Value Partners (Trades, Portfolio) Group (HKSE:00806) is a Hong Kong-based firm that has focused on Asian markets for more than two decades. Its shares often closely parallel movements in the Hong Kong and Shanghai markets. Each climbed precipitously into May before cooling off with the bear market for Chinese stocks. Increasingly discouraging news out of China led us to take gains and reduce our position considerably between January and July, which helped it keep its place as the Fund’s best performer in 2015 in spite of a steep correction for its shares in the second half of the year. (We began to slowly add shares in the second half.)
From Royce Fund's Global Value Fund 2015 annual letter.
