China Southern Selected Value Mixed Securities Investment Fund

  • Overview
  • Performance
  • Holdings
  • Distribution History
  • Summary of NAV
  • Documents
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.
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 Code 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 3 Years Since Inception*
A Share* -0.23% 6.87% 17.55% 111.07% 275.13%
H Share -0.23% 6.87% - - 6.52%
# 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 30 April,2017
Class 2011 2012 2013 2014 2015 2016 Year to Date
A Share -25.81% 12.09% 12.85% 35.16% 69.66% -18.40% 10.07%
H Share - - - - - -3.46% 9.99%
# 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 30 April,2017
Investment Portfolio
Sector Allocation
#”Others” include Health Care, Materials, and etc
As of 30 April,2017
Top 5 Holdings#
Company % of NAV
Norinco Internationa 6.89%
Sfy 6.79%
NEP. 5.32%
Sdic Power 4.32%
Robam Appliances 4.22%
# Source: China Southern Asset Management
Holdings information is just for reference only. The holdings information is for Class A distributed in Mainland China and 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 30 April,2017
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
Class 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)
Class H 2017-1-18 2017-1-18 2017-1-20 RMB 0.185 RMB 0.185 RMB 0
*“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.
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.

Summary of NAV
Class Units Inception date Latest unit price Last valuation date
H RMB 2016-05-27 RMB 1.3310 2017-08-17

To check historical prices, simply select the fund and the periods required.

Class
Units
From
To

    Documents
    prospectus Summary
    Prospectus
    KFS
    HK Covering Document
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Announcement
    Unaudited Quarterly Reports
    Notice on Updated Prospectus Summary
    Notice on Updated Prospectus
    Announcement on Adjusting the Valuation Method of the Suspended Stocks Held
    Dividend Distribution
    Notice on Audited Annual Report & Annual Report Summary
    Unaudited Semi-Annual Report for the period ended 30 June 2016
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Financial Reports
    Quarterly report
    Annual Report Summary
    Annual Report
    Interim Report Summary
    Interim Report
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Distributors
    FAQ
    Disclaimer

    Investment involves risk. Please refer to the Prospectus and the Product Key Facts Statement for details of the risks of investing in the Fund. 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. We recommend investors obtain and read a copy of the Explanatory Memorandum and the Key Facts Statement before investing. This material has not been reviewed by SFC in Hong Kong.
    The Fund is authorized by the Hong Kong Securities and Futures Commission (“SFC”). SFC authorization is not a recommendation or endorsement of the Fund.

    Issuer: CSOP Asset Management Limited