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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 20, 2026 | OAM Asian Recovery Fund | 0.0% | 9.5% | 0700.HK, 1919.HK, AAXJ, MDLZ, MMYT, NVDA | ASEAN, Asia, China, Consumer Finance, Quality, Travel, value | India's burgeoning travel sector exemplified by MakeMyTrip benefits from rising household incomes and expanding middle class. India opened more than 70 new airports last year and airlines have massive order books for new jets. The transformation of Mumbai's airport terminal from chaos to capacity constraints demonstrates the rapid growth in India's traveling class. Asian retail investors are shifting from traditional assets like gold and property toward equities through systematic investment plans. In India, retail investors are moving monthly savings to SIPs similar to US 401K plans. Chinese households are also shifting from property concentration toward equities as private pension products open new channels for capital market flows. Quality companies in emerging economies with high return on equity, low debt, and steady growth characteristics underperformed benchmark indices by 17 percentage points last year. The fund invests in steadily growing, high ROE, low debt or net cash companies serving ASEAN consumers that are trading at less than 11x earnings with over 30% return on capital employed. Asian equities are moderately valued while US equities are very expensive, similar to conditions in 2000. ASEAN markets are trading at valuation levels last seen during the Global Financial Crisis. The fund's quality holdings are trading at less than 11x earnings with 5% dividend yields despite generating 30% returns on capital. Chinese households are shifting from property concentration toward equities as real estate weakness changes attitudes. Private pension products are opening new channels for household wealth to flow into capital markets with annual inflows estimated to increase 10-fold to over RMB 1 trillion by 2030. The RMB appears significantly undervalued and poised for appreciation. ASEAN markets are completely off foreign investors' radar screens and have been massively de-rated over the past four years. Most ASEAN markets now have a total market value less than America's largest company. Indonesia and Philippines are trading at valuation levels last seen during the Global Financial Crisis. | MMYT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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