The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Arisaig Asia Fund focuses on compounding capital over a multi-decade horizon by owning dominant, low-capital-intensity consumer businesses that capture the structural growth of emerging markets in Asia. During April 2026, the fund gained 3.4%, driven by stabilizing regional markets and robust double-digit corporate earnings growth. The primary performance drivers include strong post-holiday demand in China, normalizing input costs for packaged food operators, and ongoing retail formalization in the Philippines and Vietnam. Key macro risks highlighted include persistent geopolitical tensions, volatile energy pricing, and regional deflationary pressures, although Chinese consumer sentiment shows tentative signs of recovery. The manager has recently completed a significant portfolio repositioning, reducing exposure in India while actively increasing allocations to North Asia and Southeast Asian retail platforms. By targeting high-quality but underappreciated businesses with strong moats, the fund aims to capture highly asymmetric upside across undervalued small-to-mid-cap consumer franchises.
Long-term, bottom-up compounding by owning dominant, low-capital-intensity consumer businesses capturing the structural rise of the Asian consumer.
The investment manager expects continued double-digit sales and earnings growth across their high-quality consumer holdings. Although macro issues exist, corporate performance is projected to normalized upward as cyclical headwinds subside.
As of Mar 31, 2026
Gordon Yeo Tian Wee serves as Co-CEO, Partner, and Head of East Asia Research at Arisaig Partners, having joined the firm full-time in July 2012 after completing an internship. He brings strong educational credentials including Sociology and Strategic Management from Singapore Management University, holds a CFA charter, and is a Chartered Accountant in Singapore. Gordon also completed a Master of Information Technology at SMU and has played an integral role in incorporating data analytics into the firm's research process. The firm has been investing in the rise of the Asian consumer since 1996 and employs approximately 35 committed team members across Singapore, India, and the UK.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Arisaig maintains a highly concentrated list of 29 companies, with the top 10 representing 41% of the portfolio. They explicitly reiterate a structural multi-decade view on key compounders.
Growth Outlook
Constructive posture. Notes that while macro issues such as geopolitics remain present, underlying equity valuations are highly attractive and property overhangs are stabilizing.
Risk Appetite
Strong net-long positioning with active deployment into high-growth, undercovered regional retail networks.
Capital Deployment
The fund has maintained cash levels at 8.7% while actively implementing major changes in holdings (9 additions, 14 exits) to complete its portfolio rejuvenation.
Forward Guidance
Management has given explicit guidance on future additions expected in May to round out positioning, alongside expected single-store rollout numbers.
Language Signal
Highly optimistic language dominates discussions regarding corporate earnings growth and robust fundamental metrics across core holdings.
Perceived Risk
Acknowledges macro risks like trade tensions and regional property stress but firmly believes corporate-level moats mitigate systemic drawdowns.
Opportunity Density
Views the landscape of high-quality small-to-mid-cap retail and consumer plays as exceptionally rich and historically cheap.
Time Horizon
Maintains an exceptionally long timeframe, noting that they 'aim to own a business indefinitely and value all our holdings on a 20-year view.'
Top Conviction Themes
Key Catalysts
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