We seek an asymmetric return profile, and pay particular attention to the risk of downside in absolute terms.
We seek to invest in stocks that will make more if we are proven right than will lose if we are proven wrong.
We emphasize price because we believe that the price we pay for a stock relative to its quality is perhaps the most important determinant of subsequent return.
We are attracted to stocks that are temporarily out of favour and most stocks we buy have underperformed the market before we buy them.
We have a strong since-inception performance track record, but have a portfolio that looks very different to those of our peers.
We have a bottom up, contrarian investment approach with a value bias, often seeking to buy stocks that are temporarily out of favour. We seek a deep understanding of financial statement elements, also paying particular attention to factors that might indicate an elevated risk of fraud .
Jonathan Pines
CFA, Lead Portfolio Manager, Asia ex-Japan, Federated Hermes Limited
Jonathan Pines
CFA, Lead Portfolio Manager, Asia ex-Japan, Federated Hermes Limited
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Jonathan joined in March 2009 as portfolio manager responsible for Asia ex-Japan within the Emerging Markets strategy. Jonathan has been lead portfolio manager for the Asia ex-Japan strategy since its launch at the start of 2010. Prior to joining, he was a fund manager at RAB Capital and an analyst at Orbis Investment Advisory in London. Jonathan grew up in South Africa, where he was a partner at PKF Johannesburg. He holds an MBA from Harvard Business School, is a CFA charterholder and a chartered accountant. Jonathan was awarded with Investment Week’s Fund Manager of the Year Award for Asian equity in 2018 and 2016 and, under Jonathan’s management, the Asia ex-Japan strategy has been awarded Asian Investor's Asset Management Award for best Asia ex-Japan equity strategy; Portfolio Adviser’s Platinum Award for Asia Pacific ex-Japan Equity in 2017; and Citywire Asia's Asia ex-Japan Group Award in 2016.
Sandy Pei
CFA, Deputy Portfolio Manager, Asia ex-Japan, Federated Hermes Limited
Sandy Pei
CFA, Deputy Portfolio Manager, Asia ex-Japan, Federated Hermes Limited
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Sandy joined in July 2013 as a senior analyst responsible for idea generation for the Asia ex-Japan strategy; she became deputy portfolio manager of the strategy in July 2014. She joined from Investec Asset Management, where she was part of a two-person team dedicated to managing the Investec Asia ex-Japan Equity Fund. Sandy was previously an analyst for the Emerging Markets team between 2009 and 2011. She holds an MSc in Quantitative Finance from the Cass Business School and a BSc in Economics from University College London. Sandy is a CFA charterholder and is a native Mandarin speaker.
Maggie Sun
Analyst, Asia ex-Japan, Federated Hermes Limited
Maggie Sun
Analyst, Asia ex-Japan, Federated Hermes Limited
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Maggie joined in February 2016 as an investment analyst responsible for Asia ex-Japan research. She joined from HSBC Global Banking & Markets and Exane BNP Paribas in London. Maggie holds a Master of Finance degree from the University of Cambridge and a BSc in Mathematics from University College London. Maggie is a native Mandarin speaker.
Dean Brown
CFA, Analyst, Asia ex-Japan, Federated Hermes Limited
Dean Brown
CFA, Analyst, Asia ex-Japan, Federated Hermes Limited
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Dean joined the Asia ex-Japan team in March 2019 as an investment analyst, having previously worked within the BD Management & Strategy team from September 2015 focusing on both corporate and distribution strategy. Dean holds a first-class BSc in Banking and Finance from the University of Essex, is a CFA charterholder, and was recognised as a “Rising Star” by Investment Week in 2020.
