Updates: Edgbaston, Wykeham…

Posted on By offpisteblog

Below are publicly disclosed portfolio updates by select value-oriented funds for December and January. The information is taken from filings made directly to the Hong Kong Stock Exchange.

Edgbaston Partners: Employee-owned, long-only investment firm established in 2008 by Charu Fernando and partners to specialise in Asia Pacific ex-Japan equity investments. Recent publicly disclosed portfolio activity includes:

  • 6 January, 2017: Added to its investment in Wasion Group Holdings. Bought 450,000 shares, increasing its stake in the company from 4.99% to 5.03%. Shares were bought on exchange, at an average price of HKD 4.421 per share.
  • 23 December, 2016: Added to its investment in Texwinca Holdings. Bought 270,000 shares, increasing its stake in the company from 4.99% to 5.01%. Shares were bought on exchange, at an average price of HKD 5.002 per share.

Falcon Edge: Global long / short equity hedge fund founded in 2012 by Rick Gerson (ex-Blue Ridge) together with Navroz Udwadia and James Minshull (both ex-Eton Park). Recent publicly disclosed portfolio activity includes:

  • 30 December, 2016: Exited its investment in Red Star Macalline. Sold 53.5m shares off-exchange at an average consideration of HKD 7.20 per share. Falcon Edge were one of the cornerstone investors in Red Star’s 2015 initial public offering.
  • Additional note: Red Star Macalline was also a top five holding of Perinvest’s Asia Dividend Fund as of October 2016. For more on the fund, see my write up here.

Value Partners: HK-based, value-oriented asset management company founded in 1993 by Cheah Cheng Hye and V-Nee Yeh. Recent publicly disclosed portfolio activity includes:

  • 14 December, 2016: Trimmed its investment in Wasion Group Holdings. Sold 38,000 shares, reducing its stake in the company from 5.00% to 4.99%. Shares were sold on exchange, at an average price of HKD 4.60 per share.
  • 12 December, 2016: Added to its investment in Xinjiang Goldwind Science & Technology. Bought 541,600 shares, increasing its stake in the company from 4.98% to 5.09%. Shares were bought on exchange, at an average price of HKD 12.335 per share.

Wykeham Capital: Value-oriented, long-biased investment fund established in 2010 by Howel Thomas (ex-CLSA). Recent publicly disclosed portfolio activity includes:

  • 4 January, 2017: Added to its investment in Crocodile Garments. Bought 975,000 shares, increasing its stake in the company from 4.99% to 5.10%. Shares were bought on exchange, at an average price of HKD 0.983 per share.