Performance of the Value Partners Classic Fund:
The performance is measured in USD, which makes it even more impressive.
I myself own some units of the Value Partners High Dividend Stocks Fund, which also has done well, but has a shorter history.
Showing posts with label Value Partners. Show all posts
Showing posts with label Value Partners. Show all posts
Friday, 7 April 2017
Power Talk: Cheah Cheng Hye
Great talk by the founder of Value Partners, I wrote about him before.
Performance of the Value Partners Classic Fund:
The performance is measured in USD, which makes it even more impressive.
I myself own some units of the Value Partners High Dividend Stocks Fund, which also has done well, but has a shorter history.
Performance of the Value Partners Classic Fund:
The performance is measured in USD, which makes it even more impressive.
I myself own some units of the Value Partners High Dividend Stocks Fund, which also has done well, but has a shorter history.
Saturday, 28 June 2014
Asian fund managers (2)
I wrote about the Carrian scandal before: here and here.
I wrote before about successful Malaysian fund manager Cheah Cheng Hye, founder of Value Partners based in Hong Kong.
But what I didn't know was that these two items are connected. In "The Value Investors" by Ronald Chan, it is mentioned that Cheah was a journalist in 1983 with the Wall Street Journal Asia:
"... while investigating red-hot Hong Kong-based conglomerate Carrian Group, Cheah discovered that the company had incomprehensible accounting practices and was involved in strange dealings with Bank Bumiputra Malaysia. The company soon collapsed amid a chain of dramatic events, including accounting fraud allegations, the suicide of a company advisor, and the murder of a Malaysian bank auditor. Cheah's resulting story in the Asian Wall Street Journal was an impressive combination of crime investigation and in-depth analysis of the company's financials."
This is just one of the gems in the above mentioned book:
I have lamented that almost all investing books centre around Wall Street, that there is hardly any book dealing with markets in Asia or Europe. The above book makes a refreshing change in that.
Twelve fund managers are interviewed:
The Asian component is clear in the last five fund managers, two of which (Teng and Cheah) were born in Malaysia. Teng is running the Singapore based Target Value Fund, about which I wrote here.
Cheah's reasons to set up an own fund are described as follows:
"Honestly, I had become a little fed up with the finance industry and wanted to do my own thing because the industry was, and probably still is, full of what I call 'financial pirates'. These individuals join finance not because they are passionate about investing, but because they have the 'money disease'. Because they think the industry will enable them to make a lot of money, so instead of becoming engineers or lawyers they become bankers. They are a disgrace to human civilization because they contribute nothing!"
Walter Schloss was interviewed for the book a few months before he passed away on February 19, 2012 and the views he provides reflect the wisdom gained over a long and successful life.
An interesting book for people who like to read about fund managers from all over the world, their biography, what drove them to become value oriented and issues like: humility, being contrarian, margin of safety.
This book is not meant for people who like to read about concrete (valuation) techniques or even stock tips.
I hope to read more of these books, especially with an Asian component in it.
I wrote before about successful Malaysian fund manager Cheah Cheng Hye, founder of Value Partners based in Hong Kong.
But what I didn't know was that these two items are connected. In "The Value Investors" by Ronald Chan, it is mentioned that Cheah was a journalist in 1983 with the Wall Street Journal Asia:
"... while investigating red-hot Hong Kong-based conglomerate Carrian Group, Cheah discovered that the company had incomprehensible accounting practices and was involved in strange dealings with Bank Bumiputra Malaysia. The company soon collapsed amid a chain of dramatic events, including accounting fraud allegations, the suicide of a company advisor, and the murder of a Malaysian bank auditor. Cheah's resulting story in the Asian Wall Street Journal was an impressive combination of crime investigation and in-depth analysis of the company's financials."
This is just one of the gems in the above mentioned book:
I have lamented that almost all investing books centre around Wall Street, that there is hardly any book dealing with markets in Asia or Europe. The above book makes a refreshing change in that.
Twelve fund managers are interviewed:
- Walter Schloss, Walter & Edwin Schloss Associates
- Irving Kahn, Kahn Brothers Group
- Thomas Kahn, Kahn Brothers Group
- William Browne, Tweedy, Browne Company
- Jean-Marie Eveillard, First Eagle Funds
- Francisco García Paramés, Bestinver Asset Management
- Anthony Nutt, Jupiter Asset Management
- Mark Mobius, Templeton Emerging Markets Group
- Teng Ngiek Lian, Target Asset Management
- Shuhei Abe, SPARX Group
- V-Nee Yeh, Value Partners Group
- Cheah Cheng Hye, Value Partners Group
The Asian component is clear in the last five fund managers, two of which (Teng and Cheah) were born in Malaysia. Teng is running the Singapore based Target Value Fund, about which I wrote here.
Cheah's reasons to set up an own fund are described as follows:
"Honestly, I had become a little fed up with the finance industry and wanted to do my own thing because the industry was, and probably still is, full of what I call 'financial pirates'. These individuals join finance not because they are passionate about investing, but because they have the 'money disease'. Because they think the industry will enable them to make a lot of money, so instead of becoming engineers or lawyers they become bankers. They are a disgrace to human civilization because they contribute nothing!"
Walter Schloss was interviewed for the book a few months before he passed away on February 19, 2012 and the views he provides reflect the wisdom gained over a long and successful life.
An interesting book for people who like to read about fund managers from all over the world, their biography, what drove them to become value oriented and issues like: humility, being contrarian, margin of safety.
This book is not meant for people who like to read about concrete (valuation) techniques or even stock tips.
I hope to read more of these books, especially with an Asian component in it.
Sunday, 20 April 2014
Anthony Bolton: I was wrong about China
"Anthony Bolton (born 7 March 1950) is one of the UK's best known investment fund managers and most successful investors, having managed the Fidelity Special Situations fund from December 1979 to December 2007. Over this 28-year period the fund achieved annualised growth of 19.5%, far in excess of the 13.5% growth of the wider stock exchange, turning a £1,000 investment into £147,000."
The above taken from Wikipedia. Pretty impressive, isn't it?
And then he did something he now definitely regrets:
"In 2009 he announced his return to fund management and in April 2010 moved to Hong Kong to begin managing the newly launched Fidelity China Special Situations PLC, an investment trust listed on the London Stock Exchange."
SCMP wrote recently an article with a rather harsh tone:
"Anthony Bolton retires with unfond memories of China"
"... despite his bullishness on China he was unable to repeat his successes with his China investments - to no great surprise from older hands here who felt he didn't have enough knowledge of the market to succeed in the short term.
He retired from Fidelity at the end of March. At a function to mark his retirement Bolton criticised standards of corporate governance on the mainland. Initially he thought corporate governance issues in China were about whether the chairman and the chief executive positions were held by the same person, or whether independent directors held a majority on the board.
"I found that corporate governance is a euphemism for 'are the figures real and is the management lying?', that is, fraud.
A longer and more detailed article in the Financial Times: "Anthony Bolton: ‘I was wrong about the market in China’"
“The most disappointing thing for me – and I am happy to admit it – is that I was wrong about the market in China,” the manager said during a press briefing on his last day in the office on March 31.
“I thought it would go up for four years but it has gone down for more than four years.”
Eventually he did outperform the relevant index, but in absolute terms, the performance is nothing to shout about:
Someone who has performed (very) well by investing in China is Malaysian Cheah Cheng Hye (founder of Value Partners), about whom I wrote here.
The above taken from Wikipedia. Pretty impressive, isn't it?
And then he did something he now definitely regrets:
"In 2009 he announced his return to fund management and in April 2010 moved to Hong Kong to begin managing the newly launched Fidelity China Special Situations PLC, an investment trust listed on the London Stock Exchange."
SCMP wrote recently an article with a rather harsh tone:
"Anthony Bolton retires with unfond memories of China"
"... despite his bullishness on China he was unable to repeat his successes with his China investments - to no great surprise from older hands here who felt he didn't have enough knowledge of the market to succeed in the short term.
He retired from Fidelity at the end of March. At a function to mark his retirement Bolton criticised standards of corporate governance on the mainland. Initially he thought corporate governance issues in China were about whether the chairman and the chief executive positions were held by the same person, or whether independent directors held a majority on the board.
"I found that corporate governance is a euphemism for 'are the figures real and is the management lying?', that is, fraud.
A longer and more detailed article in the Financial Times: "Anthony Bolton: ‘I was wrong about the market in China’"
“The most disappointing thing for me – and I am happy to admit it – is that I was wrong about the market in China,” the manager said during a press briefing on his last day in the office on March 31.
“I thought it would go up for four years but it has gone down for more than four years.”
Eventually he did outperform the relevant index, but in absolute terms, the performance is nothing to shout about:
Someone who has performed (very) well by investing in China is Malaysian Cheah Cheng Hye (founder of Value Partners), about whom I wrote here.
Saturday, 10 August 2013
Top holdings of good Asian funds
I am not that bullish on equities at this moment (and even less bullish on bonds), but for those looking for investment ideas in the region, below top holdings of several good Asian funds might give some inspiration.
[1] Aberdeen Malaysian Equity Fund, factsheet
[1] Aberdeen Malaysian Equity Fund, factsheet
[2] Aberdeen Singapore Equity Fund, factsheet
[3] Target Value Fund, factsheet
[4] Value Partners Classic Fund, factsheet
Saturday, 8 October 2011
Value Investing with Cheah Cheng Hye
Cheah Cheng Hye is founder of Value Partners, a fundmanager based in Hong Kong with a good track record.
The notes of a talk he held last year:
http://www.kraemerschwab.com/en/documents/value-investing-to-make-it-work-in-china-and-asia/view.html
His promise:
Cheah was born in Penang, here is his factfile:
http://globalmalaysians.com/malaysiansabroad/story.asp?filepath=/2007/9/24/EyeonChina.asp
Details of the performance of Value Partners Classic Fund:
And the factfile of this fund:
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