The China Focus Equity Strategy aims to outperform its benchmark, the MSCI China Index, by at least 5% per annum over a three-year rolling period. It targets high returns and long-term capital growth by investing in a portfolio of primarily equity and equity-related securities. The strategy is able to invest in any stock whose business activity is substantially derived from China. Holdings will tend to be a combination of A shares, H shares and Chinese ADRs. Thus, the strategy offers exposure to a broad range of Chinese companies across several markets.
The China Focus Equity strategy targets strong excess
returns by primarily focusing on bottom-up stock selection, but with an
awareness of the prevailing macroeconomic conditions.
We believe in investing in leading companies, operated by honest and competent management in industries that are structurally attractive. This gives the portfolio a growth and quality focus. However, we are firm believers in the concept of intrinsic value and retain a strong valuation discipline.
As the investment philosophy focuses equally on quality, growth and valuation, the portfolio does not have a significant style bias. It is expected to typically demonstrate higher earnings growth, higher dividend growth, superior ROE, and less leverage than the index. These attributes are expected to be achieved whilst maintaining a valuation similar or cheaper than the MSCI China index as a whole.
Portfolio construction is the synthesis of idea generation, conviction and risk management. The strategy will typically hold 30-35 stocks, and aims to have an active share that is consistently well above the median of our peers.
The following aspects of our investment process provide an edge and set the TT proposition apart from the competition:
Marco is Portfolio Manager of our China Focus Equity Strategy and a Mining Analyst. Before joining TT in 2013, he was in the Asian Equity Team at Manulife Asset Management. Marco graduated with a BBA from Wilfrid Laurier University and is also a CFA Charterholder.
Read some of Marco Li's articles and insights in our 'What We Think' section.
Patrick Lin is a Senior Analyst covering the Consumer sector across China, and supporting research efforts on the Renewables sector. Prior to joining TT in 2021, Patrick was an Investment Analyst at J.P. Morgan and Capital Group in Hong Kong, before working as an Investment Analyst at Balyasny Asset Management, where he covered the Consumer, Airlines, Media and Agriculture sectors. Patrick has an MA in Management from London Business School and a BA in Technology Management from National Taiwan University.
Olivia is an Analyst covering Chinese Health Care and Industrial companies. Olivia graduated with a Master’s Degree in Global Political Economy from the Chinese University (HK), after earning a Bachelor’s Degree in Actuarial Science from Southwestern University of Economics in Chengdu. Olivia joined the finance industry as an Analyst in the management department of Industrial and Commerce Bank of China. She then went on to join Taikang Asset Management, a fundamental long-only fund where she was an Investment Analyst covering Chinese Equities for six years.
Diego Mauro is an Emerging Markets Portfolio Manager, with responsibilities for Tech and Financials. Before joining TT in 2020, Diego was a Portfolio Manager/Analyst at Hermes, covering the Tech and Financials sectors across EM. More recently, Diego has been based in Argentina at Fundamenta Investments, a Latin American hedge fund. Diego obtained a Masters in Finance from the Universidad Torcuato Di Tella. He is also a Certified Public Accountant and CFA Charterholder.
Citywire Euro Stars Top Manager
Duncan is Portfolio Manager of our Asian Equity Strategy. He is also a member of our Ideas Factory, focussing on the Pan-Asian Financials sector. Before joining TT in 2014, Duncan was a Senior Portfolio Manager of the Global Emerging Markets Fund at USS Investment Management. He graduated from the University of Bristol with a BSC in Economics and Finance. Duncan is also a CFA Charterholder.
Read some of Duncan Robertson's articles and insights in our 'What We Think' section.
Sharon is a Senior China Technology Analyst, based in our Hong Kong office. She joined TT in early 2022 from Sylebra Capital, a Technology, Media and Telecommunications long/short fund, where she spent 6 years as an Investment Associate. Sharon graduated with first-class honours in a Bachelor of Business Administration degree from Hong Kong University of Science and Technology.
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