The market fluctuated in February. After two months of fluctuations, our NAV basically has returned to the beginning level of the year.

2019 has passed. As far as A-share investment is concerned, this year is a good year. The CSI 300 has increased by more than 30%. The median return of stock biased mutual funds has significantly surpassed the CSI 300. This is rare in history.

The net position of our portfolio hasn’t changed much in November. We maintained a proactive investing approach. Equity market declined during the month, mainly due to the valuation factor, not change to future earning expectations, in our view.

During October we kept actively investing. The richness of our portfolio also improved, which was supported by our internal research efforts.

In September, electronics and computer were two outperforming sectors that drove the market upwards. However, we invested little in the two sectors. We continue to be optimistic in the A share market. Meanwhile, we reduced our position in a couple of companies which we believe are facing increasing competition pressure.