8/7/2019 Dreamer 429 EHAC Value 201103

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Investment Objective Performance from 11/24/2009 to 03/31/2011

Portfolio Manager's Report

Portfolio Review:

Cumulative Performance %

1 month 1 year 3 years 5 years

Portfolio 0.85% 4.26% - -

Hang Seng Index 0.81% 10.77% - -HSCEI 6.49% 7.41% - -

HK MidCap Index 5.06% 5.34% - -

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 03/31/2011

Statistical Analysis

Top Five Holdings as at 03/31/2011

Holding %

Correlation 0.66 - 0.62 LERADO GROUP Consumer Discretionary 14.6%

Beta 0.76 - 0.68 PING AN INSURANCE Financials 13.1%

Annualized volatility % 20.31 - 20.57 YIP'S CHEMICAL Materials 11.9%

Sharpe ratio -0.32 - 0.07 CHINA LIFE INSURANCE Financials 11.8%

Average annual return % 4.26 - 4.22 LINK REIT Property 11.5%

0.27%

EHAC Value Portfolio - Hong Kong

HKD

11/24/09

Sector

577,190.78

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

105.73

1 year 3 yearSince

launch

3.66%

-0.40%

10.50%

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.

March 31, 2011

Our portfolio gained 0.85% in March and was still down

5.1% YTD despite that the broad market had already

returned to positive territory YTD. Portfolio

performance remained subdued after the huge selloff 

triggered by the earthquake in Japan while the market

managed to reclaimed lost ground. The excessive

volatility during earnings season might be partly to

blame, but we also see the need to adjust our portfolio

as new information come in. The cyclical names that we

added at depressed valuations contributed positively,

and we expect them to continue to do so on the back of 

revived risk appetite. We incline to believe that inflation

fear has been more than priced in by the market, and

the recent strength in commodity prices is close to

running its course. We see potential opportunities from

the Euro sovereign crisis and the unwinding of QE2. We

shall carefully manage our positions to make sure we

get the best out of it.2.14%

4.91%

Since inception

5.73%

2011 YTD

-5.10%

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)

9.4%

4.6%

2.4%

10.4%

11.9%

15.4%

20.9%

24.9%

Cash

Others

Industrials

Consumer Staples

Materials

Property

Consumer Discretionary

Financials