Value Partners Intelligent Funds - China Convergence Fund (USD)
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(Last Update : 2023/06/01)
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Fund House Value Partners Limited
Fund Type Equity Funds
Fund Size
Sector General
Geographic Allocation China
Fund Investment Objective & Strategy
The Fund aims to achieve long-term capital appreciation by investing primarily in equity securities of China-related companies. This includes securities listed on a Mainland China stock exchange, the Hong Kong Stock Exchange and major stock exchanges in other jurisdictions. The investable universe covers, but is not limited to A, B and H-shares as well as American Depositary Receipts.
Key Risks
Investment risk: The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. The Sub-Fund’s investment portfolio may fall in value and you may lose a substantial proportion or all of your investment in the Sub-Fund. Risk of investing in China: Investing in China-related companies involves certain risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange, liquidity and regulatory risk. Geographical concentration risk: The concentration of the Sub-Fund’s investments in China-related companies may result in greater volatility than portfolios which comprise broad-based global investments. Counterparty risk of access products: The Sub-Fund will not invest directly in A shares but will instead invest in CAAPs. The Sub- Fund will be exposed to the counterparty risk of the issuers of these CAAPs. If an issuer of an access product were to become insolvent, the Sub-Fund would lose its investment up to the full value of that CAAP. Risk associated with the QFII system: The current QFII policy and rules are subject to change and any such change could adversely impact the Sub-Fund’s investments in CAAPs. PRC tax risk: The Sub-Fund may be exposed to risks associated with changes in current Chinese tax laws, regulations and practice, which may have retrospective effect. In particular, there are still uncertainties as to the withholding tax treatment on capital gains (“CGT”) (currently equal to 10% of any gain) derived from B Shares and on capital gains realised by QFIIs on the sale of A Shares. The Manager does not presently propose to accrue for the 10% withholding tax on B Shares but is keeping the matter under review and which position may be subject to change. Any CGT levied on A Shares and payable by a QFII may be passed on to the Sub-Fund to the extent that the tax is attributable to the QFII’s trading gains on A Shares held in respect of CAAPs purchased by the Sub-Fund. Certain CAAP Issuers will withhold an amount equal to 10% of any gain on a CAAP on account of CGT. If the tax withholding by CAAP Issuers is inadequate to meet final PRC tax liabilities on CGT, the CAAP Issuers may pass on the additional tax liabilities to the Sub-Fund, and may therefore result in a decrease in the value of the Sub-Fund. Currency exchange risk: The Sub-Fund is denominated in US dollars. Its performance will be affected by movements in the exchange rates between the currencies in which the assets are held and US dollars, and any changes in exchange control regulations which may cause difficulties in the repatriation of funds. Performance fee risk: There is no adjustment of equalisation credit or equalisation losses on an individual unitholder basis. A unitholder redeeming units may still incur performance fee in respect of the units, even though a loss in investment capital has been suffered by the redeeming unitholder.
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