Everyone has been watching the eye-watering rise of the Chinese A-Share indices and the most recent 30%+ correction of the China Shenzhen A-Share Index. This index is up 62% year to date. It is interesting to note that since the 1st of August 2009, the China Shenzhen A Share index is up 106%, compared to the S&P 500 up 124%. We are still confident in the undervalued Chinese companies that we own, which include China Life and Zhaopin. We finished the financial year with a net return of 27.0%, beating the MSCI World Total Return benchmark by 2.4%. Our top-performing stocks in FY15 were Nasdaq and eBay, companies that we have held since inception of the fund, four and a half years ago. We have done very well out of companies in the financials, technology and industrial sectors over the years, and expect these companies to continue to deliver sound earnings growth and capital appreciation for our clients going forward. I will talk to you about our technology and financials positions in this newsletter. (VIEW LINK)