When our China Fund was set up eleven years ago, China was only one of the emerging markets that many investors considered opportunistic. Today, many believe it is a market that offers the most promising return in the coming years. Supported by the inherent strengths of the society, as well as structural changes in the country, we believe a multiyear bull market that will last decades, has just begun. Through a disciplined and focused approach, we strive to achieve maximum rewards from this exceptional investment opportunity.