On the other hand, our holdings in the consumer discretionary and communication services sectors were among the major detractors to the Fund's absolute performance for the year. Brilliance China Automotive Holdings (HKSE:01114), a joint-venture partner with BMW in China, suffered sharp a sell-off after the company announced it would sell its 25% stake in the BMW joint venture at a price well below investors' expectations. We believed that the company's share price dropped significantly below its business's intrinsic value, and we added further to our position.
From Matthews China Fund (Trades, Portfolio)'s fourth-quarter 2018 shareholder letter.
