Dear Shareholders, Initial Net Asset Value (per unit): $10,000 Net Asset Value as of January 2015 (per unit): $13,197 For the period of 4Q2014, the Asia Value Fund was down by 1.5%. Relative to the benchmarks, the Asia Value Fund has displayed resilience during current market conditions outperforming the Vanguard Pacific ETF by 2.4%. During this period, we have underperformed the STI ETF by 4.5%. This would mainly be due to our exposure to the Hong Kong and Japan markets. Since inception, the NAV of the fund has increased by $3,197, which translates to an increase of 31.97%, outperforming the STI ETF by 7.43% and Vanguard Pacific ETF by 15.40% during this period. This translates to an 3-year annualised return of 10.66%. During this period, various macro events occurred such as the disappointing manufacturing surveys from China, UK and US, driving sentiments down. Furthermore, there ......