The AR NEW ASIA FUND is a standalone open-ended fund, incorporated as a public investment company with limited liability under the laws of Mauritius on 30 November 2005, and subsequently transferred by way of continuation to The Cayman Islands on 31 October 2008, where it was then registered as an exempt company with limited liability.

The investment objective of the Fund is to achieve gains through capital appreciation and income mainly from investments in companies whose securities are listed on stock exchanges in Asia excluding Japan, or companies listed on other stock exchanges with significant business interests or business exposure in the Asia Pacific.

HIGHLIGHTS

• Compounded annual return since inception of 11.9% (net of fees) vs MSCI 6.7%
• Achieved 83 out of 134 positive returns
• Outperformed the MSCI 61.9% of the time
• Standard Deviation of 18.9% vs MSCI 21.9%
• Sharpe ratio of 0.42
• Sortino ratio of 0.60

PERFORMANCE

% Jan Feb Mar Apr May Jun Jul Aug Sep  Oct  Nov  Dec  YTD
2006 Fund  2.4* 2.5 6.1 7.7 -6.0 1.4 3.3 2.5  2.6  8.2  8.5  3.2  50.2
 MSCI# 3.7* 0.2 1.4 7.5 6.7 -0.1 0.5 3.3 1.9 4.7  6.4  4.0  25.9
2007  Fund 8.8 5.0 0.4 2.9 3.2 3.8 3.2 -7.9 9.3  5.3  -5.6  2.1  33.2
  MSCI# -0.7 0.9 3.3 5.0 2.8 5.8 4.5 -1.6 13.0  9.7  -8.2  -1.3  36.5
2008  Fund -9.0 4.6 -1.0 8.9 4.8 -6.4 -1.2 -5.7 -15.0  -7.9  -4.9  10.3  -22.9
 MSCI# -12.6 5.0 -6.0 8.2 -1.8 -10.3 -2.7 -6.2 -16.8 -24.5  -6.4  8.9  -52.0
2009  Fund -3.6 -2.6 9.1 18.8 15.0 2.6 10.1 -1.3 4.9  1.1  5.4  4.2  81.7
 MSCI# -7.6 -5.8 14.9 15.2 14.4 0.9 12.3 -0.3 9.6  -0.4  2.8  3.6  73.2
2010  Fund  -5.8  3.2  4.1  3.0  -8.7  -1.6  7.9  -1.6  11.1  3.9  0.2  2.7  18.2
 MSCI#  -6.3  1.3  7.5  1.3  -10.7  0.7  7.4  -1.7  11.9  2.7  -2.0  6.8  18.1
2011  Fund  4.3  -1.5  4.1  6.1  -1.9  -0.3  4.0  -8.8  -16.8  7.2  -9.9  0.7  -14.7
 MSCI#  -1.3  -1.7  5.2  4.3  -2.3  -2.0  0.3  -8.5  -13.5  13.3  -7.9  0.0  -15.6
2012  Fund  8.2  6.9  -3.4  -1.8  -7.2  0.2  -0.4  2.2  5.7  1.1  1.8  1.8  15.0
 MSCI#  10.2  5.2  -3.0  0.5  -10.4  4.0  3.8  -0.3  5.9  0.5  2.3  3.1  22.3
2013  Fund  4.1  -1.8  -2.7  0.5  -0.4  -7.8  3.0  -2.0  4.1  2.4  -1.5  0.1  -2.6
 MSCI#  2.7  0.9  -1.8  2.7  -4.3  -5.9  2.1  -0.8  5.9  4.4  0.2  -1.1  3.1
2014  Fund  -4.5  2.3  2.4  2.0  1.5  2.5  3.1  1.6  -2.2  1.3 0.5 -2.2  8.1
 MSCI#  -5.1  3.5  1.0  0.7  4.0  2.3  3.8  0.7  -5.9  2.0 0.3 -2.1  4.8
2015  Fund  1.4  2.3  1.5  4.8  0.5 -2.5 -5.5 -9.1 -3.7 8.1 -1.2 0.0 -4.5
 MSCI#  2.5  1.9  0.4  7.2 -2.6 -3.7 -6.4 -9.8 -1.8 8.0 -3.4 -0.5 -9.2
2016  Fund -8.9 -1.3  8.5 -1.7 -0.7 0.0 4.6 3.5 -0.1 -1.7 -3.0 -0.6 -2.5
 MSCI# -7.6 -0.9 11.2 -0.9 -1.3 2.7 4.8 3.4 1.6 -1.5 -2.9 -2.0 5.4
2017  Fund 7.7 1.7 9.5
 MSCI# 6.2 3.4 9.8

* Since Inception on January 18 2006
# MSCI Asia ex-Japan