Allard Growth Fund Monthly Review – February 2017

Allard Partners is an absolute return investment manager focused solely on Asia. We grow our clients’ wealth
over the long term by investing in quality companies only when they meet our valuation criteria.

Performance Review Composition of AGF Portfolio*

The Allard Growth Fund (AGF) was up 1.48% in Geographic Breakdown

February and 6.24% for the calendar year-to-date.
Since inception at the end of 1995, the Fund has
achieved a net compound annualised return (CAGR) India 14.8%
Indo 0.7%
Cash 17.7%
of +10.82%.
Korea 5.0%
1
AGF Net Performance Summary
Sing
11.5%
2 HK/China1
US$ Unit Price (28/02/2017) 72.0727
50.3%

Monthly Net Performance +1.48%

Calendar year-to-date +6.24% 1

Includes Chinese businesses listed in the US.

CAGR Industry Breakdown

Since inception end December 1995 +10.82%
+6.25% Conglom RE Media &
Ten years 11.5% Comm.
+6.14% 6.1%
Seven years Health & Manuf 6.6%
Five years +3.93% Personal 5.7%
Three years +6.15% Care
Cash
4.9%
17.7%
Annualised Volatility
Since inception end December 1995 12.52% Telco
13.3%
Ten years 13.83%
Seven years 10.42%
Others2 Fin. Services
Five years 9.53% 0.5% 14.2%
Three years 10.72%
Retail
4.9% Utilities
Since Inception end December 1995 8.5% F&B 6.1%
Total Net Performance +780.07% 2
Sharpe Ratio (assuming RFR 2.4%) All industries with less than 1% are categorised as ‘Others’
0.70
_________________
3
Concentration of Portfolio
MSCI Asia Pacific ex Japan (US$)
Next 5
Monthly – February 2017 +3.45% Holdings Top 5
Calendar year-to-date +9.46% 16.5% Holdings
39.6%
CAGR
Since end December 1995 +5.71%
Ten years +4.86% Remaining
Seven years Holdings
+5.69% 26.2%
Five years +3.76%
Three years +3.42%

Since Inception end December 1995

Annualised Volatility 21.76%
Total Performance +224.11% Cash 17.7%
Sharpe Ratio (assuming RFR 2.4%) 0.26
* For the purpose of reporting the underlying equity value of the portfolio,
we assume all put options, which currently represent 1.5% of the portfolio,
are exercised.
1. Data is net of all fees and based on year-end unit prices that are audited
up to Dec 2015
2. Unaudited unit value, net of all fees
3. MSCI Asia Pacific ex Japan AC Total Return Index

AGF© 2017 Allard Partners I Confidential Absolute focus on Asia I Page 1

 Allard Growth Fund Monthly Review – February 2017

Historical Performance

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017 4.69 1.48 - - - - - - - - - - YTD 6.24%

2016 -5.62 -2.16 7.50 1.27 -1.10 3.04 5.07 5.24 0.29 0.20 -2.51 -1.23 9.60%

2015 1.71 0.18 -0.96 4.31 -1.34 -2.40 -1.28 -6.46 -0.64 5.82 -3.47 -0.23 -5.23%

2014 -2.61 1.66 2.93 0.21 2.61 0.25 3.33 0.77 -2.59 1.15 0.35 -0.78 7.31%

2013 1.85 -0.35 -0.43 0.41 -0.88 -3.79 -0.29 -1.83 3.70 1.54 -0.13 -1.97 -2.37%

2012 6.00 3.01 -0.86 -0.39 -5.25 2.31 1.63 0.04 3.76 1.68 0.61 1.61 14.54%

2011 -1.37 -1.96 2.45 1.50 -0.06 0.88 2.12 -2.94 -8.45 5.84 -3.39 -0.44 -6.36%

2010 -1.69 -0.31 5.47 3.59 -4.25 2.22 5.51 1.41 4.68 1.38 -1.80 2.64 19.95%

2009 -5.14 -6.57 8.32 11.01 12.81 3.40 8.15 0.77 5.79 0.26 1.40 2.39 49.18%

2008 -4.94 1.87 -1.95 3.55 -0.09 -5.14 -0.64 -1.46 -10.16 -16.62 -4.74 9.32 -28.83%

2007 0.45 0.20 0.94 2.69 0.97 0.05 1.76 -0.30 4.67 3.87 -1.01 1.59 16.89%

2006 1.56 1.24 0.48 2.09 -2.21 -0.59 1.94 1.10 1.50 1.86 1.59 3.14 14.45%

2005 0.73 3.84 0.92 0.01 0.27 1.39 2.04 -1.04 0.46 -1.43 0.34 3.15 11.06%

2004 2.96 -0.72 -0.09 -1.48 1.26 3.12 1.16 0.89 4.13 2.35 5.40 2.87 23.89%

2003 2.57 2.23 -1.08 6.69 5.18 2.93 -1.00 2.08 2.35 5.04 -0.22 3.57 34.49%

2002 2.16 0.69 5.11 1.39 6.39 -2.16 -2.09 4.55 -3.29 0.06 2.83 2.70 19.35%

2001 2.21 2.54 -7.11 4.06 7.20 -0.78 0.42 3.64 -4.87 2.22 4.21 1.68 15.56%

2000 -5.26 -2.64 5.08 -2.51 -1.55 6.17 5.32 -0.24 -4.64 -1.35 1.06 6.07 4.64%

1999 0.17 -0.30 4.82 7.28 0.27 6.32 -1.41 -0.16 -0.99 -1.24 1.07 3.29 20.29%

1998 -3.64 5.18 1.05 -0.19 -0.67 -3.39 0.99 -9.08 5.09 12.03 4.23 0.64 11.24%

1997 -8.37 6.63 -0.01 0.38 1.98 2.49 2.55 0.10 -0.06 -8.53 -1.44 0.72 -4.53%

1996 4.75 3.05 1.25 2.70 -1.59 -2.25 0.21 4.36 0.11 2.20 5.53 0.17 22.11%

Performance figures are net of all fees and measured in US$. Annual returns up to Dec 2015 are based on audited year-end unit prices.

Registration

Cayman Islands The Allard Growth Fund is regulated by the Cayman Islands Monetary Authority as a Registered Fund.
Hong Kong Allard Partners Limited is licensed by the Securities and Futures Commission.
Allard Partners Limited is registered with the Securities and Exchange Commission under the Investment
USA
Advisers Act.
UK The Allard Growth Fund is registered as a UK Reporting Fund.

AGF© 2017 Allard Partners I Confidential Absolute focus on Asia I Page 2

 Allard Growth Fund Monthly Review – February 2017

Return Distribution

80

70

60
No. of Months

50

40

30

20

10

Performance Over Multiple Cycles

AGF
CAGR+10.8%
700
Volatility 12.5%
AGF since pre-GFC +58.8%

400
MSCI AP ex Jap since pre-GFC +6.5%
MSCI AP
ex-Jap
CAGR +5.7%
US$ '000

200 Volatility 21.8%

100 Global Financial

Crisis

50 SARS/Iraq War
Tech
Asia Crisis Bubble

Allard Partners Limited is a registered investment adviser regulated by the Securities and Futures Commission of Hong Kong. The Allard Growth Fund is a Cayman
Islands Unit Trust Fund – it is not authorized by the SFC in Hong Kong. The investment performance has been verified by the Trustee of the Fund and includes the
performance of the relevant portion of its predecessor fund. Past performance is no guarantee of future performance. The above monthly review is prepared solely
for informational purposes and is furnished on a confidential basis only. This report is not a solicitation, nor is it an official confirmation of terms.
Notice to investors in Switzerland: Swiss representative of AGF – Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland;
Swiss paying agent of AGF – Banque Cantonale de Geneve, 17, quai de l’lle, 1204 Geneva, Switzerland; Place of jurisdiction - In respect of the Units distributed in
or from Switzerland, the place of jurisdiction under Swiss Law is the registered office of the Swiss representative.

For more information on Allard Partners, please visit www.allardpartners.com or email info@allardpartners.com.

AGF© 2017 Allard Partners I Confidential Absolute focus on Asia I Page 3