Annual Report 2019

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2019 9 THE PORTFOLIO As of 31 December 2019, the Fund’s total investments amounted to US$713.97 million. The sector distribution of investments was US$515.61 million in financial services (representing 64.93% of the Fund’s total assets), US$104.10 million in culture, media and consumption (13.11%), US$67.92 million in information technology (8.55%), and US$26.34 million in other ventures (including manufacturing, energy and resources, and education, etc.) (3.32%). In addition, cash and cash equivalents were US$64.14 million, representing 8.08% of the Fund’s total assets as of 31 December 2019. TOTAL ASSETS DISTRIBUTION Financial Services Investment 58.30% Culture, Media and Consumption Investment 22.10% Information Technology Investment 7.55% Other Ventures 4.25% Cash 7.04% Others 0.76% Financial Services Investment 64.93% Culture, Media and Consumption Investment 13.11% Information Technology Investment 8.55% Other Ventures 3.32% Cash 8.08% Others 2.01% As of 31 December 2018 As of 31 December 2019