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 |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
Hong Kong Exchanges & Clearing represents a unique natural monopoly positioned as the premier financial bridge between global capital and Chinese enterprise, offering exceptional free cash flow generation and defensive compounding. FCL Capital articulates a high-conviction long investment thesis on HKEX, arguing that structural economic forces, intensifying Sino-American geopolitical frictions, and Beijing's strategic listing policies will channel substantial capital flows through Hong Kong rather than competing financial centers like Singapore, Dubai, or Shanghai. Operating as a toll booth across an otherwise restricted capital border, HKEX generates remarkable 63% net margins with minimal capital expenditure requirements, allowing virtually all operating earnings to convert directly into free cash flow and generous shareholder dividends. Earnings growth is primarily driven by daily average turnover volumes, expanding Southbound Connect channels, and a revitalized IPO pipeline led by Chinese champions seeking convertible currency access and international market visibility. While risks include market volatility, stamp-duty policy shifts, and tail-risk geopolitical ruptures, HKEX's current valuation offers favorable asymmetry, providing investors with index-like base case returns and compelling upside option value.
Hong Kong Exchanges & Clearing operates as an irreplaceable, high-margin financial toll booth between mainland Chinese savings and global markets, positioning it to compound reliably regardless of geopolitical friction.
FCL Capital anticipates that cross-border capital flows through Hong Kong will continue expanding as mainland policy supports offshore listings and international investors seek convertible access to Chinese assets. The manager models an 8% annualized earnings growth base case delivering approximately 10% annual returns including dividends, alongside substantial upside potential should market multiples re-rate toward historical norms.
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