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For Institutional Investors in the US

China Equity

An actively managed equity strategy seeking to deliver long-term capital growth from the dynamic and evolving Chinese economy.

Overview

ABOUT THIS STRATEGY

Built through disciplined, research driven stock selection capturing opportunities arising from economic, social and technological shifts. It offers investors exposure to companies that aim to deliver unexpected earnings growth in markets offering attractive returns at a reasonable price.

INVESTMENT APPROACH

ALL-CAP, CORE PORTFOLIO
Seeking companies with persistent long-term earnings growth

DISCIPLINED BOTTOM-UP APPROACH
Focusing on the intersection of theme, governance, and fundamental analysis

HIGH CONVICTION APPROACH
Rigorous implementation of risk budgeting, with a significant portion of risk in selected high conviction ideas

Portfolio Management

Victoria Mio, CFA

Head of Greater China Equities & Portfolio Manager

Industry since 1998. Joined Firm in 2024.

Performance

RETURNS (%) (As of 06/30/2026)
Composite Gross Composite Net Customised Benchmark MSCI Zhong Hua
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Gross 2.60 1.26 16.79 12.15 -4.93 5.83 10.20
Composite Net 2.36 0.77 15.67 11.07 -6.07 4.30 8.51
Customised Benchmark MSCI Zhong Hua -6.10 -11.54 -1.47 8.02 -5.32 4.73 6.66
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
RETURNS (%) (As of 06/30/2026)
Composite Gross Composite Net Customised Benchmark MSCI Zhong Hua
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1999)
Composite Gross 2.60 1.26 16.79 12.15 -4.93 5.83 10.20
Composite Net 2.36 0.77 15.67 11.07 -6.07 4.30 8.51
Customised Benchmark MSCI Zhong Hua -6.10 -11.54 -1.47 8.02 -5.32 4.73 6.66
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Calendar Year Returns (%)
Composite Gross Composite Net Customised Benchmark MSCI Zhong Hua
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Composite Gross 39.10 5.73 -15.14 -25.20 -17.58 30.44 29.75 -21.31 55.82 4.84
Composite Net 37.75 4.70 -15.96 -26.52 -19.02 28.25 27.57 -22.68 53.22 3.07
Customised Benchmark MSCI Zhong Hua 31.33 15.65 -11.74 -18.92 -18.12 27.52 20.71 -16.25 49.35 1.52
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

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