Our biggest positions are in companies we believe are least likely to lose money in absolute terms.
 |
Our larger positions tend to be those with a lower potential loss, meaning we aim to outperform in falling markets.
We focus on buying stocks that are attractively priced, an approach we consider suitable to most market conditions.
As contrarian investors, often the stocks we buy are attractively priced because of negative news or underperfomance.
We rank among the best performing Asian equity strategies, but differ significantly from our peers.1
Wheat from the chaff: we screen extensively to identify stocks priced attractively relative to their quality. Price to book and the five-year average return on assets are particularly important as we identify a stock’s divergence from its long-term fair value.
Financial statement analysis: we scrutinise company statements, then analyse the company in depth and speak with management.
Taking position: the size of our position is informed by our risk assessment. We manage risk at the stock and portfolio level. Typical holding periods are 12 to 18 months.
Jonathan Pines
CFA, Lead Portfolio Manager, Asia ex-Japan
Jonathan Pines
CFA, Lead Portfolio Manager, Asia ex-Japan
View Bio
Jonathan joined the international business of Federated Hermes 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
Sandy Pei
CFA, Deputy Portfolio Manager
View Bio
Sandy joined the international business of Federated Hermes 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
Maggie Sun
Analyst, Asia ex-Japan
View Bio
Maggie joined the international business of Federated Hermes 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
Dean Brown
CFA, Analyst, Asia ex-Japan
View Bio
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.
