• Tough start to 2024, but Active Funds match Benchmark: Average returns of -2.53% lag the iShares MSCI China ETF by -0.05%, with 47.8% of funds outperforming.

• Value beats Growth: Value beats Growth on average, but best performers are from the Aggressive Growth camp.

• Health Care Drives Returns Lower: China & HK Health Care stocks account for over half of total negative returns, with Major Pharma and Biotechnology the key drivers.

• Tencent Underweight Costly: Tencent’s -6.15% underweight drags on relative performance, but underweights in Pinduoduo and Nio Inc pair back losses.

• Active vs Passive: High Active approach paying dividends, with average 10-year return of High Active managers beating the iShares MSCI China ETF by 21.7%.