Issue 12
- In: Newsletter
- Published on 25 January 2011
- By Super User
- Hits: 88
Although the market has shown some volatility during the month, however it closed the month with little changes.
The market also shown some capsize-shift towards large-cap stocks. Investors were profit-taking on small-cap stocks and putting their capital into large-cap stocks. Small-cap index lost 1.17% during the month and large-cap index improved by +0.08%.
Issue 11
- In: Newsletter
- Published on 04 January 2011
- By Super User
- Hits: 88
The fund was double hit during the month.
As mentioned in the previous newsletter, we have reduced our net long exposure in late October to further observe the market as the forward P/E of HSI has gradually approaching its higher end of historical average and to hedge against any expectation shortfall from QE-II.
Issue 10
- In: Newsletter
- Published on 04 January 2011
- By Super User
- Hits: 76
The market continued it uptrends with HSI recorded 3.30% and HS CEI posted 6.15% gain for the month of October. Shanghai and Shenzhen had make a strong comeback with double digits returns with 12.17% and 11.53% respectively. As almost 50% of fund's portfolio was positioned in the mid cap segment and this month major market returns contribution came from large and small cap segment, the fund's performance inevitably had missed the action and gave back 1.83% returns. The fund started to reallocate more investment into the small cap segment and closed the month with a more balanced distribution amongst all segments.