Value Partners “A” Fund - Offshore-Rebates

Value Partners “A” Fund
(A Cayman Islands Unit Trust)
MANAGER’S REPORT (Continued)
Value Partners “A” Fund: Compared to Hang Seng Index
Year-to-date: 31 December, 2001 to 31 December, 2002
NAV as of 31 December, 2002 = US$43.51 (“A” unit)
35%
% change
30% “A” Fund after performance fee
Hong Kong Hang Seng Index
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
25%
+20.8%
31/12/2001
8/1/2002
15/1/2002
22/1/2002
29/1/2002
5/2/2002
11/2/2002
19/2/2002
26/2/2002
5/3/2002
12/3/2002
19/3/2002
26/3/2002
2/4/2002
9/4/2002
17/4/2002
24/4/2002
2/5/2002
8/5/2002
15/5/2002
22/5/2002
29/5/2002
5/6/2002
12/6/2002
19/6/2002
26/6/2002
30/6/2002
3/7/2002
10/7/2002
17/7/2002
24/7/2002
31/7/2002
7/8/2002
14/8/2002
21/8/2002
28/8/2002
4/9/2002
11/9/2002
18/9/2002
25/9/2002
2/10/2002
9/10/2002
16/10/2002
23/10/2002
30/10/2002
6/11/2002
13/11/2002
20/11/2002
27/11/2002
4/12/2002
11/12/2002
18/12/2002
27/12/2002
31/12/2002
Since Launch of Value Partners “A” Fund: 1 April, 1993 to 31 December, 2002
-18.2%
Source: BTFE & Bloomberg
400%
350%
300%
250%
200%
150%
100%
50%
% change
“A” Fund after performance fee
Hong Kong Hang Seng Index
+335.1%
+45.9%
0%
1/4/1993
28/9/1993
29/3/1994
27/9/1994
28/3/1995
26/91995
26/3/1996
24/9/1996
25/3/1997
23/9/1997
31/3/1998
29/9/1998
30/3/1999
28/9/1999
28/3/2000
26/9/2000
27/3/2001
25/9/2001
26/3/2002
25/9/2002
31/12/2002
Source: BTFE & Bloomberg
The price of units may go down as well as up and past performance cannot guarantee future results.
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