8/7/2019 Dreamer 429 EHAC Value 201102

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Investment Objective Performance from 11/24/2009 to 02/28/2011

Portfolio Manager's Report

Portfolio Review:

Cumulative Performance %

1 month 1 year 3 years 5 years

Portfolio -4.36% 10.44% - -

Hang Seng Index -0.47% 13.24% - -HSCEI -0.45% 8.32% - -

HK MidCap Index -4.51% 6.03% - -

Calendar Year Performance %2007 2008 2009 2010

Portfolio - - 2.54% 8.65%

Hang Seng Index - - -3.64% 5.32%

HSCEI - - -4.30% -0.79%

HK MidCap Index - - 1.65% 8.42%

Outlook:

Portfolio Analysis

Portfolio Information

Portfolio manager

Inception date

Base currency

NAV per unit

AUM as of 02/28/2011

Statistical Analysis

Top Five Holdings as at 02/28/2011

Holding %

Correlation 0.66 - 0.61 LERADO GROUP Consumer Discretionary 14.0%

Beta 0.78 - 0.67 PING AN INSURANCE Financials 12.8%

Annualized volatility % 20.72 - 20.79 YIP'S CHEMICAL Materials 12.1%

Sharpe ratio -0.13 - 0.08 CHINA LIFE INSURANCE Financials 11.5%

Average annual return % 10.39 - 3.82 LINK REIT Property 11.2%

2.82%

-6.47%

5.18%

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.

February 28, 2011

Our portfolio lost 4.36% in February, but was up 10.44%

from a year ago and 4.84% since inception. The

escalating political turmoil in the Middle East and the

subsequent decline in risk appetite continued to weigh

on market sentiment, with the small- and mid-cap

universe suffered even more as flight-to-safety took

hold. Most of our core positions performed in-line with

the broad market, but the underperformance in the

consumer space more than offset the resilience in other

positions. We took advantage of the heightened fear in

the market and added on couple cyclical names at

depressed valuations in order to better position

ourselves for the prospective recovery in risk appetite in

the EM space as we believe that the uncertainty

pertaining to inflation/policy risks in emerging markets

is close to running its course. We are comfortable with

our current positions and are ready to sit through the

speed bumps ahead.1.31%

-1.48%

Since inception

4.84%

2011 YTD

-5.90%

-4.56%

EHAC Value Portfolio - Hong Kong

HKD

11/24/09

Sector

559,888.18

We remain confident of our consumption growth story

as we believe that the long-term policies in China are

gradually moving in our favor. However, policy

uncertainties in the short term continue to weigh on

market sentiments, intensifying the headwinds faced by

long-only portfolios. We remain cautiously optimistic,

and are positioned to capitalize on the potential bullish

run in the medium term.

Dreamer429

104.84

1 year 3 yearSince

launch

75

85

95

105

115

125

135

11/24/09 2/24/10 5/24/10 8/24/10 11/24/10 2/24/11

NAV per share

Hang Seng HK

MidCap Index(Indexed at

100)

HSI (Indexed at

100)

9.7%

4.5%

2.2%

10.2%

12.1%

15.0%

21.9%

24.4%

Cash

Others

Industrials

Consumer Staples

Materials

Property

Consumer Discretionary

Financials