THIS ARTICLE WAS WRITTEN BY TEE LENG AND FIRST PUBLISHED ON VALUEEDGE
Having covered on some of the famous value superinvestors who are more focused on the US-listed companies, we shall be covering on some notable value investors in Asia. While the size of their fund may look much smaller compared to those featured in the previous post, they are still great role models we should look up to within Asia. Additionally, while I always believed that while the broad strokes of what Gaham once taught can be applied in any country, yet at the same time, it is not a one size fit all strategy. Hence, these are the investors who have successfully replicated Graham’s strategy within Asia including tweaks to make it a better fit to navigate Asian markets.
Cheah Cheng Hye
Biography: Born 18 March 1964, Cheah Cheng Hye is the Chairman and co-CIO for Value Partners, a Hong Kong based asset management company with focus on Greater China. Additionally, Cheah has been given nicknames by the Chinese media such as ‘Goldfinger” and “Warren Buffett of the East”.
He is a strong proponent of value investing, being influenced by writings of CBS professors Benjamin Graham and David Dodd and adopting the method for the Asian Markets. In 2010, he was even invited by the Helibrunn Centre for Graham and Dodd Investing of the CBS to give a keynote speech, titled “Value Investing: Making it work in China and Asia”, at the annual Graham & Dodd Breakfast.
Fund: Value Partners (AUM: ~USD 10 billion)
Performance: His flagship Value Partners Classic Fund, which invests in Asia Pacific stocks with a focus on Greater China, returned an impressive 2,016% since its launch in 1993 to the end of July 2014, against the Hang Seng index’s rise of 702%.
Related materials: Shareholder Letters for the various funds under Value Partners as found on their website.
Biography: James Choa is the Founder and Managing Director of Valiant Ocean Capital Limited, Hong Kong. Valiant Ocean is a value investment firm that focuses on companies with a substantial exposure to Asia and will participate in these opportunities via listed securities – both equities and credits – traded on global exchanges. Prior to founding Valiant Ocean Capital in 2009, he was a member of the Goldman Sachs Asian Special Situations Group, a multi-billion propriety investing group.
Fund: Valiant Ocean Capital Limited
Investment style: Deep Value, Value + Growth, Special Situations, Hedging + Shorts
Related materials: I first came across James from his investment pitch on Clear Media (HK:100), and felt it was a brilliant idea. It was something so common around us, yet no one seemed to have taken a deeper look into the company. I have attached a video interview that Manual of Ideas did with him regarding Asian Compounders.
Yeo Seng Chong
Biography: Yeo Seng Chong, Founder of Yeoman Capital Management in 1999, has extensive experience in business and investing in Asia. Prior to founding Yeoman Capital Management, he served in top management of Centrepoint Properties (Fraser & Neave), Metro China Holdings (Metro Holdings Ltd) and Singapore Technologies Industrial Corp Ltd (Sembcorp Industries Ltd), during which he evaluated and executed corporate investments in Singapore and China. Previously, he was Assistant Commercial Representative in Singapore’s diplomatic mission in Beijing, during which he interacted with numerous Singapore, Chinese and foreign companies
and government ministries in order to facilitate business and trade.
Fund: Yeoman Capital Management
Investment style: Grahamite
Performance: In the 17 years 5 months ending Mar 2015, the funds under management have yielded an absolute cumulative return of +788.19% or a CAGR of +13.36% p.a. nett of all fees