strategies

regional

Our regional strategies allow the Portfolio Managers to go where they see the most compelling opportunities across Asia at any given time. While portfolios are built brick-by-brick based on fundamental research, macro analysis and recognition of investment regimes inform overall construction.

single country

Our China- and Japan-dedicated strategies are enmeshed in their respective markets, giving us the ability to dig deeper in our fundamental work. Our local presence and Portfolio Managers’ extensive networks allow us to constructively engage with companies to seek better shareholder outcomes.

Asian equity markets offer inherent inefficiencies that create a rich environment for identifying alpha opportunities. These occur across the market cap spectrum, with small and mid-cap stocks often offering greater inefficiency, weaker investor understanding, and greater growth opportunities.

A Pan-Asian approach allows Portfolio Manager Byron Gill to focus where he believes the most attractive risk/reward opportunities have been identified and helps to smooth the volatility that can occur within underlying markets in the Asian region. This strategy adopts a fundamental bottom-up approach to identifying companies that fit within well-specified long and short investment patterns that have consistently generated significant excess returns for us over time. Our assessment of the key variables comprises deep primary research in a rigorous 360-degree assessment of the market opportunity and cyclical conditions, business model robustness, and management’s ability to execute on the opportunity.

Byron Gill

Managing Partner / PM, Pan-Asia Long/Short Strategy

For more information

Asian markets offer a large and growing pool of companies benefitting from strong economic growth, demographic shifts, and an increasing stock of intellectual property. This potential can be obscured by short-term volatility, macro-economic and geopolitical concerns, and sentiment-driven investment flows.

Portfolio Manager John Pinkel adopts a dispassionate, in-depth, fundamental approach to build a concentrated high-conviction portfolio of attractive franchises with wide moats and high quality management that can compound at a high level over the medium- to long-term. A valuation framework that seeks to quantify the likely market value of these franchises on a three- to five-year time horizon provides an investment framework that allows investors to capitalize on Asia’s compelling secular growth opportunity.

John Pinkel

Partner / PM, Pan-Asia Long Only Strategy

For more information

The Global Emerging Market consumption and infrastructure cycles are at an early secular stage, allowing for valuations to converge with their Developed Market peers. At the same time, unprecedented reforms and geopolitical uncertainty are driving downdrafts and opportunities, resulting in large swings in markets.

Portfolio Manager Tariq Ahmad marries macroeconomic pattern recognition with bottom-up stock selection – both honed during his 30 years of investment experience – to produce an approach that actively shifts country and sector allocations across the EM universe, capitalizing on both the long-term growth and short-term volatility of these markets.

Tariq Ahmad

CFA, Partner / PM, Global Emerging Markets Strategy

For more information

Japan’s equity market is deep and liquid, but is under-covered, poorly understood and frequently mispriced. This creates an opportunity for a long/short fundamental approach to add value.

Portfolio Manager Howard Smith constructs a relatively concentrated portfolio of long and short Japanese equity positions, identified through an in-depth fundamental research process centered on interaction with the management of listed companies. A dedicated Japan research team also leverages the expertise of Indus’s Asia-focused investment team across our global research offices.

An understanding of the sources of the mispricing and a likely roadmap to correct this are critical elements of our process. Engagement with companies - a consistent feature of our approach since inception - is bearing more fruit, thanks to a paradigm shift in corporate governance. Furthermore, improving ROIC across many sectors in Japan is driving a virtuous cycle of stronger cash flow generation and multiple expansion.

Howard Smith

Partner / PM, Indus Japan Strategies

For more information

Japan’s equity market is deep and liquid, but is under-covered, poorly understood and frequently mispriced. This provides an attractive investment landscape for bottom-up stock-picking, focusing on changes in ROIC at listed companies, in turn driven by governance change, more effective allocation of capital relative to its cost, and engagement with senior management. Japan is also a fertile hunting ground for leaders in many global supply chains or end markets – companies with deep moats around them, expanding addressable markets, and pricing power, often valued at steep discounts to peers overseas.

Our long-only strategy, led by Portfolio Manager Howard Smith comprises a relatively concentrated, high conviction, diversified portfolio of Japanese equities, identified through an in-depth fundamental research process and interaction with the management of listed companies. A dedicated Japan research team also leverages the expertise of Indus’s Asia-focused investment team across our global research offices. An understanding of the sources of the mispricing and a likely roadmap to correct this are critical elements of our process. Productive dialog with companies - a consistent feature of our approach since inception - is bearing more fruit, thanks to a paradigm shift in corporate governance and capital efficiency.

Howard Smith

Partner / PM, Indus Japan Strategies

For more information

China’s public equity markets offer a large, deep, scalable and differentiated universe. This wide opportunity set remains largely uncharted by institutional investors, offering substantial potential alpha for fundamental stock-pickers who have the skills, experience, networks, and analytical toolkit to exploit this, by focusing on mid- to long-term trends.

Portfolio Manager Cindy Chi's investment philosophy is to build a concentrated portfolio of high conviction bets, trading at a steep discount to intrinsic value, based on a medium- to long-term investment horizon. Our China strategy’s dedicated team adopt a systematic and methodical approach to building conviction, progressively narrowing a potential universe of 3,500 stocks into a portfolio of approximately 20 investments that fall within a range of business patterns that have a history of generating significant excess returns. Balancing deep local knowledge and understanding with a global perspective, the strategy’s local and international team offer diverse backgrounds and unique skillsets, while also leveraging Indus’s collective investment expertise.

Cindy Chi

Partner / PM, Indus China Strategy

For more information

Japan’s equity market is deep and liquid, but is under-covered, poorly understood and frequently mispriced. This creates an opportunity for a long/short fundamental approach to add value.

Portfolio Manager Howard Smith constructs a relatively concentrated portfolio of long and short Japanese equity positions, identified through an in-depth fundamental research process centered on interaction with the management of listed companies. A dedicated Japan research team also leverages the expertise of Indus’s Asia-focused investment team across our global research offices.

An understanding of the sources of the mispricing and a likely roadmap to correct this are critical elements of our process. Engagement with companies - a consistent feature of our approach since inception - is bearing more fruit, thanks to a paradigm shift in corporate governance. Furthermore, improving ROIC across many sectors in Japan is driving a virtuous cycle of stronger cash flow generation and multiple expansion.

Howard Smith

Partner / PM, Indus Japan Strategies

For more information

Asian equity markets offer inherent inefficiencies that create a rich environment for identifying alpha opportunities. These occur across the market cap spectrum, with small and mid-cap stocks often offering greater inefficiency, weaker investor understanding, and greater growth opportunities.

A Pan-Asian approach allows Portfolio Manager Byron Gill to focus where he believes the most attractive risk/reward opportunities have been identified and helps to smooth the volatility that can occur within underlying markets in the Asian region. This strategy adopts a fundamental bottom-up approach to identifying companies that fit within well-specified long and short investment patterns that have consistently generated significant excess returns for us over time. Our assessment of the key variables comprises deep primary research in a rigorous 360-degree assessment of the market opportunity and cyclical conditions, business model robustness, and management’s ability to execute on the opportunity.

Byron Gill

Managing Partner / PM, Pan-Asia Long/Short Strategy

For more information

The Global Emerging Market consumption and infrastructure cycles are at an early secular stage, allowing for valuations to converge with their Developed Market peers. At the same time, unprecedented reforms and geopolitical uncertainty are driving downdrafts and opportunities, resulting in large swings in markets.

Portfolio Manager Tariq Ahmad marries macroeconomic pattern recognition with bottom-up stock selection – both honed during his 30 years of investment experience – to produce an approach that actively shifts country and sector allocations across the EM universe, capitalizing on both the long-term growth and short-term volatility of these markets.

Tariq Ahmad

CFA, Partner / PM, Global Emerging Markets Strategy

For more information

Japan’s equity market is deep and liquid, but is under-covered, poorly understood and frequently mispriced. This provides an attractive investment landscape for bottom-up stock-picking, focusing on changes in ROIC at listed companies, in turn driven by governance change, more effective allocation of capital relative to its cost, and engagement with senior management. Japan is also a fertile hunting ground for leaders in many global supply chains or end markets – companies with deep moats around them, expanding addressable markets, and pricing power, often valued at steep discounts to peers overseas.

Our long-only strategy, led by Portfolio Manager Howard Smith comprises a relatively concentrated, high conviction, diversified portfolio of Japanese equities, identified through an in-depth fundamental research process and interaction with the management of listed companies. A dedicated Japan research team also leverages the expertise of Indus’s Asia-focused investment team across our global research offices. An understanding of the sources of the mispricing and a likely roadmap to correct this are critical elements of our process. Productive dialog with companies - a consistent feature of our approach since inception - is bearing more fruit, thanks to a paradigm shift in corporate governance and capital efficiency.

Howard Smith

Partner / PM, Indus Japan Strategies

For more information

Asian markets offer a large and growing pool of companies benefitting from strong economic growth, demographic shifts, and an increasing stock of intellectual property. This potential can be obscured by short-term volatility, macro-economic and geopolitical concerns, and sentiment-driven investment flows.

Portfolio Manager John Pinkel adopts a dispassionate, in-depth, fundamental approach to build a concentrated high-conviction portfolio of attractive franchises with wide moats and high quality management that can compound at a high level over the medium- to long-term. A valuation framework that seeks to quantify the likely market value of these franchises on a three- to five-year time horizon provides an investment framework that allows investors to capitalize on Asia’s compelling secular growth opportunity.

John Pinkel

Partner / PM, Pan-Asia Long Only Strategy

For more information

China’s public equity markets offer a large, deep, scalable and differentiated universe. This wide opportunity set remains largely uncharted by institutional investors, offering substantial potential alpha for fundamental stock-pickers who have the skills, experience, networks, and analytical toolkit to exploit this, by focusing on mid- to long-term trends.

Portfolio Manager Cindy Chi's investment philosophy is to build a concentrated portfolio of high conviction bets, trading at a steep discount to intrinsic value, based on a medium- to long-term investment horizon. Our China strategy’s dedicated team adopt a systematic and methodical approach to building conviction, progressively narrowing a potential universe of 3,500 stocks into a portfolio of approximately 20 investments that fall within a range of business patterns that have a history of generating significant excess returns. Balancing deep local knowledge and understanding with a global perspective, the strategy’s local and international team offer diverse backgrounds and unique skillsets, while also leveraging Indus’s collective investment expertise.

Cindy Chi

Partner / PM, Indus China Strategy

For more information