Value Superinvestors (Asian Edition)

Value Superinvestors (Asian Edition)

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.

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Value Superinvestors – 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.

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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.

Value Superinvestors – James Choa

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.

Video: Here

Value Superinvestors – 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

Video: Here

The post Value Superinvestors (Asian Edition) appeared first on ValueEdge.

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I developed my passion for investment management especially equity research at a relatively young age. My investment journey began when I was 20, at a point in time where markets were still recovering from the Global Financial Crisis. My portfolio started from money I saved over the past years and through working during the holidays. I was fortunate to have a good friend with common investing mentality to began my journey towards value investing. To date, we still research and invest in companies together, discussing valuations and potential risks of a company. To date, I manage a fund with a value investing style. Positions are decided upon via a bottom-up approach or smart speculation (a term I came up with when buying a stock for quick profit due to a mismatch in prices in the market due to takeovers/selling of a subsidiary or associate). Apart from managing my own portfolio, I enjoy sharing my research with family and friends, seeking their opinions and views towards the stock. Reading Economics in London, I constantly keep up with the financial news in Singapore & Hong Kong. Despite my busy schedule, it has not stopped me from enjoying other aspects of life. I enjoy a variety of activities in whatever free time I may have – endurance running, marathons, traveling, fine dining, whiskey appreciation, fashion. Lastly, I enjoy meeting new people, discussing ideas and gaining new perspectives towards issues in the world.
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  1. Benjamin Graham – also known as The Dean of Wall Street and The Father of Value Investing – was a scholar and financial analyst who mentored legendary investors such as Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss.

    Warren Buffett once gave a speech at Columbia Business School explaining how Graham’s record of creating exceptional investors (such as Buffett himself) is unquestionable, and how Graham’s principles are everlasting.

    This is the speech now known as “The Superinvestors of Graham-and-Doddsville”.

    Buffett describes Graham’s book – The Intelligent Investor – as “by far the best book about investing ever written” (in its preface).

    Graham’s first recommended strategy – for casual investors – was to invest in Index stocks.
    For more serious investors, Graham recommended three different categories of stocks – Defensive, Enterprising and NCAV – and 17 qualitative and quantitative rules for identifying them.
    For advanced investors, Graham described various special situations or “workouts”.

    The first requires almost no analysis, and is easily accomplished today with a good S&P500 Index fund.
    The last requires more than the average level of ability and experience. Such stocks are also not amenable to impartial algorithmic analysis, and require a case-specific approach.

    But Defensive, Enterprising and NCAV stocks can be reliably detected by today’s data-mining software, and offer a great avenue for accurate automated analysis and profitable investment.

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