Risk Considerations

  • Investment involves risk. Past performance is not a guide to future performance. It is possible to lose the principal capital of your investment.
  • The Fund invests primarily in companies located in China which is an emerging market. Investments in emerging markets may involve increased risks such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
  • The Fund invests primarily in equity securities, which may result in increased volatility.
  • The Fund may invest in smaller companies, which are likely to carry higher risks than larger companies.
  • The Fund may invest in financial derivative instruments (“FDIs”). Risk associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. Exposure to FDIs may lead to a high risk of significant loss by the Fund.
  • The Fund may use hedging techniques to attempt to offset certain market risks but there is no guarantee that hedging techniques will fully and effectively achieve their desired result.
  • Pandemics and other public health emergencies can result in market volatility and disruption.
  • Investors should not invest in the Fund solely based on the information in this website. Please read the Hong Kong Offering Document carefully for further details including risk factors before investing.
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China Small Companies Fund

  • Seeks alpha in China’s lesser known small entrepreneurial companies
  • Invests in industries that are leveraged to China’s increasingly innovative and dynamic economy driven by fast growing domestic consumer demand
  • Tilt towards higher value-added growth sectors benefiting from innovation and capital efficiency


Inception Date


YTD Return (USD)

(as of 16/07/2024)



(as of 16/07/2024)


1 Day NAV Change

(as of 16/07/2024)


Seeks to achieve long term capital appreciation.


The Fund promotes environmental and social characteristics according to Article 8 of SFDR. Furthermore, the Fund uses both activity- and norm-based exclusions. Information relating to the environmental and social characteristics of this Fund is available in the prospectus.


The Fund seeks to achieve its investment objective by investing, directly or indirectly, at least 65% of its total net assets, in equities of small companies located in China, and may invest the remainder of its net assets in other permitted assets on a worldwide basis. For the purpose of this policy, China includes the People’s Republic of China, its administrative and other districts, such as Hong Kong, as well as Taiwan. The Fund defines Small Companies as companies with market capitalization no higher than the greater of US $5 billion or the market capitalization of the largest company included in the Fund's primary benchmark, the MSCI China Small Cap Index.

Fund Facts
Inception Date 29/02/2012
Fund Assets $184.04 million (30/06/2024)
Base Currency USD
ISIN: LU0721876877 (USD) LU2075925870 (GBP)
Benchmark MSCI China Small Cap Index
Geographic Focus China and Taiwan: China includes its administrative and other districts, such as Hong Kong.
SFDR Classification Article 8
Fees & Expenses
Management Fee 1.00%
Total Expense Ratio 1.25% ( USD ) 1.25% ( GBP )


  • Monthly
  • Quarterly
  • Annual Returns
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As of 30/06/2024
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
China Small Companies Fund (USD)
-5.62% -1.90% -4.27% -10.20% -21.65% 1.71% 4.80% 5.85% 29/02/2012
MSCI China Small Cap Index (USD)
-5.43% 1.98% -5.75% -14.07% -24.89% -8.90% -4.07% -1.81%
China Small Companies Fund (GBP)
-5.12% -1.93% -3.70% -10.17% -19.21% n.a. n.a. -0.85% 30/01/2020
MSCI China Small Cap Index - GBP (GBP)
-4.75% 1.91% -4.96% -13.58% -22.63% n.a. n.a. -8.02%
As of 30/06/2024
Annualized Returns
Name 1MO 3MO YTD 1YR 3YR 5YR 10YR Since Inception Inception Date
China Small Companies Fund (USD)
-5.62% -1.90% -4.27% -10.20% -21.65% 1.71% 4.80% 5.85% 29/02/2012
MSCI China Small Cap Index (USD)
-5.43% 1.98% -5.75% -14.07% -24.89% -8.90% -4.07% -1.81%
China Small Companies Fund (GBP)
-5.12% -1.93% -3.70% -10.17% -19.21% n.a. n.a. -0.85% 30/01/2020
MSCI China Small Cap Index - GBP (GBP)
-4.75% 1.91% -4.96% -13.58% -22.63% n.a. n.a. -8.02%
For the years ended December 31st
Name 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
China Small Companies Fund (USD)
-15.73% -30.72% -2.88% 77.70% 31.36% -18.79% 56.47% -1.96% 2.98% -3.20%
MSCI China Small Cap Index (USD)
-24.82% -24.77% -6.26% 27.21% 6.63% -19.53% 24.62% -5.95% 3.48% -0.34%
China Small Companies Fund (GBP)
-20.32% -22.34% -1.58% 64.20%* n.a. n.a. n.a. n.a. n.a. n.a.
MSCI China Small Cap Index - GBP (GBP)
-29.06% -15.29% -5.39% 27.96%* n.a. n.a. n.a. n.a. n.a. n.a.

* Performance shown from share class launch date to calendar year end. For reference only as there is insufficient data to provide a useful indication of past performance to investors.

Source: Brown Brothers Harriman (Luxembourg) S.C.A.

All returns over 1 year are annualized

The investment policy of the Fund was changed on 15 December 2021. The performance prior to this date was achieved under circumstances that no longer apply.

Unusually high returns may not be sustainable. Due to current market volatility associated with the COVID-19 pandemic, funds may experience significant negative short-term performance.

Since inception performance for share classes with less than one year of history represents actual performance, not annualised. In addition, for share classes less than a year old, Year to Date Return is calculated since inception.

Performance details provided are based on a NAV-to-NAV basis with any dividends reinvested, and are net of management fees and other expenses. These figures show by how much the share class(es) increased or decreased in value during the period or calendar year being shown, where applicable. Performance data has been calculated in the respective currencies stated above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

All performance quoted represents past performance and is not indicative of future performance. Investors may not get back the full amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal.

Where no past performance is shown there was insufficient data available in that year to provide performance.

Additional performance, attribution, liquidity, value at risk (VaR), security classification and holdings information is available on request for certain time periods.

Portfolio Characteristics

(as of 30/06/2024)
Fund Benchmark
Number of Positions 57 234
Weighted Average Market Cap $4.7 billion $1.5 billion
Active Share 89.3 n.a.
P/E using FY1 estimates 11.9x 7.5x
P/E using FY2 estimates 10.4x 6.6x
Price/Cash Flow 8.4 4.3
Price/Book 1.7 0.6
Return On Equity 15.8 6.2
EPS Growth (3 Yr) 22.1% 4.9%

Sources: Factset Research Systems, Inc.

Risk Metrics (3 Yr Return)

(as of 30/06/2024)
Upside Capture
Downside Capture
Sharpe Ratio
Information Ratio
Tracking Error

Fund Risk Metrics are reflective of Class I USD ACC shares.

Sources: Zephyr StyleADVISOR

Top 10 Holdings

(as of 30/06/2024)
Name Sector % Net Assets
Yangzijiang Shipbuilding Holdings, Ltd. Industrials 4.9
Kanzhun, Ltd. Communication Services 3.9
ENN Natural Gas Co., Ltd. Utilities 3.9
China Overseas Property Holdings, Ltd. Real Estate 3.6
Giant Biogene Holding Co., Ltd. Consumer Staples 3.6
KE Holdings, Inc. Real Estate 3.5
Yantai Jereh Oilfield Services Group Co., Ltd. Energy 3.2
Hongfa Technology Co., Ltd. Industrials 3.0
Tongcheng Travel Holdings, Ltd. Consumer Discretionary 3.0
ACM Research, Inc. Information Technology 2.9
TOTAL 35.5

Top 10 holdings may combine more than one security from the same issuer and related depositary receipts.

Source: Brown Brothers Harriman (Luxembourg) S.C.A

Portfolio Breakdown (%)

(as of 30/06/2024)
  • Sector Allocation
  • Market Cap Exposure
  • China Exposure
Sector Fund Benchmark Difference
Industrials 23.5 15.0 8.5
Consumer Discretionary 17.8 11.6 6.2
Real Estate 11.1 10.9 0.2
Information Technology 10.5 9.8 0.7
Consumer Staples 9.5 6.6 2.9
Communication Services 8.8 7.3 1.5
Health Care 6.4 19.4 -13.0
Materials 4.7 9.3 -4.6
Utilities 3.9 3.4 0.5
Energy 3.7 1.8 1.9
Financials 0.0 4.8 -4.8
Cash and Other Assets, Less Liabilities 0.1 0.0 0.1

Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit

Equity market cap of issuer Fund Benchmark Difference
Mega Cap (over $25B) 0.0 0.0 0.0
Large Cap ($10B-$25B) 3.5 0.0 3.5
Mid Cap ($3B-$10B) 56.4 6.5 49.9
Small Cap (under $3B) 40.0 93.5 -53.5
Cash and Other Assets, Less Liabilities 0.1 0.0 0.1

The Portfolio’s market cap exposure breakdown presented is used for comparison purposes and the definition of the capitalization breakdown is from MSCI.

The Fund defines Small Companies as companies with market capitalization no higher than the greater of US$5 billion or the market capitalization of the largest company included in the Fund's primary benchmark, the MSCI China Small Cap Index.

China Exposure Portfolio Weight
Hong Kong Listed Companies 48.1
Mainland China Listed Companies 28.5
Other 13.7
Cash and Other Assets, Less Liabilities 0.1

Mainland China listed companies includes A Share and B Shares. A Shares are Mainland Chinese companies incorporated in China and listed on the Shanghai or Shenzhen exchanges, available mostly to local Chinese investors and qualified institutional investors. B Shares are mainland Chinese companies listed on the Shanghai and Shenzhen stock exchanges, available to both Chinese and non-Chinese investors. ADRs are American Depositary Receipts and GDRs are Global Depositary Receipts. Hong Kong Listed Companies include SAR (Hong Kong) companies, China-affiliated corporations, and H Shares. SAR companies are companies that conduct business in Hong Kong and/or mainland China. China-affiliated corporations [CAC], also known as "Red Chips," are mainland China companies with partial state ownership listed in Hong Kong, and incorporated in Hong Kong. H Shares are mainland Chinese companies listed on the Hong Kong exchange but incorporated in mainland China. Other represents Chinese companies listed in other countries or non-China companies with a majority of revenue coming from China such as Japan, Singapore, Taiwan and the United States or other non-China companies.

Source: FactSet Research Systems unless otherwise noted.
Percentage values in data are rounded to the nearest tenth of one percent, so the values may not sum to 100% due to rounding. Percentage values may be derived from different data sources and may not be consistent with other Fund literature.


  • 3 YEAR
  • 5 YEAR
  • 10 YEAR

Past performance is no guarantee of future results. High ratings and rankings does not assure favorable performance.

Overall Morningstar RatingTM is reflective of the noted share class. Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Copyright ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is provided for reference purposes only.

The Overall Morningstar®️ Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and (if applicable) ten-year ratings.

Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio Managers

Winnie  Chwang photo
Winnie Chwang

Lead Manager

Andrew  Mattock, CFA photo
Andrew Mattock, CFA

Lead Manager

Sherwood  Zhang, CFA photo
Sherwood Zhang, CFA


Hardy  Zhu photo
Hardy Zhu


This information contained herein does not constitute or contain an offer, solicitation or investment advice with respect to the purchase of the Fund described herein or any security. This information is not to be construed as a prospectus, a public offering or an offering memorandum as defined under applicable securities legislation. Prospective investors should consult professional legal, tax and financial advisers as to the suitability of any investment in light of your particular circumstances and applicable citizenship, residence or domicile. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before making an investment decision. The current prospectus, Supplement for Hong Kong Investors, Product Key Facts Statements ("Hong Kong Offering Document") and other offering documents contain this and other information. Fees and expenses vary among Funds and share classes. Portfolio characteristics for the Fund may vary from time to time from what is shown.

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