Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Lumiere Capital 2017 Investor Letter

Stocks that did well for the fund during the year include Fanhua Holdings, which is an independent insurance distributor in China. Another stock that did well for the fund was China Taiping Insurance, which is the 7th largest life insurer in China. Further, Fang Holdings – which operates the real estate Internet portal in China – also contributed positively to the fund. Other holdings that performed...