8/8/2019 Dreamer 429 EHAC Value 201008

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Investment Objective Performance from 11/24/2009 to 08/31/2010

Portfolio Manager's Report

Portfolio Review:

Cumulative Performance %

1 month 1 year 3 years 5 years

Portfolio 1.07% - - -

Hang Seng Index -2.35% - - -

HSCEI -4.22% - - -

HK MidCap Index -1.84% - - -

Calendar Year Performance %

2006 2007 2008 2009

Portfolio - - - 2.54%

Hang Seng Index - - - -3.64%

Outlook: HSCEI - - - -4.30%

HK MidCap Index - - - 1.65%

Portfolio Analysis

Portfolio Information

Portfolio manager

Inception date

Base currency Top Five Holdings as at 08/31/2010NAV per unit Holding %

AUM as of 08/31/2010 RUINIAN INTL LTD Vitamins & Nutrition Products 21.14%

LERADO GROUP Manufacturing 15.94%

Statistical Analysis LINK REIT REIT 10.17%

TINGYI (CAYMAN) HLDG LTD Food / Beverage 9.33%

CHINA LIFE INSURANCE Financial Services 8.83%

Correlation - - 0.57

Beta - - 0.61

Annualized volatility % - - 21.39

Sharpe ratio - - 0.66

Average annual return % - - 1.88

Since inception

1.44%

-9.52%

EHAC Value Portfolio - Hong Kong

To provide long term capital growth by investing

in securities of companies with promising growth

prospects, unique businesses and strong financial

positions. An aggressive while conservative value

investing approach is adopted.

August 31, 2010

Both our portfolio and the broad market registered high

volatility in August when companies reported their

latest earnings numbers. While the market reacted quite

negatively on the latest results of two of our current

holdings, we remain confident on their medium to long

term growth prospects and their potentially important

role in the consumption growth story we had been

structually positive on for quite some time. Our

portfolio was up 1.07% in August, outperforming the

HSI, HSCEI as well as the HK MidCap Index, but is

however still in negative territory on YTD basis. As a

result, we can't really say we are proud of our

performance achieved so far, as our goal is to preserve

capital at the very least and we are still short of our goal

on YTD basis. In the meantime, we feel comfortable

sitting tight as the trend gradually moves to our favor.

-2.72%

2010YTD

-1.08%

-6.11%

-10.87%

-4.30%

-14.71%

EHAC Value Portfolio - Hong Kong

HKD

11/24/09

Sector

421,590.18

We are increasingly confident of our consumption

growth story given the latest round of economic data

release out of China. We had been aggressively

accumulating quality stocks on weakness observed in

the past couple months, and thus we believe we are

well-positioned for the rally as the market slowly re-

rates and appreciates the economic rebalancing firmly

underway in China.

Dreamer429

101.44

1 year 3 yearSince

launch

75

80

85

90

95

100

105

110

115

11/24/09 1/24/10 3/24/10 5/24/10 7/24/10

NAV per share

Hang Seng HK

MidCap Index

(Indexed at100)HSI (Indexed at

100)

HSCEI (Indexed

at 100)

Food / Beverage,

9.33%REIT, 10.17%

Financial

Services, 16.98%

Manufacturing,

19.50%

Vitamins &

Nutrition

Products, 21.14%

Retail - Sporting

Goods, 8.75% Chemicals -

Diversified, 7.20%

Cash, 9.21%

Property

Development,

1.28%