8/8/2019 Dreamer 429 EHAC Value 201010

http://slidepdf.com/reader/full/dreamer-429-ehac-value-201010 1/1

Investment Objective Performance from 11/24/2009 to 10/29/2010

Portfolio Manager's Report

Portfolio Review:

Cumulative Performance %

1 month 1 year 3 years 5 years

Portfolio 4.14% - - -

Hang Seng Index 3.30% - - -

HSCEI 6.15% - - -

HK MidCap Index 2.15% - - -

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 10/29/2010NAV per unit Holding %

AUM as of 10/29/2010 RUINIAN INTL LTD Vitamins & Nutrition Products 20.29%

LERADO GROUP Manufacturing 17.00%

Statistical Analysis PING AN INSURANCE Financial Services 10.68%

CHINA LIFE INSURANCE Financial Services 10.24%

LINK REIT REIT 9.84%

Correlation - - 0.58

Beta - - 0.64

Annualized volatility % - - 21.17

Sharpe ratio - - 0.80

Average annual return % - - 18.89

Since inception

17.42%

1.76%

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.

October 29, 2010

Our portfolio returned 4.1% in October, and was up

14.5% YTD, outperforming the HSI, HSCEI and HK

Midcap Index. Couple of our positions retreated after

the tremendous runs recorded in September, dragging

down the overall performance. Most notably, one of 

our positions of which we have high conviction on its

future growth potential undertook a totally unnecessary

corporate action towards the end of the month, sending

its share price on a downward spiral. While we think it is

unfortunate, it highlighted the importance of thorough

understanding of the business, as well as the

management team which contribute to minimizing

unpleasant surprises. All in all, we feel comfortable

sitting with our current holdings which are meant for

the medium to long term, and we shall continue to

monitor our existing positions religiously to make sure

we track and react to changes in fundamentals on a

timely basis.

11.58%

2010YTD

14.51%

5.60%

2.93%

9.78%

-1.50%

EHAC Value Portfolio - Hong Kong

HKD

11/24/09

Sector

518,758.01

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.

Dreamer429

117.42

1 year 3 yearSince

launch

75

80

85

90

95

100

105

110

115

120

125

130

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,

8.13%REIT, 9.84%

Financial

Services, 20.92%

Manufacturing,

17.00%

Vitamins &

Nutrition

Products,

20.29%

Retail - Sporting

Goods, 7.53%Chemicals -

Diversified, 7.11%

Cash, 8.16%

Property

Development,

1.02%