Ross & Van Compernolle

Investor Summary

The fund is managed by Gancanapol (Pon) Van Compernolle, Managing Partner since 2015, who holds academic credentials from the University of San Francisco and The University of Sydney. Van Compernolle brings extensive regional expertise through multiple board positions including Chairman of L.V. Technology Public Company Limited and previous Vice President roles at InnovestX Securities and Merchant Partners Securities. Daniel Ross serves as Co-Founder and Chief Investment Officer & Head of Sustainability, overseeing the ASEAN-focused investment strategy and ESG integration. The management team demonstrates deep understanding of Southeast Asian capital markets with proven ability to generate alpha through various market cycles and economic conditions.

Fund Strategy

Ross & Van Compernolle specializes in sustainable investing in listed companies within the ASEAN region, seeking long-term capital appreciation on behalf of their investors. Their vision is to be a trusted partner for investors with client relationships spanning generations. The firm focuses on small to mid-capitalization companies using sustainable investment criteria and active portfolio management. They employ tactical sector and geographic allocation adjustments based on market opportunities and maintain disciplined profit-taking strategies. The investment approach emphasizes deep regional expertise and understanding of ASEAN market dynamics while integrating ESG considerations throughout the investment process.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

2024
-6.1%

Executive Summary

Ross & Van Compernolle's ASEAN-focused fund experienced a challenging Q4 2024, declining 14% despite strong underlying fundamentals, finishing the year down 6.1% after a strong first nine months (+9.6%). The fund successfully exited several positions in the first nine months, including offshore services companies BKM and DHML with 25% and 50% returns respectively, and Thai holdings IVL and DUSIT with 25% and 40% returns. Despite Q4 weakness attributed to Trump-related uncertainty and currency headwinds, 95% of holdings reported above-expected 9M24 earnings, with 80% trading at 5x PE with 20% CAGR growth rates. The manager maintains a positive 2025 outlook, citing strong operating performance across holdings including logistics leader ASSA, electronics retailer ERAA benefiting from Apple's Indonesia expansion, cosmetic surgery leader MASTER, and food giant MYOR achieving record sales. Current market weakness is viewed as providing re-entry opportunities, with the fund positioned to benefit from continued ASEAN economic growth and FDI flows under the China+1 strategy.

Forward Outlook

Positive outlook for 2025 based on fantastic 2024 operating performance of holdings with expected continued earnings growth. Companies like ASSA and JMART proving turnarounds provide confidence for continued growth, while holdings like SPOST likely to pay dividends equivalent to market capitalisation over 2 years.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Feb 10 2025	2024 Q4	ASSA.JK, AUCT.BK, BKM.SI, CSE.SI, DHML.SI, DUSIT.BK, ERAA.JK, ISAT.JK, IVL.BK, JMART.BK, MAC.PS, MASTER.BK, MPM.SI, MYOR.JK, SPOST.SI	ASEAN, Beauty, Consumer Electronics, Food, Logistics, small caps, Travel, value	-	ASEAN small-cap value fund down 6.1% in 2024 after strong Q4 selloff despite excellent fundamentals. Portfolio trades at 5x PE with 20% growth rates. Manager sees Trump presidency as net positive for region, expects continued FDI flows. Current weakness creates buying opportunities in quality logistics, consumer, and healthcare names with strong earnings momentum.
Oct 29 2024	2024 Q3	544.SI, 5LY.SI, BKM.SI, D01.SI, ERAA.JK, IVL.BK, J91.SI, JMART.BK, MASTER.BK, MYOR.JK, URC.PS, VELESTO.KL	ASEAN, Asia, Currency, Oil Services, Protein, Stimulus	D05.SI BEZ.SI J36.SI	RVC Emerging Asia Fund gained 9.6% in Q3 despite initial volatility from Japanese market crash. Two oil services exits drove outperformance with 50-70% gains. Fed rate cuts and China stimulus sparked ASEAN rally with currencies strengthening 3-10%. Fund recycled profits into protein play Japfa Ltd and questions if Asia is finally turning after decade-long underperformance.
Jul 26 2024	2024 Q2	BBCA.JK, MEDC.JK, MPM.SI, SIDO.JK, URC.PS, VEB.KL, WPH.BK	ASEAN, Asia, Banking, Currency, energy, healthcare	BBCA.JK	RVC Emerging Asia outperformed MSCI ASEAN despite currency headwinds, returning -0.3% versus -3.3%. The fund executed successful exits from Wattanapat Hospital and MEDC Energi while adding Bank Central Asia during sector weakness. Concentrated positioning with top five holdings at 37% reflects active management approach targeting undervalued quality companies across ASEAN markets.
Apr 10 2024	2024 Q1	ARNA.JK, CSE.SI, DELFI.SI, ERAA.JK, HIBI.KL, INKP.JK, JMART.BK, JMT.BK, MASTER.BK, MEDC.JK, MPM.SI, MWG.VN, SIDO.JK, UEC.BK, URC.PS, VEB.KL, WPH.BK	Asia, Beauty, Indonesia, Oil Services, Politics, Tourism, value	URC.PS UEC.BK MASTER.BK	RVC Emerging Asia Fund outperformed by 450bp in Q1, driven by Indonesian political stability, oil services cycle recovery, and Thai medical tourism. Key holdings gained 15-35% on policy continuity. New positions target undervalued consumer staples and oil services with 30-40% profit growth potential and high dividend yields.
Dec 31 2023	2023 Q4	ARNA.JK, CSE.SI, DELFI.SI, ERAA.JK, MAPA.JK, MPM.SI, SIDO.JK, VEB.KL	ASEAN, Asia, energy, Indonesia, Oil Services, Vietnam	-	RVC Emerging Asia Fund significantly outperformed MSCI ASEAN over three years through tactical geographic allocation and thematic concentration. The fund pivoted from Vietnamese profits into Indonesian growth stories and oil service providers benefiting from industry consolidation and capacity expansion. Strong positioning for 2024 with 30% allocations each to Indonesia and oil services.
Oct 19 2023	2023 Q3	BCP.BK, BVG.BK, C52.SI, DGW.HM, DNL.PS, GMD.HM, HIBI.KL, MAC.PS, MAPA.JK, MEDC.JK, MWG.HM, SHR.BK, SIDO.JK, VEB.KL, VPB.HM, WPH.BK	Asia, energy, Manufacturing, oil, Ports, Vietnam	-	Asian energy fund capitalizing on oil and gas sector resurgence after decade of underinvestment. Supply constraints from 80% sector consolidation creating pricing power for service providers. Reducing Vietnam exposure due to corruption campaign impacts and real estate crisis while maintaining selective infrastructure plays. Oil allocation increasing to 20% on multi-year capex cycle.
Aug 11 2023	2023 Q2	AUCT.BK, DELFI.SI, DGW, GMD, HIBI.KL, IIG.BK, JMART.BK, JMT.BK, MAPA.JK, MWG, PSL.BK, SHR.BK, SPA.BK, VCI, VELESTO.KL, VTP, WPH.BK	Asia, emerging markets, Recovery, Thailand, value, Vietnam	SPA.BK MWG.VN AUCT.BK DELFI.SI SHR.BK WPH.BK	RVC Emerging Asia Fund focuses on undervalued opportunities in Vietnam and Thailand markets. The fund doubled positions in Vietnamese technology and retail companies, increased Vietnam weighting to 30%, and added new positions including Thai auction house Union Auction. Key catalyst is Thailand political stability returning with civilian government formation, while Vietnam recovery expected in second half 2023.
Apr 14 2023	2023 Q1	BCP.BK, DGW.HM, DNL.PS, GMD.HM, GTCAP.PS, HIBI.KL, ITMG.JK, JMART.BK, JMT.BK, MAPA.JK, MEDC.JK, PGAS.JK, PSL.BK, PTTEP.BK, SINGER.BK, VCB.HM, VCI.HM, VEB.KL, VPB.HM	Asia, commodities, emerging markets, Indonesia, oil, Philippines, shipping, value	GTCAP.PS DNL.PS MEDC.JK VEB.KL	Asian value fund actively rotated into shipping and energy recovery plays while initiating Philippines positions for post-lockdown earnings upside. China reopening drives shipping thesis with PSL TB increased to 6% weighting. Oil positions re-entered after OPEC cuts. Indonesia consumer strength evident through MAPA IJ performance. Portfolio positioned for commodity cycle benefits and regional recovery dynamics.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Feb 10 2025

2024 Q4

ASSA.JK, AUCT.BK, BKM.SI, CSE.SI, DHML.SI, DUSIT.BK, ERAA.JK, ISAT.JK, IVL.BK, JMART.BK, MAC.PS, MASTER.BK, MPM.SI, MYOR.JK, SPOST.SI

ASEAN, Beauty, Consumer Electronics, Food, Logistics, small caps, Travel, value

ASEAN small-cap value fund down 6.1% in 2024 after strong Q4 selloff despite excellent fundamentals. Portfolio trades at 5x PE with 20% growth rates. Manager sees Trump presidency as net positive for region, expects continued FDI flows. Current weakness creates buying opportunities in quality logistics, consumer, and healthcare names with strong earnings momentum.

Oct 29 2024

2024 Q3

544.SI, 5LY.SI, BKM.SI, D01.SI, ERAA.JK, IVL.BK, J91.SI, JMART.BK, MASTER.BK, MYOR.JK, URC.PS, VELESTO.KL

ASEAN, Asia, Currency, Oil Services, Protein, Stimulus

D05.SI
BEZ.SI
J36.SI

RVC Emerging Asia Fund gained 9.6% in Q3 despite initial volatility from Japanese market crash. Two oil services exits drove outperformance with 50-70% gains. Fed rate cuts and China stimulus sparked ASEAN rally with currencies strengthening 3-10%. Fund recycled profits into protein play Japfa Ltd and questions if Asia is finally turning after decade-long underperformance.

Jul 26 2024

2024 Q2

BBCA.JK, MEDC.JK, MPM.SI, SIDO.JK, URC.PS, VEB.KL, WPH.BK

ASEAN, Asia, Banking, Currency, energy, healthcare

BBCA.JK

RVC Emerging Asia outperformed MSCI ASEAN despite currency headwinds, returning -0.3% versus -3.3%. The fund executed successful exits from Wattanapat Hospital and MEDC Energi while adding Bank Central Asia during sector weakness. Concentrated positioning with top five holdings at 37% reflects active management approach targeting undervalued quality companies across ASEAN markets.

Apr 10 2024

2024 Q1

ARNA.JK, CSE.SI, DELFI.SI, ERAA.JK, HIBI.KL, INKP.JK, JMART.BK, JMT.BK, MASTER.BK, MEDC.JK, MPM.SI, MWG.VN, SIDO.JK, UEC.BK, URC.PS, VEB.KL, WPH.BK

Asia, Beauty, Indonesia, Oil Services, Politics, Tourism, value

URC.PS
UEC.BK
MASTER.BK

RVC Emerging Asia Fund outperformed by 450bp in Q1, driven by Indonesian political stability, oil services cycle recovery, and Thai medical tourism. Key holdings gained 15-35% on policy continuity. New positions target undervalued consumer staples and oil services with 30-40% profit growth potential and high dividend yields.

Dec 31 2023

2023 Q4

ARNA.JK, CSE.SI, DELFI.SI, ERAA.JK, MAPA.JK, MPM.SI, SIDO.JK, VEB.KL

ASEAN, Asia, energy, Indonesia, Oil Services, Vietnam

RVC Emerging Asia Fund significantly outperformed MSCI ASEAN over three years through tactical geographic allocation and thematic concentration. The fund pivoted from Vietnamese profits into Indonesian growth stories and oil service providers benefiting from industry consolidation and capacity expansion. Strong positioning for 2024 with 30% allocations each to Indonesia and oil services.

Oct 19 2023

2023 Q3

BCP.BK, BVG.BK, C52.SI, DGW.HM, DNL.PS, GMD.HM, HIBI.KL, MAC.PS, MAPA.JK, MEDC.JK, MWG.HM, SHR.BK, SIDO.JK, VEB.KL, VPB.HM, WPH.BK

Asia, energy, Manufacturing, oil, Ports, Vietnam

Asian energy fund capitalizing on oil and gas sector resurgence after decade of underinvestment. Supply constraints from 80% sector consolidation creating pricing power for service providers. Reducing Vietnam exposure due to corruption campaign impacts and real estate crisis while maintaining selective infrastructure plays. Oil allocation increasing to 20% on multi-year capex cycle.

Aug 11 2023

2023 Q2

AUCT.BK, DELFI.SI, DGW, GMD, HIBI.KL, IIG.BK, JMART.BK, JMT.BK, MAPA.JK, MWG, PSL.BK, SHR.BK, SPA.BK, VCI, VELESTO.KL, VTP, WPH.BK

Asia, emerging markets, Recovery, Thailand, value, Vietnam

SPA.BK
MWG.VN
AUCT.BK
DELFI.SI
SHR.BK
WPH.BK

RVC Emerging Asia Fund focuses on undervalued opportunities in Vietnam and Thailand markets. The fund doubled positions in Vietnamese technology and retail companies, increased Vietnam weighting to 30%, and added new positions including Thai auction house Union Auction. Key catalyst is Thailand political stability returning with civilian government formation, while Vietnam recovery expected in second half 2023.

Apr 14 2023

2023 Q1

BCP.BK, DGW.HM, DNL.PS, GMD.HM, GTCAP.PS, HIBI.KL, ITMG.JK, JMART.BK, JMT.BK, MAPA.JK, MEDC.JK, PGAS.JK, PSL.BK, PTTEP.BK, SINGER.BK, VCB.HM, VCI.HM, VEB.KL, VPB.HM

Asia, commodities, emerging markets, Indonesia, oil, Philippines, shipping, value

GTCAP.PS
DNL.PS
MEDC.JK
VEB.KL

Asian value fund actively rotated into shipping and energy recovery plays while initiating Philippines positions for post-lockdown earnings upside. China reopening drives shipping thesis with PSL TB increased to 6% weighting. Oil positions re-entered after OPEC cuts. Indonesia consumer strength evident through MAPA IJ performance. Portfolio positioned for commodity cycle benefits and regional recovery dynamics.

QUARTER	THEMES	TAGS
2024 Q4	Logistics Indonesian FMCG logistics sector expanding at 7.7% CAGR driven by market growth from IDR 44tn to IDR 85tn. ASSA positioned to benefit from integrated logistics solutions including fleet management and warehousing.	FMCG Fleet Management Warehousing Distribution Transportation
	Consumer Electronics Apple's expansion in Indonesia creating opportunities with AirTags production plant and $1 billion investment in accessories. ERAA positioned to benefit from Apple's supply chain integration despite iPhone 16 launch uncertainty.	Apple AirTags Smartphones Electronics Retail Supply Chain
	Beauty Thailand's cosmetic surgery market growing at 9.6% CAGR with MASTER leveraging medical tourism. Foreign patient revenue grew from 5% in 2021 to 26% in 9M24, targeting 50% by 2027.	Cosmetic Surgery Medical Tourism Thailand Healthcare Services International Patients
	Travel Aviation sector recovery driving growth across ground-handling, catering, and MRO services. MAC reporting 22% revenue growth with strong flight volume increases and facility expansions.	Aviation Ground Handling Catering MRO Flight Volume
	Food MYOR achieving record quarterly sales of Rp9.4tn with 17% growth, gaining market share across biscuits, candy, and coffee segments. Strong volume growth driving expansion in Indonesia, Philippines, and Malaysia.	FMCG Biscuits Coffee Market Share Volume Growth
2024 Q3	Oil Services Two oil and gas service providers, DMHL SP and BKM SP, drove significant outperformance with gains of 50-70% in the third quarter. DMHL was acquired by Hanwha Group at a 97% total return, while BKM was fully exited at fair value after a 76% gain.	Oil Services Offshore Acquisition Singapore Energy
	ASEAN ASEAN markets rallied strongly by 7% in August 2024 following Fed rate cuts and currency strengthening of 3-10% within six weeks. Thailand announced a USD 10 billion stimulus package, transforming from one of the worst performing markets to +6% in USD terms for 2024.	ASEAN Thailand Malaysia Stimulus Currency
	Protein New position in Japfa Ltd, a leading pan-Asian agri-food company specializing in protein staples including poultry, swine, aquaculture and beef. The company is recovering from margin compression in 2022-2023, with earnings trending from a $30 million loss in 2023 to potential $100 million profit in 2024.	Protein Poultry Agriculture Indonesia Vietnam
2024 Q2	ASEAN The fund focuses on ASEAN markets with performance measured against MSCI ASEAN. Currency headwinds from regional currencies including Thai Baht, Filipino Peso and Indonesian Rupiah have impacted returns. The fund maintains concentrated positions across ASEAN countries including Thailand, Indonesia, Singapore, Malaysia and Philippines.	Thailand Indonesia Singapore Malaysia Philippines
2024 Q1	Indonesia Political continuity following Prabowo's election victory ensures policy consistency from the Jokowi era. Government fiscal spending acceleration and infrastructure investments create favorable business conditions. The manager views Indonesia as having remarkable demographic diversity with different GDP per capita segments creating multiple market opportunities within one nation.	Indonesia Politics Infrastructure Demographics GDP
	Oil The fund holds oil and gas service providers positioned for a 5-year capex cycle that began in 2023. Companies like UEC benefit from minimal competition and are expected to see 30-40% profit increases with high dividend yields reaching 16-17% in 2024.	Oil Gas Capex Services Dividends
	Beauty Master Style dominates Thai aesthetic and cosmetic surgery with 90% market share and benefits from medical tourism, especially from Chinese and Southeast Asian clients. The company is aggressively pursuing M&A deals in the fragmented beauty market with profits forecast to increase 40% in both 2024 and 2025.	Beauty Surgery Tourism Thailand M&A
2023 Q4	Oil Services The fund expanded holdings in oil & gas service providers to 30% weighting, adding to existing positions. The thesis centers on strong cash flows in the oil & gas industry and capacity expansion investments for the first time in a decade. Most competition has gone bankrupt, allowing remaining players to secure long-term projects with profit growth expected to increase 5x from 2022 to 2026.	Offshore Drilling Oilfield Services Energy Capacity Expansion Cash Flows
	Indonesia The fund allocated heavily into Indonesian equities at 30% weighting, including specific positions in SIDO IJ, ARNA IJ, ERAA IJ, and DELFI SP. These investments are expected to benefit from current Indonesian economic growth, improved infrastructure, and likely continuation of government policies. The manager sees continued growth prospects for Indonesia going forward into 2024.	Economic Growth Infrastructure Government Policy ASEAN
	Vietnam The fund took advantage of recovery in Vietnamese equities, decreasing weighting from 30% to 6% during the third quarter to capture profits. This represents a significant tactical allocation shift as the manager harvested gains from the Vietnamese market recovery.	Recovery Profit Taking Tactical Allocation
2023 Q3	Oil The oil and gas sector is experiencing a resurgence with increasing capex after a decade of underinvestment. Supply constraints from sector consolidation and higher oil prices are creating favorable conditions for service providers, with daily jack-up rig rates increasing 25% since 2022 lows.	Oil Services Capex Jack-up Rigs E&P Petrochemicals
	Vietnam Vietnam faces economic headwinds from anti-corruption campaigns affecting business confidence, real estate crisis causing NPLs, manufacturing slowdown from Western order reductions, and energy vulnerability with 43% dependence on hydroelectric power during low-water periods.	Real Estate Manufacturing Energy FDI NPLs
	Ports Vietnamese port operator Gemadept benefits from FDI influx and potential fee increases through regulatory changes. The company is expanding market share despite global slowdown and may see 21% THC increase at deep-water Gemalink port.	Port Operations FDI THC Shipping Infrastructure
2023 Q2	Travel The fund exited Siam Wellness Group as a covid-era travel recovery play after the share price exceeded pre-covid levels and achieved target returns. S Hotels & Resorts was re-initiated as a position given its attractive valuation at 0.6x price-to-book value with 38 hotels across premium destinations.	Hotels Tourism Recovery
	E-commerce The fund doubled positions in Vietnamese technology and retail companies including Digiworld Corporation and Mobile World Investment Corporation, expecting recovery in electronic and consumer purchasing in the second half of 2023 and robust earnings growth from 2024 onwards.	Technology Retail Consumer Electronics
2023 Q1	Oil The fund was active in oil-related positions, fully exiting PTTEP TB due to concerns about potential short-term oil price declines, then re-initiating positions in PTTEP TB, BCP TB, and MEDC IJ after OPEC production cuts were announced. The manager views the high commodity price environment as beneficial for oil producers.	Oil OPEC Energy Commodities Production
	Shipping The fund increased weighting in PSL TB from 2% to 6%, expecting recovery in dry bulk shipping rates post-Chinese New Year and China's reopening. The manager expects supply of new dry bulks to remain below demand increases, with shipping rates having doubled from lows and likely to continue increasing until Q3.	Shipping Dry Bulk China Supply Rates
	Indonesia Indonesia is positioned to benefit from higher commodity prices as they are described as the periodic table of the region. The manager initiated multiple new positions in Indonesian companies during the quarter, citing the country's strong consumer performance and expecting continued economic growth similar to the 2006-2012 period.	Indonesia Commodities Consumer Growth Economy
	Philippines The Philippines was the last country out of full lockdowns in 2022, positioning listed companies for incredibly positive earnings in 2023. The fund initiated 3% positions in both GT Capital and D&L Industries, with both companies trading at significant discounts to historical levels despite strong fundamentals.	Philippines Lockdowns Earnings Recovery Valuation

QUARTER

THEMES

Logistics

Indonesian FMCG logistics sector expanding at 7.7% CAGR driven by market growth from IDR 44tn to IDR 85tn. ASSA positioned to benefit from integrated logistics solutions including fleet management and warehousing.

FMCG Fleet Management Warehousing Distribution Transportation

Consumer Electronics

Apple's expansion in Indonesia creating opportunities with AirTags production plant and $1 billion investment in accessories. ERAA positioned to benefit from Apple's supply chain integration despite iPhone 16 launch uncertainty.

Apple AirTags Smartphones Electronics Retail Supply Chain

Beauty

Thailand's cosmetic surgery market growing at 9.6% CAGR with MASTER leveraging medical tourism. Foreign patient revenue grew from 5% in 2021 to 26% in 9M24, targeting 50% by 2027.

Cosmetic Surgery Medical Tourism Thailand Healthcare Services International Patients

Travel

Aviation sector recovery driving growth across ground-handling, catering, and MRO services. MAC reporting 22% revenue growth with strong flight volume increases and facility expansions.

Aviation Ground Handling Catering MRO Flight Volume

Food

MYOR achieving record quarterly sales of Rp9.4tn with 17% growth, gaining market share across biscuits, candy, and coffee segments. Strong volume growth driving expansion in Indonesia, Philippines, and Malaysia.

FMCG Biscuits Coffee Market Share Volume Growth

2024 Q3

Oil Services

Two oil and gas service providers, DMHL SP and BKM SP, drove significant outperformance with gains of 50-70% in the third quarter. DMHL was acquired by Hanwha Group at a 97% total return, while BKM was fully exited at fair value after a 76% gain.

Oil Services Offshore Acquisition Singapore Energy

ASEAN

ASEAN markets rallied strongly by 7% in August 2024 following Fed rate cuts and currency strengthening of 3-10% within six weeks. Thailand announced a USD 10 billion stimulus package, transforming from one of the worst performing markets to +6% in USD terms for 2024.

ASEAN Thailand Malaysia Stimulus Currency

Protein

New position in Japfa Ltd, a leading pan-Asian agri-food company specializing in protein staples including poultry, swine, aquaculture and beef. The company is recovering from margin compression in 2022-2023, with earnings trending from a $30 million loss in 2023 to potential $100 million profit in 2024.

Protein Poultry Agriculture Indonesia Vietnam

2024 Q2

ASEAN

The fund focuses on ASEAN markets with performance measured against MSCI ASEAN. Currency headwinds from regional currencies including Thai Baht, Filipino Peso and Indonesian Rupiah have impacted returns. The fund maintains concentrated positions across ASEAN countries including Thailand, Indonesia, Singapore, Malaysia and Philippines.

Thailand Indonesia Singapore Malaysia Philippines

2024 Q1

Indonesia

Political continuity following Prabowo's election victory ensures policy consistency from the Jokowi era. Government fiscal spending acceleration and infrastructure investments create favorable business conditions. The manager views Indonesia as having remarkable demographic diversity with different GDP per capita segments creating multiple market opportunities within one nation.

Indonesia Politics Infrastructure Demographics GDP

Oil

The fund holds oil and gas service providers positioned for a 5-year capex cycle that began in 2023. Companies like UEC benefit from minimal competition and are expected to see 30-40% profit increases with high dividend yields reaching 16-17% in 2024.

Oil Gas Capex Services Dividends

Beauty

Master Style dominates Thai aesthetic and cosmetic surgery with 90% market share and benefits from medical tourism, especially from Chinese and Southeast Asian clients. The company is aggressively pursuing M&A deals in the fragmented beauty market with profits forecast to increase 40% in both 2024 and 2025.

Beauty Surgery Tourism Thailand M&A

2023 Q4

Oil Services

The fund expanded holdings in oil & gas service providers to 30% weighting, adding to existing positions. The thesis centers on strong cash flows in the oil & gas industry and capacity expansion investments for the first time in a decade. Most competition has gone bankrupt, allowing remaining players to secure long-term projects with profit growth expected to increase 5x from 2022 to 2026.

Offshore Drilling Oilfield Services Energy Capacity Expansion Cash Flows

Indonesia

The fund allocated heavily into Indonesian equities at 30% weighting, including specific positions in SIDO IJ, ARNA IJ, ERAA IJ, and DELFI SP. These investments are expected to benefit from current Indonesian economic growth, improved infrastructure, and likely continuation of government policies. The manager sees continued growth prospects for Indonesia going forward into 2024.

Economic Growth Infrastructure Government Policy ASEAN

Vietnam

The fund took advantage of recovery in Vietnamese equities, decreasing weighting from 30% to 6% during the third quarter to capture profits. This represents a significant tactical allocation shift as the manager harvested gains from the Vietnamese market recovery.

Recovery Profit Taking Tactical Allocation

2023 Q3

Oil

The oil and gas sector is experiencing a resurgence with increasing capex after a decade of underinvestment. Supply constraints from sector consolidation and higher oil prices are creating favorable conditions for service providers, with daily jack-up rig rates increasing 25% since 2022 lows.

Oil Services Capex Jack-up Rigs E&P Petrochemicals

Vietnam

Vietnam faces economic headwinds from anti-corruption campaigns affecting business confidence, real estate crisis causing NPLs, manufacturing slowdown from Western order reductions, and energy vulnerability with 43% dependence on hydroelectric power during low-water periods.

Real Estate Manufacturing Energy FDI NPLs

Ports

Vietnamese port operator Gemadept benefits from FDI influx and potential fee increases through regulatory changes. The company is expanding market share despite global slowdown and may see 21% THC increase at deep-water Gemalink port.

Port Operations FDI THC Shipping Infrastructure

2023 Q2

Travel

The fund exited Siam Wellness Group as a covid-era travel recovery play after the share price exceeded pre-covid levels and achieved target returns. S Hotels & Resorts was re-initiated as a position given its attractive valuation at 0.6x price-to-book value with 38 hotels across premium destinations.

Hotels Tourism Recovery

E-commerce

The fund doubled positions in Vietnamese technology and retail companies including Digiworld Corporation and Mobile World Investment Corporation, expecting recovery in electronic and consumer purchasing in the second half of 2023 and robust earnings growth from 2024 onwards.

Technology Retail Consumer Electronics

2023 Q1

Oil

The fund was active in oil-related positions, fully exiting PTTEP TB due to concerns about potential short-term oil price declines, then re-initiating positions in PTTEP TB, BCP TB, and MEDC IJ after OPEC production cuts were announced. The manager views the high commodity price environment as beneficial for oil producers.

Oil OPEC Energy Commodities Production

Shipping

The fund increased weighting in PSL TB from 2% to 6%, expecting recovery in dry bulk shipping rates post-Chinese New Year and China's reopening. The manager expects supply of new dry bulks to remain below demand increases, with shipping rates having doubled from lows and likely to continue increasing until Q3.

Shipping Dry Bulk China Supply Rates

Indonesia

Indonesia is positioned to benefit from higher commodity prices as they are described as the periodic table of the region. The manager initiated multiple new positions in Indonesian companies during the quarter, citing the country's strong consumer performance and expecting continued economic growth similar to the 2006-2012 period.

Indonesia Commodities Consumer Growth Economy

Philippines

The Philippines was the last country out of full lockdowns in 2022, positioning listed companies for incredibly positive earnings in 2023. The fund initiated 3% positions in both GT Capital and D&L Industries, with both companies trading at significant discounts to historical levels despite strong fundamentals.

Philippines Lockdowns Earnings Recovery Valuation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 29, 2024	Fund Letters	Ross & Van Compernolle	D05.SI	Dyna-Mac Holdings Ltd	Energy	Oil & Gas Equipment & Services	Bull	Singapore Exchange	acquisition target, Engineering services, Offshore, Oil & Gas Services, Singapore, Strategic Buyer, tender offer	Login
Oct 29, 2024	Fund Letters	Ross & Van Compernolle	BEZ.SI	Beng Kuang Marine Ltd	Energy	Oil & Gas Equipment & Services	Bull	Singapore Exchange	Fair value, Marine Logistics, Offshore Support, Oil & Gas Services, Singapore, Vessel Chartering	Login
Oct 29, 2024	Fund Letters	Ross & Van Compernolle	J36.SI	Japfa Ltd	Consumer Staples	Food Products	Bull	Singapore Exchange	Agri-Food, Indonesia, Integrated Platform, Margin recovery, market leader, Myanmar, Poultry, Protein Staples, turnaround, Vietnam	Login
Jul 26, 2024	Fund Letters	Ross & Van Compernolle	BBCA.JK	Bank Central Asia Tbk PT	Financials	Banks	Bull	Indonesia Stock Exchange	Banks, Compounding growth, contrarian, Indonesia, Low funding costs, Regulatory tailwinds, Value	Login
Apr 10, 2024	Fund Letters	Ross & Van Compernolle	MASTER.BK	Master Style Plc	Health Care	Health Care Facilities	Bull	Stock Exchange of Thailand	Aesthetic Surgery, Beauty & Wellness, growth, Healthcare services, M&A strategy, market dominance, Medical Tourism, Thailand	Login
Apr 10, 2024	Fund Letters	Ross & Van Compernolle	UEC.BK	Unimit Engineering Plc	Energy	Oil & Gas Equipment & Services	Bull	Stock Exchange of Thailand	CapEx cycle, Cyclical, high dividend yield, M&A Target, market dominance, Oil & Gas Services, Steel fabrication, Thailand	Login
Apr 10, 2024	Fund Letters	Ross & Van Compernolle	URC.PS	Universal Robina Corporation	Consumer Staples	Packaged Foods & Meats	Bull	Philippines Stock Exchange	consumer staples, margin expansion, Packaged Foods, Philippines, Regional Distribution, Share Buybacks, Value	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	-	Viet Capital Securities Joint Stock Company	Financials	Investment Banking & Brokerage	Bull	Ho Chi Minh Stock Exchange	Brokerage, Cyclical, exit, Institutional, Liquidity Recovery, Vietnam	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	SPA.BK	Siam Wellness Group PCL	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	Stock Exchange of Thailand	COVID Play, exit, Thailand, Tourism, Travel Recovery, Wellness	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	-	Digiworld Corporation	Information Technology	Technology Hardware, Storage & Peripherals	Bull	Ho Chi Minh Stock Exchange	Cyclical Recovery, distribution network, electronics, Founder Ownership, Technology Distributor, Vietnam	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	MWG.VN	Mobile World Investment Corporation	Consumer Discretionary	Specialty Retail	Bull	Ho Chi Minh Stock Exchange	Consumer Recovery, Electronics Retail, Foreign Premium, growth, market leader, Vietnam	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	AUCT.BK	Union Auction PCL	Industrials	Commercial Services & Supplies	Bull	Stock Exchange of Thailand	Auction House, market leader, NPL Resolution, regulatory catalyst, Thailand, Vehicle Auctions	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	DELFI.SI	Delfi Limited	Consumer Staples	Food Products	Bull	Singapore Exchange	brand portfolio, Chocolate, consumer staples, Emerging markets, Southeast Asia, Value	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	SHR.BK	S Hotels and Resorts PCL	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	Stock Exchange of Thailand	asset value, Hotels, Maldives, Premium Destinations, Tourism, Value	Login
Aug 11, 2023	Fund Letters	Ross & Van Compernolle	WPH.BK	Wattanapat Hospital Trang PCL	Health Care	Health Care Providers & Services	Bull	Stock Exchange of Thailand	capacity expansion, healthcare, Hospital, Medical Tourism, multi-bagger, Thailand	Login
Apr 14, 2023	Fund Letters	Ross & Van Compernolle	GTCAP.PS	GT Capital Holdings Inc	Financials	Diversified Financial Services	Bull	Philippine Stock Exchange	automotive, banking, conglomerate, diversified holdings, Philippines, Real Estate, recovery, Value	Login
Apr 14, 2023	Fund Letters	Ross & Van Compernolle	DNL.PS	D&L Industries Inc	Materials	Specialty Chemicals	Bull	Philippine Stock Exchange	capacity expansion, Export Growth, high-margin, manufacturing, Philippines, R&D, specialty chemicals	Login
Apr 14, 2023	Fund Letters	Ross & Van Compernolle	MEDC.JK	Medco Energi Internasional Tbk PT	Energy	Oil, Gas & Consumable Fuels	Bull	Indonesia Stock Exchange	Commodity Exposure, Copper, E&P, Gold, Indonesia, integrated energy, Mining, Oil & Gas, Power generation	Login
Apr 14, 2023	Fund Letters	Ross & Van Compernolle	VEB.KL	Velesto Energy Bhd	Energy	Energy Equipment & Services	Bull	Bursa Malaysia	Cyclical Recovery, Day-rates, Energy Services, Jack-up Rigs, Malaysia, offshore drilling, Petronas, Underinvestment	Login
Oct 19, 2023	Fund Letters	Ross & Van Compernolle	-	Gemadept Corp	Transportation	Marine Ports & Services	Bull	Ho Chi Minh Stock Exchange	Export Growth, FDI, infrastructure, Logistics, Port Operator, Pricing power, regulatory catalyst, Terminal Handling, Vietnam	Login
Oct 19, 2023	Fund Letters	Ross & Van Compernolle	-	CSE Global Ltd	Technology	Technology Hardware & Equipment	Bull	Singapore Exchange	dividend yield, energy infrastructure, government contracts, Order Book Growth, process control, SCADA, Singapore, Systems Integration, undervalued	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 29, 2024

Fund Letters

Ross & Van Compernolle

D05.SI

Dyna-Mac Holdings Ltd

Energy

Oil & Gas Equipment & Services

Bull

Singapore Exchange

acquisition target, Engineering services, Offshore, Oil & Gas Services, Singapore, Strategic Buyer, tender offer

Oct 29, 2024

Fund Letters

Ross & Van Compernolle

BEZ.SI

Beng Kuang Marine Ltd

Energy

Oil & Gas Equipment & Services

Bull

Singapore Exchange

Fair value, Marine Logistics, Offshore Support, Oil & Gas Services, Singapore, Vessel Chartering

Oct 29, 2024

Fund Letters

Ross & Van Compernolle

J36.SI

Japfa Ltd

Consumer Staples

Food Products

Bull

Singapore Exchange

Agri-Food, Indonesia, Integrated Platform, Margin recovery, market leader, Myanmar, Poultry, Protein Staples, turnaround, Vietnam

Jul 26, 2024

Fund Letters

Ross & Van Compernolle

BBCA.JK

Bank Central Asia Tbk PT

Financials

Banks

Bull

Indonesia Stock Exchange

Banks, Compounding growth, contrarian, Indonesia, Low funding costs, Regulatory tailwinds, Value

Apr 10, 2024

Fund Letters

Ross & Van Compernolle

MASTER.BK

Master Style Plc

Health Care

Health Care Facilities

Bull

Stock Exchange of Thailand

Aesthetic Surgery, Beauty & Wellness, growth, Healthcare services, M&A strategy, market dominance, Medical Tourism, Thailand

Apr 10, 2024

Fund Letters

Ross & Van Compernolle

UEC.BK

Unimit Engineering Plc

Energy

Oil & Gas Equipment & Services

Bull

Stock Exchange of Thailand

CapEx cycle, Cyclical, high dividend yield, M&A Target, market dominance, Oil & Gas Services, Steel fabrication, Thailand

Apr 10, 2024

Fund Letters

Ross & Van Compernolle

URC.PS

Universal Robina Corporation

Consumer Staples

Packaged Foods & Meats

Bull

Philippines Stock Exchange

consumer staples, margin expansion, Packaged Foods, Philippines, Regional Distribution, Share Buybacks, Value

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

Viet Capital Securities Joint Stock Company

Financials

Investment Banking & Brokerage

Bull

Ho Chi Minh Stock Exchange

Brokerage, Cyclical, exit, Institutional, Liquidity Recovery, Vietnam

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

SPA.BK

Siam Wellness Group PCL

Consumer Discretionary

Hotels, Restaurants & Leisure

Bull

Stock Exchange of Thailand

COVID Play, exit, Thailand, Tourism, Travel Recovery, Wellness

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

Digiworld Corporation

Information Technology

Technology Hardware, Storage & Peripherals

Bull

Ho Chi Minh Stock Exchange

Cyclical Recovery, distribution network, electronics, Founder Ownership, Technology Distributor, Vietnam

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

MWG.VN

Mobile World Investment Corporation

Consumer Discretionary

Specialty Retail

Bull

Ho Chi Minh Stock Exchange

Consumer Recovery, Electronics Retail, Foreign Premium, growth, market leader, Vietnam

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

AUCT.BK

Union Auction PCL

Industrials

Commercial Services & Supplies

Bull

Stock Exchange of Thailand

Auction House, market leader, NPL Resolution, regulatory catalyst, Thailand, Vehicle Auctions

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

DELFI.SI

Delfi Limited

Consumer Staples

Food Products

Bull

Singapore Exchange

brand portfolio, Chocolate, consumer staples, Emerging markets, Southeast Asia, Value

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

SHR.BK

S Hotels and Resorts PCL

Consumer Discretionary

Hotels, Restaurants & Leisure

Bull

Stock Exchange of Thailand

asset value, Hotels, Maldives, Premium Destinations, Tourism, Value

Aug 11, 2023

Fund Letters

Ross & Van Compernolle

WPH.BK

Wattanapat Hospital Trang PCL

Health Care

Health Care Providers & Services

Bull

Stock Exchange of Thailand

capacity expansion, healthcare, Hospital, Medical Tourism, multi-bagger, Thailand

Apr 14, 2023

Fund Letters

Ross & Van Compernolle

GTCAP.PS

GT Capital Holdings Inc

Financials

Diversified Financial Services

Bull

Philippine Stock Exchange

automotive, banking, conglomerate, diversified holdings, Philippines, Real Estate, recovery, Value

Apr 14, 2023

Fund Letters

Ross & Van Compernolle

DNL.PS

D&L Industries Inc

Materials

Specialty Chemicals

Bull

Philippine Stock Exchange

capacity expansion, Export Growth, high-margin, manufacturing, Philippines, R&D, specialty chemicals

Apr 14, 2023

Fund Letters

Ross & Van Compernolle

MEDC.JK

Medco Energi Internasional Tbk PT

Energy

Oil, Gas & Consumable Fuels

Bull

Indonesia Stock Exchange

Commodity Exposure, Copper, E&P, Gold, Indonesia, integrated energy, Mining, Oil & Gas, Power generation

Apr 14, 2023

Fund Letters

Ross & Van Compernolle

VEB.KL

Velesto Energy Bhd

Energy

Energy Equipment & Services

Bull

Bursa Malaysia

Cyclical Recovery, Day-rates, Energy Services, Jack-up Rigs, Malaysia, offshore drilling, Petronas, Underinvestment

Oct 19, 2023

Fund Letters

Ross & Van Compernolle

Gemadept Corp

Transportation

Marine Ports & Services

Bull

Ho Chi Minh Stock Exchange

Export Growth, FDI, infrastructure, Logistics, Port Operator, Pricing power, regulatory catalyst, Terminal Handling, Vietnam

Oct 19, 2023

Fund Letters

Ross & Van Compernolle

CSE Global Ltd

Technology

Technology Hardware & Equipment

Bull

Singapore Exchange

dividend yield, energy infrastructure, government contracts, Order Book Growth, process control, SCADA, Singapore, Systems Integration, undervalued

TICKER	COMMENTARY
BKM.SI	Oil & Gas offshore services company that returned nets of +25% within 6 month periods before being exited in first 9M24.
DHML.SI	Oil & Gas offshore services company that returned nets of +50% within 6 month periods before being exited in first 9M24.
IVL.BK	Thailand holding that returned +25% before being exited in first 9M24.
DUSIT.BK	Dusit Thani Hotels & Resorts Plc Thailand holding that returned +40% before being exited in first 9M24.
ASSA.JK	Indonesia's integrated logistics company positioned to benefit from FMCG market growth. Delivered record-breaking 3Q24 performance with net profit of IDR 84bn (+89% YoY). Trading at projected P/E ratio of 7x for 2025 and 5x for 2026.
ERAA.JK	Positioned to benefit from Apple's expansion in Indonesia including AirTags production plant and $1 billion investment. Posted 3Q24 revenue of Rp15.5tn (+11.3% YoY) with improved margins. Trading at 4x PE for 2025.
AUCT.BK	Benefits from Thailand's weak economy as financial distress drives more vehicles into auction market. Maintains strong profitability with 50% GPM and 28.4% NPM. Trading at 8x PE 2025 paying 9% dividend yield.
MPM.SI	CSOV 91% completed and expected to start operations by March 2025 with utilization projected at 95% for first two years. At 6x FY25E P/E with net cash position and 30% expected earnings growth in 2025.
CSE.SI	Positioned for growth across electrification and O&G sectors with Trump administration expected to drive surge in O&G projects. FY25 earnings growth expected to reach 50% YoY with PE 2025 of 8x.
MASTER.BK	Leading cosmetic surgery hospital benefiting from 9.6% CAGR market growth. Foreign patient revenue growing 19% YoY with Indonesia contributing 105% YoY growth. Trading at 20x P/E for 2025 and 17x P/E for 2026.
MAC.PS	Reported strong +61% YoY growth for nine-month period driven by robust business volume growth across all segments. Trading at attractive 6x PE for 2025 and 5x PE for 2026.
JMART.BK	Demonstrated significant recovery in 2024 with 9M24 net profit of 830.8 million baht, marking substantial turnaround from 9M23 loss of 613 million baht. Trading at 0.8x Book Value with PE of 13x for 2025 and 10x for 2026.
ISAT.JK	Positive trend in customer activity since October 2024 with price increases implemented. Management committed to doubling EBITDA by 2028F implying 15% CAGR. Trading at P/E of 11x for 2025 and 9.9x for 2026.
MYOR.JK	Reported record 3Q24 sales of Rp9.4tn (+17% YoY) with strong market share gains across key segments. Expects >12% YoY sales growth in FY24. Trading at attractive 15x PE 2025E and 12x PE 2026E with strong net cash position.
SPOST.SI	Agreed to divest Australia business for AUD1.02bn generating SGD312.1m gain. Expected to return significant portion to shareholders with dividends over next two years expected to exceed current share price.

TICKER

COMMENTARY

BKM.SI

Oil & Gas offshore services company that returned nets of +25% within 6 month periods before being exited in first 9M24.

DHML.SI

Oil & Gas offshore services company that returned nets of +50% within 6 month periods before being exited in first 9M24.

IVL.BK

Thailand holding that returned +25% before being exited in first 9M24.

DUSIT.BK

Dusit Thani Hotels & Resorts Plc Thailand holding that returned +40% before being exited in first 9M24.

ASSA.JK

Indonesia's integrated logistics company positioned to benefit from FMCG market growth. Delivered record-breaking 3Q24 performance with net profit of IDR 84bn (+89% YoY). Trading at projected P/E ratio of 7x for 2025 and 5x for 2026.

ERAA.JK

Positioned to benefit from Apple's expansion in Indonesia including AirTags production plant and $1 billion investment. Posted 3Q24 revenue of Rp15.5tn (+11.3% YoY) with improved margins. Trading at 4x PE for 2025.

AUCT.BK

Benefits from Thailand's weak economy as financial distress drives more vehicles into auction market. Maintains strong profitability with 50% GPM and 28.4% NPM. Trading at 8x PE 2025 paying 9% dividend yield.

MPM.SI

CSOV 91% completed and expected to start operations by March 2025 with utilization projected at 95% for first two years. At 6x FY25E P/E with net cash position and 30% expected earnings growth in 2025.

CSE.SI

Positioned for growth across electrification and O&G sectors with Trump administration expected to drive surge in O&G projects. FY25 earnings growth expected to reach 50% YoY with PE 2025 of 8x.

MASTER.BK

Leading cosmetic surgery hospital benefiting from 9.6% CAGR market growth. Foreign patient revenue growing 19% YoY with Indonesia contributing 105% YoY growth. Trading at 20x P/E for 2025 and 17x P/E for 2026.

MAC.PS

Reported strong +61% YoY growth for nine-month period driven by robust business volume growth across all segments. Trading at attractive 6x PE for 2025 and 5x PE for 2026.

JMART.BK

Demonstrated significant recovery in 2024 with 9M24 net profit of 830.8 million baht, marking substantial turnaround from 9M23 loss of 613 million baht. Trading at 0.8x Book Value with PE of 13x for 2025 and 10x for 2026.

ISAT.JK

Positive trend in customer activity since October 2024 with price increases implemented. Management committed to doubling EBITDA by 2028F implying 15% CAGR. Trading at P/E of 11x for 2025 and 9.9x for 2026.

MYOR.JK

Reported record 3Q24 sales of Rp9.4tn (+17% YoY) with strong market share gains across key segments. Expects >12% YoY sales growth in FY24. Trading at attractive 15x PE 2025E and 12x PE 2026E with strong net cash position.

SPOST.SI

Agreed to divest Australia business for AUD1.02bn generating SGD312.1m gain. Expected to return significant portion to shareholders with dividends over next two years expected to exceed current share price.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2024

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Logistics

Consumer Electronics

Beauty

Travel

Food

Oil Services

ASEAN

Protein

ASEAN

Indonesia

Oil

Beauty

Oil Services

Indonesia

Vietnam

Oil

Vietnam

Ports

Travel

E-commerce

Oil

Shipping

Indonesia

Philippines

Investor Pitches

Current Portfolio as of ( 31st December 2024 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Gancanapol Van Compernolle Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Ross & Van Compernolle