Asia Value Fund Up 6.3 Percent, Market Still Attractive by Tee Leng, ValueEdge

Dear Shareholders,

Asia Value Fund

Asia Value Fund

Initial Net Asset Value (per unit): $10,000

Net Asset Value as of April 2015 (per unit): $14,329

Asia Value Fund

I am pleased to announce that for the period of 1Q2015, the Asia Value Fund is up by 6.3%. Relative to the benchmarks, the Asia Value Fund has outperformed the Vanguard Pacific ETF and STI ETF by 4.2% and 4.0% respectively. Since inception, the NAV of the fund has increased by $4,329, translating to an increase of 43.3%, outperforming both benchmarks during this period.

During this past 3 months, we have successfully deployed all available cash as we discovered companies with sufficient margin of safety. The Asia Fund’s performance this quarter is mainly attributable to the Singapore market where we see many of our positions climbing up based on our deep value strategy. While the Hong Kong market is still depressed due to the pessimistic outlook of China, we believe our investment thesis is still intact. We observe current hot topics to be centered around the possibility and implications of a Greek exit from the Eurozone, the Oil Crisis and the impending rise of interest rates. Nevertheless, markets are never perfect, and we believe a buy-and-hold strategy will prevail over the vicissitudes of the market. Going forward, we expect to see a greater proportion of our funds being invested in the Hong Kong market given the more attractive risk reward ratio.

As always, please feel free to let us know if you have any clarifications regarding the investments in the ValueEdge Asia Value Fund.

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