How We Invest
Thinking Holistically about the region
The Asia Pacific is a heterogeneous region, with neighboring countries differing one from another in regulation, stage of economic development, culture and language. This notwithstanding, the interdependency within the region is greater than ever before. Whether necessitated by the demands of the global supply chain, compelled by political imperatives or propelled by the need to support “catch up” economic development, Asia Pacific countries are trading and investing more with one another.
At Havenport, we devote considerable effort to understanding the inter-linkages and its implications. Our Portfolio Managers inhabit the crossroads of markets, sectors and themes, contextually analyzing information and data-points to develop a more informed view of our world. Some of our best insights are derived from information and knowledge gained in one market, and applying it, or extrapolating its implications in another market where the same information is as relevant but its knowledge is incomplete.
We believe the region offers a wealth of alpha opportunities, which arises from persistent informational and behavioural inefficiencies consistent with a developing region. We gravitate towards investments that are mischaracterized, and await payoff when perception catches up with reality. We believe these sorts of mis-pricing are best exploited through systematic analysis that comes from gaining a holistic perspective of the informational, analytical, regulatory and cultural gaps that exist on a pan regional basis.
Persistent informational and behavioural inefficiency
Think individually, analyse together
We believe individually-determined decisions to be superior to hierarchical, group or committee-based decisions. We believe in the power of collective analysis, combined with the power of individual conviction building.
We are the anti-thesis of management silos; our Portfolio Managers actively criss-cross boundaries, and pursue overlapping interests that may or may not directly relate to one’s direct area of responsibility. We encourage that specifically to enable individual conviction building, so that our investment debates are always robust, and our decisions reflective of the combined strength of our individually derived conviction.
We believe original investment insights are best developed by fostering a culture that encourages varied interests, independent thought and open debate.
Our diversity, and our differences are our strength. We welcome differences of opinion, and do not only seek out views that validate our own.
Ours is a “conflict” driven investment process. We confront ideas, never personalities. We seek not to find resolution through consensus but to understand the nature of our differences and how that is reflected in our respective level of conviction.
By synthesizing our differing perspectives, we translate them into coherent and profitable investment themes.