GAM Asia Focus Equity seeks long-term capital growth through active investment in a concentrated portfolio of approximately 50 companies across Asia ex-Japan equity markets. Led by Jian Shi Cortesi, GAM’s Asia Focus Equity team invests in Asia’s leading industries driven by key trends, with core themes focused on consumer and innovation. The team seeks to generate alpha from stock selection, sector allocation and country allocation, with large caps and low-beta stocks added when stock valuations are less attractive, in a bid to protect on the downside.
GAM Asia Focus Equity is managed by Jian Shi Cortesi, Investment Director. Jian has been a fund manager of Asia / China equity at GAM since 2010 and has 19 years’ professional experience in China, the United States and Switzerland, including 17 years in the investment industry.
As the fund’s manager, Jian is ultimately responsible for research, portfolio management and trading decisions, and the first line of portfolio risk management. Two additional layers of independent risk oversight are performed by GAM’s risk teams.
Consumer behaviours will permanently change following Covid-19… adopting online healthcare, online education and working from home. The portfolio is positioned in all these growth areas.
The team believes that alpha generation can be achieved by focusing on leading industries, which are driven by powerful, long-term trends. In particular, the investment approach focuses on consumer and innovation, and the team typically invests in companies in consumer, technology, healthcare and financial services. The team believes that in a low-yield, low-growth environment, technology and consumer offer the best growth prospects and the fund should thrive in such an environment.
The process blends top-down analysis with bottom-up stock selection, within a closely monitored risk-controlled framework. The team starts with country allocation across emerging markets and Asia-ex Japan countries. A combination of qualitative assessments and quantitative models produce a set of results ranked into single scores, which are used to determine the overweight or underweight for each country. In the next step of the process, the team conducts stock screening on a universe of circa 1,000 securities. The resulting few hundred companies are subject to fundamental analysis, company visits and valuation modelling, and from these ‘winning’ stocks are selected across various styles and patterns (value, turnaround, growth and quality). The team assigns stock weightings based on conviction and risk considerations and in countries where stocks selected do not meet the target weights, the team will add in large caps and low-beta stocks to meet the relevant targets. This balanced portfolio construction seeks to capture short-term cyclical recovery, as well as long-term growth. Ongoing risk-monitoring of the portfolio focuses on downside protection, liquidity risk, factor exposure, volatility and scenario analysis. The team actively adjusts the portfolio when risk parameters exceed acceptable levels.
Post Covid-19, we believe that the world is likely to return to a low-growth environment and Asia should offer the best growth prospect against this macro backdrop.
Asia is a powerhouse for consumption and technology, with many leading companies as well as emerging companies. It offers ample hunting ground for new ‘rising star’ companies in these sectors.
Asia is an under-owned market, considering its increasing economic importance, and will benefit as investors increase exposure.
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Mentions légales: Les performances passées ne sont pas un indicateur des performances futures ni des tendances actuelles ou futures. Les indications pourraient se fonder sur des chiffres libellés dans une devise pouvant différer de la devise de votre pays de résidence et le rendement peut de ce fait évoluer à la hausse comme à la baisse en conséquence de fluctuations de change. Capital sous risque: Les instruments financiers engendrent un facteur de risque. Par conséquent, la valeur de l’investissement et le rendement qui en résulte peuvent varier et la valeur initiale de l’investissement investi ne peut pas être garantie. Aucune référence à un titre financier ne saurait constituer une recommandation d'achat ou de vente de ce titre.
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