Ownership of Value Partners (“VP”) Value Partners Limited (“VPL”) was established in 1993 and is wholly-owned by Value Partners Hong Kong Limited (“VPHK”), the immediate holding company, while Value Partners Group Limited (“VP Group”) is the ultimate holding company. Previously, VPL was wholly-owned by VP Group, who also wholly-owned VPHK. In December 2011, VP Group transferred all its interests in VPL to VPHK, which resulted in VPL being wholly-owned by VPHK. VPHK continues to be wholly-owned by VP Group. VP Group is an investment management group listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 806) and is the holding company of several operating investment management and advisory businesses. Both VPL and VPHK share the same personnel, policies and procedures.

Assets under Management As of December 31, 2018, client regulatory assets under VP management totaled approximately US$14.3billion. Of this amount, US$3.7 billion is under VPL management and US$10.6 billion is under VPHK management. The breakdown of discretionary and non-discretionary assets is as follows: (in US$) VPL VPHK Discretionary assets 3.7 billion 10.3 billion Non-discretionary assets - 0.3 billion

As some of our funds would invest into our own funds (which may be managed by VPL or VPHK), market value of cross holdings amounted to approximately US$0.44 billion and this adjusted Group regulatory assets under VP management totaled approximately US$13.9billion. Investment Philosophy VP generally employs an investment philosophy of buying securities that appear underpriced based upon an analysis of the financial statements, management, current health and competitive advantages of the issuer of the securities when compared to its competitors and markets. This approach is commonly referred to as “value investing”. VP employs a bottom-up approach to stock selection, one that is based on VP’s value investing discipline and focuses on intensive fundamental research. This type of research involves analysis of companies based on their own merit without regard for the specific sectors in which they participate or the current economic conditions but looks closely at each company’s management, business model, growth prospects as well as other company characteristics. VP provides investment management and advisory services and offers a broad spectrum of investment solutions for both institutional and individual clients in Asia Pacific, Europe and North America. VP product suite currently includes equities, fixed income and multi-asset. VP concentrates its investment expertise regarding securities traded in Asian markets, particularly the Greater China region.

Advisory Services VP serves as a discretionary investment manager, sub-investment manager or trading advisor, focusing in Greater China region, mainly to:  privately placed, pooled investment vehicles (“Private Funds”);  collective investment funds authorized by the Hong Kong Securities and Futures Commission (“Authorized Funds”);  Undertakings for Collective Investment in Transferable Securities (“UCITS”); and  segregated accounts (“Segregated Accounts”).
The disclosures contained in VP’s Part 2 of Form ADV (“Brochure”) are designed solely to
provide information about VP and the investment management/advisory business it
conducts. None of the discussions regarding the Authorized Funds, UCITS or Private
Funds (collectively “Funds”) shall constitute a solicitation of an offer to buy or an offer to
sell the securities of the Funds.
Private Funds, Authorized Funds and UCITS VP manages the Funds in accordance with each Fund’s investment objective, strategy and guidelines. A description of the investment objective, strategy and risk factors of each Fund is set forth in each Fund’s offering document. For Private Funds, the offering document consists of a confidential private placement memorandum (“PPM”) and for the Authorized Funds and UCITS, these descriptions are contained in the explanatory memorandum (“EM”) or prospectus (“Prospectus”). The Funds are not tailored to the individual needs of any particular investor and all investors are cautioned to consider whether a Fund meets their individual investment objectives and risk tolerance prior to investing. Segregated Accounts VP also provides investment management or advisory services to Segregated Accounts which are tailored to meet each client’s stated investment objectives, strategies, restrictions or guidelines. These are all specified in the investment management/advisory contract between VP and the client. Each Segregated Account serviced by VP may be referred to herein as a “Segregated Account Client” or “Client” throughout the brochure. Segregated Account Clients may impose additional investment guidelines and restrictions upon VP’s agreement. These can include guidelines designed to reduce risk e.g. not permitting derivatives, single stock or sector restrictions. Clients are required to inform VP in writing of these guidelines and restrictions, and these are then coded in Charles River Investment Management System to ensure investment compliance. Side Letter Arrangements VP or its associates or its Funds may enter into side letter arrangements with investors granting an investor preferred economic and other terms as compared to other shareholders. These may include, but are not limited to, rebates of fees and/or charges payable to VP or its associates and the reservation of capacity in the Funds. VP or its associates may also agree to consult with or obtain prior approval from particular investors before taking certain actions with respect to the Funds. please register to get more info

Open Brochure from SEC website
Pooled Investment Vehicles $11,615,818,958
Discretionary $11,686,587,264
Non-Discretionary $357,739,344
Registered Web Sites

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