China Southern Selected Value Mixed Securities Investment Fund

Important Information

China Southern Selected Value Mixed Securities Investment Fund (the "Fund") is a Mainland fund authorized for public offering in Hong Kong pursuant to Mainland-Hong Kong Mutual Recognition of Funds (“MRF”) arrangement.
The Fund is subject to requirements applicable to MRF arrangement, including quota restrictions and eligibility requirements and risks associated with MRF, including Mainland China tax risk and different market practices.
Investors should not invest in the Fund based solely on this material and should read the Prospectus, Hong Kong Covering Document and the Key Facts Statement of the Fund for further details, including the risk factors.
The Fund’s investments in equities, fixed income and other financial instruments will be limited to those securities in the Mainland market only. Investment in the China market is subject to additional concentration risk and risks associated with changes in the PRC laws and regulations (such as PRC tax laws and repatriation policy).
RMB is currently not freely convertible and is subject to exchange controls and restrictions. There is no guarantee that RMB will not depreciate.
The Manager may at its discretion pay distribution out of the capital of the Fund. Payment of distributions out of capital represents a return or a withdrawal of part of the amount an investor originally invested or capital gains attributable to that amount. Distribution may result in an immediate decrease in the net asset value of the relevant units.
Investment involves risks. Future performance and the capital value of the Fund are not guaranteed. Past performance figures are not an indicative for future performance. The value of units may rise as well as fall. Investors are reminded that in certain circumstances their right to redeem may be suspended. This material has not been reviewed by the Securities and Futures Commission in Hong Kong.

Investment Objective

The Fund invests in China companies listed on the Shanghai and Shenzhen Stock Exchanges which have good asset backing and value release conditions (with profitability being sustainable and stable or business being in reversals) by way of bottom-up selecting method with moderate risk exposure and steady liquidity for the purpose of long-term and stable increase in asset value of the Fund.

Investment Strategy

The Fund’s investments in equities, fixed income and other financial instruments will be limited to those securities in the Mainland market only.
The Manager will employ a combination of qualitative and quantitative analysis to assess the systematic risks and the estimated risks and returns foreseeable for each major asset class in the equities market during the corresponding period, and accordingly determine the proportion of Fund assets to be invested in major asset classes such as equities, bonds, cash etc., and the principle and scope of periodic and ad hoc adjustment, with a view of reducing exposure to risks and increasing returns.
Within the Fund’s investment portfolio permissible ratio of equities accounts for 60-95%, while bonds, money market instruments and other financial instruments accounts for 0-35% of the Fund’s net asset value.

Equity Value investment

The Fund adopts a bottom-up approach as its primary strategy for equities investments

Compare the book value and the investment value (adjusted price-to-book ratio (P/B ratio), also taking into consideration of return on equity (ROE) Indicator) of Mainland listed companies
Identify the selected companies possessing the attributes for value release (through maintaining steady profitability or at the juncture of an operational turnaround, and whose earnings increases will outperform national GDP increases in the next two years) as the Fund’s primary investment targets.

The Fund also apply the top down approach as supplement

Employ industry analysis, observations of the macro-economy operations, upstream and downstream industry trends and redistribution of benefits to identify predominant and growing industries to discover systematic attributes which enable individual shares to release value in the future, and construct a share portfolio of the best quality with the lowest portfolio risks accordingly.

Market Information

Date Last Change Change(%)
NAV per Unit(Class H Units) 2022-01-27 1.1510 -0.0280 -2.3749

Key Facts

Base Currency RMB
Fund Manager China Southern Asset Management Co., Ltd (the “Manager”)
Custodian Industrial and Commercial Bank of China Limited
Dealing Frequency Daily (each day being business day in both Hong Kong and Mainland)
Class A Class* H Class
Minimum investment Class H: RMB 1,000 minimum initial investment,
RMB 1,000 minimum subsequent investment
Subscription fee Class H - Up to 5% of the subscription amount
Redemption fee Class H - 0.13% of redemption amount
Management Fee 1.5%
Custodian fee 0.25%
Performance fee Nil
ISIN CNE100002573

* Class A for distribution in Mainland China only, not applicable for Hong Kong investors

Fund Performance #

Share Class 1 Month 6 Months 1 Year 2 Years 3 Years 5 Years Since Inception*
A Share* -5.95% -7.11% -3.58% 50.54% 131.78% 118.39% 644.30%
C Share -6.06% -7.58% -4.44% 48.11% 126.31% - 120.15%
H Share -6.00% -7.16% -3.63% 50.56% 131.73% - 110.81%

# Source: China Southern Asset Management; Performance is calculated on NAV to NAV basis with dividends reinvested; the investment returns are denominated in RMB.

* For class A, the cumulative performance and annual performance are calculated since fund inception on 18 June 2008

The past performance is for reference only and not indicative for the future performance. The past performance is for Class A distributed in Mainland China, not represented Class H distributed in Hong Kong. Under the management of the same team, Class A and Class H have the same investment objective, strategy, and are subject to the same management fee (the other fees and charges is different).

As of 31 Dec, 2021

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

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)
2022-01-18 2022-01-18 2022-01-20 RMB 0.292 RMB 0.292 RMB 0.00
2021-01-18 2021-01-18 2021-01-20 RMB 0.332 RMB 0.332 RMB 0.00
2020-01-16 2020-01-16 2020-01-20 RMB 0.13 RMB 0.13 RMB 0.00
2017-01-18 2017-01-18 2017-01-20 RMB 0.19 RMB 0.19 RMB 0.00

*“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 dividend per share 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.


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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 Sub-Fund's NAV per unit may rise as well as fall. Persons interested in investing in the Sub-Fund 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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