Gain investment clarity in Asia Pacific through our research, specialized insights, and thought leadership.
We manage both active and passive capabilities that span regions and styles. With decades of experience, we offer a diverse range of strategies to meet your financial goals.
We manage more than US$ 1 trillion in equity strategies for our clients, as of 31 March 2025.
More than 300 investment professionals cover US, global, Asia and emerging markets.
Our locations provide local knowledge with a global perspective.
Investors count on our proven approach to build highly active equity portfolios. We look for valuation opportunities in mispriced stocks and keep them until the market recognises what they are worth.
We have strategies to match your needs and long-term goals, whether that is growth, value, diversification, income, or total returns. Rethink possibilities and explore our strategies from fundamental and factor-based equities to innovative exchange-traded funds.
In the current volatile market environment, active management and generating alpha is important to generate positive real returns. Globally diversified, and without significant factor or style biases, our global equity approach is set up to navigate different investment environments.
• Large opportunity set: The global investment universe enhances the opportunity set and benefits diversification.
• Solid investment process: High conviction bottom-up approach with a clearly defined philosophy and a robust, repeatable process.
• Risk mitigation: We aim to mitigate risk by rigorous fundamental research and granular analysis of accounting quality and balance sheets.
Why this approach?
• Provides a core exposure to global equities
A globally diversified and valuation led equity portfolio approach which aims to deliver idiosyncratic alpha over the investment cycle.
• Investment philosophy with robust, repeatable investment process
The investment philosophy is simple: own superior businesses, with strong balance sheets, run by trusted and aligned managers…then you let the power of compounding do its job.
Underneath this simple philosophy lies a robust, repeatable process built to identify, assess, and incorporate suitable ideas into a diversified portfolio of around 50-60 holdings.
• Risk management and mitigation
Risk management is embedded through every stage of the investment process and we focus on mitigating downside risk by
1. rigorous fundamental industry and company research and
2. granular analysis of accounting quality and balance sheets
Asia remains the fastest-growing region in the world. By 2050, it could account for half of global economic output1 and by 2030 could be home to two-thirds of the world’s middle class2. This represents a large opportunity set for active investors like us.
• Experience: We have proven experience and a 20+ year track record in Asia and Emerging Market equities.
• Valuation-driven: We aim to buy companies for significantly less than our estimate of ‘fair value’.
• Diversification opportunities: Asian countries vary widely in economic structure and development experiences, providing ample investment and diversification opportunities.
Why this approach?
We are contrarian investors, aiming to buy companies for significantly less than our estimate of ‘fair value’. We favour conservative balance sheets and invest with a 3–5-year time horizon.
• We ride the wave from contrarian to popular
We don’t chase the market to find new opportunities. As active investors with a contrarian approach, we buy and build positions in temporarily unloved stocks trading well below our estimate of fair value. We target a double-digit annualised return from each stock we buy, as we ride the transition from contrarian to popular.
• We believe that valuation is paramount
We believe that the most sustainable way to make money for clients is to buy companies for less than they are worth. Our valuation-led approach incorporates rigorous fundamental analysis, meaning we can identify the likely sources of mispricing and how our views differ from consensus.
• We capture opportunities by focusing on the long term
We believe that share prices reflect fundamentals over time. Markets tend to overact to current events and underappreciate a company’s long-term prospects. By taking a long-term approach to investing, we’re able to capitalize on the market’s short-termism.
1. Source: Asian Development Bank, Asia 2050, Realizing the Asian Century https://www.adb.org/sites/default/files/publication/28608/asia2050-executive-summary.pdf
2. Source: Bloomberg, 6 January 2025 https://www.bloomberg.com/opinion/articles/2025-01-06/asian-dream-is-waking-up-to-middle-class-reality
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Emerging markets offer investors a world of untapped potential. Home to the vast majority of the world’s population, they’ve outpaced developed markets in terms of economic growth for years. And yet, they remain significantly underrepresented in many equity portfolios.
• Untapped potential: Emerging markets have undergone a significant transformation, having emerged as hubs for innovation, entrepreneurship, and growth.
• Diversification opportunities: Emerging market countries vary widely in economic structure and development experiences, providing ample investment and diversification opportunities.
• Valuation-led investing: We seek to capitalise on market inefficiencies through fundamental analysis to determine a stock’s real value.
Why this approach?
We are contrarian investors, aiming to buy companies for significantly less than our estimate of ‘fair value’. We favour conservative balance sheets and invest with a 3–5-year time horizon.
• We find opportunities in unloved areas
As active investors we have a contrarian approach. We don’t take the consensus view, rather we focus on temporarily unloved areas of the market to look for new ideas. Markets often overact to short-term news and place undue influence on current trends. We seek to exploit these market inefficiencies.
• We are valuation-driven
Buying when valuations are lower typically leads to better subsequent returns for investors. We buy undervalued stocks that are trading well below their fair value. We use fundamental analysis focusing on balance sheet health, profitability, cash flow dynamics and accounting quality to gain an idea of a company’s fair value and future earnings growth.
• We capture opportunities by focusing on the long term
We believe that share prices reflect fundamentals over time. Markets tend to overact to current events and underappreciate a company’s long-term prospects. By taking a long-term approach to investing, we’re able to capitalize on the market’s short-termism.
William Lam, fund managerVolatility provides opportunity, uncertainty leads to mispricing.
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