Premium China Fund

APIR MAQ0441AU

About the Fund

The Premium China Fund is a managed investment scheme which invests primarily in companies listed in Hong Kong, companies listed in Mainland China, companies listed in Taiwan and companies listed on other stock exchanges but with significant assets, investments, production activities, trading or other business interests in the Greater China region, or which derive a significant part of their revenue from the Greater China region.

Why China?
  • Fast growing economy
  • Relatively undemanding valuations
  • Relatively under-researched
Fund Inception28 October 2005
Management Fees2.30% p.a.
Performance Fees15% performance fee on the outperformance of the Fund over MSCI China Free Index (subject to high-watermark)
Minimum Subscription$25,000 AUD
Transaction Costs (Buy/Sell Spread)±0.25%
Distribution Frequency Annually

Performance

Performance Chart for Premium China Fund

Premium China Fund Performance Table

Premium China Fund Performance as at 31 March 2024 (net %)

1 month3 month6 month1 year3 years p.a.5 years p.a.7 years p.a.10 years p.a.Inception p.a.AUM
-0.34%-0.01%-6.13%-14.16%-15.13%-3.68%0.08%3.04%6.07%$40.50 mil AUD

Price & Distributions*

 

DateUnit PriceApplication PriceRedemption Price
16/04/20241.63831.64241.6342
15/04/20241.65871.66281.6545
12/04/20241.65531.65941.6511
11/04/20241.68461.68881.6804
10/04/20241.67961.68381.6754
09/04/20241.65301.65721.6489
08/04/20241.65031.65441.6462
05/04/20241.65411.65821.6499
04/04/20241.65841.66261.6543
03/04/20241.66801.67221.6638
02/04/20241.67791.68201.6737
28/03/20241.65031.65441.6462
27/03/20241.63881.64281.6347
26/03/20241.65531.65951.6512
25/03/20241.64601.65021.6419

*Please note that the unit prices displayed in the table are for reference only. For accurate unit prices, please contact our registry team, Link Fund Solutions.

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Investment Strategy

The Fund aims to achieve the investment objective, primarily by investing in companies across a range of market capitalisations listed in Hong Kong, Mainland China, Macau and Taiwan (Greater China) and companies listed on other exchanges, which have significant assets, investments, production activities, trading or other business interests in the greater china region, or which derive a significant portion or their revenue from the greater china region.

The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation.

In addition to direct investment in companies listed in Greater China, the Fund may also invest in cash and short-term money market instruments, convertible securities issued by listed companies, listed unit trusts, shares in mutual fund corporation and other collective investment schemes (including real estate investment trusts). Derivatives including both exchange-traded and over-the-counter, and participatory notes.

Investment Horizon5 or more years
Short SellingThe Fund will not engage in short-selling
LeverageThe Fund will not borrow, or use derivatives, for the purposes of leveraging or magnifying the Funds exposure to any asset or market.
Geographic LimitsThe Premium China Fund primarily invests in companies across a range of market capitalisations listed in Hong Kong, Mainland China, Macau and Taiwan (Greater China) and companies listed on other exchanges, which have significant assets, investments, production activities, trading or other business interests in the Greater China region, or derive a significant portion of their revenue from the Greater China region
Initial Investment Amount$25,000
Additional Investment Amount$10,000
Minimum Holding Amount$25,000
Portfolio Asset Allocation – Limits
Asset typeAllocation range (%)
International listed equities0-100
Exchange-traded derivatives0-60
Over-the-counter derivatives0-50
Cash and cash equivalent investments0-20

Portfolio Snapshot

Geographical Listing

Data as at 31 March 2024

Cash4.70%
China A-shares7.52%
United States8.93%
Red Chips20.44%
H-shares23.80%
Hong Kong34.62%
Sector Exposure

Data as at 31 March 2024

Cash4.70%
Other Financials0.78%
Materials0.95%
Utilities1.25%
Real Estate1.84%
Health Care2.64%
Information Technology3.75%
Insurance5.14%
Banks6.65%
Consumer Staples7.27%
Energy8.38%
Industrials9.75%
Communication Services22.78%
Consumer Discretionary24.12%
Top 10 Holdings

Data as at 31 March 2024

NameListingSectorAllocation
Tencent Holdings LtdHong KongMedia & Entertainment9.73%
Alibaba GroupHong KongRetailing8.70%
CNOOC LtdRed ChipsEnergy8.38%
PDD Holdings IncUnited StatesRetailing7.51%
China Mobile LtdRed ChipsTelecommunication Services7.33%
China Telecom Corp LtdH-SharesTelecommunication Services4.79%
Kweichow MoutaiChina A-SharesFood, Beverage & Tobacco4.63%
China Railway GroupH-SharesCapital Goods3.65%
China Construction Bank CorpH-sharesBanks3.52%
China Railway Construction CorpH-sharesCapital Goods3.36%
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