Apollo Asia Fund operates as a concentrated equity portfolio focused on resilient companies throughout Asia, emphasizing absolute return generation rather than benchmark tracking. The fund maintains a disciplined approach to stock selection based on intrinsic value assessment, with portfolio concentration exceeding 80% in Hong Kong, Singapore, and Malaysian equities historically. Investors should note the fund's transition from Claire Barnes' management at AIMS Asset Management to Ascender Capital Ltd as of December 1, 2025, representing a significant operational change after nearly 28 years under the original management structure. The fund has demonstrated long-term outperformance with compound annual growth of 16.2% since inception, though with notable volatility including 19 positive years versus 8 negative years compared to the MSCI all-country Far East ex-Japan index's 17 up and 10 down years. Portfolio characteristics as of year-end 1998 showed a price-to-earnings ratio of 6.3 (earnings yield 16%), dividend yield of 6.1%, and price-to-book at 79%, with investments in companies often trading below cash value or at significant discounts to tangible assets. Current NAV stands at US$3,167.51 as of end-October 2025, reflecting substantial growth from the initial US$100 starting point in November 1999. The fund's investment universe covers over 22,000 listed businesses across Asia, leveraging the high proportion of family-owned companies in the region. Small and mid-cap focus provides higher alpha opportunities due to under-research and knowledge inefficiencies, with companies better positioned to handle regulatory constraints and protectionism. The fund employs systematic identification of pricing inefficiencies combined with rigorous qualitative analysis including accounting forensics and corporate governance assessment.

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Apollo Asia Fund Ltd specializes in Asian equities, seeking absolute returns through the selection of individual stocks with reference to intrinsic value. The fund operates on an absolute return basis, focusing on a concentrated portfolio of resilient companies across the Asia region, selected bottom-up with changing geographical exposure over time. The investment approach emphasizes quality and value amid global risks, with the fund historically underperforming in the late stages of bull markets but outperforming in the following bear markets. The portfolio is managed for absolute returns, and not by reference to an index or peer group. The fund continues to hope in the capabilities and integrity of those who manage the businesses in the portfolio, maintaining focus on quality and value during the transition to new investment manager. The strategy involves identifying pricing inefficiencies systematically, primarily linked to lack of sell-side coverage, increased retail participation, and high level of family ownership in Asian markets. The investment process employs a bottom-up quantitative model to efficiently identify quality Asian companies trading at attractive valuations, followed by rigorous qualitative fundamental analysis. Ascender Capital's approach targets high-quality firms with strong returns on capital, earnings growth, and profitability, trading at discounts to intrinsic value.

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