Ray Nazarro

The China Conundrum

Of the top 25 stocks held in CAF only one, Air China, is part of the China AH Shares Premium Index. I don't fault you for getting it wrong, the information on CAF holdings is hard to find but given the facts it is clearly meaningless to use the AH Index as a benchmark when talking about CAF. For a list of the CAF top 25 holdings as of 6/30/07 visit tinyurl.com/3alxr4