Vision Opportunity China Fund, a closed-ended fund traded on AIM that invests in companies with operations principally within Greater China, has reported an increase in net asset value per share of 0.48 per cent to USD2.10 for the year ended 30 September 2010.
Inclusive of the capital return in May, the share price total return over the 12 month period ended 30 September 2010 was 37.2 per cent.
Vision adopted a policy to return between 20 per cent and 50 per cent of relevant net realised gains to shareholders each year.
An initial return of capital of USD0.05 per share, amounting to USD3.31m in aggregate, was paid on 28 May 2010.
As part of this policy, board intends to buy back shares in the market for a further USD1.44m in aggregate.
Vision made a significant realisation from its USD9.45m investment in Lihua International in October 2008, with total proceeds from the sale in January 2010 amounting to USD33.84m.
A total of USD19m was principally invested in three new investments: China Security & Surveillance Technology, China Gerui Advance Materials and Keyuan Petrochemicals.
Adam Benowitz, chief investment officer of Vision Capital Advisors, says: “The company’s portfolio has continued to mature and we are delighted to have added three new portfolio companies that represent innovative corners of China’s fast-growing industries which are all poised to benefit from the growing consumption within China. We will continue to focus our efforts on second and third tier cities in China where competitive forces are less prevalent and opportunities are richer in upside while striving to realise investments where appropriate in order to deliver meaningful results to shareholders.”
