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PERSISTENT ASSET

Investment Manager - Persistent Asset Partners Limited
投资经理 - Persistent Asset Partners Limited

PERSISTENT EDGE ASIA PARTNERS MASTER FUND, L.P.

December 2024  2024 年 12 月

Firm Overview  公司概述

Management Company  管理公司

  • Founded in 2002 in San Francisco, USA, Persistent Asset Partners Limited (“Persistent”) is a leading discretionary global asset allocator and one of the largest based in Asia. Since its inception, the firm has consistently received recognition within the hedge fund industry, winning numerous awards across multiple fund categories. Notable accolades include “Fund of the Year” from InvestHedge, and “Best Fund of Hedge Funds” from Asian Investor, Lipper, and HFM across multiple years. Both Persistent’s funds of funds (“FoFs”) and managed accounts have delivered best-in-class returns with low correlations to both equities and bonds.
    Persistent Asset Partners Limited（简称“Persistent”）于 2002 年在美国旧金山成立，是一家领先的全球资产配置机构，也是亚洲最大的资产管理公司之一。自成立以来，该公司在对冲基金行业屡获殊荣，在多个基金类别中赢得了众多奖项。值得注意的荣誉包括来自 InvestHedge 的“年度基金”，以及来自 Asian Investor、Lipper 和 HFM 的“最佳对冲基金”，这些奖项在多年间多次获得。Persistent 的基金中的基金（FoFs）和托管账户均实现了与股票和债券低相关性的最佳回报。
  • Persistent serves a diverse range of clients, including pension funds, insurance companies, charitable foundations, asset managers, private banks, family offices, and individual high net worth investors. With a global footprint, the firm has a strong client base in the US, Europe, and Asia, and its investment strategies span both global markets and specialized opportunities in Asia.
    Persistent 为各类客户提供服务，包括养老基金、保险公司、慈善基金会、资产管理公司、私人银行、家族办公室以及个人高净值投资者。凭借全球布局，该公司在美国、欧洲和亚洲拥有强大的客户基础，其投资策略涵盖全球市场以及亚洲的专门机会。

Investment Team  投资团队

O Senior investment professionals with strong buyside backgrounds and an average of 30 years experience in both Asia and North America
O 资深投资专业人士，拥有强大的买方背景，在亚洲和北美平均拥有 30 年的经验

Investment Process  投资流程

  • The company employs a unique and rigorous investment process developed over two decades to deliver consistent and sustainable returns within a proven risk management framework
    该公司采用了一种独特且严格的投资流程，这一流程经过二十多年的发展，旨在在已证明的风险管理框架内提供持续且可持续的回报
  • Experience and infrastructure in place to identify promising managers across a wide region
    具备经验和基础设施，可在广泛区域内识别有潜力的管理者

Investment Offerings  投资产品

- All funds exhibit a high Sharpe Ratio and low correlations to traditional asset classes throughout multiple market cycles
- 所有基金在多个市场周期内均表现出高夏普比率（Sharpe Ratio）和与传统资产类别的低相关性

The Persistent Asset Leadership

Senior investment professionals with strong buy side backgrounds and an average of 30 years experience
拥有深厚买方背景的高级投资专业人士，平均拥有 30 年经验

Management Team Biographies
管理团队简介

Xin Huang  黄鑫

Chief Investment Officer  首席投资官
Principle Analyst, PointEast Research LLC (An independent research firm for due diligence consulting for several leading venture firms in the Silicon Valley)
首席分析师，PointEast Research LLC（一家为硅谷多家领先风投公司提供尽职调查咨询的独立研究机构）
Senior Analyst, Firsthand Capital Mgt.
高级分析师，Firsthand Capital Mgt.
(Top performance multi-billion-dollar public equity firm in the U.S. in 1990’s)
（1990 年代美国顶级表现的数十亿美元公开股权公司）
M.A.Sc in Electrical & Computer Engineering & B.A.Sc in Electrical & Computer Engineering (Summa cum Laude), University of Ottawa, Canada

Dawn Yu

Head of Research  研究主管
Joined Persistent in 2010
2010 年加入 Persistent
Research Scientist,  研究科学家,
University of Cambridge and
剑桥大学和
Cyclacel Pharmaceuticals
PhD in Genetics, University of Cambridge and B.S. in Biochemistry, Imperial College of London
剑桥大学遗传学博士，伦敦帝国理工学院生物化学学士

Otto Chan

Head of Portfolio Management
投资组合管理主管
Joined Persistent in 2009
2009 年加入 Persistent
PhD candidate, City University of Hong Kong with research thesis related to hedge fund investment
香港城市大学博士研究生，研究论文与对冲基金投资相关
FRM® (Financial Risk Manager) Certification and CFA Charter Holder
FRM®（金融风险管理师）认证和 CFA 特许持有人

Chun Keung Chan  陈俊强

Head of Risk Management  风险管理主管
Joined Persistent in 2009
2009 年加入 Persistent
Senior Risk Modeling Manager, Bank of China
中国银行高级风险建模经理
Senior Product & Risk Officer, Industrial and Commercial Bank of China (Asia) Ltd
中国工商银行（亚洲）有限公司高级产品与风险官
PhD in Finance and M.Phil, Hong Kong Baptist University
香港浸会大学金融学博士和哲学硕士

Vivian Lee

Director of Operations  运营总监
Joined Persistent in 2009
2009 年加入 Persistent
Senior Associate, Financial Services, PricewaterhouseCoopers PWC HK
高级助理，金融服务，普华永道 PWC 香港
LLM in Compliance and Regulation, The University of Hong Kong and BBA (Hons) in Accountancy, City University of Hong Kong
LLM 合规与监管，香港大学和会计学荣誉工商管理学士，香港城市大学

A Comprehensive Investment Process
全面的投资流程

Manager Selection  经理选择

Manager Selection  经理选择

  • Highly liquid strategies
    高流动性策略
  • Low leverage  低杠杆
    © Combining qualitative and quantitative criteria
    © 结合定性和定量标准
  • Consistent risk-adjusted performance relative to peers
    相对于同行的持续风险调整后表现
  • Disciplined risk management
    严谨的风险管理

Source: Eurekahedge, Persistent Asset
来源：Eurekahedge，Persistent Asset
Date: From Jan 2004 to December 2024
日期：从 2004 年 1 月到 2024 年 12 月
Past performance is no indication of current or future performance. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable
过去表现并不代表当前或未来表现。业绩数据未考虑发行和赎回单位所产生的佣金和成本（如适用）。
Performance is reported at the master fund level, and is net of management and performance fees.
业绩报告在母基金层面，已扣除管理费和绩效费。
Confidential  机密

Manager Selection  经理选择

Sub-Portfolios Generate Consistent Returns (Gross of fees)
子投资组合产生一致回报（扣除费用前）

—— Japan Equity L/S Asia ex-Japan Equity L/S Macro MS Equity Trading —— Eurekahedge FOFs
—— 日本股票多空策略 亚洲（除日本外）股票多空策略 宏观策略 多策略股票交易 —— Eurekahedge 基金中的基金
Low correlations between sub-portfolios
子投资组合之间的低相关性

Correlation Matrix  相关性矩阵

  日本股票多空策略
Japan Equity
L/S
Japan Equity L/S| Japan Equity | | :---: | | L/S |

亚洲（除日本）股票多空策略
Asia ex-Japan
Equity L/S
Asia ex-Japan Equity L/S| Asia ex-Japan | | :---: | | Equity L/S |
 Macro
MS Equity
Trading
MS Equity Trading| MS Equity | | :---: | | Trading |
Japan Equity L/S  日本股票多空策略 1 0.06 -0.20 0.34
Asia ex-Japan Equity L/S
亚洲（除日本）股票多空策略		 1 0.09 0.42
Macro 1 -0.15
MS Equity Trading 1
"Japan Equity L/S" "Asia ex-Japan Equity L/S" Macro "MS Equity Trading" Japan Equity L/S 1 0.06 -0.20 0.34 Asia ex-Japan Equity L/S 1 0.09 0.42 Macro 1 -0.15 MS Equity Trading 1| | Japan Equity <br> L/S | Asia ex-Japan <br> Equity L/S | Macro | MS Equity <br> Trading | | :---: | :---: | :---: | :---: | :---: | | Japan Equity L/S | 1 | 0.06 | -0.20 | 0.34 | | Asia ex-Japan Equity L/S | | 1 | 0.09 | 0.42 | | Macro | | | 1 | -0.15 | | MS Equity Trading | | | | 1 |
Average Allocations Table:
平均分配表：
Japan Equity  日本股票

亚洲（除日本）股票多空策略
Asia ex-Japan
Equity L/S
Asia ex-Japan Equity L/S| Asia ex-Japan | | :---: | | Equity L/S |
 Macro
Ms Equity
Trading
Ms Equity Trading| Ms Equity | | :---: | | Trading |
Average  平均 17.2 % 17.2 % 17.2%17.2 \% 48.9 % 48.9 % 48.9%48.9 \% 9.1 % 9.1 % 9.1%9.1 \% 18.4 % 18.4 % 18.4%18.4 \%
Japan Equity "Asia ex-Japan Equity L/S" Macro "Ms Equity Trading" Average 17.2% 48.9% 9.1% 18.4%| | Japan Equity | Asia ex-Japan <br> Equity L/S | Macro | Ms Equity <br> Trading | | :---: | :---: | :---: | :---: | :---: | | Average | $17.2 \%$ | $48.9 \%$ | $9.1 \%$ | $18.4 \%$ |
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (YTD) 2024  (YTD)  {:[2024],[" (YTD) "]:}\begin{aligned} & 2024 \\ & \text { (YTD) } \end{aligned} Annualised return  年化回报 Annualised volatility  年化波动率 Cummulative return  累计回报
Japan Equity L/S  日本股票多空策略 28.6% 38.0% -1.3% 9.9% 4.9% 6.2% 11.0% 9.9% 7.7% 36.8% 12.3% 20.3% 4.3% 18.0% -2.0% 12.6% 15.5% 14.5% 6.1% 11.8% 8.9% 12.6% 7.2% 1107.1%
Asia ex-Japan Equity L/S
亚洲（除日本）股票多空策略		 4.3% 12.5% 49.4% 86.3% -17.2% 5.8% 13.5% 6.8% 7.4% 27.2% 4.2% 32.3% -9.5% 9.6% 13.3% 14.0% 47.8% 5.3% -8.8% 4.7% 20.0% 13.7% 10.7% 1392.0%
Macro -1.7% 14.8% 68.2% -4.4% 39.1% 13.7% -9.1% -0.2% 9.4% 7.0% -35.5% 11.8% -9.1% -0.3% -1.9% 5.6% 15.6% 22.0% 34.8% -1.9% 7.9% 7.0% 13.7% 314.6%
MS Equity Trading 47.5% 10.2% 14.5% 50.6% -7.0% 4.3% 14.8% 8.5% 8.4% 38.8% -1.3% -11.8% 25.3% 19.1% 2.5% 18.3% 18.5% 7.8% 12.2% 1.3% 1.8% 12.5% 10.0% 1085.5%
MSCI ACWI 13.3% 8.8% 18.8% 9.6% -43.5% 31.5% 10.4% -9.4% 13.4% 20.3% 2.1% -4.3% 5.6% 21.6% -11.2% 24.1% 14.3% 16.8% -19.8% 20.1% 15.7% 5.9% 15.4% 235.0%
S&P 500 9.0% 3.0% 13.6% 3.5% -38.5% 12.8% 0.0% 13.4% 29.6% 11.4% -0.7% 9.5% 19.5% 19.4% -6.2% 28.9% 16.3% 26.9% -19.4% 24.2% 23.3% 8.1% 14.7% 412.2%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 "2024 (YTD) " Annualised return Annualised volatility Cummulative return Japan Equity L/S 28.6% 38.0% -1.3% 9.9% 4.9% 6.2% 11.0% 9.9% 7.7% 36.8% 12.3% 20.3% 4.3% 18.0% -2.0% 12.6% 15.5% 14.5% 6.1% 11.8% 8.9% 12.6% 7.2% 1107.1% Asia ex-Japan Equity L/S 4.3% 12.5% 49.4% 86.3% -17.2% 5.8% 13.5% 6.8% 7.4% 27.2% 4.2% 32.3% -9.5% 9.6% 13.3% 14.0% 47.8% 5.3% -8.8% 4.7% 20.0% 13.7% 10.7% 1392.0% Macro -1.7% 14.8% 68.2% -4.4% 39.1% 13.7% -9.1% -0.2% 9.4% 7.0% -35.5% 11.8% -9.1% -0.3% -1.9% 5.6% 15.6% 22.0% 34.8% -1.9% 7.9% 7.0% 13.7% 314.6% MS Equity Trading 47.5% 10.2% 14.5% 50.6% -7.0% 4.3% 14.8% 8.5% 8.4% 38.8% -1.3% -11.8% 25.3% 19.1% 2.5% 18.3% 18.5% 7.8% 12.2% 1.3% 1.8% 12.5% 10.0% 1085.5% MSCI ACWI 13.3% 8.8% 18.8% 9.6% -43.5% 31.5% 10.4% -9.4% 13.4% 20.3% 2.1% -4.3% 5.6% 21.6% -11.2% 24.1% 14.3% 16.8% -19.8% 20.1% 15.7% 5.9% 15.4% 235.0% S&P 500 9.0% 3.0% 13.6% 3.5% -38.5% 12.8% 0.0% 13.4% 29.6% 11.4% -0.7% 9.5% 19.5% 19.4% -6.2% 28.9% 16.3% 26.9% -19.4% 24.2% 23.3% 8.1% 14.7% 412.2%| | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | $\begin{aligned} & 2024 \\ & \text { (YTD) } \end{aligned}$ | Annualised return | Annualised volatility | Cummulative return | | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | | Japan Equity L/S | 28.6% | 38.0% | -1.3% | 9.9% | 4.9% | 6.2% | 11.0% | 9.9% | 7.7% | 36.8% | 12.3% | 20.3% | 4.3% | 18.0% | -2.0% | 12.6% | 15.5% | 14.5% | 6.1% | 11.8% | 8.9% | 12.6% | 7.2% | 1107.1% | | Asia ex-Japan Equity L/S | 4.3% | 12.5% | 49.4% | 86.3% | -17.2% | 5.8% | 13.5% | 6.8% | 7.4% | 27.2% | 4.2% | 32.3% | -9.5% | 9.6% | 13.3% | 14.0% | 47.8% | 5.3% | -8.8% | 4.7% | 20.0% | 13.7% | 10.7% | 1392.0% | | Macro | -1.7% | 14.8% | 68.2% | -4.4% | 39.1% | 13.7% | -9.1% | -0.2% | 9.4% | 7.0% | -35.5% | 11.8% | -9.1% | -0.3% | -1.9% | 5.6% | 15.6% | 22.0% | 34.8% | -1.9% | 7.9% | 7.0% | 13.7% | 314.6% | | MS Equity Trading | 47.5% | 10.2% | 14.5% | 50.6% | -7.0% | 4.3% | 14.8% | 8.5% | 8.4% | 38.8% | -1.3% | -11.8% | 25.3% | 19.1% | 2.5% | 18.3% | 18.5% | 7.8% | 12.2% | 1.3% | 1.8% | 12.5% | 10.0% | 1085.5% | | MSCI ACWI | 13.3% | 8.8% | 18.8% | 9.6% | -43.5% | 31.5% | 10.4% | -9.4% | 13.4% | 20.3% | 2.1% | -4.3% | 5.6% | 21.6% | -11.2% | 24.1% | 14.3% | 16.8% | -19.8% | 20.1% | 15.7% | 5.9% | 15.4% | 235.0% | | S&P 500 | 9.0% | 3.0% | 13.6% | 3.5% | -38.5% | 12.8% | 0.0% | 13.4% | 29.6% | 11.4% | -0.7% | 9.5% | 19.5% | 19.4% | -6.2% | 28.9% | 16.3% | 26.9% | -19.4% | 24.2% | 23.3% | 8.1% | 14.7% | 412.2% |
Source: Eurekahedge, Persistent Asset as of December 2024
来源：Eurekahedge，截至 2024 年 12 月的 Persistent Asset
units, if applicable.  单位，如适用。
Performance is reported at the master fund level, and is net of management and performance fees.
业绩报告在母基金层面，已扣除管理费和绩效费。

Portfolio Construction Philosophy
投资组合构建理念

PE Asia Model  PE Asia 模型

Persistent Asset takes the traditional FoHF model and significantly enhances it by making 3 important innovations. This portfolio generates mid-teen annual return with controlled drawdowns across all market conditions.
Persistent Asset 在传统的 FoHF 模式基础上，通过三项重要创新显著提升了其性能。该投资组合在所有市场条件下均能实现中等双位数的年回报率，并有效控制回撤。
Constant Exposure, Variable Drawdowns
持续暴露，可变回撤
Controlled Drawdowns, Variable Exposure
可控撤资，可变敞口

Three Building Blocks for Portfolio Construction
投资组合构建的三大基石

Correlation  相关性
Convergence + β + β +beta+\boldsymbol{\beta}
In normal market environment where correlation and volatility are low, fundamental strategies work well and provide strong alpha returns
在相关性低、波动性小的正常市场环境中，基本面策略表现良好，能提供强劲的阿尔法收益
When correlations are extreme, portfolio increases allocation to Beta Reduction strategy in order to preserve capital and provide stable returns
当相关性极端时，投资组合会增加对 Beta Reduction 策略的配置，以保护资本并提供稳定回报

Active Reallocation In Practice
实践中的主动再分配

Credit Crisis: From Q2 2007, de-risking took place - the divergence and beta reduction modules were increased as these managers were better suited for an environment with low liquidity and high volatility
信贷危机：自 2007 年第二季度起，去风险化开始——分歧和贝塔降低模块被增强，因为这些经理更适应低流动性和高波动的环境
Re-pricing of Risk: As markets shifted, the portfolio was actively shifted to increase directionality
风险重新定价：随着市场的变化，投资组合被积极调整以增加方向性
Active reallocation ensures optimal risk-adjusted return through different market cycles
主动再分配确保在不同市场周期中实现最佳风险调整回报

Performance and Analytics
绩效与分析

Cumulative Return  累计回报

Cumulative return since inception versus market benchmarks
自成立以来的累计回报与市场基准对比
Annualised return: 10.63% Annualised volatility: 7.40% Maximum drawdown: -12.51%
年化回报率：10.63% 年化波动率：7.40% 最大回撤：-12.51%
Source: Persistent Asset as of 12/31/2024
来源：截至 2024 年 12 月 31 日的 Persistent Asset
Benchmarked against MSCI AC Asia Pacific as of 12/31/2024
截至 2024 年 12 月 31 日，以 MSCI AC Asia Pacific 为基准
Past performance is no indication of current or future performance. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable.
过往表现并不代表当前或未来表现。业绩数据未考虑单位发行和赎回时产生的佣金和成本（如适用）。
Performance is reported at the master fund level, and is net of management and performance fees.
业绩报告在母基金层面，已扣除管理费和绩效费。

Monthly Performance (As Of December 2024)
月度表现（截至 2024 年 12 月）

PE Asia MSCI AC Asia Pacific YTD qquad\qquad ITD
MSCI AC 亚太地区年初至今 qquad\qquad 自成立以来
Jan  一月 Feb  二月 Mar  三月 Apr  四月 May  五月 Jun  六月 Jul  7 月 Aug  八月 Sep  9 月 Oct  十月 Nov  十一月 Dec  12 月 YTD ITD
2024 3.93% 2.14% 2.32% 0.28% 2.64% 0.80% -1.48% -1.36% 2.23% 0.80% 1.07% -0.62%* 13.35% 800.33% 7.23% 208.34%
2023 0.98% -1.72% -0.29% 0.79% -0.68% 1.00% -1.35% 1.76% -0.77% -0.58% 1.21% 0.65% 0.94% 694.29% 8.77% 187.56%
2022 -4.01% -1.52% -2.71% -1.14% -1.37% 2.57% -0.97% 1.74% -1.25% -2.48% 2.86% 1.77% -6.58% 686.93% -19.36% 164.38%
2021 -2.45% 4.50% -0.44% 2.79% -1.09% -1.15% 1.43% 1.34% -0.35% 1.86% -1.99% 0.03% 4.33% 742.35% -3.40% 227.84%
2020 0.25% -0.72% -3.46% 4.52% 3.01% 4.19% 5.41% 3.47% 1.71% 1.72% 2.53% 5.23% 31.22% 707.36% 17.14% 239.39%
2019 -0.66% -0.86% 3.80% 0.34% 0.55% 1.72% 0.99% 0.15% -0.65% 1.28% 1.23% 2.32% 10.59% 515.25% 16.33% 189.73%
2018 3.29% 0.53% 0.09% -0.90% 2.47% -2.26% 0.08% 1.68% 0.55% -1.57% -0.61% 0.41% 3.68% 456.32% -15.59% 149.06%
2017 -0.22% -0.04% 2.18% -0.30% 0.04% 0.91% 1.80% 0.19% 0.34% 1.74% 0.57% 1.87% 9.42% 436.57% 28.71% 195.07%
2016 -4.78% -1.85% 0.19% -0.49% 0.80% 1.67% -1.75% -0.89% 0.25% -0.75% -1.38% -0.41% -9.13% 390.38% 2.33% 129.26%
2015 1.00% 0.56% 3.25% 6.35% 4.92% -0.71% -0.05% -2.96% -0.58% 4.91% 0.89% 1.14% 19.93% 439.67% -4.28% 124.03%
2014 1.21% 1.39% -3.67% -2.51% 1.23% 1.90% -0.37% 0.33% -2.03% -0.35% 0.91% -0.43% -2.53% 349.98% -2.46% 134.06%
2013 2.61% 1.40% 3.44% 3.94% 1.94% -1.83% 1.72% 0.83% 3.43% 0.58% 2.04% 1.58% 23.81% 361.65% 9.27% 139.96%
2012 0.19% 0.33% 1.53% -0.03% -0.42% 0.71% 1.81% 1.12% -0.08% -0.07% -1.23% 0.28% 4.18% 272.87% 13.61% 119.61%
2011 0.96% 0.29% 0.91% 1.01% 0.51% -0.57% 1.30% -1.04% -1.20% 0.47% 0.32% 0.55% 3.53% 257.91% -17.31% 93.29%
2010 -2.32% 0.04% 1.55% 1.39% -2.44% -0.40% 1.69% 1.18% 1.71% 2.11% 1.46% 1.37% 7.45% 245.71% 14.32% 133.76%
2009 1.59% 1.02% -1.28% -1.25% 0.70% 1.00% 0.47% -1.22% 0.86% 0.56% 0.55% 0.54% 3.54% 221.75% 34.46% 104.48%
2008 -1.51% 3.84% -4.98% 1.64% 2.37% 4.19% -4.03% -1.74% -0.30% 1.21% 1.63% 1.80% 3.71% 210.74% -43.23% 52.08%
2007 0.06% 3.86% 3.10% 6.61% 4.87% 1.91% 7.59% 2.67% 7.96% 3.79% -4.30% 1.87% 47.31% 199.61% 12.28% 167.86%
2006 1.87% -1.27% 2.36% 3.68% -2.72% 0.24% -0.56% 1.37% 0.89% 3.23% 5.68% 3.60% 19.64% 103.39% 14.51% 138.57%
2005 1.85% 1.82% -0.31% 0.43% -0.06% 1.61% 0.93% 2.97% 1.84% -0.30% 2.47% 5.10% 19.82% 70.01% 21.04% 108.34%
2004 1.72% 3.20% 4.40% 2.45% -2.43% 4.15% -1.76% 0.52% -1.46% -0.40% 1.99% 1.20% 14.14% 41.89% 16.31% 72.13%
2003 5.15% 1.68% 1.19% 4.89% 0.08% 7.09% 3.29% -2.39% 1.38% 24.31% 24.31% 48.00% 48.00%
PE Asia MSCI AC Asia Pacific YTD qquad ITD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD 2024 3.93% 2.14% 2.32% 0.28% 2.64% 0.80% -1.48% -1.36% 2.23% 0.80% 1.07% -0.62%* 13.35% 800.33% 7.23% 208.34% 2023 0.98% -1.72% -0.29% 0.79% -0.68% 1.00% -1.35% 1.76% -0.77% -0.58% 1.21% 0.65% 0.94% 694.29% 8.77% 187.56% 2022 -4.01% -1.52% -2.71% -1.14% -1.37% 2.57% -0.97% 1.74% -1.25% -2.48% 2.86% 1.77% -6.58% 686.93% -19.36% 164.38% 2021 -2.45% 4.50% -0.44% 2.79% -1.09% -1.15% 1.43% 1.34% -0.35% 1.86% -1.99% 0.03% 4.33% 742.35% -3.40% 227.84% 2020 0.25% -0.72% -3.46% 4.52% 3.01% 4.19% 5.41% 3.47% 1.71% 1.72% 2.53% 5.23% 31.22% 707.36% 17.14% 239.39% 2019 -0.66% -0.86% 3.80% 0.34% 0.55% 1.72% 0.99% 0.15% -0.65% 1.28% 1.23% 2.32% 10.59% 515.25% 16.33% 189.73% 2018 3.29% 0.53% 0.09% -0.90% 2.47% -2.26% 0.08% 1.68% 0.55% -1.57% -0.61% 0.41% 3.68% 456.32% -15.59% 149.06% 2017 -0.22% -0.04% 2.18% -0.30% 0.04% 0.91% 1.80% 0.19% 0.34% 1.74% 0.57% 1.87% 9.42% 436.57% 28.71% 195.07% 2016 -4.78% -1.85% 0.19% -0.49% 0.80% 1.67% -1.75% -0.89% 0.25% -0.75% -1.38% -0.41% -9.13% 390.38% 2.33% 129.26% 2015 1.00% 0.56% 3.25% 6.35% 4.92% -0.71% -0.05% -2.96% -0.58% 4.91% 0.89% 1.14% 19.93% 439.67% -4.28% 124.03% 2014 1.21% 1.39% -3.67% -2.51% 1.23% 1.90% -0.37% 0.33% -2.03% -0.35% 0.91% -0.43% -2.53% 349.98% -2.46% 134.06% 2013 2.61% 1.40% 3.44% 3.94% 1.94% -1.83% 1.72% 0.83% 3.43% 0.58% 2.04% 1.58% 23.81% 361.65% 9.27% 139.96% 2012 0.19% 0.33% 1.53% -0.03% -0.42% 0.71% 1.81% 1.12% -0.08% -0.07% -1.23% 0.28% 4.18% 272.87% 13.61% 119.61% 2011 0.96% 0.29% 0.91% 1.01% 0.51% -0.57% 1.30% -1.04% -1.20% 0.47% 0.32% 0.55% 3.53% 257.91% -17.31% 93.29% 2010 -2.32% 0.04% 1.55% 1.39% -2.44% -0.40% 1.69% 1.18% 1.71% 2.11% 1.46% 1.37% 7.45% 245.71% 14.32% 133.76% 2009 1.59% 1.02% -1.28% -1.25% 0.70% 1.00% 0.47% -1.22% 0.86% 0.56% 0.55% 0.54% 3.54% 221.75% 34.46% 104.48% 2008 -1.51% 3.84% -4.98% 1.64% 2.37% 4.19% -4.03% -1.74% -0.30% 1.21% 1.63% 1.80% 3.71% 210.74% -43.23% 52.08% 2007 0.06% 3.86% 3.10% 6.61% 4.87% 1.91% 7.59% 2.67% 7.96% 3.79% -4.30% 1.87% 47.31% 199.61% 12.28% 167.86% 2006 1.87% -1.27% 2.36% 3.68% -2.72% 0.24% -0.56% 1.37% 0.89% 3.23% 5.68% 3.60% 19.64% 103.39% 14.51% 138.57% 2005 1.85% 1.82% -0.31% 0.43% -0.06% 1.61% 0.93% 2.97% 1.84% -0.30% 2.47% 5.10% 19.82% 70.01% 21.04% 108.34% 2004 1.72% 3.20% 4.40% 2.45% -2.43% 4.15% -1.76% 0.52% -1.46% -0.40% 1.99% 1.20% 14.14% 41.89% 16.31% 72.13% 2003 5.15% 1.68% 1.19% 4.89% 0.08% 7.09% 3.29% -2.39% 1.38% 24.31% 24.31% 48.00% 48.00%| | PE Asia | | | | | | | | | | | | | | MSCI AC Asia Pacific YTD $\qquad$ ITD | | | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | | | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ITD | | | | 2024 | 3.93% | 2.14% | 2.32% | 0.28% | 2.64% | 0.80% | -1.48% | -1.36% | 2.23% | 0.80% | 1.07% | -0.62%* | 13.35% | 800.33% | 7.23% | 208.34% | | 2023 | 0.98% | -1.72% | -0.29% | 0.79% | -0.68% | 1.00% | -1.35% | 1.76% | -0.77% | -0.58% | 1.21% | 0.65% | 0.94% | 694.29% | 8.77% | 187.56% | | 2022 | -4.01% | -1.52% | -2.71% | -1.14% | -1.37% | 2.57% | -0.97% | 1.74% | -1.25% | -2.48% | 2.86% | 1.77% | -6.58% | 686.93% | -19.36% | 164.38% | | 2021 | -2.45% | 4.50% | -0.44% | 2.79% | -1.09% | -1.15% | 1.43% | 1.34% | -0.35% | 1.86% | -1.99% | 0.03% | 4.33% | 742.35% | -3.40% | 227.84% | | 2020 | 0.25% | -0.72% | -3.46% | 4.52% | 3.01% | 4.19% | 5.41% | 3.47% | 1.71% | 1.72% | 2.53% | 5.23% | 31.22% | 707.36% | 17.14% | 239.39% | | 2019 | -0.66% | -0.86% | 3.80% | 0.34% | 0.55% | 1.72% | 0.99% | 0.15% | -0.65% | 1.28% | 1.23% | 2.32% | 10.59% | 515.25% | 16.33% | 189.73% | | 2018 | 3.29% | 0.53% | 0.09% | -0.90% | 2.47% | -2.26% | 0.08% | 1.68% | 0.55% | -1.57% | -0.61% | 0.41% | 3.68% | 456.32% | -15.59% | 149.06% | | 2017 | -0.22% | -0.04% | 2.18% | -0.30% | 0.04% | 0.91% | 1.80% | 0.19% | 0.34% | 1.74% | 0.57% | 1.87% | 9.42% | 436.57% | 28.71% | 195.07% | | 2016 | -4.78% | -1.85% | 0.19% | -0.49% | 0.80% | 1.67% | -1.75% | -0.89% | 0.25% | -0.75% | -1.38% | -0.41% | -9.13% | 390.38% | 2.33% | 129.26% | | 2015 | 1.00% | 0.56% | 3.25% | 6.35% | 4.92% | -0.71% | -0.05% | -2.96% | -0.58% | 4.91% | 0.89% | 1.14% | 19.93% | 439.67% | -4.28% | 124.03% | | 2014 | 1.21% | 1.39% | -3.67% | -2.51% | 1.23% | 1.90% | -0.37% | 0.33% | -2.03% | -0.35% | 0.91% | -0.43% | -2.53% | 349.98% | -2.46% | 134.06% | | 2013 | 2.61% | 1.40% | 3.44% | 3.94% | 1.94% | -1.83% | 1.72% | 0.83% | 3.43% | 0.58% | 2.04% | 1.58% | 23.81% | 361.65% | 9.27% | 139.96% | | 2012 | 0.19% | 0.33% | 1.53% | -0.03% | -0.42% | 0.71% | 1.81% | 1.12% | -0.08% | -0.07% | -1.23% | 0.28% | 4.18% | 272.87% | 13.61% | 119.61% | | 2011 | 0.96% | 0.29% | 0.91% | 1.01% | 0.51% | -0.57% | 1.30% | -1.04% | -1.20% | 0.47% | 0.32% | 0.55% | 3.53% | 257.91% | -17.31% | 93.29% | | 2010 | -2.32% | 0.04% | 1.55% | 1.39% | -2.44% | -0.40% | 1.69% | 1.18% | 1.71% | 2.11% | 1.46% | 1.37% | 7.45% | 245.71% | 14.32% | 133.76% | | 2009 | 1.59% | 1.02% | -1.28% | -1.25% | 0.70% | 1.00% | 0.47% | -1.22% | 0.86% | 0.56% | 0.55% | 0.54% | 3.54% | 221.75% | 34.46% | 104.48% | | 2008 | -1.51% | 3.84% | -4.98% | 1.64% | 2.37% | 4.19% | -4.03% | -1.74% | -0.30% | 1.21% | 1.63% | 1.80% | 3.71% | 210.74% | -43.23% | 52.08% | | 2007 | 0.06% | 3.86% | 3.10% | 6.61% | 4.87% | 1.91% | 7.59% | 2.67% | 7.96% | 3.79% | -4.30% | 1.87% | 47.31% | 199.61% | 12.28% | 167.86% | | 2006 | 1.87% | -1.27% | 2.36% | 3.68% | -2.72% | 0.24% | -0.56% | 1.37% | 0.89% | 3.23% | 5.68% | 3.60% | 19.64% | 103.39% | 14.51% | 138.57% | | 2005 | 1.85% | 1.82% | -0.31% | 0.43% | -0.06% | 1.61% | 0.93% | 2.97% | 1.84% | -0.30% | 2.47% | 5.10% | 19.82% | 70.01% | 21.04% | 108.34% | | 2004 | 1.72% | 3.20% | 4.40% | 2.45% | -2.43% | 4.15% | -1.76% | 0.52% | -1.46% | -0.40% | 1.99% | 1.20% | 14.14% | 41.89% | 16.31% | 72.13% | | 2003 | | | | 5.15% | 1.68% | 1.19% | 4.89% | 0.08% | 7.09% | 3.29% | -2.39% | 1.38% | 24.31% | 24.31% | 48.00% | 48.00% |
  • Estimated Performance  预计表现
In 2008, 2011 and 2018, the Asian equity market fell by − 43.23 % − 43.23 % -43.23%-43.23 \% and − 17.31 % − 17.31 % -17.31%-17.31 \% and − 15.59 % − 15.59 % -15.59%-15.59 \%, while PE Asia was able to achieve a positive performance of + 3.71 % , + 3.53 % + 3.71 % , + 3.53 % +3.71%,+3.53%+3.71 \%,+3.53 \% and + 3.68 % + 3.68 % +3.68%+3.68 \% respectively to investors
在 2008 年、2011 年和 2018 年，亚洲股市分别下跌了 − 43.23 % − 43.23 % -43.23%-43.23 \% 、 − 17.31 % − 17.31 % -17.31%-17.31 \% 和 − 15.59 % − 15.59 % -15.59%-15.59 \% ，而 PE Asia 则分别为投资者实现了 + 3.71 % , + 3.53 % + 3.71 % , + 3.53 % +3.71%,+3.53%+3.71 \%,+3.53 \% 和 + 3.68 % + 3.68 % +3.68%+3.68 \% 的正收益
Source: Persistent Asset as of 12/31/2024
来源：截至 2024 年 12 月 31 日的 Persistent Asset
Past performance is no indication of current or future performance. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable.
过往表现并不代表当前或未来表现。业绩数据未考虑单位发行和赎回时产生的佣金和成本（如适用）。
Performance is reported at the master fund level, and is net of management and performance fees.
业绩报告在母基金层面，已扣除管理费和绩效费。

Top Tier Risk Adjusted Returns
顶级风险调整后回报

Since Inception (April 2003)
自成立以来（2003 年 4 月）		 PE Asia Eurekahedge Asia Pacific FoFs
Eurekahedge 亚太地区基金中的基金		 HFRI FoFs Composite MSCI AC Asia Pacific
MSCI AC 亚太地区
Return Statistics  回报统计
December 2024  2024 年 12 月 -0.62%* 0.83% 0.54% -0.98%
2024 YTD  2024 年初至今 13.35% 11.95% 10.00% 7.23%
Annualized Return  年化回报 10.63% 5.64% 3.97% 5.31%
Cumulative Return  累计回报 800.33% 230.09% 133.27% 208.34%
Maximum Drawdown  最大回撤 -12.51% -24.90% -22.22% -56.10%
% of Winning Years
% of 获胜年份		 86% 77% 77% 68%
% Positive Months  % 正向月份 67% 64% 67% 58%
Annualized Volatility  年化波动率 7.40% 7.03% 5.13% 16.25%
Sharpe Ratio  夏普比率 1.44 0.80 0.77 0.33
Sortino Ratio  索提诺比率 3.04 1.25 1.10 0.47
Correlation with PE Asia
与 PE Asia 的相关性		 1.00 0.64 0.52 0.41
Time Value of $1,000,000
时间价值 $1,000,000		 $9,003,310 $3,300,884 $2,332,699 $3,083,422
ne investm ,000,000 would now  ,000,000 现在 worth $9,003,310  价值 $9,003,310
Since Inception (April 2003) PE Asia Eurekahedge Asia Pacific FoFs HFRI FoFs Composite MSCI AC Asia Pacific Return Statistics December 2024 -0.62%* 0.83% 0.54% -0.98% 2024 YTD 13.35% 11.95% 10.00% 7.23% Annualized Return 10.63% 5.64% 3.97% 5.31% Cumulative Return 800.33% 230.09% 133.27% 208.34% Maximum Drawdown -12.51% -24.90% -22.22% -56.10% % of Winning Years 86% 77% 77% 68% % Positive Months 67% 64% 67% 58% Annualized Volatility 7.40% 7.03% 5.13% 16.25% Sharpe Ratio 1.44 0.80 0.77 0.33 Sortino Ratio 3.04 1.25 1.10 0.47 Correlation with PE Asia 1.00 0.64 0.52 0.41 Time Value of $1,000,000 $9,003,310 $3,300,884 $2,332,699 $3,083,422 ne investm ,000,000 would now worth $9,003,310 | Since Inception (April 2003) | PE Asia | Eurekahedge Asia Pacific FoFs | HFRI FoFs Composite | MSCI AC Asia Pacific | | :---: | :---: | :---: | :---: | :---: | | Return Statistics | | | | | | December 2024 | -0.62%* | 0.83% | 0.54% | -0.98% | | 2024 YTD | 13.35% | 11.95% | 10.00% | 7.23% | | Annualized Return | 10.63% | 5.64% | 3.97% | 5.31% | | Cumulative Return | 800.33% | 230.09% | 133.27% | 208.34% | | Maximum Drawdown | -12.51% | -24.90% | -22.22% | -56.10% | | % of Winning Years | 86% | 77% | 77% | 68% | | % Positive Months | 67% | 64% | 67% | 58% | | Annualized Volatility | 7.40% | 7.03% | 5.13% | 16.25% | | Sharpe Ratio | 1.44 | 0.80 | 0.77 | 0.33 | | Sortino Ratio | 3.04 | 1.25 | 1.10 | 0.47 | | Correlation with PE Asia | 1.00 | 0.64 | 0.52 | 0.41 | | Time Value of $1,000,000 | $9,003,310 | $3,300,884 | $2,332,699 | $3,083,422 | | | ne investm | ,000,000 would now | worth $9,003,310 | |
Source: Persistent Asset as of 12/31/2024
来源：截至 2024 年 12 月 31 日的 Persistent Asset
  • Estimated performance  预计表现
Past performance is no indication of current or future performance. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable.
过往表现并不代表当前或未来表现。业绩数据未考虑单位发行和赎回时产生的佣金和成本（如适用）。
Performance is reported at the master fund level, and is net of management and performance fees.
业绩报告在母基金层面，已扣除管理费和绩效费。

Strong Downside Protection
强劲的下行保护

Capital protection in 'Down' months of Asia equity
亚洲股市下跌月份中的资本保护

Cumulative Drawdown  累计回撤

The chart shows cumulative return of PE Asia in months when MSCI Asia Pacific has a negative return
图表显示了在 MSCI 亚太地区出现负回报的月份中，PE Asia 的累计回报
Maximum drawdown of − 12.51 % versus the MSCI AC Asia Pacific of − 56.10 % since inception of PE Asia  Maximum drawdown of  − 12.51 %  versus the MSCI AC Asia Pacific of  − 56.10 %  since inception of PE Asia  " Maximum drawdown of "-12.51%" versus the MSCI AC Asia Pacific of "-56.10%" since inception of PE Asia "\text { Maximum drawdown of }-12.51 \% \text { versus the MSCI AC Asia Pacific of }-56.10 \% \text { since inception of PE Asia }
Source: Persistent Asset as of 12/31/2024
来源：截至 2024 年 12 月 31 日的 Persistent Asset
Past performance is no indication of current or future performance. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable.
过往表现并不代表当前或未来表现。业绩数据未考虑单位发行和赎回时产生的佣金和成本（如适用）。
Performance is reported at the master fund level, and is net of management and performance fees.
业绩报告在母基金层面，已扣除管理费和绩效费。

Risk Management  风险管理

Risk Management  风险管理

Pre-Investment

评估经理的策略、风格、选股、组合敞口、头寸限制、风险控制、流动性以及在整体组合中的杠杆使用情况
Evaluate manager strategy, style, stock selection, portfolio exposure, position limits, risk controls,
liquidity, and use of leverage in the context of the total portfolio
Evaluate manager strategy, style, stock selection, portfolio exposure, position limits, risk controls, liquidity, and use of leverage in the context of the total portfolio| Evaluate manager strategy, style, stock selection, portfolio exposure, position limits, risk controls, | | :--- | | liquidity, and use of leverage in the context of the total portfolio |
Measure correlation of individual funds relative to others in the portfolio
衡量投资组合中个别基金相对于其他基金的相关性
Allocate to managers whose investment criteria are based on their abilities to contribute to a portfolio's
将资金分配给那些投资标准基于其对投资组合贡献能力的管理者
optimal risk/return profile, with sizing according to investment conviction
最佳风险/回报配置，根据投资信心进行规模调整
Pre-Investment "Evaluate manager strategy, style, stock selection, portfolio exposure, position limits, risk controls, liquidity, and use of leverage in the context of the total portfolio" Measure correlation of individual funds relative to others in the portfolio Allocate to managers whose investment criteria are based on their abilities to contribute to a portfolio's optimal risk/return profile, with sizing according to investment conviction | Pre-Investment | Evaluate manager strategy, style, stock selection, portfolio exposure, position limits, risk controls, <br> liquidity, and use of leverage in the context of the total portfolio | | :--- | :--- | | Measure correlation of individual funds relative to others in the portfolio | | | Allocate to managers whose investment criteria are based on their abilities to contribute to a portfolio's | | | optimal risk/return profile, with sizing according to investment conviction | |

Risk Management  风险管理

Disciplined, consistent, proactive and comprehensive two-tiered risk management process
严谨、一致、主动且全面的两级风险管理流程

Examples of Proprietary Risk Monitoring System
专有风险监控系统的示例

Examples of Proprietary Risk Monitoring System
专有风险监控系统示例

Examples of Proprietary Risk Monitoring System
专有风险监控系统示例

RiskMetrics For Independent Risk-Measurement
RiskMetrics 用于独立风险测量

  • The firm employs RiskMetrics, a leading provider of independent risk transparency and risk measurement tools for hedge funds, owned by MSCI
    该公司采用 RiskMetrics，这是 MSCI 旗下的一家领先的独立风险透明度和风险测量工具提供商，专为对冲基金服务
  • System receives monthly data from underlying managers’ custodians, prime brokers, and administrators
    系统每月从底层管理人的托管人、主要经纪商和管理员处接收数据
  • Ensures data integrity  确保数据完整性
  • Hedge fund investors can access varying levels of risk reports:
    对冲基金投资者可以访问不同级别的风险报告：
Q Exposure and concentration analysis
Q 暴露和集中度分析
  • Monte Carlo Value-at-Risk (VaR)
    蒙特卡洛风险价值（VaR）
  • Stress test reports  压力测试报告
Q Correlation analysis reports
Q 相关性分析报告

RiskMetrics Snapshots  RiskMetrics 快照

Operational Due Diligence
运营尽职调查

Operational Due Diligence
运营尽职调查

Objective: Assess and identify the underlying funds non-investment risks
目标：评估并识别底层基金的非投资风险
Source: Persistent Asset
来源：Persistent Asset

Operational Due Diligence
运营尽职调查

The Chief Risk Officer has the right of veto for all underlying funds
首席风险官对所有底层基金拥有否决权

Operational Due Diligence: Monitoring
运营尽职调查：监控

Document Review
O Audited financial statements
O Marketing materials
O Investor letters
O DDQ
O Legal offering documents
O Certificate of incorporation \& relevant license
O Risk report
- Exposure report
O AUMs and NAVs verification
- Change of service providers
- BarraOne

Ongoing monitoring and direct contact with the service providers form a key part of Operational due diligence
持续监控和与服务提供商的直接联系是运营尽职调查的关键部分

Fund Details  基金详情

  投资经理
Investment
Manager
Investment Manager| Investment | | :--- | | Manager |
 Persistent Asset Partners Limited
Administrator  管理员

MUFG Alternative Fund Services (Cayman) Limited（前身为 UBS Fund Services (Cayman) Ltd.）
MUFG Alternative Fund Services (Cayman)
Limited (Formerly known as UBS Fund
Services (Cayman) Ltd.)
MUFG Alternative Fund Services (Cayman) Limited (Formerly known as UBS Fund Services (Cayman) Ltd.)| MUFG Alternative Fund Services (Cayman) | | :--- | | Limited (Formerly known as UBS Fund | | Services (Cayman) Ltd.) |
  法律顾问
Legal
Counsel
Legal Counsel| Legal | | :--- | | Counsel |
Maples and Calder (Cayman)/
Rimon P.C. (U.S.)/Mayer Brown (Hong Kong)
Maples and Calder (Cayman)/ Rimon P.C. (U.S.)/Mayer Brown (Hong Kong)| Maples and Calder (Cayman)/ | | :--- | | Rimon P.C. (U.S.)/Mayer Brown (Hong Kong) |
"Investment Manager" Persistent Asset Partners Limited Administrator "MUFG Alternative Fund Services (Cayman) Limited (Formerly known as UBS Fund Services (Cayman) Ltd.)" "Legal Counsel" "Maples and Calder (Cayman)/ Rimon P.C. (U.S.)/Mayer Brown (Hong Kong)"| Investment <br> Manager | Persistent Asset Partners Limited | | :--- | :--- | | Administrator | MUFG Alternative Fund Services (Cayman) <br> Limited (Formerly known as UBS Fund <br> Services (Cayman) Ltd.) | | Legal <br> Counsel | Maples and Calder (Cayman)/ <br> Rimon P.C. (U.S.)/Mayer Brown (Hong Kong) |

MUFG Alternative Fund Services (Cayman) Limited（前身为 UBS Fund Services (Cayman) Ltd.）
MUFG Alternative Fund Services (Cayman)
Limited (Formerly known as UBS Fund Services
(Cayman) Ltd.)
MUFG Alternative Fund Services (Cayman) Limited (Formerly known as UBS Fund Services (Cayman) Ltd.)| MUFG Alternative Fund Services (Cayman) | | :--- | | Limited (Formerly known as UBS Fund Services | | (Cayman) Ltd.) |
Investment Manager  投资经理
Investment Manager| Investment Manager | | :--- |
Auditor  审计师 PricewaterhouseCoopers  普华永道

Persistent Asset Partners Limited 香港中环康乐广场 8 号交易广场二期 1901 室
Persistent Asset Partners Limited
Suite 1901, Two Exchange Square, 8 Connaught Place,
Central, Hong Kong
Persistent Asset Partners Limited Suite 1901, Two Exchange Square, 8 Connaught Place, Central, Hong Kong| Persistent Asset Partners Limited | | :--- | | Suite 1901, Two Exchange Square, 8 Connaught Place, | | Central, Hong Kong |
Fund Domicile  基金注册地 3c(7) U.S. LP/Cayman Ltd.
T : + 852 − 3793 − 3700 T : + 852 − 3793 − 3700 T:+852-3793-3700\mathrm{T}:+852-3793-3700 F: +852-3793-3900
T:+852-3793-3700 F: +852-3793-3900| $\mathrm{T}:+852-3793-3700$ F: +852-3793-3900 | | :--- |
"MUFG Alternative Fund Services (Cayman) Limited (Formerly known as UBS Fund Services (Cayman) Ltd.)" "Investment Manager" Auditor PricewaterhouseCoopers "Persistent Asset Partners Limited Suite 1901, Two Exchange Square, 8 Connaught Place, Central, Hong Kong" Fund Domicile 3c(7) U.S. LP/Cayman Ltd. "T:+852-3793-3700 F: +852-3793-3900"| | MUFG Alternative Fund Services (Cayman) <br> Limited (Formerly known as UBS Fund Services <br> (Cayman) Ltd.) | Investment Manager | | :--- | :--- | :--- | | Auditor | PricewaterhouseCoopers | Persistent Asset Partners Limited <br> Suite 1901, Two Exchange Square, 8 Connaught Place, <br> Central, Hong Kong | | Fund Domicile | 3c(7) U.S. LP/Cayman Ltd. | $\mathrm{T}:+852-3793-3700$ F: +852-3793-3900 |

Investment Terms  投资条款

Fund Name Share Class
基金名称 份额类别
Onshore Feeder
Persistent Edge
Asia Partners, LP
Onshore Feeder Persistent Edge Asia Partners, LP| Onshore Feeder | | :--- | | Persistent Edge | | Asia Partners, LP |
Offshore Feeder
ent Edge Asia Partners, Ltd
Offshore Feeder ent Edge Asia Partners, Ltd| Offshore Feeder | | :--- | | ent Edge Asia Partners, Ltd |
B D B BB BC D DB DC
Currency Class  货币类别 USD USD EUR
Minimum Investment (USD)
最低投资额（USD）		 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Management Fee  管理费 2.00% 1.00% 2.00% 1.50% 1.00% 2.00% 1.50% 1.00%
Performance Fee  绩效费 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Liquidity  流动性

季度，提前 35 天通知
Quarterly,
35 days notice
Quarterly, 35 days notice| Quarterly, | | :--- | | 35 days notice |

年度，锁定 2 年，35 天通知
Annual,
Lock up for 2 years, 35 days notice
Annual, Lock up for 2 years, 35 days notice| Annual, | | :--- | | Lock up for 2 years, 35 days notice |

季度，提前 35 天通知
Quarterly,
35 days notice
Quarterly, 35 days notice| Quarterly, | | :--- | | 35 days notice |

年度，35 天通知
Annual,
35 days notice
Annual, 35 days notice| Annual, | | :--- | | 35 days notice |

年度，锁定 2 年，35 天通知
Annual,
Lock up for 2 years, 35 days notice
Annual, Lock up for 2 years, 35 days notice| Annual, | | :--- | | Lock up for 2 years, 35 days notice |
 Quarterly, 35 days notice
季度，提前 35 天通知		 Annual, 35 days notice
每年，提前 35 天通知

年度，锁定 2 年，35 天通知
Annual,
Lock up for 2 years, 35 days notice
Annual, Lock up for 2 years, 35 days notice| Annual, | | :--- | | Lock up for 2 years, 35 days notice |
High Water Mark  高水位线 Yes  是 Yes  是的 Yes  是的 Yes  是 Yes  是的 Yes  是的 Yes  是的 Yes  是的
Early Redemption Fee  提前赎回费 2.0% in 1st year
第一年 2.0%		 N/A 2.0% in 1st year
第一年 2.0%		 N/A N/A 2.0% in 1st year
第一年 2.0%		 N/A N/A
CUSIP 71532M109 71532M307 G7043R 115 G7043R 263 G7043R 271 G7043R 131 G7043R 230 G7043R 248
ISIN US71532M1099 US71532M3079 KYG7043R1157 KYG7043R2635 KYG7043R2718 KYG7043R1314 KYG7043R2304 KYG7043R2486
Bloomberg  彭博社 PER DG US PEEDAPB KY PEDAPBB KY PEDAPBC KY PEEDAPD KY PEDAPDB KY PEDAPDC KY
Fund Name Share Class "Onshore Feeder Persistent Edge Asia Partners, LP" "Offshore Feeder ent Edge Asia Partners, Ltd" B D B BB BC D DB DC Currency Class USD USD EUR Minimum Investment (USD) $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 Management Fee 2.00% 1.00% 2.00% 1.50% 1.00% 2.00% 1.50% 1.00% Performance Fee 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Liquidity "Quarterly, 35 days notice" "Annual, Lock up for 2 years, 35 days notice" "Quarterly, 35 days notice" "Annual, 35 days notice" "Annual, Lock up for 2 years, 35 days notice" Quarterly, 35 days notice Annual, 35 days notice "Annual, Lock up for 2 years, 35 days notice" High Water Mark Yes Yes Yes Yes Yes Yes Yes Yes Early Redemption Fee 2.0% in 1st year N/A 2.0% in 1st year N/A N/A 2.0% in 1st year N/A N/A CUSIP 71532M109 71532M307 G7043R 115 G7043R 263 G7043R 271 G7043R 131 G7043R 230 G7043R 248 ISIN US71532M1099 US71532M3079 KYG7043R1157 KYG7043R2635 KYG7043R2718 KYG7043R1314 KYG7043R2304 KYG7043R2486 Bloomberg PER DG US PEEDAPB KY PEDAPBB KY PEDAPBC KY PEEDAPD KY PEDAPDB KY PEDAPDC KY| Fund Name Share Class | Onshore Feeder <br> Persistent Edge <br> Asia Partners, LP | | Offshore Feeder <br> ent Edge Asia Partners, Ltd | | | | | | | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | | | B | D | B | BB | BC | D | DB | DC | | Currency Class | USD | | USD | | | EUR | | | | Minimum Investment (USD) | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | | Management Fee | 2.00% | 1.00% | 2.00% | 1.50% | 1.00% | 2.00% | 1.50% | 1.00% | | Performance Fee | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | | Liquidity | Quarterly, <br> 35 days notice | Annual, <br> Lock up for 2 years, 35 days notice | Quarterly, <br> 35 days notice | Annual, <br> 35 days notice | Annual, <br> Lock up for 2 years, 35 days notice | Quarterly, 35 days notice | Annual, 35 days notice | Annual, <br> Lock up for 2 years, 35 days notice | | High Water Mark | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | | Early Redemption Fee | 2.0% in 1st year | N/A | 2.0% in 1st year | N/A | N/A | 2.0% in 1st year | N/A | N/A | | CUSIP | 71532M109 | 71532M307 | G7043R 115 | G7043R 263 | G7043R 271 | G7043R 131 | G7043R 230 | G7043R 248 | | ISIN | US71532M1099 | US71532M3079 | KYG7043R1157 | KYG7043R2635 | KYG7043R2718 | KYG7043R1314 | KYG7043R2304 | KYG7043R2486 | | Bloomberg | PER | DG US | PEEDAPB KY | PEDAPBB KY | PEDAPBC KY | PEEDAPD KY | PEDAPDB KY | PEDAPDC KY |

Investment Terms  投资条款

Offshore Feeder
Persistent Edge Asia Partners, Ltd
Offshore Feeder Persistent Edge Asia Partners, Ltd| Offshore Feeder | | :--- | | Persistent Edge Asia Partners, Ltd |
Share Class  份额类别 M MB MC N NB NC G J
Currency Class  货币类别 CHF HKD JPY AUD
Minimum Investment (USD)
最低投资额（USD）		 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Management Fee  管理费 2.00% 1.50% 1.00% 2.00% 1.50% 1.00% 2.00% 2.00%
Performance Fee  绩效费 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Liquidity  流动性

季度，提前 35 天通知
Quarterly,
35 days notice
Quarterly, 35 days notice| Quarterly, | | :--- | | 35 days notice |

每年，提前 35 天通知
Annual,
35 days notice
Annual, 35 days notice| Annual, | | :--- | | 35 days notice |

年度，锁定 2 年，35 天通知
Annual,
Lock up for
2 years,
35 days notice
Annual, Lock up for 2 years, 35 days notice| Annual, | | :--- | | Lock up for | | 2 years, | | 35 days notice |

季度，提前 35 天通知
Quarterly,
35 days notice
Quarterly, 35 days notice| Quarterly, | | :--- | | 35 days notice |

每年，提前 35 天通知
Annual,
35 days notice
Annual, 35 days notice| Annual, | | :--- | | 35 days notice |

年度，硬锁定期 2 年，提前 35 天通知
Annual,
Hard-Lock up for 2 years, 35 days notice
Annual, Hard-Lock up for 2 years, 35 days notice| Annual, | | :--- | | Hard-Lock up for 2 years, 35 days notice |

季度，提前 35 天通知
Quarterly,
35 days notice
Quarterly, 35 days notice| Quarterly, | | :--- | | 35 days notice |

季度，提前 35 天通知
Quarterly,
35 days notice
Quarterly, 35 days notice| Quarterly, | | :--- | | 35 days notice |
High Water Mark  高水位线 Yes  是的 Yes  是的 Yes  是的 Yes  是的 Yes  是的 Yes  是的 Yes  是的 Yes  是的
Early Redemption Fee  提前赎回费 2.0% in 1st year
第一年 2.0%		 N/A N/A 2.0% in 1st year
第一年 2.0%		 N/A N/A 2.0% in 1st year
第一年 2.0%		 2.0% in 1st Year
第一年 2.0%
CUSIP G7043R 305 G7043R 321 G7043R 339 G7043S 105 G7043S 121 G7043S 139 G7043R 164 G7043R 289
ISIN KYG7043R3054 KYG7043R3211 KYG7043R3393 KYG7043S1057 KYG7043S1214 KYG7043S1396 KYG7043R1645 KYG7043R2890
Bloomberg  彭博社 PEEDAPM KY PEEDAMB KY PEEDAMC KY PEEDASN KY PEEDANB KY PEEDANC KY PEEDAPG KY PEREASJ KY
"Offshore Feeder Persistent Edge Asia Partners, Ltd" Share Class M MB MC N NB NC G J Currency Class CHF HKD JPY AUD Minimum Investment (USD) $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 Management Fee 2.00% 1.50% 1.00% 2.00% 1.50% 1.00% 2.00% 2.00% Performance Fee 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Liquidity "Quarterly, 35 days notice" "Annual, 35 days notice" "Annual, Lock up for 2 years, 35 days notice" "Quarterly, 35 days notice" "Annual, 35 days notice" "Annual, Hard-Lock up for 2 years, 35 days notice" "Quarterly, 35 days notice" "Quarterly, 35 days notice" High Water Mark Yes Yes Yes Yes Yes Yes Yes Yes Early Redemption Fee 2.0% in 1st year N/A N/A 2.0% in 1st year N/A N/A 2.0% in 1st year 2.0% in 1st Year CUSIP G7043R 305 G7043R 321 G7043R 339 G7043S 105 G7043S 121 G7043S 139 G7043R 164 G7043R 289 ISIN KYG7043R3054 KYG7043R3211 KYG7043R3393 KYG7043S1057 KYG7043S1214 KYG7043S1396 KYG7043R1645 KYG7043R2890 Bloomberg PEEDAPM KY PEEDAMB KY PEEDAMC KY PEEDASN KY PEEDANB KY PEEDANC KY PEEDAPG KY PEREASJ KY| | Offshore Feeder <br> Persistent Edge Asia Partners, Ltd | | | | | | | | | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: | | Share Class | M | MB | MC | N | NB | NC | G | J | | Currency Class | | CHF | | | HKD | | JPY | AUD | | Minimum Investment (USD) | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | | Management Fee | 2.00% | 1.50% | 1.00% | 2.00% | 1.50% | 1.00% | 2.00% | 2.00% | | Performance Fee | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | | Liquidity | Quarterly, <br> 35 days notice | Annual, <br> 35 days notice | Annual, <br> Lock up for <br> 2 years, <br> 35 days notice | Quarterly, <br> 35 days notice | Annual, <br> 35 days notice | Annual, <br> Hard-Lock up for 2 years, 35 days notice | Quarterly, <br> 35 days notice | Quarterly, <br> 35 days notice | | High Water Mark | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | | Early Redemption Fee | 2.0% in 1st year | N/A | N/A | 2.0% in 1st year | N/A | N/A | 2.0% in 1st year | 2.0% in 1st Year | | CUSIP | G7043R 305 | G7043R 321 | G7043R 339 | G7043S 105 | G7043S 121 | G7043S 139 | G7043R 164 | G7043R 289 | | ISIN | KYG7043R3054 | KYG7043R3211 | KYG7043R3393 | KYG7043S1057 | KYG7043S1214 | KYG7043S1396 | KYG7043R1645 | KYG7043R2890 | | Bloomberg | PEEDAPM KY | PEEDAMB KY | PEEDAMC KY | PEEDASN KY | PEEDANB KY | PEEDANC KY | PEEDAPG KY | PEREASJ KY |

Recognitions  认可

The firm has received consistent recognition in the hedge fund industry in recent years with several awards across multiple fund categories
该公司近年来在对冲基金行业屡获殊荣，在多个基金类别中斩获多项奖项
Member of the HFSB Investor Chapter
HFSB 投资者分会成员
hfsB

Appendix  附录

PE Fund Index  PE 基金指数

Note: PE Fund Index 1: PE Global return for Jul 2022-Mar 2003, PE Asia return for Apr 2003-Dec 2024
注：PE 基金指数 1：PE Global 2003 年 3 月至 2022 年 7 月的回报，PE Asia 2003 年 4 月至 2024 年 12 月的回报
PE Fund Index 2: PE Global return for Jul 2022-Mar 2003, PE Asia return for Apr 2003-Oct 2005, average return of PE Asia and PE China return for Nov 2005-Dec 2024
PE Fund Index 2: PE Global 2002 年 7 月至 2003 年 3 月的回报，PE Asia 2003 年 4 月至 2005 年 10 月的回报，PE Asia 和 PE China 2005 年 11 月至 2024 年 12 月的平均回报
Past performance is no indication of current or future performance. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable.
过往表现并不代表当前或未来表现。业绩数据未考虑单位发行和赎回时产生的佣金和成本（如适用）。
Source: MSCI AC World, Eurekahedge, Persistent Asset as of 12/31/2024
来源：MSCI AC World、Eurekahedge、Persistent Asset，截至 2024 年 12 月 31 日

PE Fund Index  PE 基金指数

PE Fund Index 1 PE Fund Index 2

最大的多策略对冲基金
The largest multi-strategy
hedge fund
The largest multi-strategy hedge fund| The largest multi-strategy | | :---: | | hedge fund |
Annualized Return  年化回报 10.80 % 10.80 % 10.80%10.80 \% 12.30 % 12.30 % 12.30%12.30 \% 10.92 % 10.92 % 10.92%10.92 \%
Annualized Volatility  年化波动率 7.47 % 7.47 % 7.47%7.47 \% 8.83 % 8.83 % 8.83%8.83 \% 3.44 % 3.44 % 3.44%3.44 \%
Sharpe Ratio  夏普比率 1.45 1.39 3.17
% Positive Months  % 正向月份 68 % 68 % 68%68 \% 69 % 69 % 69%69 \% 86 % 86 % 86%86 \%
Max Drawdown  最大回撤 − 12.51 % − 12.51 % -12.51%-12.51 \% − 18.18 % − 18.18 % -18.18%-18.18 \% − 6.61 % − 6.61 % -6.61%-6.61 \%
Redemption Term  赎回期限 Quarterly  季度 Quarterly  季度
Quarterly,  季度，
Quarterly,| Quarterly, | | :---: |
PE Fund Index 1 PE Fund Index 2 "The largest multi-strategy hedge fund" Annualized Return 10.80% 12.30% 10.92% Annualized Volatility 7.47% 8.83% 3.44% Sharpe Ratio 1.45 1.39 3.17 % Positive Months 68% 69% 86% Max Drawdown -12.51% -18.18% -6.61% Redemption Term Quarterly Quarterly "Quarterly,"| | PE Fund Index 1 | PE Fund Index 2 | The largest multi-strategy <br> hedge fund | | :--- | :---: | :---: | :---: | | Annualized Return | $10.80 \%$ | $12.30 \%$ | $10.92 \%$ | | Annualized Volatility | $7.47 \%$ | $8.83 \%$ | $3.44 \%$ | | Sharpe Ratio | 1.45 | 1.39 | 3.17 | | % Positive Months | $68 \%$ | $69 \%$ | $86 \%$ | | Max Drawdown | $-12.51 \%$ | $-18.18 \%$ | $-6.61 \%$ | | Redemption Term | Quarterly | Quarterly | Quarterly, |

Cumulative Performance Comparison with Top Institutions
与顶级机构的累计业绩对比

Equity Exposure of PE Asia FoHF
PE Asia FoHF 的股权敞口

Performance 2003-2008  2003-2008 年业绩

PE Asia

Eurekahedge 亚太地区基金中的基金
Eurekahedge
Asia Pacific
FoFs
Eurekahedge Asia Pacific FoFs| Eurekahedge | | :---: | | Asia Pacific | | FoFs |
HFRI FoFs
Composite
HFRI FoFs Composite| HFRI FoFs | | :---: | | Composite |

MSCI AC 亚太地区
MSCI AC Asia
Pacific
MSCI AC Asia Pacific| MSCI AC Asia | | :---: | | Pacific |
Year 2003  2003 年 24.31 % 24.31 % 24.31%24.31 \% 20.56 % 20.56 % 20.56%20.56 \% 10.34 % 10.34 % 10.34%10.34 \% 48.00 % 48.00 % 48.00%48.00 \%
Year 2004  2004 年 14.14 % 14.14 % 14.14%14.14 \% 7.07 % 7.07 % 7.07%7.07 \% 6.87 % 6.87 % 6.87%6.87 \% 16.31 % 16.31 % 16.31%16.31 \%
Year 2005  2005 年 19.82 % 19.82 % 19.82%19.82 \% 14.58 % 14.58 % 14.58%14.58 \% 7.50 % 7.50 % 7.50%7.50 \% 21.04 % 21.04 % 21.04%21.04 \%
Year 2006  2006 年 19.64 % 19.64 % 19.64%19.64 \% 7.57 % 7.57 % 7.57%7.57 \% 10.39 % 10.39 % 10.39%10.39 \% 14.51 % 14.51 % 14.51%14.51 \%
Year 2007  2007 年 47.31 % 47.31 % 47.31%47.31 \% 15.84 % 15.84 % 15.84%15.84 \% 10.26 % 10.26 % 10.26%10.26 \% 12.28 % 12.28 % 12.28%12.28 \%
Year 2008  2008 年 3.71 % 3.71 % 3.71%3.71 \% − 21.62 % − 21.62 % -21.62%-21.62 \% − 21.39 % − 21.39 % -21.39%-21.39 \% − 43.23 % − 43.23 % -43.23%-43.23 \%
PE Asia "Eurekahedge Asia Pacific FoFs" "HFRI FoFs Composite" "MSCI AC Asia Pacific" Year 2003 24.31% 20.56% 10.34% 48.00% Year 2004 14.14% 7.07% 6.87% 16.31% Year 2005 19.82% 14.58% 7.50% 21.04% Year 2006 19.64% 7.57% 10.39% 14.51% Year 2007 47.31% 15.84% 10.26% 12.28% Year 2008 3.71% -21.62% -21.39% -43.23%| | PE Asia | Eurekahedge <br> Asia Pacific <br> FoFs | HFRI FoFs <br> Composite | MSCI AC Asia <br> Pacific | | :--- | :---: | :---: | :---: | :---: | | Year 2003 | $24.31 \%$ | $20.56 \%$ | $10.34 \%$ | $48.00 \%$ | | Year 2004 | $14.14 \%$ | $7.07 \%$ | $6.87 \%$ | $16.31 \%$ | | Year 2005 | $19.82 \%$ | $14.58 \%$ | $7.50 \%$ | $21.04 \%$ | | Year 2006 | $19.64 \%$ | $7.57 \%$ | $10.39 \%$ | $14.51 \%$ | | Year 2007 | $47.31 \%$ | $15.84 \%$ | $10.26 \%$ | $12.28 \%$ | | Year 2008 | $3.71 \%$ | $-21.62 \%$ | $-21.39 \%$ | $-43.23 \%$ |

Eurekahedge 亚太地区基金中的基金
Eurekahedge
Asia Pacific
FoFs
Eurekahedge Asia Pacific FoFs| Eurekahedge | | :---: | | Asia Pacific | | FoFs |
HFRI FoFs
Composite
HFRI FoFs Composite| HFRI FoFs | | :---: | | Composite |

MSCI AC 亚太地区
MSCI AC Asia
Pacific
MSCI AC Asia Pacific| MSCI AC Asia | | :---: | | Pacific |
Year 2003  2003 年 24.31 % 24.31 % 24.31%24.31 \% 20.56 % 20.56 % 20.56%20.56 \% 10.34 % 10.34 % 10.34%10.34 \% 48.00 % 48.00 % 48.00%48.00 \%
Year 2003-2004  年份 2003-2004 41.89 % 41.89 % 41.89%41.89 \% 29.09 % 29.09 % 29.09%29.09 \% 17.92 % 17.92 % 17.92%17.92 \% 72.13 % 72.13 % 72.13%72.13 \%
Year 2003-2005  2003-2005 年 70.01 % 70.01 % 70.01%70.01 \% 47.91 % 47.91 % 47.91%47.91 \% 26.77 % 26.77 % 26.77%26.77 \% 108.34 % 108.34 % 108.34%108.34 \%
Year 2003-2006  2003-2006 年 103.39 % 103.39 % 103.39%103.39 \% 59.10 % 59.10 % 59.10%59.10 \% 39.95 % 39.95 % 39.95%39.95 \% 138.57 % 138.57 % 138.57%138.57 \%
Year 2003-2007  2003-2007 年 199.61 % 199.61 % 199.61%199.61 \% 84.30 % 84.30 % 84.30%84.30 \% 54.31 % 54.31 % 54.31%54.31 \% 167.86 % 167.86 % 167.86%167.86 \%
Year 2003-2008  2003 年至 2008 年 210.74 % 210.74 % 210.74%210.74 \% 44.46 % 44.46 % 44.46%44.46 \% 21.31 % 21.31 % 21.31%21.31 \% 52.08 % 52.08 % 52.08%52.08 \%
"Eurekahedge Asia Pacific FoFs" "HFRI FoFs Composite" "MSCI AC Asia Pacific" Year 2003 24.31% 20.56% 10.34% 48.00% Year 2003-2004 41.89% 29.09% 17.92% 72.13% Year 2003-2005 70.01% 47.91% 26.77% 108.34% Year 2003-2006 103.39% 59.10% 39.95% 138.57% Year 2003-2007 199.61% 84.30% 54.31% 167.86% Year 2003-2008 210.74% 44.46% 21.31% 52.08%| | | Eurekahedge <br> Asia Pacific <br> FoFs | HFRI FoFs <br> Composite | MSCI AC Asia <br> Pacific | | :--- | :---: | :---: | :---: | :---: | | Year 2003 | $24.31 \%$ | $20.56 \%$ | $10.34 \%$ | $48.00 \%$ | | Year 2003-2004 | $41.89 \%$ | $29.09 \%$ | $17.92 \%$ | $72.13 \%$ | | Year 2003-2005 | $70.01 \%$ | $47.91 \%$ | $26.77 \%$ | $108.34 \%$ | | Year 2003-2006 | $103.39 \%$ | $59.10 \%$ | $39.95 \%$ | $138.57 \%$ | | Year 2003-2007 | $199.61 \%$ | $84.30 \%$ | $54.31 \%$ | $167.86 \%$ | | Year 2003-2008 | $210.74 \%$ | $44.46 \%$ | $21.31 \%$ | $52.08 \%$ |

Performance 2009-2015  2009-2015 年表现

Phase 2: Euro Crisis & Directionless Market
第二阶段：欧元危机与无方向市场

Eurekahedge 亚太地区基金中的基金
Eurekahedge
Asia Pacific
FoFs
Eurekahedge Asia Pacific FoFs| Eurekahedge | | :---: | | Asia Pacific | | FoFs |
HFRI FoFs
Composite
HFRI FoFs Composite| HFRI FoFs | | :---: | | Composite |

MSCI AC 亚太地区
MSCI AC Asia
Pacific
MSCI AC Asia Pacific| MSCI AC Asia | | :---: | | Pacific |
Year 2009  2009 年 3.54 % 3.54 % 3.54%3.54 \% 13.25 % 13.25 % 13.25%13.25 \% 11.47 % 11.47 % 11.47%11.47 \% 34.46 % 34.46 % 34.46%34.46 \%
Year 2010  2010 年 7.45 % 7.45 % 7.45%7.45 \% 4.06 % 4.06 % 4.06%4.06 \% 5.69 % 5.69 % 5.69%5.69 \% 14.32 % 14.32 % 14.32%14.32 \%
Year 2011  2011 年 3.53 % 3.53 % 3.53%3.53 \% − 8.62 % − 8.62 % -8.62%-8.62 \% − 5.72 % − 5.72 % -5.72%-5.72 \% − 17.31 % − 17.31 % -17.31%-17.31 \%
Year 2012  2012 年 4.18 % 4.18 % 4.18%4.18 \% 7.03 % 7.03 % 7.03%7.03 \% 4.78 % 4.78 % 4.78%4.78 \% 13.61 % 13.61 % 13.61%13.61 \%
Year 2013  2013 年 23.81 % 23.81 % 23.81%23.81 \% 12.07 % 12.07 % 12.07%12.07 \% 8.96 % 8.96 % 8.96%8.96 \% 9.27 % 9.27 % 9.27%9.27 \%
Year 2014  2014 年 − 2.53 % − 2.53 % -2.53%-2.53 \% 7.18 % 7.18 % 7.18%7.18 \% 3.40 % 3.40 % 3.40%3.40 \% − 2.46 % − 2.46 % -2.46%-2.46 \%
Year 2015  2015 年 19.93 % 19.93 % 19.93%19.93 \% 7.33 % 7.33 % 7.33%7.33 \% − 0.27 % − 0.27 % -0.27%-0.27 \% − 4.28 % − 4.28 % -4.28%-4.28 \%
"Eurekahedge Asia Pacific FoFs" "HFRI FoFs Composite" "MSCI AC Asia Pacific" Year 2009 3.54% 13.25% 11.47% 34.46% Year 2010 7.45% 4.06% 5.69% 14.32% Year 2011 3.53% -8.62% -5.72% -17.31% Year 2012 4.18% 7.03% 4.78% 13.61% Year 2013 23.81% 12.07% 8.96% 9.27% Year 2014 -2.53% 7.18% 3.40% -2.46% Year 2015 19.93% 7.33% -0.27% -4.28%| | | Eurekahedge <br> Asia Pacific <br> FoFs | HFRI FoFs <br> Composite | MSCI AC Asia <br> Pacific | | :--- | :---: | :---: | :---: | :---: | | Year 2009 | $3.54 \%$ | $13.25 \%$ | $11.47 \%$ | $34.46 \%$ | | Year 2010 | $7.45 \%$ | $4.06 \%$ | $5.69 \%$ | $14.32 \%$ | | Year 2011 | $3.53 \%$ | $-8.62 \%$ | $-5.72 \%$ | $-17.31 \%$ | | Year 2012 | $4.18 \%$ | $7.03 \%$ | $4.78 \%$ | $13.61 \%$ | | Year 2013 | $23.81 \%$ | $12.07 \%$ | $8.96 \%$ | $9.27 \%$ | | Year 2014 | $-2.53 \%$ | $7.18 \%$ | $3.40 \%$ | $-2.46 \%$ | | Year 2015 | $19.93 \%$ | $7.33 \%$ | $-0.27 \%$ | $-4.28 \%$ |

Eurekahedge 亚太地区基金中的基金
Eurekahedge
Asia Pacific
FoFs
Eurekahedge Asia Pacific FoFs| Eurekahedge | | :---: | | Asia Pacific | | FoFs |
HFRI FoFs
Composite
HFRI FoFs Composite| HFRI FoFs | | :---: | | Composite |

MSCI AC 亚太地区
MSCI AC Asia
Pacific
MSCI AC Asia Pacific| MSCI AC Asia | | :---: | | Pacific |
Year 2009  2009 年 3.54 % 3.54 % 3.54%3.54 \% 13.25 % 13.25 % 13.25%13.25 \% 11.47 % 11.47 % 11.47%11.47 \% 34.46 % 34.46 % 34.46%34.46 \%
Year 2009-2010  2009-2010 年 1 1 . 2 5 % 1 1 . 2 5 % 11.25%\mathbf{1 1 . 2 5 \%} 17.85 % 17.85 % 17.85%17.85 \% 17.82 % 17.82 % 17.82%17.82 \% 53.71 % 53.71 % 53.71%53.71 \%
Year 2009-2011  2009 年至 2011 年 15.18 % 15.18 % 15.18%15.18 \% 7.69 % 7.69 % 7.69%7.69 \% 11.07 % 11.07 % 11.07%11.07 \% 27.10 % 27.10 % 27.10%27.10 \%
Year 2009-2012  2009 年至 2012 年 19.99 % 19.99 % 19.99%19.99 \% 15.27 % 15.27 % 15.27%15.27 \% 16.39 % 16.39 % 16.39%16.39 \% 44.41 % 44.41 % 44.41%44.41 \%
Year 2009-2013  2009-2013 年 48.56 % 48.56 % 48.56%48.56 \% 29.18 % 29.18 % 29.18%29.18 \% 26.82 % 26.82 % 26.82%26.82 \% 57.79 % 57.79 % 57.79%57.79 \%
Year 2009-2014  2009-2014 年 44.81 % 44.81 % 44.81%44.81 \% 38.45 % 38.45 % 38.45%38.45 \% 31.13 % 31.13 % 31.13%31.13 \% 53.90 % 53.90 % 53.90%53.90 \%
Year 2009-2015  2009-2015 年 73.67 % 73.67 % 73.67%73.67 \% 48.59 % 48.59 % 48.59%48.59 \% 30.78 % 30.78 % 30.78%30.78 \% 47.31 % 47.31 % 47.31%47.31 \%
"Eurekahedge Asia Pacific FoFs" "HFRI FoFs Composite" "MSCI AC Asia Pacific" Year 2009 3.54% 13.25% 11.47% 34.46% Year 2009-2010 11.25% 17.85% 17.82% 53.71% Year 2009-2011 15.18% 7.69% 11.07% 27.10% Year 2009-2012 19.99% 15.27% 16.39% 44.41% Year 2009-2013 48.56% 29.18% 26.82% 57.79% Year 2009-2014 44.81% 38.45% 31.13% 53.90% Year 2009-2015 73.67% 48.59% 30.78% 47.31%| | | Eurekahedge <br> Asia Pacific <br> FoFs | HFRI FoFs <br> Composite | MSCI AC Asia <br> Pacific | | :--- | :---: | :---: | :---: | :---: | | Year 2009 | $3.54 \%$ | $13.25 \%$ | $11.47 \%$ | $34.46 \%$ | | Year 2009-2010 | $\mathbf{1 1 . 2 5 \%}$ | $17.85 \%$ | $17.82 \%$ | $53.71 \%$ | | Year 2009-2011 | $15.18 \%$ | $7.69 \%$ | $11.07 \%$ | $27.10 \%$ | | Year 2009-2012 | $19.99 \%$ | $15.27 \%$ | $16.39 \%$ | $44.41 \%$ | | Year 2009-2013 | $48.56 \%$ | $29.18 \%$ | $26.82 \%$ | $57.79 \%$ | | Year 2009-2014 | $44.81 \%$ | $38.45 \%$ | $31.13 \%$ | $53.90 \%$ | | Year 2009-2015 | $73.67 \%$ | $48.59 \%$ | $30.78 \%$ | $47.31 \%$ |

Performance 2016-December 2024
2016 年至 2024 年 12 月的业绩

Phase 3: 2016-2024, High Vol Periods: Trade war, COVIDS & U.S. Inflation & China Deflation
第三阶段：2016-2024，高波动时期：贸易战、COVIDS、美国通胀与中国通缩
PE Asia

Eurekahedge 亚太地区基金中的基金
Eurekahedge
Asia Pacific
FoFs
Eurekahedge Asia Pacific FoFs| Eurekahedge | | :---: | | Asia Pacific | | FoFs |
HFRI FoFs
Composite
HFRI FoFs Composite| HFRI FoFs | | :---: | | Composite |

MSCI AC 亚太地区
MSCI AC Asia
Pacific
MSCI AC Asia Pacific| MSCI AC Asia | | :---: | | Pacific |
Year 2016  2016 年 − 9.13 % − 9.13 % -9.13%-9.13 \% − 1.67 % − 1.67 % -1.67%-1.67 \% 0.51 % 0.51 % 0.51%0.51 \% 2.33 % 2.33 % 2.33%2.33 \%
Year 2017  2017 年 9.42 % 9.42 % 9.42%9.42 \% 15.33 % 15.33 % 15.33%15.33 \% 7.76 % 7.76 % 7.76%7.76 \% 28.71 % 28.71 % 28.71%28.71 \%
Year 2018  2018 年 3.68 % 3.68 % 3.68%3.68 \% − 9.08 % − 9.08 % -9.08%-9.08 \% − 4.02 % − 4.02 % -4.02%-4.02 \% − 15.59 % − 15.59 % -15.59%-15.59 \%
Year 2019  2019 年 10.59 % 10.59 % 10.59%10.59 \% 10.02 % 10.02 % 10.02%10.02 \% 8.39 % 8.39 % 8.39%8.39 \% 16.33 % 16.33 % 16.33%16.33 \%
Year 2020  2020 年 31.22 % 31.22 % 31.22%31.22 \% 19.38 % 19.38 % 19.38%19.38 \% 10.88 % 10.88 % 10.88%10.88 \% 17.14 % 17.14 % 17.14%17.14 \%
Year 2021  2021 年 4.33 % 4.33 % 4.33%4.33 \% 5.96 % 5.96 % 5.96%5.96 \% 6.20 % 6.20 % 6.20%6.20 \% − 3.40 % − 3.40 % -3.40%-3.40 \%
Year 2022  2022 年 − 6.58 % − 6.58 % -6.58%-6.58 \% − 9.26 % − 9.26 % -9.26%-9.26 \% − 5.05 % − 5.05 % -5.05%-5.05 \% − 19.36 % − 19.36 % -19.36%-19.36 \%
Year 2023  2023 年 0.94 % 0.94 % 0.94%0.94 \% 5.49 % 5.49 % 5.49%5.49 \% 6.60 % 6.60 % 6.60%6.60 \% 8.77 % 8.77 % 8.77%8.77 \%
Year 2024 (Dec)  2024 年 12 月 13.35 % 13.35 % 13.35%13.35 \% 11.95 % 11.95 % 11.95%11.95 \% 9.09 % 9.09 % 9.09%9.09 \% 7.23 % 7.23 % 7.23%7.23 \%
PE Asia "Eurekahedge Asia Pacific FoFs" "HFRI FoFs Composite" "MSCI AC Asia Pacific" Year 2016 -9.13% -1.67% 0.51% 2.33% Year 2017 9.42% 15.33% 7.76% 28.71% Year 2018 3.68% -9.08% -4.02% -15.59% Year 2019 10.59% 10.02% 8.39% 16.33% Year 2020 31.22% 19.38% 10.88% 17.14% Year 2021 4.33% 5.96% 6.20% -3.40% Year 2022 -6.58% -9.26% -5.05% -19.36% Year 2023 0.94% 5.49% 6.60% 8.77% Year 2024 (Dec) 13.35% 11.95% 9.09% 7.23%| | PE Asia | Eurekahedge <br> Asia Pacific <br> FoFs | HFRI FoFs <br> Composite | MSCI AC Asia <br> Pacific | | :--- | :---: | :---: | :---: | :---: | | Year 2016 | $-9.13 \%$ | $-1.67 \%$ | $0.51 \%$ | $2.33 \%$ | | Year 2017 | $9.42 \%$ | $15.33 \%$ | $7.76 \%$ | $28.71 \%$ | | Year 2018 | $3.68 \%$ | $-9.08 \%$ | $-4.02 \%$ | $-15.59 \%$ | | Year 2019 | $10.59 \%$ | $10.02 \%$ | $8.39 \%$ | $16.33 \%$ | | Year 2020 | $31.22 \%$ | $19.38 \%$ | $10.88 \%$ | $17.14 \%$ | | Year 2021 | $4.33 \%$ | $5.96 \%$ | $6.20 \%$ | $-3.40 \%$ | | Year 2022 | $-6.58 \%$ | $-9.26 \%$ | $-5.05 \%$ | $-19.36 \%$ | | Year 2023 | $0.94 \%$ | $5.49 \%$ | $6.60 \%$ | $8.77 \%$ | | Year 2024 (Dec) | $13.35 \%$ | $11.95 \%$ | $9.09 \%$ | $7.23 \%$ |
PE Asia

Eurekahedge 亚太地区基金中的基金
Eurekahedge
Asia Pacific
FoFs
Eurekahedge Asia Pacific FoFs| Eurekahedge | | :---: | | Asia Pacific | | FoFs |
  HFR FoFs 综合指数
HFR FoFs
Composite
HFR FoFs Composite| HFR FoFs | | :---: | | Composite |

MSCI AC 亚太地区
MSCI AC Asia
Pacific
MSCI AC Asia Pacific| MSCI AC Asia | | :---: | | Pacific |
Year 2016  2016 年 − 9.13 % − 9.13 % -9.13%-9.13 \% − − 1 . 6 7 % − − 1 . 6 7 % --1.67%-\mathbf{- 1 . 6 7 \%} 0.51 % 0.51 % 0.51%0.51 \% 2.33 % 2.33 % 2.33%2.33 \%
Year 2016-2017  2016-2017 年 − 0.57 % − 0.57 % -0.57%-0.57 \% 13.41 % 13.41 % 13.41%13.41 \% 8.32 % 8.32 % 8.32%8.32 \% 31.71 % 31.71 % 31.71%31.71 \%
Year 2016-2018  2016-2018 年 3.09 % 3.09 % 3.09%3.09 \% 3.11 % 3.11 % 3.11%3.11 \% 3.96 % 3.96 % 3.96%3.96 \% 11.17 % 11.17 % 11.17%11.17 \%
Year 2016-2019  年份 2016-2019 1 4 . 0 0 % 1 4 . 0 0 % 14.00%\mathbf{1 4 . 0 0 \%} 13.45 % 13.45 % 13.45%13.45 \% 12.69 % 12.69 % 12.69%12.69 \% 29.32 % 29.32 % 29.32%29.32 \%
Year 2016-2020  2016-2020 年 4 9 . 6 0 % 4 9 . 6 0 % 49.60%\mathbf{4 9 . 6 0 \%} 35.43 % 35.43 % 35.43%35.43 \% 24.95 % 24.95 % 24.95%24.95 \% 51.49 % 51.49 % 51.49%51.49 \%
Year 2016-2021  2016-2021 年 56.09 % 56.09 % 56.09%56.09 \% 43.50 % 43.50 % 43.50%43.50 \% 32.69 % 32.69 % 32.69%32.69 \% 46.34 % 46.34 % 46.34%46.34 \%
Year 2016-2022  年份 2016-2022 4 5 . 8 2 % 4 5 . 8 2 % 45.82%\mathbf{4 5 . 8 2 \%} 30.21 % 30.21 % 30.21%30.21 \% 25.99 % 25.99 % 25.99%25.99 \% 18.01 % 18.01 % 18.01%18.01 \%
Year 2016-2023  年份 2016-2023 4 7 . 1 8 % 4 7 . 1 8 % 47.18%\mathbf{4 7 . 1 8 \%} 37.36 % 37.36 % 37.36%37.36 \% 34.31 % 34.31 % 34.31%34.31 \% 28.36 % 28.36 % 28.36%28.36 \%
Year 2016-  2016 年
Dec 2024  2024 年 12 月 66.83 % 66.83 % 66.83%66.83 \% 53.77 % 53.77 % 53.77%53.77 \% 46.52 % 46.52 % 46.52%46.52 \% 37.63 % 37.63 % 37.63%37.63 \%
PE Asia "Eurekahedge Asia Pacific FoFs" "HFR FoFs Composite" "MSCI AC Asia Pacific" Year 2016 -9.13% --1.67% 0.51% 2.33% Year 2016-2017 -0.57% 13.41% 8.32% 31.71% Year 2016-2018 3.09% 3.11% 3.96% 11.17% Year 2016-2019 14.00% 13.45% 12.69% 29.32% Year 2016-2020 49.60% 35.43% 24.95% 51.49% Year 2016-2021 56.09% 43.50% 32.69% 46.34% Year 2016-2022 45.82% 30.21% 25.99% 18.01% Year 2016-2023 47.18% 37.36% 34.31% 28.36% Year 2016- Dec 2024 66.83% 53.77% 46.52% 37.63%| | PE Asia | Eurekahedge <br> Asia Pacific <br> FoFs | HFR FoFs <br> Composite | MSCI AC Asia <br> Pacific | | :--- | :---: | :---: | :---: | :---: | | Year 2016 | $-9.13 \%$ | $-\mathbf{- 1 . 6 7 \%}$ | $0.51 \%$ | $2.33 \%$ | | Year 2016-2017 | $-0.57 \%$ | $13.41 \%$ | $8.32 \%$ | $31.71 \%$ | | Year 2016-2018 | $3.09 \%$ | $3.11 \%$ | $3.96 \%$ | $11.17 \%$ | | Year 2016-2019 | $\mathbf{1 4 . 0 0 \%}$ | $13.45 \%$ | $12.69 \%$ | $29.32 \%$ | | Year 2016-2020 | $\mathbf{4 9 . 6 0 \%}$ | $35.43 \%$ | $24.95 \%$ | $51.49 \%$ | | Year 2016-2021 | $56.09 \%$ | $43.50 \%$ | $32.69 \%$ | $46.34 \%$ | | Year 2016-2022 | $\mathbf{4 5 . 8 2 \%}$ | $30.21 \%$ | $25.99 \%$ | $18.01 \%$ | | Year 2016-2023 | $\mathbf{4 7 . 1 8 \%}$ | $37.36 \%$ | $34.31 \%$ | $28.36 \%$ | | Year 2016- | | | | | | Dec 2024 | $66.83 \%$ | $53.77 \%$ | $46.52 \%$ | $37.63 \%$ |

Disclosure  披露

This document is for use with Institutional Investor, Accredited Investor under the U.S. federal securities laws and Professional Investor as defined in the Hong Kong Securities and Futures Ordinance only.
本文件仅供根据美国联邦证券法规定的机构投资者、合格投资者以及香港证券及期货条例定义的专业投资者使用。

This document is for information purpose only and is not, and should not be construed as, an offer or intended offer to sell or the solicitation of an offer or intended offer to buy any security or other investment. Any offer of an interest in an investment fund managed by Persistent may be made only by a confidential offering memorandum with respect to such offering. Certain information in this document is extracted from the Funds’ Confidential Offering Memorandum (the “OM”). In case of doubt or discrepancy of the information between this document and the OM, the OM shall prevail.
本文件仅供参考，不应被解释为出售或征求购买任何证券或其他投资的要约或意图要约。Persistent 管理的投资基金的权益要约只能通过相关的保密发行备忘录进行。本文件中的某些信息摘自基金的保密发行备忘录（简称“OM”）。如本文件与 OM 之间的信息存在疑问或差异，应以 OM 为准。
Past performance is not a reliable indicator of current or future performance. The performance data of Persistent Edge Asia Partners includes the combined monthly net results of all its invested hedge funds focusing on the pan-Asian region in varying investment strategies, net of management and performance fees that vary by the share class. Performance data do not take account of the commissions and costs incurred on the issue and redemption of units, if applicable. The results are also net of accounting, auditing and other general and administrative expenses associated with the normal ongoing operation of the Fund and its limited partnership interests since the Fund commenced actual operation. The performance data of the hedge funds in which Persistent Edge Asia Partners is invested include realized and unrealized gains and losses, reinvestment of dividends and other earnings, and the deduction of management fees (generally 2 % 2 % 2%2 \% per annum), performance incentive fees (generally 20%), brokerage transaction expenses, including commissions and margin interest, and accounting, auditing and other general and administrative expenses associated with the normal ongoing operation of the various funds. The Eurekahedge Asia Pacific Fund of Funds Index represents a universe of nearly 80 Asian constituent fund of hedge funds, net of fees. The HFRI FoFs Composite Index is a broadly diversified index of over 650 fund of hedge funds globally.
过去的表现并非当前或未来表现的可靠指标。Persistent Edge Asia Partners 的业绩数据包括其所有专注于泛亚洲地区的对冲基金的综合月度净结果，这些基金采用不同的投资策略，并扣除了按份额类别不同的管理和绩效费用。业绩数据未考虑单位发行和赎回所产生的佣金和成本（如适用）。结果还扣除了自基金实际运营以来与基金及其有限合伙权益正常持续运营相关的会计、审计及其他一般和行政费用。 Persistent Edge Asia Partners 所投资的对冲基金业绩数据包括已实现和未实现的收益和损失、股息和其他收益的再投资、管理费（通常为每年 2 % 2 % 2%2 \% ）、绩效激励费（通常为 20%）、经纪交易费用（包括佣金和保证金利息）以及与各基金正常持续运营相关的会计、审计和其他一般行政费用。Eurekahedge 亚太基金中的基金指数代表了近 80 个亚洲对冲基金中的基金构成，已扣除费用。HFRI 基金中的基金综合指数是全球范围内超过 650 个对冲基金中的基金的广泛多样化指数。
Persistent Edge Asia Partners’ future results may not be comparable to historical returns for many reasons including the following: Future investments will be made under different economic conditions than those that prevailed during the historical periods described; and the Investment Manager and General Partner of Persistent Edge Asia Partners have wide latitude to vary the Fund’s activities and may not necessarily continue investing in the manner that generated the results presented in this presentation. All investments bear the risk of loss. Investment in the Fund is not intended as a complete investment program, and may be deemed speculative. Investment is designed for sophisticated and experienced investors who do not require liquidity, and who can bear investment losses. The Investment Manager and General Partner will attempt to moderate these risks, but there can be no assurances that the Fund’s investment and trading activities will be successful or that investors will not suffer losses.
Persistent Edge Asia Partners 的未来业绩可能无法与历史回报相比较，原因包括以下几点：未来投资将在与历史时期不同的经济条件下进行；以及 Persistent Edge Asia Partners 的投资经理和普通合伙人在基金活动方面拥有广泛的自由裁量权，可能不会继续以本演示中展示结果的方式进行投资。所有投资均存在亏损风险。投资于该基金并非旨在作为完整的投资计划，且可能被视为投机性投资。该投资专为不需要流动性且能够承受投资损失的成熟和经验丰富的投资者设计。投资经理和普通合伙人将尝试降低这些风险，但无法保证基金的投资和交易活动会成功，也无法保证投资者不会遭受损失。
The information and contents contained in this document are based on the analyses and interpretations of information provided by underlying fund managers or their representatives and publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and Persistent Asset (“Persistent”) makes no guarantees to their accuracy, completeness, timeliness or correctness. The information and contents on this document should be used as references only with your own discretion and are subject to change without notice. Persistent reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this document (including this disclaimer) at any time. This marketing information is being given to the addressed person solely to permit that person to evaluate an investment in the participating shares (the “Shares”) privately offered hereby. This information may not be reproduced or distributed to anyone else (other than the identified recipient’s professional advisers). By accepting delivery of this information, the recipient agrees to return it and all related documents to Persistent Asset, or the representative of the fund who provided it, if the recipient does not subscribe for shares.
本文件所含信息和内容基于对基础基金管理人或其代表提供的信息以及从被认为可靠的公开来源获取的信息进行的分析和解读。此类分析和信息未经独立验证，Persistent Asset（“Persistent”）对其准确性、完整性、及时性或正确性不作任何保证。本文件中的信息和内容仅供参考，您应自行审慎使用，且这些信息可能随时更改，恕不另行通知。Persistent 保留自行决定（但无义务）随时对本文件（包括本免责声明）的任何部分进行改进或纠正任何错误或遗漏的权利。本营销信息仅供收件人评估本文私下提供的参与股份（“股份”）投资之用。此信息不得复制或分发给任何其他人（收件人的专业顾问除外）。 通过接收此信息，接收方同意如果其不认购股份，则将该信息及所有相关文件返还给 Persistent Asset 或提供该信息的基金代表。

Disclosure  披露

Additional information for European Economic Area (“EEA”). The Master Fund and Offshore Fund are registered or notified in United Kingdom, Luxembourg and Ireland in accordance with the local National Private Placement Regime in relation to Alternative Investment Fund Managers Directive (“AIFMD”). The Master Fund and Offshore Fund have been neither registered, notified nor approved by other member state(s) of the EEA. This document is sent to you because either i) you are an existing investor in the Funds according to the Funds’ record; or ii) subject to the local applicable laws, you, at your initiative, have given express request for this document and otherwise in compliance with other applicable restriction in a particular member state. If you are not eligible to i) and ii) or you are not the intended recipient or have received this document in error, please notify the sender immediately and destroy the message in its entirety (whether in electronic or hard copy format), without disclosing its contents to anyone.
欧洲经济区（“EEA”）的附加信息。根据《另类投资基金管理人指令》（“AIFMD”）的当地国家私募基金制度，Master Fund 和 Offshore Fund 已在英国、卢森堡和爱尔兰注册或通知。Master Fund 和 Offshore Fund 尚未在 EEA 的其他成员国注册、通知或批准。本文件发送给您是因为：i) 根据基金的记录，您是基金的现有投资者；或 ii) 根据当地适用法律，您主动明确请求获取本文件，并且符合特定成员国的其他适用限制。如果您不符合 i)和 ii)的条件，或者您不是预期的收件人，或者误收到本文件，请立即通知发送者并彻底销毁该消息（无论是电子版还是纸质版），不得向任何人披露其内容。
Information for Swiss Investors: The Cayman Islands domiciled Offshore Funds referenced herein this document are intended only for persons in Switzerland who are qualified in the meaning of the Swiss Federal Act on Collective Investment Schemes (“CISA”) including high-net-worth-individuals and private investment structures for high-net-worth-individuals that do not have professional treasury operations but have opted out of customer protection under the Financial Services Act (“FinSA”). This document is not allowed to be distributed to the retail public (i.e. non-qualified investors). Retrocessions may be paid by the Investment Manager and its agents as compensation of distribution activities in Switzerland. Retrocessions don’t qualify as rebates even if they are forwarded to the end investor. The Investment Manager may pay rebates to its agents when distributing in and from Switzerland. Rebates serve the purpose of reducing the fees or costs for investors. Rebates are legal if they are: (i) paid out of fees received by the Investment Manager and therefore do not represent an additional charge to the Offshore Fund’s assets; (ii) granted based on objective criteria; and (iii) granted within the same time frame and under the same conditions to all investors which request for such rebates and satisfy the same objective criteria. The objective criteria for granting rebates are: (i) the funds invested in the Offshore Fund or the total funds of the investor in products of the promoter; (ii) the amount of fees generated by the investor; and (iii) the investment behaviour of the investor (e.g. the term of the investor). Before any investment, please read the latest Legal Fund Documents. The information herein is not intended to be construed as a solicitation or an offer to invest in the Offshore Fund. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming. If the currency of the Offshore Fund is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by Investment Manager without any guarantee or warranty. This document and its contents have not been reviewed by any regulatory authority in Switzerland.
瑞士投资者须知：本文件中提及的开曼群岛注册离岸基金仅适用于符合瑞士联邦集体投资计划法（“CISA”）定义的人士，包括高净值个人以及没有专业财务操作但已选择退出金融服务法（“FinSA”）下客户保护的高净值个人私人投资结构。本文件不得向零售公众（即非合格投资者）分发。投资管理人及其代理人可能支付回扣作为在瑞士分销活动的补偿。即使回扣被转给最终投资者，也不被视为折扣。投资管理人在瑞士境内及境外分销时可能向其代理人支付折扣。折扣旨在降低投资者的费用或成本。 返利在以下情况下是合法的：(i) 从投资经理收到的费用中支付，因此不构成对离岸基金资产的额外收费；(ii) 基于客观标准授予；以及(iii) 在同一时间范围内并在相同条件下向所有申请返利并满足相同客观标准的投资者授予。授予返利的客观标准包括：(i) 投资于离岸基金的资金或投资者在发起人产品中的总资金；(ii) 投资者产生的费用金额；以及(iii) 投资者的投资行为（例如投资者的投资期限）。在进行任何投资之前，请阅读最新的法律基金文件。本文中的信息不应被解释为对离岸基金的投资招揽或要约。过往表现并非未来表现的可靠指标。所示表现未考虑认购和赎回时收取的任何佣金和费用。如果离岸基金的货币与您的参考货币不同，回报可能因汇率波动而增加或减少。 本信息未考虑任何特定接收者的具体或未来投资目标、财务状况或税务状况或特殊需求。本文件中的细节和观点由 Investment Manager 提供，不作任何保证或担保。本文件及其内容未经瑞士任何监管机构审查。
The Investment Manager, Persistent Asset Partners Limited, is licensed by the Hong Kong Securities and Futures Commission (“HKSFC”) to carry on Type 4 (Advising on Securities) and Type 9 (Asset Management) Regulated activities in Hong Kong for Professional Investors and is regulated by the HKSFC. The contents of this document have not been reviewed by any regulatory authority including but not limited to Switzerland, Singapore, Hong Kong, United States of America, and the United Kingdom and other member states of the European Economic Area. You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
投资经理 Persistent Asset Partners Limited 已获得香港证券及期货事务监察委员会（“HKSFC”）的许可，在香港为专业投资者进行第 4 类（证券咨询）和第 9 类（资产管理）受规管活动，并受 HKSFC 监管。本文件的内容未经任何监管机构审查，包括但不限于瑞士、新加坡、香港、美国、英国及欧洲经济区其他成员国。建议您谨慎行事，如果您对本文件的任何内容有疑问，应寻求独立的专业意见。
All logos and trademarks within this document are proprietary to their respective owners and are protected by applicable trademark and copyright laws. Any of logos or trademarks displayed on this document may be registered or unregistered marks of Persistent Asset or others. The Award Logos (including but not limited to HFMWeek Asia, AsianInvestor, InvestHedge and Lipper) are the list of awards given to the Funds or other products under the investment manager’s management or advisory.
本文档中的所有徽标和商标均为各自所有者专有，并受适用的商标和版权法律保护。本文档中显示的任何徽标或商标可能是 Persistent Asset 或其他方的已注册或未注册标志。奖项徽标（包括但不限于 HFMWeek Asia、AsianInvestor、InvestHedge 和 Lipper）是授予投资经理管理或咨询的基金或其他产品的奖项列表。
Copyright © 2025 Persistent Asset. All Rights Reserved.
版权所有 © 2025 Persistent Asset。保留所有权利。
  1. -200.00%
    2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2004      2005      2006      2007      2008      2009      2010      2011      2012      2013      2014      2015      2016      2017      2018      2019      2020      2021      2022      2023      2024 [2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024]\begin{array}{llllllllllllllllllllll} \hline 2004 & 2005 & 2006 & 2007 & 2008 & 2009 & 2010 & 2011 & 2012 & 2013 & 2014 & 2015 & 2016 & 2017 & 2018 & 2019 & 2020 & 2021 & 2022 & 2023 & 2024 \end{array}
  2. Source: Persistent Asset
    来源：Persistent Asset
  3. Source: Persistent Asse  来源：Persistent Asse
  4. Source: Persistent Asset
    来源：Persistent Asset
  5. Source: The Yale Endowment, Harvard Management Company, Princeton, MITIMCo
    来源：The Yale Endowment, Harvard Management Company, Princeton, MITIMCo
    units, if applicable  单位（如适用）
    Performance is reported at the master fund level, and is net of management and performance fees.
    业绩报告在母基金层面，已扣除管理费和绩效费。