2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2004 | 2002 | 2001

• The team believes Asian equity markets are not efficient and that many of the best investment ideas are not well researched. As such, the team focuses on bottom-up stock analysis to generate alpha over the long run.
• The fund is growth-oriented. Due to its bottom-up stock selection process, the fund has a bias towards mild “quality” and mid-cap stocks, with a preference for companies with a high level of earnings visibility and “quality” attributes. Historically, the fund has generated the most alpha in the mid-cap space.
• The team looks for the best stock candidates to outperform and typically holds 50 - 60 stocks. As of 31 March 2023, the fund has 64 holdings with its largest two sectors in financials and information technology.
• The fund’s turnover ratio has averaged about 15% over the past three years. The team believes this low turnover ratio coupled with superior performance is a testament to its long-term investment strategy. 
• The team sees several long-term investment themes in its investment universe, including semiconductors, Indian private sector banks and the EV battery supply chain.

Fund Investment Style

Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2023

Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2023

About the Fund Managers

The fund has been managed by Toby Hudson since inception, with Manish Bhatia as the backup fund manager. He is supported by 30 other Asia ex-Japan Equity Analysts and can leverage local research teams in Australia, Indonesia and Taiwan to gain macroeconomic and industry insights that may impact the portfolio.

This strong locally-based analyst team ensures depth and breadth of coverage, and importantly, gives it the ability to identify unique opportunities. This supports their research-based, fundamental approach to investment which enables them to define and identify under-valued, quality stocks, and thus deliver superior performance.