Ox Capital Dynamic Asia Fund

Investment Objective

The Fund aims to provide an absolute return and capital growth above the Benchmark Index over the long term.

Reference Index

MSCI All Country Asia ex Japan Index (USD) unhedged

Latest Meeting Note

Meeting 15 Mar 2023

Ox Capital was founded in 2021 by CIO, Dr Joseph Lai, building on his experience of managing money in the Asia region for over 17 years (ex Platinum). The fund is long-biased in nature while being index agnostic and with a focus towards ... Read more

Ox Capital was founded in 2021 by CIO, Dr Joseph Lai, building on his experience of managing money in the Asia region for over 17 years (ex Platinum). The fund is long-biased in nature while being index agnostic and with a focus towards technology, healthcare, financials, internet, and consumer discretionary. The strategy may take short positions on securities using derivatives, with the net generally towards the higher end of it’s mandated range of 50-100%. The fund targets an annual return of 15% and also classifies as an article 8 fund under SFDR. The investment approach focuses on owning secular winner and buying them when the valuation is attractive. The bottom-up research process sees a convergence of three core pillars; to seek out attractively valued secular themes, to own leading business to take advantage of the theme, and to apply strict valuation discipline. Aside from the bottom-up process, a key element is managing market volatilities by hedging. They can use shorts but this is done quite judiciously, using index specific or stock specific shorts (typically the former). Overall portfolio exposures will fluctuate and is guided by their “MOAT Model” as well as more qualitative factors (intelligence gatherings & insights). The MOAT Model is a quantitative tool that provides a systematic evaluation of key sectors, economics and markets, to guide the level of risk to be taken. Portfolio construction is based on ranking the best opportunities discovered with sizing based on conviction and the expected return of each position. The final portfolio typically consists of 30-50 stocks. The team see it as an opportune time to increase exposure to Asian equities as this asset class is undervalued at the moment, and growth of a range of thematics will be resilient even in a slow growing and higher inflation environment.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.8 0.6 0.2 0.1 0.0 0.1 0.9 0.6 0.3 0.4 0.3 0.6 0.3
2022 0.3 0.9 0.5 0.5 0.8 0.8 1.0 0.5 0.2 0.8 0.9 0.0 0.4

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