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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.
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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。
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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。
个人资料私隐声明
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:
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：
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。
投资哲学
人口老龄化、出生率下降，劳动人口减少，是中国正面对的挑战，而这对中国以至香港经济的中线增长前景带来莫大考验。其次，中国内地债务是否会恶化以及科技是否与世界脱轨，亦备受关注。
然而，我们相信在相关的结构与社会经济变革中，危机与机会往往并存。在新冠疫情过后，中国一直致力推进产业升级，改善服务或产品质素，同时亦着力推动国企改革及提升资本效益，以上种种，预期均有助释放上市公司的蕴含价值。此外，我们留意到许多大型国企及红筹公司由于业务稳健且前景清晰，故具有估值上调的潜力。
中国经济虽放缓，但香港仍是连接中国与世界经济的最重要桥梁之一，可受惠于亚洲区内的持续经济增长。
我们管理的零售基金聚焦于大中华市场，而私人基金及专户则为喜欢市场多元化的专业投资者而设。私人基金及专户的投资章程允许分散投资于海外，近年，我们留意到不少海外公司均处于成长期。举例说，本公司自2013年起已积极投资日本股票。随着日本企业改革及盈利复苏，我们预期日股陆续将涌现更多投资机会，而日本或可摆脱二十多年来的通货紧缩局面。此外，印度市场料可受惠于人口结构、外国直接投资(FDI)之流入及生产线转移等多项利好因素，值得留意。另外，韩国亦是充满深层价值机会的市场，我们已投资韩股多年，且获得不俗的投资回报。
不少中价股及细价股向被经纪及机构投资者忽视，然而，蕴藏深层价值的股票却往往是该等无人问津、但资产负债表强劲、管理层具备远见的生意。
