China New Balance Opportunity Fund

Important Information

The China New Balance Opportunity Fund (the "Sub-Fund") is a sub-fund of the China Southern Dragon Dynamic Fund (the "SICAV"), which is an open-ended investment company domiciled in Luxembourg. Its home regulator is Commission de Surveillance du Secteur Financier ("CSSF").

Investment involves risks. The value of the Sub-Fund can be volatile and could go down substantially and you may lose a certain amount of your investment.
The Sub-Fund invests in equities, which are subject to normal market fluctuations and other risks inherent in investing in equities. Past performance is not a guide to future performance.
The Sub-Fund invests in Mainland China so it may be subject to emerging market risk and concentration risk.
Some of the assets of the Sub-Fund are denominated in RMB. Shareholders will be exposed to movements of the exchange rate between the currency of the class of Shares they invest in and RMB. RMB is not a freely convertible currency. There can be no assurance that RMB will not depreciate.
The Sub-Fund invests in small-cap company shares which can be more volatile and less liquid than those of larger companies.
The Sub-Fund may use derivative instruments for hedging or efficient portfolio management purposes. The use of derivative instruments for these purposes may become ineffective and/or cause the Sub-Fund to suffer significant losses.
Shareholders may incur a performance fee notwithstanding the Shareholder may have suffered a loss in the investment in the Shares. The performance fee may create an incentive for the Manager to make investments for a Sub-Fund, which are riskier than would be the case in the absence of a fee based on the performance of a Sub-Fund.
The Manager may, at its discretion, pay dividends out of capital. The Manager may also, at its discretion, pay dividends out of gross income while all or part of the fees and expenses of the sub-fund are charged to/paid out of the capital of the sub-fund, resulting in an increase in distributable income for the payment of dividends by the sub-fund and therefore, the sub-fund may effectively pay dividends out of the capital. Payment of dividends out of capital or effectively out of the capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the capital or effectively out of the capital of the sub-fund may result in an immediate reduction of the NAV per Unit.

Investor should not invest in the Sub-Fund Solely based on this material and should read the Hong Kong Prospectus and the key Facts Statement for further details.

Investment Objective

The Sub-Fund aims to achieve medium to long-term capital appreciation by investing in securities in the Greater China region to capture the economic growth in Mainland China.

Investment Strategy

1. The Sub-Fund will employ an equity long only strategy; investment decision will be disciplined and systematic, combining macroeconomic analysis and fundamental security selection, with more focus on the latter; aim to outperform China's economic growth.
2. Top-down approach to select sectors that benefit from consumption upgrades
3. Bottom-up approach to select small mid cap stocks in the stock pool that have solid fundamentals
4. Build a well-organized, independent and effective research framework
Pre-investment: Detailed investigation and field research
Post-investment: Continuous follow up analysis

Market Information

Date Last Change Change(%)
NAV(Class I USD - Acc) 2019-12-12 209.1500 2.8500 1.38
NAV(Class A USD - Acc) 2019-12-12 172.4400 2.3500 1.38

Fund Manager

Wang Zhihua, CIO

Leads the CSOP's equity investment team since 2010; Fund manager of the sub-fund since inception
Over 22 years of investment experience in the Greater China equity market, including managing one of the largest equity mutual funds in China with AUM of over RMB 40 billion
Managed both long-only Greater China equity funds and Hong Kong / China Equity hedge funds in Hong Kong since 2008

Key Facts

Name of Fund China Southern Dragon Dynamic Fund – China New Balance Opportunity Fund
Place of Registration Luxembourg
Type of Fund UCITS IV ; Open ended Fund ; USD denominated
Investment Manager CSOP Asset Management Limited
Inception Date 21 January 2011
Hong Kong SFC
Authorization Date
10 May 2013
Class A Accumulation Shares* /
Class A Distribution Shares*
Class I Accumulation Shares* /
Class I Distribution Shares*
Min Initial
Subscription Amount
HKD 40,000 HKD 8,000,000
USD 5,000 USD 1,000,000
Min Additional
Subscription Amount
HKD 800 HKD 2,000,000
USD 100 USD 250,000
Subscription Fee Up to 5%
Management Fee Class A* 2.0% p.a. ; Class I*: 1.0% p.a.
Performance Fee 20% with 8%hurdle rate ( High Water Mark)
Redemption Fee N/A
Dealing Frequency Daily
Dealing Deadline Daily 4pm Hong Kong Time
Custodian / Administration Citibank Europe plc, Luxembourg Branch
Class A Class I
Accumulation Shares Distribution Shares Accumulation Shares Distribution Shares
HKD USD HKD USD HKD USD HKD USD
ISIN Code LU0744789560 LU0708185235 LU1033681039 LU1033680908 LU0744789644 LU0562028620 LU1033681542 LU1033681468
Bloomberg Code CHNEBHA LX CHNEBUA LX CHNEBHI LX CHNEBAO LX

* Class A: Retail Investors; Class I: Institutional Investors

Fund Performance

1 Month 6 Month 1 Year 3 Years Since Inception* #
A USD-Acc* -2.26% 4.52% 9.98% 6.45% 70.07%
I USD-Acc* -2.18% 5.06% 11.12% 3.18% 106.20%
MSCI China Index** 1.77% 9.09% 7.18% 37.16% 49.78%

* NAV to NAV performance with dividends reinvested.

** The Fund uses MSCI China Index (total return) for performance comparison only, not for benchmark; index return is since 21 January 2011.

# Calculated since the inception date of each share class. 21 Jan 2011 for Class I – USD Acc, 05 Dec 2012 for Class A USD – Acc.

As of 30 Nov, 2019

Top 5 Holdings

Company Sector % of NAV
Alibaba Group Holding Ltd Consumer Discretionary 10.02%
Tencent Holdings Ltd Communication Services 9.86%
AIA Group Ltd Financials 8.08%
Link REIT Real Estate 6.87%
Hong Kong Exchanges & Clearing Financials 5.03%

As of 30 Nov, 2019

Sector Allocation

As of 30 Nov, 2019

Country Allocation

As of 30 Nov, 2019

Market Capitalization

Large Cap: >60bn HKD; Mid Cap: 10bn≤ x ≤60bn HKD; Small Cap:<10bn HKD

As of 30 Nov, 2019

Important information about Dividend out of capital / effectively out of capital

The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend out of gross income while all or part of the fees and expenses of the sub-fund are charged to/paid out of the capital of the sub-fund, resulting in an increase in distributable income for the payment of dividends by the sub-fund and therefore, the sub-fund may effectively pay dividend out of capital.
Payments of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from capital gains attributed to that original investment. Any distributions involving payment of dividends out of the sub-fund’s capital or effectively out of capital may result in an immediate reduction in the Net Asset Value (“NAV”) per Unit.

Distribution History

Class:
Ex-Date Record Date Payable Date Dividend Per Share Dividend Paid Out of Net Distributable Income* for the month
(per share)
Dividend Paid Out of Capital
(per share)
2015-12-16 2015-12-15 2015-12-23 HKD 2.46 HKD 0.88 HKD 1.58
2014-10-27 2014-10-24 2014-10-31 HKD 1.02 HKD 1.02 HKD 0.00
2014-08-01 2014-07-31 2014-08-06 HKD 0.34 HKD 0.00 HKD 0.34
2014-10-27 2014-10-24 2014-10-31 USD 0.97 USD 0.00 USD 0.97
2017-12-21 2017-12-20 2017-12-22 USD 26.35 USD 26.35 USD 0.00
2016-03-17 2016-03-16 2016-03-18 USD 10.62 USD 0.00 USD 10.62
2015-11-30 2015-11-27 2015-12-02 USD 12.00 USD 0.00 USD 12.00

*“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.

The data in “dividend paid out of net distributable income” and “dividend paid of out of capital” are just for reference only. Please kindly refer to the official dividends information in the total dividend per share (or total distribution) column.

Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. There is no guarantee of distribution. Investors should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

All dollar amounts are in RMB. All dates are in GMT+8 Time. Any exceptions are noted.

Distributors

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The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the ETF's NAV per unit may rise as well as fall. Persons interested in investing in the ETF should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

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