Strategy 02 of 6
Listed Equities
A concentrated portfolio of publicly listed companies across Asia, held with an owner's mindset over a multi-year horizon.
- Typical commitment
- US$3 million to US$50 million per position
- Holding period
- Indefinite; reviewed against the thesis, not the calendar
- Geographies
- Hong Kong, mainland China, Japan, Singapore and Australia
Overview
The strategy
Instruments
- Listed ordinary shares and depositary receipts
- Participation in placements, rights issues and block trades
- Selective use of listed options for position management
We treat listed equities as fractional ownership of businesses rather than as instruments to be traded. The portfolio is concentrated, research-led and held for years rather than quarters.
We are never forced to sell into weakness, and we have no benchmark to track. We can act when markets are dislocated and remain patient when nothing is worth doing.
The team follows a defined universe of companies across Hong Kong, mainland China, Japan, Singapore and Australia, meeting management, suppliers and competitors as part of a continuous research process.
What we look for
Criteria
- Durable returns on capital and conservative financing
- Aligned controlling shareholders or genuinely independent boards
- Businesses we would be comfortable owning outright
- Valuations that offer a margin of safety against our own conservative assumptions
What we avoid
Exclusions
- Leverage at the portfolio level
- Positions we cannot explain in a paragraph
- Companies with a history of dilutive or opaque capital allocation
Beyond capital
What we bring to the table.
Capital is only part of what an investor brings. These are the things that matter most to our partners in this strategy.
- 01
Constructive, private engagement with boards on capital allocation and governance
- 02
Reliable participation in capital raisings by companies we already own
- 03
Stability on the shareholder register over the long term
Related sectors
Where this strategy is most active.
Financial Services
Specialty finance, wealth and asset servicing, insurance distribution and financial infrastructure across Asia.
SectorTechnology & Software
Enterprise software, vertical SaaS, data infrastructure and technology-enabled services with proven commercial traction.
SectorIndustrials & Advanced Manufacturing
Precision manufacturing, industrial components, automation and supply-chain businesses serving regional and global customers.
SectorTalk to the people who make the decisions.
If you are a founder, owner or borrower looking for an aligned investor with a long horizon, we would like to hear from you.