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Aiming to achieve long term capital appreciation by investing in stocks located in or deriving substantial revenue or earnings from Asia, excluding Japan.

We seek an asymmetric return profile, and pay particular attention to the risk of downside in absolute terms.

Jonathan Pines

Portfolio Manager


We seek to invest in stocks that will make more if we are proven right than will lose if we are proven wrong.

Price sensitive

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.

Track record

We have a strong since-inception performance track record, but have a portfolio that looks very different to those of our peers.

Investment approach

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 .


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