stocks on weakness observed in

the past couple months, and thus we believe we are

well-positioned for the rally as the market slowly re-

rates and appreciates the economic rebalancing firmly

underway in China.

Dreamer29

112.76

1 year 3 yearSince

launch

Since inception

12.76%

-1.50%

EHAC Value Portfolio - Hong Kong

To provide long term capital growth by investing

in securities of companies with promising growth

prospects, unique businesses and strong financial

positions. An aggressive while conservative value

investing approach is adopted.

September 30, 2010

In September, both our portfolio and the broad market

registered the biggest monthly gains since inception,

with our portfolio outperformed both the HSI and

HSCEI, and is now up almost 10% YTD. Couple of our

high conviction plays were re-rated on the back of 

strong financial performances, favorable growth

prospects and the rediscovery of the China consumption

story. While we feel comfortable sitting with our current

holdings, we believe that it is getting more rather than

less important to be cautious and to continue to

monitor our existing positions religiously. We may

consider initiating new positions when the time is right

in order to better utilize the cash in our portfolio which

accounted for more than 8% of our AUM as of end of 

September.

9.24%

2010YTD

9.96%

75

80

85

90

95

100

105

110

115

120

11/24/09 1/24/10 3/24/10 5/24/10 7/24/10 9/24/10

NAV per share

Hang Seng HK

MidCap Index

(Indexed at100)HSI (Indexed at

100)

HSCEI (Indexed

at 100)

Food / Beverage,

8.86%REIT, 9.60%

Financial

Services, 18.86%

Manufacturing,

19.50%

Vitamins &

Nutrition

Products,

21.53%

Retail - Sporting

Goods, 8.31% Chemicals -

Diversified, 7.91%

Cash, 8.22%

Property

Development,

1.18%