Dear Shareholders,
Initial Net Asset Value (per unit): $10,000
Net Asset Value as of April 2015 (per unit): $15,518
We are pleased to announce that for the period of 1H2015, the Asia Value Fund is up by 15.2%. Relative to the benchmarks, the Asia Value Fund has outperformed the Vanguard Pacific ETF and STI ETF by 12.7% and 14.0% respectively. Since inception, the NAV of the fund has increased by $5,518, translating to an increase of 55.2%, outperforming both benchmarks during this period.
During this past 3 months, we have delivered a respectable performance under our deep value strategy. On that note, we would like to caution shareholders that past performance is no indication of future performance and that markets in general are enjoying a time of low interest rates. Economic growth remains anemic in key economies like China, U.S. and Europe. The overhang of the Greece crisis, Chinese ......