Shareholder Information

Investment Managers

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LIONGLOBAL SINGAPORE/MALAYSIA FUND

The investment objective of the Fund is to achieve long-term capital growth of the assets of the Fund by investing primarily in equity and debt securities (including real estate investment trusts) that are listed on the stock exchanges of Singapore and Malaysia.
There is no target industry or sector.

Investment Focus and Approach

Investment Philosophy
The Managers believe in sustained long term outperformance and achieve this through a rigorous research methodology and process aimed  at  uncovering  high  conviction  ideas  which  are  trading  at significant discounts to fair value. The Managers look to an objective and disciplined implementation of these ideas using sound portfolio risk controls and portfolio construction rules.
The  underlying  philosophy  is  that  securities  prices  will  ultimately reflect underlying economic fundamentals. In the short to medium term however, technical factors including behavioural factors or liquidity may distort prices. By staying focused on the long term, the Managers avoid the common mistake of selling too early or overtrading the portfolio.

Investment Approach
The Managers believe the key is to design and implement a research process that would identify businesses that have most, if not all, of the following characteristics:

• A clearly understandable business model and value add proposition
• Strong and forward looking management
• Sustainable top line and bottom line growth
• Adopt healthy corporate governance practices
• Strong free cash flows or has the potential to generate such
• Exhibit strong profitability in terms of net profit margins and return on equity
• Strong balance sheets
• Sustainable competitive edge
• A proven track record of growth and profitability through
• both good and weak economic conditions
• Whose share price is trading at a deep discount to fair value

In order to arrive at an accurate estimation of the fair value it is first and foremost necessary to have a clear understanding of the business model and all the key drivers of sales and profits. A thorough look back at the operating history of the company is essential.

This should preferably include a long enough history that indicates  operating performance under both economic growth periods and slow/ recessionary conditions.