❇️Value Partners Asia Equity & Bond Income Fund takes the lead in deploying AI-themed investments ✔️Up 17.1% this year 💹

Recently, artificial intelligence (AI)-related stocks have continued to be a market focus. The current upward trend is not solely driven by market sentiment but is based on continuous improvements in corporate fundamentals and industry demand. Notably, the market's ability to screen the AI sector is gradually improving. Some AI technology companies with weakening profitability and lacking actual commercial support have recently seen significant adjustments and capital outflows, reflecting that investors are beginning to place greater emphasis on corporate earnings quality and long-term competitiveness.

From an industry perspective, large U.S. cloud service providers (CSPs) continue to increase AI-related capital expenditures. Although there are concerns about their cash flow conditions, the substantial backlog of orders and enterprise-level AI demand are expected to still provide certain support for related supply chain companies. Fund managers believe that the AI industry is still in the mid-early stages of a long-term development cycle, and future demand for computing power, data centers, and high-performance chips will continue to offer structural growth potential. $Taiwan Semiconductor (TSM.US)$$SK Hynix (000660.KR)$$Samsung Electronics (005930.KR)$$DELTON (01989.HK)$

In terms of investment direction, Value Partners continues to favor the AI hardware theme, particularly focusing on chip technology-related areas. As the computational requirements for AI models continue to rise, chip technology has gradually become a core aspect of global tech competition. Leading AI hardware companies within the Asian region are also expected to continue benefiting from demand growth and product upgrade cycles, maintaining positive profit prospects.

$Value Partners Asian Income Fund MDis (HK0000352291.MF)$

In terms of regional allocation, Taiwan and South Korea remain the core markets for the fund’s holdings. Taiwan, with its complete AI supply chain, production efficiency, and globally leading semiconductor industry status, continues to be a key beneficiary in the AI investment theme. As for the South Korean market, although chip companies exhibit relatively higher volatility, they still hold strategic value in high-end memory and advanced technology fields, thus the fund maintains a certain allocation.

Regarding the macro environment, the market has largely ruled out the possibility of the Federal Reserve cutting interest rates this year, with expectations that the U.S. dollar’s movement will stabilize in the future. Against this backdrop, North Asian export-related markets may benefit from stable external demand and the ongoing recovery in the tech industry cycle, providing some support for regional stock markets.

$Value Partners Asian Income Fund MDis (HK0000352291.MF)$ By flexibly allocating Asian equities and fixed-income assets, the fund aims to pursue medium- to long-term capital appreciation while balancing income opportunities with portfolio stability. Over half of the current equity allocation in the fund is related to AI technology holdings, with a focus on establishing core competitive advantages in Asia's AI hardware and semiconductor industry chain enterprises. The fund has also taken an early position in the Japanese stock market to capture long-term opportunities brought about by corporate reforms and profit growth.

Source: Value Partners, as of April 30, 2026. Investment involves risks; past performance and any forecasts are not indicative of future results. Fund unit prices can go up as well as down. Please refer to the fund's sales documents for more information. The content provided is for reference only, and the views and opinions expressed may be subject to change without notice. This document does not constitute advice, an offer to sell, or a solicitation to buy or subscribe for any investment. Fund unit prices can go up as well as down, and past performance of the fund is not indicative of future returns. Investors should refer to the fund’s offering document (explanatory memorandum) to understand the fund details and risk factors. Investors should pay particular attention to the risks associated with investing in emerging markets. The data presented in this report are gathered from sources deemed reliable, but Value Partners Asset Management Hong Kong Limited does not guarantee the accuracy or completeness of third-party data. Some statements contained herein may be considered forward-looking statements; these forward-looking statements do not guarantee future performance, and actual results or developments may differ significantly. Before deciding to invest in the fund, you may wish to seek financial advice. If you choose not to seek financial advice, you should consider whether the fund product is suitable for you. This document has not been reviewed by the Securities and Futures Commission of Hong Kong. Publisher: Value Partners Asset Management Hong Kong Limited.

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