British Empire Trust’s June Newsletter

British Empire Trust (British Empire) recently published their June 2017 letter, which is available for download from their website. The company is a closed-end investment trust with shares listed on the London Stock Exchange. It is managed by Asset Value Investors Limited. As per their website, the trust’s investment objective is to achieve the creation […]

Readings For The Week (23/7)

A longer than usual reading list this week. Enjoy! Why did all the 7-Elevens in Jakarta suddenly disappear?: Competition, regulations and a sluggish economy created a perfect storm that the convenience-store chain could not withstand. Interview with Nicholas Cator: Verlinvest Asia’s executive director on why India remains a key geography for his firm. In urban China, […]

Waverton Southeast Asian Fund: June Update

Waverton Southeast Asian Fund recently published their June 2017 letter, which is available for download from their website. The fund’s investment objective is to generate capital growth by investing in a concentrated portfolio of no more than 30 listed Southeast Asian equities. They look, in particular, for growth companies at a reasonable price. The fund was […]

Lazard Trims Stake In First Pacific

Lazard Asset Management LLC (Lazard) recently reduced their stake in HK-listed First Pacific Company Limited (First Pacific). According to a filing submitted to the Hong Kong Stock Exchange on July 19th, 2017, the firm sold 496,000 shares on the exchange at an average price of HKD 5.78 per share on July 13th (total consideration was […]

Marathon Raises Stake In Esprit

Marathon Asset Management LLP (Marathon) recently added to its stake in HK-listed Esprit Holdings (Esprit). According to a filing submitted to the Hong Kong Stock Exchange on July 17th, 2017, the firm bought 3,708,800 shares on the exchange on July 14th at an average price of HKD 4.2731 per share (the total consideration was ~US$2.03m). Following the purchase, Marathon’s stake in […]

Kerr Neilson: A Matrix Of Facts Vs. Feelings

Kerr Neilson, the CEO & managing director of Platinum Asset Management, recently published an excellent piece titled “Facts, Feelings and the Importance of Composition.” The article is available on the company’s website (link here, highly recommended). Neilson writes about the importance of checking whether your “feelings” are backed by facts when investing. He also ask […]

David Webb Adds To Ming Fai

David Webb recently added to his stake in HK-listed company Ming Fai International Holdings (Ming Fai). According to a filing submitted to the Hong Kong Stock Exchange on July 13th, 2017, he purchased 68,667 shares on the exchange at an average price of HKD 1.22 per share on July 10th (total consideration was ~US$10,740). Following the purchase, Webb’s stake in Ming Fai […]

Readings For The Week (16/7)

This week’s readings include a conversation with Japanese economist Eisuke Sakakibara, thoughts on what the MSCI inclusion of China A-shares means for investors, Stephen Roach on the lessons policymakers should learn from Japan’s experience since the early 1990s, an interview with Bob Rodriguez (formerly of FPA) and a look at the history of Air India. […]

Mohammed El-Erian: Lessons From The AFC

Another reflection piece on the lessons learnt from the Asian Financial Crisis, this time from Mohammed El-Erian. He is currently the chief economic adviser at Allianz SE, the parent company of Pimco, where he previously served as CEO and co-CIO. Twenty years ago, however, he was working at the International Monetary Fund in Washington that “would […]

Arisaig’s June 2017 Diary

Arisaig Partners recently released their letter for June, which is available for download from their website. Their Asia Consumer Fund is now up 24.8% year to date, broadly in line with the MSCI Asia ex-Japan index, which is up 22.8% over the same period. Some highlights below: The portfolio remains heavily weighted towards India (~47%). […]