Apollo Asia Fund’s 1Q17 Report

A sober tone from Claire Barnes in her first quarter letter to investors. She writes that “more regional companies [are suffering] from capricious action by governments” and her impression is that these incidents are becoming more frequent. She cites recent examples in both India (a government ban on alcohol near highways) and Thailand (closure of Kingsgate’s Chatree gold mine). Last year, one […]

Matthews Asia: Outlook for Japanese Equities

Interesting piece published recently by Matthews Asia on their outlook for Japanese equities in 2017. Similar in tone to Peter Tasker’s (shorter) article on the brightening message from small cap Japan.  Some excerpts / highlights from the report, paraphrased: Number of structural factors supporting Japanese equities in 2017 Improved Purchasing Managers’ Indexes (PMI), accelerating wage growth and the Japanese government’s decision […]

Tim Moe Upgrades His China Call

Tim Moe, Goldman’s chief Asia-Pacific strategist, was on Bloomberg recently to discuss the firm’s outlook for the region and the Chinese markets. Some highlights below: Recent upgrade of China is in the context of the overall regional outlook Three key issues likely to be determining equity market performance over the next few quarters First, reflation dynamic is […]

FSS Asia Investor Update (Jan ’17)

First State Stewart (FSS) Asia is an independent investment management team within First State Investments. The team manages ~US$21bn across a range of Asia Pacific equity strategies on behalf of both institutional and wholesale clients. One of their fund offerings is the listed Scottish Oriental Smaller Companies Trust, which I have profiled previously. The group recently published a […]

Coupland Cardiff: December Updates

Coupland Cardiff’s three open-ended Asian funds (Asian Evolution, Asia Alpha and Asia Focus) recently released their investor letters for December 2016. For more background, please see my post here. The full letters are available for download on the firm’s website, but below are some highlights: CC Asian Evolution Portfolio updates: Fund was up 3.2% for the year vs. a 5.4% […]

Perinvest: October Update

Perinvest is an independent manager focused on alternative strategies. The firm was founded by Jean Perrette (he was an early investor in Soros Fund Management) in 2001 and offers a family of single manager funds, multi manager products and bespoke portfolio management. The firm currently has an Asia Dividend Equity Fund, which invests primarily in high yield Asian […]

Seafarer Capital: Q3 2016 Review

Seafarer Capital Partners is an investment adviser focused on emerging markets. The firm was founded in 2011 by Andrew Foster, who previously worked at Matthews International Capital Management. They currently offer two funds: Overseas Growth and Income and Overseas Value. Below are some highlights from Andrew Foster’s portfolio review for the third quarter. The complete letter […]