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The Inevitability of the Chinese Consumer

We review the history of Chinese consumption over the last 30-40 years and explain why we believe the Chinese consumer holds the key to global economic growth, not just in China but in every country connected to international markets.

Nov 11, 2019

Why 5G is important for investors and how to get the right exposure?

Investors like to conceptualize mega trends into investment themes, which fund managers use to identify strong companies based on top-down investment approaches with a focus on broader, macroeconomic themes. New investment themes always emerge from time to time, such as dot.com around the millennium, social media & robotics in the past decade, or sharing economy & artificial intelligence not long ago. What do they have in common? Technology! A sudden shift in technology would make transformative changes that redefine work processes, rewrite the rules of competitive economic advantage, and eventually the structural breakthrough will bring the potential output to the next level. That’s why market is interested to find out if 5G is a crucial investment theme.


Nov 5, 2019

EM ASEAN: The peace in the midst of the storm

“Think about what is happening worldwide right now. The US is dragging down global growth by attempting to impose trade tariffs everywhere, China is facing a major economic slowdown, Japan continues their third “lost-decade”, Germany is heading into recession, and the UK is still debating with EU about the way of Brexit. These are just the highlights of how the top five economies are doing, not even mentioning the more troublesome territories such as Italy and Argentina which may have to deal with their escalating debt problems. These markets accounted for more than 70%-80% of the global stock markets depending on which particularly benchmark one is using to measure against the performance. The issue gets more complicated when the US market, weighting over 50% in most clients’ equity portfolio, seems to be exhausted after recording the longest bull run in history whilst still hovers at all-time high. The most imminent question among investors is where to find the peace in the midst of the storm.”


Oct 22, 2019

CHINA A FACTOR REVIEW: 2019 Q3

The US-China trade dispute rumbled and concerns over global growth continued to mount in Q3. Factor-wise, Quality continued to outperform while Value is trailing, badly. Overall, the China A-shares ended roughly flat in Q3, and it was a meaningful quarter to the market with MSCI, FTSE, and S&P Dow Jones all made announcements of (further) inclusion of China A-shares into their benchmarks. Heading into Q4, we believe “Megatrends” continue to be the key investment themes and “Diversification” core to portfolio risk management. We don’t see a Value trap environment, but the comeback relies on many catalysts amid the current market uncertainties. Consolidation will happen as China rebalances to a “new normal”, and we believe Quality Growth is the best approach to capture domestic champions.


Oct 21, 2019

How did Benjamin Graham do in China-A this year?

When over 30% of the investment-grade bonds are selling at a negative yield, the longest bull market in the US seems to be wobbling, global growth is decelerating and the two biggest economies are in a dispute over trade and technology, there is a need for most investors to anchor themselves in a stronghold to face the volatile markets. Benjamin Graham’s Intelligent Investor, often referenced as the best book on investing ever written, may be able to offer a bit of insight for us. At the end of the day, an intelligent investor is a realist who sells to optimists and buys from pessimists. The author has experience to back it up: Graham's personal losses in the 1929 crash and the Great Depression led him to perfect his investment techniques.


Oct 18, 2019

Premia 圖說

賴子健 , CFA

合夥人兼聯合首席投資官

Vietnam equities market recorded a net inflow of USD 228 million in the first 10 months of this year, higher than the average net inflow of USD 113 million in ASEAN-5, namely Singapore, Indonesia, Thailand, Malaysia, and the Philippines. The pattern is similar to what happened in 2018, in which Vietnam market recorded a net inflow of USD 182 million, compared to the average of USD 68 million in ASEAN-5. It showed that foreign interests in Vietnam have been quite consistent. Fundamentally, investors are generally optimistic on its economic development with its GDP growth at 6.8% this year. Vietnam is the only nation in the Asia-Pacific region that the World Bank has maintained its GDP growth projection in 2019-2020, thanks to the domestic consumption and exports.

Nov 13, 2019

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