Amendment to the performance fee disclosure of the underlying fund of P40 Value Partners High-Dividend Stocks

26 June 2019

Friends Provident International Limited (“Friends Provident International”) has been notified by Value Partners Hong Kong Limited (“The Company”) that the Explanatory Memorandum of the underlying fund of P40 Value Partners High-Dividend Stocks will be amended to reflect additional disclosures on performance fee calculation. This change will become effective from 20 July 2019 (the “Effective Date”).

The Company have confirmed:

“It is currently disclosed in the Explanatory Memorandum (as amended by the Third Addendum dated 28 March 2018) that performance fee is payable annually on a high-on-high basis in accordance with the following formula:

(A-B) x C x D

where:

“A” is the net asset value per unit of a particular class as at the Performance Fee Valuation Day which is the last Valuation Day of each calendar year (prior to the deduction of any provision for any performance fee and any distribution declared or paid in respect of that performance period).

In order to avoid ambiguity, we wish to clarify that “that performance period” in the definition of “A” refers to the “relevant performance period(s) since the last performance fee is crystallised and paid”. Accordingly, the following amendments in bold and underlined will be made to the definition of “A”:-

“A” is the net asset value per unit of a particular class as at the Performance Fee Valuation Day which is the last Valuation Day of each calendar year (prior to the deduction of any provision for any performance fee and any distribution declared or paid in respect of the relevant performance period(s) since the last performance fee is crystallised and paid).”

Should you have any questions regarding these changes, please contact International Funds & Investments.