Hyundai Heavy Industries Co., Ltd.

NPSK utilizes their Strategic Asset Allocation process to formulate investment strategy. Their asset mix is constructed on the basis of long-term returns rate, risk tolerance and capital market expectations. Their Tactical Asset Allocation model refers to asset allocations modifications adapted to market changes, which allows them to take advantage of market inefficiencies. The firm invests in a range of asset classes including domestic fixed-income, domestic equity, international investments and alternative investments. Their fixed income and equity portfolios are managed both internally and externally. Alternative investments include infrastructure, real estate, corporate restructuring, private equity and venture capital.

GCL is an active, deep-value manager which invests through the Gavekal Asian Opportunities UCITS Fund, aiming to deliver better risk-adjusted returns than equity benchmarks through a bottom-up driven strategy and a strategy which aims to identify in which Asian countries bull markets are the most likely to unfold, and overweighting the more aggressive, higher-beta growth stocks in that country. To protect against the downside of a focus on high-beta growth stocks when equity bear markets unfold, they keep some of the fund's capital invested in Asian fixed-income. By combining a deep-value bottom-up equity book, a growth-biased, country and thematic approach and a pan-regional fixed-income book, they aim to outperform the Asia-Pacific MSCI index with a lower volatility.The firm invests in 'dim sum' bonds through managed accounts and the Gavekal China Fixed Income UCITS Fund, which was created based on the belief that transforming the RMB into a trading currency presents some risk but is key in helping China move up the export value chain, away from high volume and low margin consumer goods, and towards high margin capital goods.Their Asian Value Fund invests in emerging Asia (excluding Japan, Australia / New Zealand) seeking to identify under-researched and undervalued companies. The team performs bottom-up individual company analysis to identify businesses with undervalued earnings, cash flows and dividends. Investments are then chosen based on their potential upside while offering limited downside risk. The goal is to achieve superior returns through a combination of capital appreciation and dividend income, while reducing the volatility in Asian markets. The Gavekal Asian Value Fund is benchmark agnostic investing in the best opportunities but uses MSCI Asia Ex-Japan as a reference.

GCL is an active, deep-value manager which invests through the Gavekal Asian Opportunities UCITS Fund, aiming to deliver better risk-adjusted returns than equity benchmarks through a bottom-up driven strategy and a strategy which aims to identify in which Asian countries bull markets are the most likely to unfold, and overweighting the more aggressive, higher-beta growth stocks in that country. To protect against the downside of a focus on high-beta growth stocks when equity bear markets unfold, they keep some of the fund's capital invested in Asian fixed-income. By combining a deep-value bottom-up equity book, a growth-biased, country and thematic approach and a pan-regional fixed-income book, they aim to outperform the Asia-Pacific MSCI index with a lower volatility.The firm invests in 'dim sum' bonds through managed accounts and the Gavekal China Fixed Income UCITS Fund, which was created based on the belief that transforming the RMB into a trading currency presents some risk but is key in helping China move up the export value chain, away from high volume and low margin consumer goods, and towards high margin capital goods.Their Asian Value Fund invests in emerging Asia (excluding Japan, Australia / New Zealand) seeking to identify under-researched and undervalued companies. The team performs bottom-up individual company analysis to identify businesses with undervalued earnings, cash flows and dividends. Investments are then chosen based on their potential upside while offering limited downside risk. The goal is to achieve superior returns through a combination of capital appreciation and dividend income, while reducing the volatility in Asian markets. The Gavekal Asian Value Fund is benchmark agnostic investing in the best opportunities but uses MSCI Asia Ex-Japan as a reference.