Investment Philosophy - VL Asset Management Limited.

Disclaimer

This website contains information about VL Asset Management Limited ("VLAM") and the services and funds offered by VLAM.

This website is not directed to any person in any jurisdiction where the publication or availability of the VLAM website is prohibited. Persons in respect of whom such prohibitions apply must not access the VLAM website.

Any document and all the information, material and data set out herein (collectively “the Content”) may contain confidential and/or privileged material and is/are rendered on an entirely without prejudice basis. Any review, retransmission, dissemination, copying, reproduction or other use of, or taking of any action in reliance upon, the Content or any part thereof by any person or entity other than the intended recipient is strictly prohibited. The Content shall not in any way affect or prejudice the respective rights, obligations and liabilities (if any) of VLAM and its affiliates, including VL Trusts, (collectively “the Group”) and any entity or party named, mentioned and/or referred to herein (if the context so permits or requires and where applicable, the Group refers to VLAM). Any rating, certification or award as mentioned and/or appearing in the Content may belong to a particular entity as specified in the Content. Whilst we have endeavored to ensure those parts of the Content that are sourced externally and disclosed as such to be accurate, complete and up-to-date and we have reasonable belief that that is so, readers of this website are encouraged to read more about the markets and investments mentioned herein before making any investment decision.

In particular, readers should be aware of the concentration of the fund's investments in China and Hong Kong giving rise to possibly greater volatility compared with broad-based global funds. You should note too that VLAM, as manager of the fund, is entitled to receive performance fees under certain conditions, that such fees may encourage a manager to make riskier investment decisions than in the absence of performance-based incentive systems and that you should familiarize yourself with the method of calculating such fees.

The Content has been prepared for reference only and neither the information nor any opinion contained herein constitutes a distribution, an offer to sell or the solicitation of an offer by the Group.

Without prejudice to the generality of the foregoing, the Content does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction or country in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation or where such offer or solicitation would be contrary to law or regulation or which would subject the Group to any registration requirement within such jurisdiction or country.

The Group and persons associated with it may have positions in and/or engage in transactions related to the markets referred to in the Content.

The Group may have relationship with any entity or party named, mentioned and/or referred to herein. Managers of the underlying portfolios may have an equity stake in the underlying portfolios which they manage. Conflicts of interest cannot be ruled out at the level of the underlying portfolios.

To the best of the knowledge, information and belief of the Group, all information contained herein is accurate as at the date of publication.

Under no circumstances may the information contained herein, or any part thereof, be copied, reproduced or redistributed without the express permission and written consent of the Group.

The price of securities (including any unit trust) may go down as well as up and past performance figures shown are not indicative of future performance.

The Group does not accept responsibility for any interference or damage to your own computer system, the records stored thereon or those of any other person, which arises in connection with your use of this website or any linked website. A cookie is utilized on this website. It allows your browser to check whether you have read and agreed to these terms. The cookie does not contain any personally identifiable information. All copyrights reserved and its contents including all information, graphics, code, text and design in this website are owned by the Group and should not be reproduced or distributed without its permission. These terms are governed exclusively by the laws of Hong Kong Special Administrative Region and constitute the entire agreement between you and the Group in relation to the use of this website.

When you access certain links on our website you may leave our website. The Group has not reviewed any of the websites linked to our website and does not endorse or accept any responsibility for the content of such websites nor the products, services or other items offered through these websites.

The Group is committed to maintaining your personal data in accordance with the requirements of the Personal Data (Privacy) Ordinance and will take all reasonable steps to ensure that your personal data is kept secure against unauthorized access, loss, disclosure and destruction. Please be aware that this statement replaces any notice or statement of similar nature issued by the Company previously, pursuant to the Personal Data (Privacy) Ordinance (the “Ordinance”). Our detailed privacy policy statement is available at our website.

VL Asset Management Limited is regulated by the Securities and Futures Commission of Hong Kong (SFC).

This website has not been reviewed by the SFC and may contain information of non-SFC authorized funds issued by VLAM.

SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

The information contained herein should not be considered to be legal, tax, investment or other advice and each prospective investor should consult his/her own stockbroker, financial adviser, bank manager, solicitor, accountant or other professional adviser in respect of matters concerning his/her investment.

The information is current as at the date of publication but is subject to change without notice.

For Swiss Qualified Investors:

Definition of Qualified Investor as per Art. 10 CISA (Collective Investment Scheme Act) :

Paragraph 3

Regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes, as well as central banks; regulated insurance institutions; public entities and retirement benefits institutions with professional treasury operations; companies with professional treasury operations.

Paragraph 3bis

High-net-worth individuals may declare in writing that they wish to be deemed qualified investors. In addition, the Federal Council may make such persons’ suitability as qualified investors dependent on certain conditions, specifically technical qualifications.

Paragraph 3ter

Investors who have concluded a written discretionary management agreement as defined in Article 3 Paragraph 2b and c are deemed qualified investors.

You hereby acknowledge that you have read the Terms of Access for the restrictive part of this website and to fully consent to the Terms of Access as well as the terms and conditions of use of the website.

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本网站包含有关VL资产管理有限公司（“VLAM”）以及VLAM提供的服务和基金的信息。

本网站不面向任何禁止发布或提供VLAM网站的司法管辖区内的任何人。此类禁令适用的人员不得访问VLAM网站。

本协议所列的任何文件和所有信息、材料和数据（统称为“内容”）可能包含机密和/或特权材料，并且是在完全无偏见的基础上提供的。严禁任何个人或实体（非预期接收方）对内容或其任何部分进行任何审查、转载、传播、复制、复制或以其他方式使用，或采取任何依赖于内容的行动。内容不得以任何方式影响或损害VLAM及其附属公司（包括VL信托公司）（统称为“集团”）以及本文中提及、提及和/或提及的任何实体或方的各自权利、义务和责任（如有）（如果上下文允许或要求，且适用时，集团指VLAM）。内容中提及和/或出现的任何评级、认证或奖励可能属于内容中指定的特定实体。尽管我们已努力确保从外部获取并披露的内容部分准确、完整和最新，我们有理由相信这是正确的，但我们鼓励本网站的读者在做出任何投资决策之前阅读更多关于本网站提及的市场和投资的信息。

特别是，读者应该意识到，与基础广泛的全球基金相比，该基金的投资集中在中国和香港，可能会引起更大的波动。您还应该注意到，作为基金经理的VLAM在某些条件下有权收取绩效费，这些费用可能会鼓励经理做出比没有绩效激励制度时更具风险的投资决策，您应该熟悉计算这些费用的方法。

内容仅供参考，本文所含信息或任何意见均不构成集团的分销、出售要约或要约邀请。

在不影响前述一般性的情况下，内容不构成，也不得用于以下目的：，向任何司法管辖区或国家的任何人发出要约或招揽，而该等要约或招徕在该司法管辖区内未经授权，或向任何人发出该要约或招募是非法的，或该要约或邀请将违反法律或法规，或会使集团在该司法辖区或国家内受到任何注册要求。

集团及其关联人员可能在内容中提及的市场中持有头寸和/或从事与该市场相关的交易。

集团可能与本协议中指定、提及和/或提及的任何实体或方存在关系。基础投资组合的经理可能在其管理的基础投资组合中拥有股权。不能在基础投资组合层面排除利益冲突。

就本集团所知、所知和所信，本文件所含的所有信息在发布之日均准确无误。

在任何情况下，未经本集团明确许可和书面同意，不得复制、复制或重新分发本文所含信息或其任何部分。

证券（包括任何单位信托）的价格可能下跌，也可能上涨，所显示的过去业绩数据并不代表未来业绩。

本集团不承担因您使用本网站或任何链接网站而对您自己的计算机系统、存储在其中的记录或任何其他人的记录造成的任何干扰或损坏的责任。此网站上使用了cookie。它允许您的浏览器检查您是否已阅读并同意这些条款。cookie不包含任何个人身份信息。本网站保留的所有版权及其内容，包括所有信息、图形、代码、文本和设计，均归本集团所有，未经本集团许可，不得复制或传播。这些条款完全受香港特别行政区法律管辖，并构成您与本集团就使用本网站达成的完整协议。

当您访问我们网站上的某些链接时，您可以离开我们的网站。集团未审查任何与我们网站链接的网站，也不对此类网站的内容以及通过这些网站提供的产品、服务或其他项目承担任何责任。

本集团致力于按照《个人数据（隐私）条例》的要求维护您的个人数据，并将采取一切合理措施确保您的个人信息不受未经授权的访问、丢失、披露和破坏。请注意，本声明取代公司之前根据《个人数据（隐私）条例》（“条例”）发布的任何类似性质的通知或声明。我们的网站上提供了详细的隐私政策声明。

VL资产管理有限公司受香港证券及期货事务监察委员会（证监会）监管。

本网站未经证监会审查，可能包含VLAM发行的非证监会授权基金的信息。

香港证券及期货事务监察委员会的授权并非对某项计划的推荐或认可，也不保证该计划的商业价值或其表现。这并不意味着该计划适合所有投资者，也不是对其适合任何特定投资者或投资者类别的认可。

此处包含的信息不应被视为法律、税务、投资或其他建议，每个潜在投资者应就其投资事宜咨询自己的股票经纪人、财务顾问、银行经理、律师、会计师或其他专业顾问。

该信息在发布之日是最新的，但如有更改，恕不另行通知。

对于瑞士合格投资者：

符合CISA第10条（集体投资计划法）的合格投资者定义：

第3段

受监管的金融中介机构，如银行、证券交易商、基金管理公司和集体投资计划的资产管理人以及中央银行；受监管的保险机构；具有专业财务运作的公共实体和退休福利机构；拥有专业资金运作的公司。

第3bis段

高净值人士可以书面声明，他们希望被视为合格投资者。此外，联邦委员会可根据某些条件，特别是技术资格，确定这些人是否适合作为合格投资者。

第3段之三

已签订第3条第2b款和第c款定义的书面全权管理协议的投资者被视为合格投资者。

您特此确认，您已阅读本网站限制部分的访问条款，并完全同意访问条款以及网站的使用条款和条件。

同意/不同意

- 如果同意，请单击“接受”登录。

- 如果不同意，请单击“拒绝”。如果您有任何疑问，请致电+852 28518177。

本網站載有關於以立投資管理有限公司（「以立」）的資料以及所提供的服務及基金資料。

本網站之信息並非提供予位處或居住於限制以立網站發佈或供瀏覽之管轄範圍人士。受此限制的人士不得登入以立網站。

本網站提供的任何文件及一切資料、材料及數據(下稱「本內容」)或載有機密及/或特權的材料，並以絕對公平形式發放。除指定的接收人士外，任何人或實體均嚴禁審閱、轉發、發放、複印、複製本內容或其任何部份或將之用作其他用途或依賴其而作出任何行動。無論在任何情況下，本內容均不得影響或損害以立及以立信託基金(合稱「本集團」)及任何實體或於本網站被點名、提及和/或指稱的任何一方(如文意允許或規定，而情況並不適用，則本集團指以立)之個別權利、義務及責任(如有)。於本內容中被提及和/或出現的任何評級、核證或獎項或屬於在本內容中指定的某一實體。本集團盡力確保本內容中來自外界之部份完整無缺並屬最新，而在披露時亦然，且我們亦有理由相信事實如此，惟本網站鼓勵瀏覽者在作出任何投資決定前，除留意本內容外，更應多了解本網站提及之市場及投資。

閣下尤其須注意本基金集中投資於中國及香港，使其相比覆蓋地域較廣泛的環球基金可能較為波動。閣下亦應留意，本公司作為本基金之經理人，可按照若干條件收取表現費，而相對於在沒有表現費制度的情況下，表現費制度或鼓勵經理人就本基金作出較高風險的投資，閣下應熟悉有關費用的計算方法。

本內容僅供參考，本網站所載的資料或意見並不構成本集團或其附屬成員作出分銷、邀約或招攬。

在不損害上文所述之一般性下，本內容不構成作出邀約或招攬，亦不可作為有關用途，對象包括身處司法管轄區或國家禁止被邀約或招攬之人士、或法律禁止向之邀約或招攬之人士、或作出邀約或招攬屬違法又或法例規定必須先行登記方可作出邀約或招攬之司法管轄區。

本集團及聯繫人士或於本內容所提及的市場中持有倉位，及/或可能參與跟該等市場有關的交易。本集團或與在此被點名、提及和/或指稱的任何實體或人士有關係。相關投資組合之經理人或持有其管理的組合的股權。在相關組合的層面上而言，不排除會出現利益衝突。

就本集團所知、所悉及所信，本網站所載資料在發佈時均屬準確。

無論在任何情況下，如未經本集團明確允許及書面同意，本網站所載內容均不得複印、複製或轉發。

任何信託基金之單位價格均可升可跌，而往績並非將來表現的指標。

本集團並不就閣下使用本網站或任何其連結網站而引起對閣下電腦系統、所儲存的紀錄或屬任何人士的紀錄受到的任何干擾或破壞而負上責任。本網站設有瀏覽紀錄裝置，以確認閣下是否已閱覽及同意本條款，惟該等紀錄裝置並無載有任何可確實辨別任何個人身份的資料。本網站之版權由本集團所有，而本網站的一切內容，包括資料、圖案、模式、文字及設計的版權均屬本集團所有，未經許可，不得複製或發佈。上述條款受香港特別行政區之法律管限並構成閣下與本集團就使用本網站的整份合約。

當閣下登入本網站的某些連結時或會導致離開本網站。本集團並無審查任何與本網站連結的其他網站，而對該等網站之內容或其所提供的產品、服務或其他項目概不予以認可或承擔任何責任。

本集團根據《個人資料 (私隱) 條例》的規定，竭力保存閣下的個人資料，並將採取一切合理步驟，確保閣下的個人資料獲妥善保存，不會遭受非法使用、遺失、披露及損毀。敬請注意，根據《私隱條例》，本聲明取代可能曾向閣下提供的任何同類性質的通知或聲明。本集團更詳盡的個人資料私隱政策已載於本網站。

以立投資管理有限公司受香港證券及期貨事務監察委員會 (「證監會」)監管。

本網站未經香港證監會審閱，並可能載有未經證監會認可、由以立發行之基金的資料。

證監會認可並不表示推薦或認許某投資計劃，亦不表示保證某投資計劃之商業成效或表現，同時亦不表示該投資計劃適合全部投資者或認許其適合任何特定投資者或某一類投資者。

本網站所載資料不應被視為法律、稅務、投資或其他建議，任何準投資者應就其投資事宜諮詢其本身的股票經紀、財務顧問、銀行經理、律師、會計師或其他專業人士。

本網站的內容是以「現時」模式提供，惟如有任何更改毋須公開作出通知。

本報告之中英文版本如有歧義，概以英文版為準。

© 版權由 VL Asset Management Limited所有不得轉載

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VL Asset Management Limited - Personal Data Privacy Statement

VL Asset Management Limited, VL Champion Fund Limited, VL Trusts (collectively “the Group”) is committed to maintaining client’s personal data in accordance with the requirement of Personal Data (Privacy) Ordinance, Cap 486 (the "Ordinance") and will take all reasonable steps to ensure that client’s personal data is kept secure against unauthorized access, loss, disclosure and destruction. This Personal Data Privacy Statement is made with reference to the guidelines issued by the Privacy Commissioner for Personal Data and it sets out the purposes for which client’s personal data will be used following collection.

When providing services to our clients and other parties, the Group and any entity or party named, mentioned and/or referred to herein (if the context so permits or requires and where not inapplicable, the Group refers to VL Asset Management Limited) may from time to time require you to supply your personal data for the purposes of opening or continuing portfolio accounts and in the establishment or continuation of investment management and advisory services by the Group. Failure to access to such data may result in the Group being unable to provide investment management and advisory services.

Personal data collected from you may be used by The Group within or outside Hong Kong, for the purposes of providing investment management and advisory services and direct marketing. The usage of the personal data may depend upon the nature of your relationship with the Group, including but not limited to:

the application for /subscription to a product/ service provided by the Group
the daily operation of the investment management and advisory services
marketing of financial services or related products; and/ or
meeting the disclosure requirements under the any law and/ or regulation and/ or codes binding on/ applicable to the Group

Data held by the Group relating to you will be kept confidential but the Group may from time to time provide information to the following parties for the above purposes:

Any agent or third party service provider who provides administrative or securities clearing or other services to the Group in connection with the operation of its business

Any person to whom the Group is under an obligation to make disclosure under the requirements of any law and/ or regulation and/ or codes binding on/ applicable to the Group

Any other person under a duty of confidentiality to the Group including any entity or party named, mentioned and/or referred to herein which has undertaken to keep such information confidential.

The Group intends to use your personal data in direct marketing and the Group requires your consent (including an indication of no objection) for that purpose. In this connection, your name and contact details held by the Group may from time to time be used by Group in direct marketing of financial services or products offered by the Group. Pursuant to the Ordinance, you have the right to (i) check whether the Group holds any personal data about you, and to access such data, at a reasonable fee, (ii) request any inaccurate personal data to be corrected, (iii) ascertain the Group’s policies and practices relating to personal data, including the type of personal data the Group holds and the main purpose for holding such data and (iv) exercise your opt-out right if you do not wish the Group to use your personal data for any direct marketing purposes. All such requests should be directed to:

The Data Protection Officer
VL Asset Management Limited

Email: enquiry@vlasset.com
Address: Unit 1807, FWD Financial Centre, 308 Des Voeux Road Central, Sheung Wan, Hong Kong

以立投资管理有限公司及以立信託基金（合称「本集团」)致力维护客户的个人资料，按照个人资料（私隐）条例第486章（「条例」）的要求採取所有合理步骤，以确保客户的个人资料妥善保存，不被非法使用、遗失、披露及损毁。此个人资料私隐声明是参照个人资料私隐专员公署所发出的指引和规定用于收集客户的个人资料。客户亦同意本集团根据本条例使用其个人资料和有关权利。

本集团及任何实体或于本网站被点名、提及和/或指称的任何一方(如文意允许或规定，而情况并不适用，则本集团指以立投资管理有限公司)在向客户及其他人士提供服务时，或会不时要求阁下提供个人资料，用以开立或延续投资组合账户，或确立或延续由本集团所提供的投资管理及顾问服务。如阁下未能提供有关资料，或会导致本集团未能向阁下提供投资管理及顾问服务。

本集团从阁下所收集之个人资料有可能会在香港境内或境外地区，用作本集团所提供的投资管理与顾问服务以及直接推广用途。个人资料的使用将视乎个别人士与本集团的关係，包括但不限于以下各项：

于本集团申请接受服务或认购产品；

投资管理及顾问服务之日常运作；

理财服务或相关产品之推广，及/或

为符合适用于本集团的任何法例及／或规例，及／或对本集团具约束力的守则而作出的披露。

本集团持有阁下的资料将予保密，但本集团或不时基于上述目的向下列人士提供有关资料：

任何向本集团提供行政、证券结算或其他服务，与其业务运作有连繫的中介人或第三方服务供应商

根据本集团需遵守的任何法例及／或规例，及／或对本集团而言具约束力/适用的守则，致使本集团有责任向其作出披露的任何人士

任何对本集团有保密责任的其他人士，包括就该等资料已作出保密承诺的任何实体或于本网站被点名、提及和/或指称的任何一方。

本集团拟将阁下的个人资料作直接推广用途，并需获阁下同意（包括表示不反对）。因此，阁下的姓名与联络资料或不时被本集团用于本集团所提供的金融服务或产品的直接推广。根据个人资料（私隐）条例，阁下有权（i）以合理的费用查核本集团是否持有阁下的任何个人资料及查阅该等资料，（ii）要求更正任何不正确的个人资料，（iii）查证本集团对有关个人资料的政策和惯例，包括本集团所持有的个人资料之類别及持有该资料的主要目的；以及（iv）若阁下不希望本集团使用你的个人资料作任何直接推广用途，阁下可行使选择权拒绝成为推广对象。上述有关要求应向以下人士提出：

以立投资管理有限公司
资料保障主任

电邮：enquiry@vlasset.com
地址：香港上环德辅道中308号富卫金融中心1807室

以立投資管理有限公司及以立信託基金（合稱「本集團」)致力維護客戶的個人資料，按照個人資料（私隱）條例第486章（「條例」）的要求採取所有合理步驟，以確保客戶的個人資料妥善保存，不被非法使用、遺失、披露及損毀。此個人資料私隱聲明是參照個人資料私隱專員公署所發出的指引和規定用於收集客戶的個人資料。客戶亦同意本集團根據本條例使用其個人資料和有關權利。

本集團及任何實體或於本網站被點名、提及和/或指稱的任何一方(如文意允許或規定，而情況並不適用，則本集團指以立投資管理有限公司)在向客戶及其他人士提供服務時，或會不時要求閣下提供個人資料，用以開立或延續投資組合賬戶，或確立或延續由本集團所提供的投資管理及顧問服務。如閣下未能提供有關資料，或會導致本集團未能向閣下提供投資管理及顧問服務。

本集團從閣下所收集之個人資料有可能會在香港境內或境外地區，用作本集團所提供的投資管理與顧問服務以及直接推廣用途。個人資料的使用將視乎個別人士與本集團的關係，包括但不限於以下各項：

- 於本集團申請接受服務或認購產品；

- 投資管理及顧問服務之日常運作；

- 理財服務或相關產品之推廣，及/或

- 為符合適用於本集團的任何法例及／或規例，及／或對本集團具約束力的守則而作出的披露。

本集團持有閣下的資料將予保密，但本集團或不時基於上述目的向下列人士提供有關資料：

- 任何向本集團提供行政、證券結算或其他服務，與其業務運作有連繫的中介人或第三方服務供應商；

- 根據本集團需遵守的任何法例及／或規例，及／或對本集團而言具約束力/適用的守則，致使本集團有責任向其作出披露的任何人士；及/或

- 任何對本集團有保密責任的其他人士，包括就該等資料已作出保密承諾的任何實體或於本網站被點名、提及和/或指稱的任何一方。

本集團擬將閣下的個人資料作直接推廣用途，並需獲閣下同意（包括表示不反對）。因此，閣下的姓名與聯絡資料或不時被本集團用於本集團所提供的金融服務或產品的直接推廣。根據個人資料（私隱）條例，閣下有權（i）以合理的費用查核本集團是否持有閣下的任何個人資料及查閱該等資料，（ii）要求更正任何不正確的個人資料，（iii）查證本集團對有關個人資料的政策和慣例，包括本集團所持有的個人資料之類別及持有該資料的主要目的；以及（iv）若閣下不希望本集團使用你的個人資料作任何直接推廣用途，閣下可行使選擇權拒絕成為推廣對象。上述有關要求應向以下人士提出：

以立投資管理有限公司
資料保障主任

電郵：enquiry@vlasset.com
地址：香港上環德輔道中308號富衛金融中心1807室

Investment Philosophy

We are a value stock investor with in-house fundamental research through both bottom-up and top-down stock-picking.

Value Investing

We adopt a Value Investing with Catalysts approach. To become our investment candidate, a stock must have a catalyst/theme to drive its share price towards our target price.

Focused

We focus on the market and products that we have proprietary expertise or knowledge and are capable of maximizing returns. Our Chief Investment Officer ("CIO") and Portfolio Manager are well versed with the stock markets in the Greater China region, hence our investment targets are primarily stocks listed in Hong Kong and China.

For our private fund and managed accounts, the investment mandates have no restrictions on investment by geography. With our CIO also having long experience in the pan-Asia equity markets, our private fund and managed accounts have meaningful exposure in pan-Asia apart from Hong Kong/China.

In-house Research

We utilize internal and external database, research and regular company visits to analyze, screen and monitor companies that fit our investment criteria. We build out our own asset pricing models, and maintain at least a 3-year earnings projection for core investments that we hold. When necessary, we shall hire independent investigative agencies to perform industry analysis, due diligence on top executives of our core investments.

We have also been conducting in-depth research on a number of Asian and emerging markets over the years. This enables us to diversify into overseas markets according to the mandate of individual investment funds or portfolios.

Active Management

Deep value is always hidden in under-researched, under-valued stocks, hence we tend to favour small-to-mid caps in most market cycles. We do not follow any benchmarks but manage our exposure and cash level in an active and prudent fashion.