BIN YUAN GREATER CHINA on 31/03/2020

	ISIN	Class	NAV	Fx	Daily	MTD	YTD
BIN YUAN GREATER CHINA FUND	LU1778254844 LU1778255494 LU1778256203 LU1778255734	CIU CB L2 L1	112.87 106.36 98.62 97.77	USD USD USD USD	1.19% 1.18% 1.19% 1.19%	-4.27% -4.28% -4.19% -4.28%	-0.48% -0.49% -0.29% -0.48%

Bin Yuan Greater China Fund

The investment objective of the Compartment is to provide long term capital growth, measured in USD, primarily through investment in equities and equity-linked securities of Greater China Companies, as defined hereafter.
Greater China Companies are companies having their registered office in Greater China and companies organised and located in countries other than in Greater China where a predominant part of their economic activity, alone or on a consolidated basis, is derived from either goods produced, sales made or services performed in countries such as the People's Republic of China, Hong Kong, Taiwan and Singapore (herein together referred to as "Greater China Companies").

Investment exposure will be achieved through equities and equity-linked securities (such as shares, ADRs and GDRs). This also includes investment in China A-Shares through the Shanghai and Shenzhen - Hong Kong Stock Connects. Investors should refer to the "Risk Warning" section for special risk considerations applicable to this Compartment. The Compartment may also invest in investment grade debt securities and convertible bonds, equities and equity related securities of companies outside Greater China and money market instruments.

The Compartment’s bottom-up, research driven investment process employs a proprietary score based screening process, supported by a tested database of financial analysis models.

This investment approach will be subject at all times to rigorous risk analysis and disciplined risk management procedures, including diversification, a conservative approach to liquidity, prudent exposure limits, and loss minimization procedures through stringent loss cutting practice. Investment risk will be assessed primarily by drawdown, but also by the volatility of returns.

For the avoidance of doubt, the Compartment will not invest more than 10% of its net asset in UCITS and other UCIs (including open-ended exchange traded funds whose underlying belong to the Compartment's investment universe) (as defined under "Investment Restrictions" 1. (A) (1) d)).

In exceptional market circumstances and on a temporary basis, the Compartment may hold up to 100% of its net assets in liquid assets and investment grade debt instruments (including money market instruments).

Investment Manager

Bin Yuan Capital Limited is licensed by the Hong Kong Securities and Futures Commission to undertake Type 9 (Asset Management) Regulated Activities. The principals are Ping Zhou and Cicy Wu whose profiles are below:

Ping Zhou, CFA

Ping, a founding and managing partner, has more than 25 years of management and investment experience including 17 years with GE. At GE Asset Management Incorporated ("GEAMI”), Ping was a managing director and responsible for a total of US$ 5 billion assets including the Emerging Markets (US$ 3.5 billion in AuM), China Equity (US$ 400 million in AuM) and China A (US$ 480 million in AuM) portfolios.

Ping initiated GE China Equity Fund in July 2002. The fund had achieved 22.1% annualized return for the past 9 years and has been one of the top funds in the industry. The GE emerging market fund, which was managed by Ping and one other fund manager, was ranked top ten in 2006.

Ping founded Bin Yuan Capital in 2012 and started 2 strategies in 2013, Greater China Strategy and China A strategy. Both strategies have delivered very strong performance since then. Bin Yuan Capital has attracted large International Institutions that include pension funds, endowments and foundations, and family offices.

He has a BS from Northeastern University magna cum laude and an MBA from Fairfield University. Ping was a holder of the Chartered Financial Analyst designation.

Cicy Wu, CFA

Cicy, a founding and managing partner of Bin Yuan Capital, has more than 10 years investment experience including 8 years with GE. At GE Asset Management Incorporated ("GEAMI”), Cicy was the assistant portfolio manager for the China Equity Strategy (AuM US$ 400 million) and China A-shares (AuM US$ 480 million). She joined GE Asset Management in 2006, and prior to that, she worked as an analyst of corporate finance in various GE business.

Cicy and Ping are co portfolio managers for two strategies in Bin Yuan Capital since 2013, Greater China Strategy and China A strategy. Both strategies have delivered very strong performance since then. Bin Yuan Capital has attracted large International institutions that include pension funds, endowments and foundations, and family offices.

Cicy holds a Bachelor Degree from Fudan University in Shanghai. Cicy is also a holder of the Chartered Financial Analyst designation and member of The Association of Chartered Certified Accountants (ACCA). She is a native of China and speaks fluent English and Mandarin.

Please click http://binyuancapital.com/EN to visit their website. Please note that by clicking on the link you are leaving the Hereford Funds website and Hereford Funds cannot accept any responsibility for the content of those websites.

Investors should refer to the Hereford Funds prospectus for complete information.

Daily Fund Nav's

BIN YUAN GREATER CHINA FUND

Date	Class	NAV	Daily %
31/03/2020	CIU	112.87	1.19%
31/03/2020	CB	106.36	1.18%
31/03/2020	L2	98.62	1.19%
31/03/2020	L1	97.77	1.19%

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DGHM US ALL-CAP VALUE

Date	Class	NAV	Daily %
31/03/2020	D	133.65	-1.5%
31/03/2020	BI	107.9	-1.49%
31/03/2020	AI	169.9	-1.49%

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DGHM US MICRO-CAP VALUE FUND

Date	Class	NAV	Daily %
31/03/2020	A1	65.9	0.35%
31/03/2020	L	88.1	0.34%

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DSM US LARGE CAP GROWTH

Date	Class	NAV	Daily %
31/03/2020	U	249.09	-0.59%
31/03/2020	D	375.21	-0.59%
31/03/2020	BI	169.06	-0.59%
31/03/2020	AI	238.96	-0.59%

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