Investor Profiles - Macquarie Group · positions typically have over one hundred working hours of research devoted to them. ... sector level and leverage top ideas to construct

Investor Profiles

Australia and New Zealand Corporate Day

Hong Kong 31 August - 1 September 2017

Macquarie Connections Page 1

Page 1 of 44

Allianz Global Investors (Hong Kong) ©2017 Orient Capital Pty Ltd

27th Floor, ICBC Tower, 3 Garden Road, Central, HONG KONG Hong Kong Switch Tel: +852 2238 8888

PROFILE Primary investment style

Page 2 of 44

APG Asset Mgt Asia (Hong Kong) ©2017 Orient Capital Pty Ltd

Level 5, Chater House, 8 Connaught Road, CENTRAL, Hong Kong Switch Tel: +852 3769 0300

PROFILE Total Assets EUR 205 bn

EUM (globally) USD 5.317 bn

Primary investment style Multi Style

Company Background APG Asset Management (APGAM) operates as an international pension asset manager under the umbrella of the APG Group. APGAM invests the pension assets of more than 4.5 million Dutch people and aims to realize the ambitions and promote the interests of its clients, pension funds with total invested assets of around 293 billion euros (January 2012). APG strives for a stable, positive investment performance, and claims an average annual return of around 7% over the past 20 years.

Investment Approach APGAM's investment process involves three key steps: • Asset Liability Management - used to calculate assets and pension liabilities under various scenarios; • Strategic investment advice - providing the best combination of investment policy, degree of indexation and contribution level; and • Portfolio construction - ensuring assets are sufficient to meet all liabilities and constantly adapting the models to financial markets dynamics. APGAM's Investment Principles, the foundation on which it builds to achieve the objectives set by the pension fund, include: • Diversification; • Long-term investment horizon; • Innovation; • Active investing; • Well-considered investment risk; and • Responsible investing. Investment strategies APGAM has 14 investment funds utilising a range of asset classes. Depending on investment requirements and in consultation with the pension fund, APGAM constructs a mix of investment funds and investment styles to arrive at a close match with the fund’s liabilities.

Page 3 of 44

Atrium Investment Mgt (Sydney) ©2017 Orient Capital Pty Ltd

Level 6, 4 Martin Place, SYDNEY 2000, Australia Switch Tel: +61 2 9248 8090

PROFILE EUM (globally) USD 0.126 bn

EUM (S&P/ASX 200) AUD 151.007 m

EUM (outside S&P/ASX 200) AUD 8 m

Primary investment style GARP

Index Distribution (in S&P/ASX 200) Sector Distribution (Top 5 in S&P/ASX 200)

Company Background Atrium Investment Mgt is the Investment arm for the Fitzpatricks Dealer Group.

Page 4 of 44

Balyasny Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

41/F, Suite 4101 - 4104 Two Exchange Square, 8 Connaught Place, CENTRAL, Hong Kong Switch Tel: +852 3965 2688

PROFILE Total Assets USD 2 bn

Primary investment style Hedge

Company Background Balyasny Asset Mgt (BAM) was founded by former Schonfeld Securities trader Dmitry Balyasny in 2001. It is a global multi-strategy hedge fund manager based in Chicago.

Investment Approach BAM's platform is predicated on on idea generation which is: Ability to generate and monitor multiple ideas across multiple asset classes Ability for industry experts to invest more than 100hrs in a single idea Focus on misunderstood situations, companies/sectors undergoing turbulent change from different perspectives Results in original ideas with attractive risk return Themes and potential investments are identified from the top down by Dmitry Balyasny and Senior Portfolio Managers as well as from the bottom up by sector analysts. BAM then devotes significant resources to drilling down on the idea. With over 1500 positions, the largest positions typically have over one hundred working hours of research devoted to them. In addition, all of the resources of the firm are devoted to the most promising situations including the centralised trading desk, risk management team, and outside relationships. Through this process and interaction between team members the best risk reward ideas are developed and executed. Capital Allocation Capital is adjusted dynamically on the fund level by the Investment Committee (IC) and real-time by the portfolio managers. On the fund level, increases tend to be small and incremental while capital can be cut quickly if drawdown limits or stop outs are hit. The IC meets formally on a monthly basis and adjusts capital based on quantitative/qualitative guidelines as well as opportunistically. The quantitative/qualitative changes are based upon a business plan put together between the portfolio manager and the investment committee. The business plan, which is updated annually and reviewed quarterly, covers everything from starting capital and capital growth trajectory and goal; return and volatility targets; drawdown and stop out limits; strategic risk limits (concentration, exposure, etc); team build out and the ability to scale. The plan is used to set performance and capital expectations as well as a framework for making changes. Opportunistic changes are made based on team and IC assessment of current strategy opportunities and market environments. The portfolio managers are each allocated notional capital by the IC. The portfolio manager is not able to exceed their full notional allocation with out an exception from the IC, however, the manager is not discourage to use less if the markets are difficult or without opportunities. This adjusts capital real time on the portfolio manager level. This allocation process allows capital to flow efficiently to the best opportunities as well as reduces exposure quickly during difficult market periods. The sector Fundamental Long/Short strategy is comprised of a typical team structure of one or two Portfolio Managers and a team of research analysts. Larger teams are supported by dedicated execution traders. Dmitry Balyasny, senior PMs and Chief Operating Officer comprise the ideas investment committee. For Short-Term & Medium-Term Tradings, the focus is on liquid equities and futures. The investment team provides research edge to support short-term trading. The Discretionary Global Macro team is based in London and focuses predominantly on highly liquid financial futures, rates and currencies of the G-10. BAM collaborates Macro research with fundamental Long / Short research.

Page 5 of 44

Barings (Hong Kong) ©2017 Orient Capital Pty Ltd

20th Floor, St. George's Building - Suites 2004-08, 2 Ice House Street, CENTRAL, Hong Kong Switch Tel: +852 2841 1411



EUM (S&P/ASX 200) AUD 179.128 m

Primary investment style Growth


Company Background Baring Asset Mgt is an investment management firm with offices spanning the world's major markets. The firm provides its services to pooled investment vehicles, pension and profit sharing plans, investment companies, insurance companies and private and retail clients. Investments are made within developed and emerging equity and bond markets and are managed by around 100 investment professionals. It also launches and manages equity, fixed income, and balanced mutual funds and hedge funds for its clients. The Barings group was founded in 1762 and established its UK asset management team in 1958. The Hong Kong office was opened in 1984. In 1995 the ING Group purchased the Baring Group. On 22 November 2004, ING sold Baring Asset Mgt to Massachusetts Mutual Life Insurance Company and Barings Financial Services Group to Northern Trust.

Investment Approach For enhanced index, multi-asset and fixed income, Baring emphasises a top-down approach. Proprietary research is conducted to analyse the economic and market environment. Using a scoring methodology, the firm then seeks mispricing opportunities at the asset class, country and sector level and leverage top ideas to construct portfolios. For fixed income, Baring believes that an in-depth understanding of consensus drivers helps reveal out-performance potential. Possible performance scenarios are identified and portfolios are constructed which should perform well under a range of market conditions. With regards to actively managed equity funds and for single strategy hedge funds, the firm seeks companies whose growth prospects are not reflected in their prices. Investment managers implement stock, sector and country selection decisions with the highest risk/return potential. This strongly emphasises stock selection skills, drawing on their analysts' proprietary research. Baring follow a "Growth at a Reasonable Price" (GARP) investment philosophy, focusing on those markets, sectors and stocks with the greatest potential for earnings growth.

Page 6 of 44

BlackRock Investment Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

16/F, Champion Tower, Three Garden Road, CENTRAL, Hong Kong Switch Tel: +852 3903 2688

PROFILE Total Assets USD 4,890 bn


EUM (S&P/ASX 200) AUD 479.812 m



Company Background BlackRock was founded in 1988 by Lawrence Fink and seven colleagues under the name Blackstone Financial Mgt. In 1992 the company's name was changed to BlackRock Financial Mgt. In 1995, PNC Financial Services Group acquired BlackRock and in 1998 restructured the company into a corporation. BlackRock was listed in 1999 when PNC sold 14% of BlackRock's equity in an IPO, leaving the 22 partners with 16% of equity and PNC with 70%. In September 2006, BlackRock and Merrill Lynch Investment Manager merged to form the original BlackRock entity. In June 2009, BlackRock announced an agreement to purchase Barclays Global Investors (BGI), including its iShares business. The merger was approved by Barclays shareholders at a Special Meeting in August 2009 and the deal completed by 1st December 2009. The new firm was called BlackRock Investment Mgt with $US 4.89 trillion total Assets Under Management (as at 30 June 2065). BlackRock manages assets for clients in North and South America, Europe, Asia, Australia, the Middle East and Africa, has over 12,700 employees and maintains offices in 30 countries.

Investment Approach BlackRock Investment Mgt (Hong Kong) has a flexible, contrarian, value-oriented approach. Portfolio construction is primarily bottomup using a combination of quantitative screens and fundamental research. A price screen using share price performance over one, three and five years is used to identify out-of-favour sectors. A valuation screen then highlights stocks that are cheap relative to their local market using standard price valuation ratios. Further screens gauge market sentiment and liquidity: companies capitalised above $500m and trading over $2bn a day in major markets or $1bn for small markets. This process focuses on fundamental research and valuation with stock selection the driver of portfolio construction. To assess the quality of a company, the team scrutinises the company's use of excess cash, the competitive environment, corporate governance, and historic value creation.

Page 7 of 44

Blue Pool Capital (Hong Kong) ©2017 Orient Capital Pty Ltd

Suite 3208, Two Exchange Square, CENTRAL, Hong Kong Switch Tel: +852 2825 9000

PROFILE Total Assets USD 300 m



Company Background Blue Pool Capital is a Hong Kong-based investment adviser, specialising in the Asian markets. Most of the staff worked together before at the Hong Kong office of Investor AB, Sweden's largest holding company. Blue Pool Capital advises two family offices as well as a hedge fund manager called Absolute Partners Mgt.

Investment Approach Blue Pool Capital uses a research-intensive, fundamental analysis approach to stock picking. Each manager is responsible for 2-3 industries, and closely tracks the companies within the industries. They emphasise frequent company visits, with both on-site visits as well as management meetings. On top of the bottom-up company-focused analysis each manager brings, they overlay a top-down view on competitive and macro trends to allocate the fund's exposure to particular industries and countries. Blue Pool strives to have a balance of longs, pair trades and some outright shorts in the industries that they follow.

Page 8 of 44

BNP Paribas (Hong Kong) ©2017 Orient Capital Pty Ltd

59-63/F, Two IFC, 8 Finance Street, Central, Hong Kong Switch Tel: +852 2909 8888


EUM (S&P/ASX 200) AUD 6.207 m

Primary investment style


Page 9 of 44

Buena Vista Funds Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Unit 601, 6/F, Baskerville House, 13 Dudell St., CENTRAL, Hong Kong Switch Tel: +852 2790 6001




Company Background Buena Vista Fund Mgt was founded by Robert Rosner in 1998 to manage the assets of the Fisher family - founders of the Gap clothing stores. It then took on other family monies and university endowments. Buena Vista Fund Mgt was founded in 1998 and is headquartered in San Francisco, California with an additional office in Central, Hong Kong.

Investment Approach Buena Vista's investment team actively seeks Asian companies that have a strong business franchise and operate in a stable environment, and generate strong free cashflow. Investment horizon is typically two to five years, the portfolio is highly focused and concentrated with typically no more than 20 to 25 long positions. Buena Vista shorts companies that do not have a defendable franchise and have vulnerable financial positions. Time is spent looking at forensic accounting to determine potential shorts. It invests in the public equity and alternative investment markets across the globe. The firm conducts in-house research to make its investments.

Page 10 of 44

Capital World Investors (Hong Kong) ©2017 Orient Capital Pty Ltd

26-01, One International Finance Centre, 1 Harbour View Street, CENTRAL, Hong Kong Switch Tel: +852 2842 1000



Company Background Headquartered in Los Angeles, Capital Group was founded in 1931 by Jonathan Bell Lovelace. The Capital Group comprises a group of investment management firms, including the American Funds, Capital Bank and Trust, Capital Guardian, Capital International, Capital International Asset Management, Capital International Funds, and Capital Research and Management. Capital Group operates globally with offices in offices in London, Geneva, Sydney, Toronto, Tokyo, Hong Kong, Mumbai and Singapore. In 2008, Capital Research and Management Company divided its equity investment operations into two investment divisions to become known as Capital Research Global Investors and Capital World Investors. These divisions generally function separately from each other respect to investment research activities and they make investment decisions and proxy voting decisions for its investments on a separate basis. Capital World Investors operates American Funds, mutual funds known for its measure and long-term approach to investing in the global public equity markets.

Investment Approach Capital World Investors undertakes a long-term investment approach. The focus of a long-term investment view helps shelter portfolio managers from any pressure to chase investment trends. Capital World Investors rely on firsthand research in its research process, which includes meeting with company management, reviewing financial statements, on-site visits, and discussions with the investment company’s stakeholders such as suppliers, buyers, bankers and competitors. Its investment portfolio takes a bottom-up approach where they focus primarily on companies relative to the underlying value and expected earnings growth, rather than industry sector or region. They seek to buy stocks at reasonable prices relative to their current prospects and hold them for the long-term. Capital World Investors employs a multiple portfolio manager system. The assets of each portfolio are divided into several portions or sub-portfolios that are independently managed subject to objective and overall guidelines. Each manager or analyst has the autonomy to manage his/her sub-portfolio as if it was an individual portfolio.

Page 11 of 44

Caravel Mgt (New York) ©2017 Orient Capital Pty Ltd

16th Floor, 888 Seventh Avenue, NEW YORK NY 10106, USA Switch Tel: +1 212 994 9800



Primary investment style Growth

Company Background Caravel Mgt was founded in May 2004 by the Harmon family (James, Deborah, Douglas and Jennifer) who collectively own 58 percent of the entity. The remaining 42 percent is owned by four employees of the Investment Adviser. James Harmon controls Carvel as a Senior Managing Member. Carvel attempts to generate value by investing in a portfolio of generally 60 actively managed securities based in emerging and frontier markets. These companies are perceived to have competitive business models, professional management, above-trend earnings and growth rate and positive corporate governance.

Investment Approach Caravel run a long-only fund supported by top-down & bottom-up fundamental analysis. Caravel invest in non-BRIC emerging markets.

Page 12 of 44

Cohen & Steers Asia (Hong Kong) ©2017 Orient Capital Pty Ltd

Suites 1201-02, Champion Tower, 3 Garden Road, CENTRAL, Hong Kong Switch Tel: +852 3667 0080



EUM (S&P/ASX 200) AUD 1.133 bn


Primary investment style Value


Company Background Cohen & Steers was founded in 1986 by Martin Cohen and Robert Steers and was listed on the NYSE in 2004. As of 31 August, 2015, the company had $49.2 billion in assets under management. Cohen & Steers is headquartered in New York, with offices in London, Brussels, Hong Kong, Tokyo and Seattle. Cohen & Steers is an investment manager that is focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Cohen & Steers strategies are available through a range of investment vehicles, including institutional accounts, U.S. registered mutual funds, Luxembourg-domiciled SICAVs and Australian-domiciled funds, as well as onshore and offshore limited partnerships.

Investment Approach Cohen's strategies include: US REITs, Global Real Estate, Non-US Real Estate, Global Infrastructure, Large Cap Value, Preferred Securities and Alternative Strategies. Global Real Estate Securities & International Real Estate Securities Cohen & Steers Real Estate Securities Strategy seeks to benefit from national and regional economic growth around the world by investing in REITs and other publicly traded real estate securities. It screens the world for real estate securities that have the greatest potential for diversification, competitive total return and current income, and select companies with strong market positions, superior teams and first-tier properties. Global Infrastructure Securities Cohen & Steers Global Infrastructure strategy invests in securities issued by publicly traded transportation, energy, utilities and communications companies. It targets companies with long-lived assets, high barriers to entry, monopolistic structures and inelastic demand, as it has the potential to provide relatively stable long-term earnings and dividend growth. The global real estate securities and utilities investment teams are primarily located in New York. The New York-based investment professionals conduct extensive fundamental research, while also leveraging insights from offices located around the world. Cohen & Steers Asia Pacific Real Estate strategy-an active, risk-managed approach focused on companies with the potential to benefit from the securitisation of Asia Pacific real estate. The analysts in the Hong Kong office focus on Asia/Pacific real estate securities research, supporting the global real estate securities team in New York. The Hong Kong staff covers a wide range of Asia/Pacific markets, including Japan, China, Hong Kong and Singapore. The London research team, together with analysts in Brussels, covers the United Kingdom and the European real estate securities markets. Cohen & Steers European Real Estate strategy-an active, risk-managed approach focused on companies with the potential to benefit from the securitization of European real estate.

Page 13 of 44

CPP Investment Board (Hong Kong) ©2017 Orient Capital Pty Ltd

18/F, York House, 15 Queen's Road, Central, The Landmark, HONG KONG Switch Tel: +852 3973 8788

PROFILE Total Assets CAD 123 bn


Company Background The CPP Investment Board (CPP) was incorporated as a federal Crown corporation by an Act of Parliament in December 1997. CPP's purpose is to invest funds from the Canada Pension Plan to help pay the pensions of working Canadians.

Investment Approach CPP seeks to add value and out perform their own benchmark, CPP Reference Portfolio through acting investing with a long time horizon. CPP's Total Portfolio Approach (TPA) views potential risk exposure at the total portfolio level to ensure it maintains exposure as individual securities enters. The approach aims to diversify the portfolio at the level of risk and return streams rather than specific asset classes which focus on minimising unintended investment risk. As of March 31, 2015, CPP had C$264.6 billion of asset under management. CPP's current asset mix is as follows: Foreign Developed Market Equities: 37.0% Bonds and Money Market Securities: 26.1% Real Estate: 11.5% Canadian Equities: 7.3% Other Debt: 6.5% Emerging Market Equities: 5.9% Infrastructure: 5.7%

Page 14 of 44

ECP Asset Mgt (Sydney) ©2017 Orient Capital Pty Ltd

Suite 5, Level 3, 343 George Street , SYDNEY NSW 2000, Australia Switch Tel: +61 2 8651 6800


EUM (S&P/ASX 200) AUD 358.133 m




Company Background ECP Asset Management is a long only boutique investment firm that invest in Australia listed (or dual listed) high growth companies with a three year investment horizon.

Page 15 of 44

Fidelity Institutional Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

18/F, Nexus Building, 41 Connaught Road, CENTRAL, Hong Kong Switch Tel: +852 3711 9100




Company Background Formerly Pyramis Global Advisors, Fidelity Institutional Asset Mgt is an asset manager headquartered in Smithfield, Rhodes Island, USA, with offices located in Boston, Toronto, Montreal, London, and Hong Kong. The company was established in 2005 as the institutional arm of Fidelity Investments, which has historically focused on mutual funds. FIAM has combined the distribution and client service teams from Pyramis Global Advisors and Fidelity Financial Advisor Solutions as well as the consultant relations team from Fidelity’s professional services group, to form a single, integrated business. Fidelity Institutional Asset Mgt oversees all equity accounts for institutional investors. Portfolio managers, analysts, and traders operate separately from those running Fidelity's retail stock funds. Its offices are separate from Fidelity's mutual funds in Boston's financial district. They offer traditional long-only and alternative equity, as well as fixed income and real estate debt and REIT investment strategies.

Investment Approach Fidelity Institutional Asset Mgt utilises a multi-asset class investment platform that features an in-depth fundamental analysis, quantitative and technical research for its equity investments, as the team believes such an investment approach enables them to identify securities that may outperform the market. In managing equities, FIAM employs both fundamental and quantitative strategies, utilizing varying degrees of active management. All equity portfolios’ investment process is focused on research and risk management, and is complemented by a team-based structure where returns are generated through a bottom-up stock selection. Fidelity Institutional Asset Mgt’s fixed income investment process combines both top-down and bottom-up perspectives and is backed by fundamental research and collaborative investment approach across a broad spectrum of disciplines. They seek to construct diversified portfolios that add value across all sectors of the fixed income markets in different market environments. Portfolio managers ultimately decide to buy or sell a security based on the collective insights of the team. The process includes macro assessment, sector analysis, asset allocation, security selection, and portfolio construction. FIAM’s Global Investment Strategies Team was formed to deliver multi-asset class product solutions with disciplined portfolio construction processes. The multi-dimensional approach of FIAM integrates Liability Driven Investing (LDI) strategy analysis and consultation with the fixed income portfolio management, combining the bottom-up and top-down inputs. Portfolio managers work in conjunction with an extensive team of specialized analysts and traders. Liquidity Management Solutions (LMS) employs an active management of short duration strategies, particularly strategies including credit exposure. A customized approach has been developed that reflects the unique circumstances of the client such as financial strength, flexibility, liquidity needs, and tax status. This approach sets in motion a dynamic strategy that responds to changing market conditions, while continuing to meet the goals set forth by the clients.

Page 16 of 44

Fidelity Mgt & Research (Hong Kong) ©2017 Orient Capital Pty Ltd

19th Floor, Nexxus Building, 41 Connaught Road, CENTRAL, Hong Kong Switch Tel: +852 3711 9100



EUM (S&P/ASX 200) AUD 162.079 m




Company Background Fidelity Mgt & Research (FMR) was founded in 1946 by Edward C. Johnson II to act as the investment advisor to the Fidelity Fund. Mr. Johnson had a passion for technical research and a belief that active investment management would allow him to outperform the market. Today Fidelity Mgt & Research is the investment advisor to Fidelity's family of mutual funds and is the US investment management division of Fidelity Investments. Fidelity Mgt & Research has three fund divisions: Equities, High-Income (both based in Boston, Massachusetts) and Fixed-Income (based in Merrimack, New Hampshire). Investment research professionals also are based in the United Kingdom, Europe, Southeast Asia and Japan. The Hong Kong office was opened in 2008 in order to expand the firm's Asian research capabilities. This office operates independently to FIL Investment Mgt (Hong Kong). As of December 2013, FIL Investment International and FMR Mgt & Research ceased to operate with their previous company ties, such as sharing investment research, and now operate as separate entities.

Investment Approach Fidelity Mgt & Research covers all major asset classes including equity, high income, fixed income, money market and alternatives. Fidelity is a bottom up investor. All investment decisions are based on in-house fundamental research. Company level research is based on direct access to the senior management of stocks. In terms of stock picking, each stock is chosen on its individual merits rather than focusing on short-term industry trends or trying to predict trends. Portfolio managers are given the freedom to pursue their particular style of management. Fidelity's research teams have no strategy, economics or currency overlays but do consider quantitative factors. The selection criteria stipulate qualities such as strong management, a competitive edge, sound balance sheet, strong free cash flow and low gearing. The Fidelity Mgt & Research equity division works closely together in small teams, focused on specific market sectors and investment disciplines. Portfolio management teams are organized around growth, value, large-cap core, small- and mid-cap, international, and capital appreciation. The research teams cover every market sector as well as mega-cap, quantitative, and technical disciplines. Fidelity Mgt & Research covers eight distinct research sectors, including: • health care • industrials (cyclical) • technology • telecom/utilities • financial • consumer • natural resources (energy) • real estate investment trust (REIT)

Page 17 of 44

Goldman Sachs Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

68th Floor, Cheung Kong Centre, 2 Queens Road, CENTRAL, Hong Kong Switch Tel: +852 2978 1000






Company Background Goldman Sachs Asset Mgt, established in 1988, is an asset management arm of Goldman Sachs Group Inc. The firm provides its services to high net-worth individuals, corporations, financial institutions, governments, pension plans, endowments, and foundations. Goldman Sachs Asset Mgt primarily manages equity portfolios, securities, and investment funds for Institutions, Individuals, Advisors and Hedge Funds. The firm invests in public equity markets across the globe. Goldman Sachs Asset Mgt employs a fundamental analysis with a bottom-up stock picking approach to create its portfolios. The firm employs a combination of in-house and external research to make its investments.

Investment Approach Goldman Sachs Asset Mgt offers a large range of investment strategies and mutual funds which their clients can invest in. Goldman Sachs Asset Mgt has divided its professionals into 5 investment teams which each employ their own investment strategies: FUNDAMENTAL EQUITY Common to all of GSAM fundamental equity teams is bottom-up stock selection based on a qualitative understanding of the companies in which they invest. GSAM uses a forward-looking investment process that allows for anticipation of changes rather than relying on historical metrics and easily accessible data. The team has professionals located in London, New York, São Paulo, Shanghai, Tokyo, Hong Kong, Seoul, Singapore and Mumbai. - US Growth Equity: The team has a long-term business buying approach to investing and focuses on sustainable growth businesses. Performance is driven by fundamental, bottom-up, stock selection. - US Value Equity: The team has a quality-oriented investment philosophy and uses a customised industry specific valuation methodology to capture real economic value. This methodology is applied to both the US indices and customised strategies such as US Responsible Equity the team also manages a long short strategy, launched recently in UCITS III format as the US Equity Absolute Return Portfolio. - Global Equity: “Hunt for alpha” investment philosophy and research focuses on on-the-ground, bottom-up stock selection combined with an opportunistic approach Team-oriented regional structure facilitates broad research coverage as well as frequent, open communication. Manages both Focused and differentiated portfolios which encompass the teams bottom-up stock picks. ALTERNATIVES AND MANAGER SELECTION - Proprietary Hedge Funds: GSAM manages a variety of direct hedge funds across major strategies. - Proprietary Private Equity and Debt: Goldman Sachs Principal Investment Area (PIA) specialises in large market buyout, mezzanine, senior loan and distressed debt investing Goldman Sachs Infrastructure Investment Group (IIG) makes direct investments in infrastructure and infrastructure-related assets and companies. - Private Real Estate: Goldman Sachs Real Estate Principal Investment Area (REPIA) offers clients the opportunity to co-invest with Goldman Sachs in real estate and real estate-related assets worldwide. - External Managers: The Alternative Investments & Manager Selection (AIMS) group focuses on sourcing, accessing and evaluating best-in-class openarchitecture investment opportunities across a range of asset classes including private equity and hedge funds. GLOBAL FIXED INCOME, CURRENCY AND COMMODITIES

Page 18 of 44

Goldman Sachs Asset Mgt (Hong Kong) contd. ©2017 Orient Capital Pty Ltd

While a broad scope is required for fixed income investing, GSAM believe specialisation is the key to future out performance. Both a top down and bottom up approach is taken to generate investment ideas from the entire range of opportunities available - US Fixed Income - Global Fixed Income - Currency - Commodities QUANTITATIVE INVESTMENT STRATEGIES GSAM's approach aims to combine traditional fundamental analysis with quantitative modeling. This result in broadly diversified portfolios that seek to deliver similar style, sector, risk and capitalisation biases as the benchmark. - EQUITY STRATEGIES: GSAM's proprietary models combine fundamental insight with quantitative tools and have proven results across a range of benchmarks, market capitalisations, geographies and risk levels. As well as long only strategies, we also offer 130/30 strategies which create higher return potential within a risk controlled framework. US - Large Cap - Large Cap Value/Growth - Small Cap - Small/Mid Cap - Small/Mid Cap Value - Mid Cap Value - Total Market Europe - Country Neutral - Country Tilts ACWI - Country Tilts - Emerging/Developed Timing EAFE - Country Neutral - Country Tilts - With GTAA Overlay - Small Cap Global - Country Neutral - Country Tilts - With GTAA Overlay UK Japan Specialist Strategies - Sustain - Hydrocarbon - BRICs - Shariah Emerging Markets 130/30 Strategies GSAM also offer investments to their clients through mutual funds. GSAM's Mutual Funds are managed by the above investment teams depending on the fund's objectives: Fundamental Equity Growth Funds - Capital Growth - Strategic Growth - Concentrated Growth - Growth - Opportunities - Small/Mid Cap - Growth - All Cap Growth - TollkeeperSM Fundamental Equity Value Funds - Large Cap Value - Growth and Income - Mid Cap Value - Small Cap Value Structured Funds - Balanced - Structured U.S. Equity - Structured Large Cap Value - Structured Large Cap Growth - Structured Small Cap Equity - Structured Small Cap Value Fund - Structured Small Cap Growth - Structured International Equity - Structured International Small Cap - Structured Emerging Markets Equity

Page 19 of 44

Goldman Sachs Asset Mgt (Hong Kong) contd. ©2017 Orient Capital Pty Ltd

- Structured International Equity Flex Select Satellites - Real Estate Securities - International Real Estate Securities - Commodity Strategy - Absolute Return Tracker Fund Fundamental International and Emerging Markets Equity Funds GSAM's Global Equity team is organized into regional teams. - Strategic International Equity - Concentrated International Equity - International Small Cap - Emerging Markets Equity - Asia Equity - BRIC

Page 20 of 44

Heitman International Real Estate Securities (Hong Kong) ©2017 Orient Capital Pty Ltd

15/F, LHT Tower, 31 Queen’s Road, Central, HONG KONG Switch Tel: +852 3976 6800



EUM (S&P/ASX 200) AUD 106.361 m


Primary investment style Alternative


Company Background Heitman International Real Estate Securities was established in 1966 and is an investment management firm investing in private real estate equity, public real estate securities as well as real estate debt. They made their first direct investment into Asia Pacific in 2011, and in 2012 they opened their Hong Kong office in order to increase their presence in the region as well as provide services to their Asia-Pacific clients. They deal in three different lines of business: * Private Real Estate Equity – They manage private equity assets worldwide using core, value-added and opportunistic investment strategies. * Public Real Esate Securities – Began managing North American securities portfolios in 1989, and globally since 2007. They offer custom portfolios, mutual funds as well as unified managed accounts. * Real Estate Debt – Heitman provide strategic investment advice for structuring and managing senior and mezzanine debt investment opportunities.

Investment Approach Heitman's investment approach towards public real estate securities involves analysing the market from both a short-term and a long-term view using in-depth fundamental research. Heitman believes that the return on real estate securities will reflect that of the underlying property over the long term; that value is created once return on invested capital is greater than the cost of capital; and that value in real estate securities can be affected through the influence of the capital markets in the short term and not by the securities’ own fundamentals. They have two main strategies, which can be invested globally, regionally, or by country: - A diversified strategy, where approximately 35% of the securities in the relevant benchmark are held. - A focused strategy, where around 25% of the securities in the relevant benchmark are held.

Page 21 of 44

HSBC Global Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Level 22, HSBC Main Building, 1 Queen's Road, CENTRAL, Hong Kong Switch Tel: +852 2284 1222



EUM (S&P/ASX 200) AUD 952.021 m



Company Background Halbis Capital Mgt is the investment management arm of HSBC Bank and previously known as HSBC Halbis.

Investment Approach Halbis Capital Mgt do not believe in firm-wide processes or formal investment committees, however they do believe they create a culture in which talented people interact and share views and ideas, enabling the firm’s intelligence to grow and creating peer pressure to perform. Halbis Capital Mgt offer a variety of funds and investment style is exclusive to each particular fund.

Page 22 of 44

HSBC Private Bank (Suisse) (Zurich) ©2017 Orient Capital Pty Ltd

Paradeplatz 5 / Gartenstrasse 26, ZURICH CH - 8027, Switzerland Switch Tel: +41 58 705 3555



Page 23 of 44

Indus Capital Advisors (Hong Kong) ©2017 Orient Capital Pty Ltd

32-08, Level 32, ICBC Tower, 3 Garden Road, CENTRAL, Hong Kong Switch Tel: +852 3652 0300




Company Background Indus Capital Partners is an Asian-focused hedge fund manager founded in 2000 by the former Soros Fund Mgt Asia team.

Investment Approach Indus Capital Partners is a long/short investor focused on the Asia Pacific and European equity markets. The firm uses a top-down approach to identify investment opportunities and then a bottom-up process; this includes fundamental process and meetings with company management to select individual positions.

Page 24 of 44

Janchor Partners (Hong Kong) ©2017 Orient Capital Pty Ltd

Suite 3508 , One Exchange Square, 8 Connaught Place, CENTRAL, Hong Kong Switch Tel: +852 3665 8888



EUM (S&P/ASX 200) AUD 334.737 m




Company Background Janchor Partners is a Hedge Fund founded in 2009 by John Ho, who is also the Chief Investment Officer of the company. They launched their first fund, the Janchor Partners Pan Asian Fund, in January 2010.

Investment Approach Janchor Partners focuses on Pan Asian equities, seeking to achieve absolute returns. They understand that Asian markets have significant volatility, and utilise a long-short strategy in order to take advantage of this, but overall have a longer term over-the-cycle multi-year approach towards investing. Clients who choose to invest in Janchor Partners are locked into their investments for approximately three years. Janchor Partners use fundamental analysis and a bottom-up approach to stock picking, aiming to find companies which have superior business models and future growth opportunities.

Page 25 of 44

LaSalle Investment Mgt Securities (Hong Kong) ©2017 Orient Capital Pty Ltd

20, Suite 2002A, CCB Tower, 3 Connaught Road Central, HONG KONG Switch Tel: +852 3182 5300



Company Background LaSalle Investment Mgt (LaSalle IM) is a wholly owned, but operationally independent, division of Jones Lang LaSalle Inc., one of the world’s leading real estate service providers. Jones Lang LaSalle is a publicly held, New York Stock Exchange listed company. LaSalle IM invests in private real estate, both separate accounts and funds, and publicly listed real estate securities. It operates from 24 offices across North America, Europe and Asia Pacific.

Investment Approach LaSalle Investment Mgt uses a global top-down, bottom-up approach to real estate investment.

Page 26 of 44

Manulife Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Level 16, Manulife Plaza, The Lee Gardens, 33 Hysan Avenue, CAUSEWAY BAY, Hong Kong Switch Tel: +852 2510 5933



EUM (S&P/ASX 200) AUD 370.005 m




Company Background Manulife Asset Mgt is a subsidiary of Manulife Financial, a leading international life insurance company, based in Toronto. The company demutualised September 1999. Manulife Toronto uses external managers to manage some financial products. The majority of non-Asian international equity products are managed by MFC Global in London. Manulife Asset Mgt was established in 1997. Manulife Asset Mgt (HK) is one of the largest Mandatory Provident Fund (MPF) providers in Hong Kong. Manulife Asset Mgt (Hong Kong) is the legal name. MFC Global Investment Mgt (Asia) is a trading name. Some funds are distributed under the MFC Global Investment Mgt (Asia) umbrella.

Investment Approach Manulife's asset selection and review process uses a combination of quantitative and qualitative methods designed to identify portfolios that deliver value to clients. This is achieved through broad diversification across asset classes, investment styles and asset managers to provide long-term investment growth.

Page 27 of 44

Maso Capital (Hong Kong) ©2017 Orient Capital Pty Ltd

8th Floor, Printing House, 6 Duddell Street, CENTRAL, Hong Kong Switch Tel: +852 3468 6200


EUM (S&P/ASX 200) AUD 114.794 m



Company Background Two former managing directors at Och-Ziff Capital Mgt, Manoj Jain and Sohit Khurana, started Asian hedge fund, Maso Capital in late 2012. Maso Capital, a play on the founders first names, raised an initial USD250m for an event-driven and convertible bond arbitrage fund.

Page 28 of 44

Oasis Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Suite 2136, 21st floor, The Center, 99 Queen's Road, CENTRAL, Hong Kong Switch Tel: +852 2868 3722




Company Background Headquartered in Hong Kong, Oasis Management is an alternative investment manager established in 2002. Lead by CIO and Co-founder Seth Fischer, the firm focuses on the opportunities in a wide range of asset classes across different markets. The firm is known for being an activist investor.

Investment Approach Oasis Mgt invests across the global markets and across investment strategies, including long/short equity, corporate financing, capital structure trading, structured private placements, private equity and venture capital, volatility trading and convertible arbitrage. Oasis Mgt invests wherever opportunities arise across the capital markets.

Page 29 of 44

Point72 Asia (Hong Kong) ©2017 Orient Capital Pty Ltd

17th Floor, York House, The Landmark, 15 Queen's Road, CENTRAL, Hong Kong Switch Tel: +852 3656 8866




Company Background Founded in 1992, Point72 Asset Mgt was formerly known as SAC Capital Advisors. The name change reflects its transformation from a hedge fund to a family office which primarily manages its founder Steven Cohen’s personal fortune. Point72 Asset Mgt adopts a long/short equity strategy, along with a combination of fundamental, quantitative and macro analysis to make its investments. The firm is headquartered in Stamford, Connecticut, with offices in Tokyo, Hong Kong, Singapore, Boston and New York.

Investment Approach Point72 Asset Mgt's initial investment style was "trading" oriented. However, it has evolved into a multi-strategy, multi-disciplinary, investment management firm emphasising research and risk management practices. Point72 Asset Mgt's investment strategies include, but are not limited to: Fundamental and Technical Long/Short Equity Portfolios, Global Quantitative Strategies, Fixed Income and Credit, Global Macro Strategies, Convertible Bonds, and Emerging Markets.

Page 30 of 44

RBC Global Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

17th Floor, Cheung Kong Center, 2 Queen's Road, Central, HONG KONG, Asia Switch Tel: +852 2848 1388



Company Background RBC Global Asset Management (RBC GAM), a subsidary of the Royal Bank of Canda, is a North American-based asset manager with offices in Canada, the United States, Europe and Asia.

Investment Approach International portfolios invest primarily in equity securities of companies outside of North America. The fund provides exposure to economies that offer different business cycles and growth opportunities than North American markets. The investment process is primarily based on fundamental research, although the portfolio manager will also consider quantitative and technical factors. Stock selection decisions are ultimately based on an understanding of the company, its business and its outlook. The portfolio manager: > assesses the economic outlook for regions outside of North America, including expected growth, market valuations and economic trends; > focuses on outlook for sectors and themes as they relate to EAFE (Europe, Australasia and Far East) regions; > diversifies the fund by sector within the regions to help reduce risk; > employs a number of valuation methods to determine share price; > selects individual stocks based on the intrinsic value of each company, liquidity considerations and overall portfolio risk; > has regular contact with companies in order to understand the competitive environment in which each operates Asian equities and Australian may be held in International, Asian or Sector funds, and can be managed in either Hong Kong or Toronto.

Page 31 of 44

Robeco Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Room 2707, 27/F , Man Yee Building , 68 Des Voeux Road, CENTRAL, Hong Kong Switch Tel: +852 3719 7400

PROFILE Total Assets EUR 111 bn


EUM (S&P/ASX 200) AUD 229.484 m




Company Background The Hong Kong office serves as Robeco’s regional control and support center for Mainland China, Hong Kong, Taiwan, and Singapore. This office also functions as a sales and fund-distribution outlet for Greater China and South East Asia, and houses the portfolio management for Asia Pacific Equities and Chinese Equities

Page 32 of 44

Ruffer Asia (Hong Kong) ©2017 Orient Capital Pty Ltd

Suite 809, Jardine House, 1 Connaught Place, CENTRAL, Hong Kong Switch Tel: +852 2147 2635

PROFILE Total Assets GBP 15 bn






Company Background Ruffer was established in 1994 by Jonathan Ruffer, Earl Ferrers and Jane Tufnell. It is a privately owned independent investment management company.

Investment Approach Ruffer uses an absolute return approach, seeking to achieve positive returns regardless of the market and economic situation. They invest globally across multiple asset classes, including equities, fixed income, currencies and commodities, using a long-only strategy and careful research.

Page 33 of 44

Segantii Capital Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Unit 2101-2103, 21/F, 100 Queen's Road, Central, HONG KONG Switch Tel: +852 3926 8388


EUM (S&P/ASX 200) AUD < 0.1 m



Company Background Segantii Capital Mgt is a Hong Kong based institutional asset management firm. Since its inception in 2007 the firm invests in Asia Pacific equity markets with a focus on North Asia excluding Japan.

Investment Approach Segantii Capital manages the Segantii Asia-Pacific Equity Multi Strategy Fund invests in Asia Pacific equity markets with a focus on North Asia ex-Japan. To date, the fund's primary markets have been Hong Kong, China, Korea and Taiwan. They do not have a pre-determined country allocation and allocate capital to countries where the best opportunities are identified. However, to limit country concentration risk, they have internal country limits. Segantii uses a multi-strategy oriented approach and these strategies aim to generate returns through various trading tactics across the risk and return spectrum, using catalyst-driven trading strategies and allocating capital and leverage efficiently. The three strategies employed are: • Relative value: this covers share-class arbitrage, depositary receipt arbitrage, depositary receipt premium convergence or divergence, cross-shareholdings and multiple listings. • Opportunistic events: Trading is structured around short-term events such as IPOs or placements, earnings releases, calendar-driven and company specific events. • Catalyst driven long short: Stock selection based on fundamental research and company visits. Although each of these strategies have different investment processes, any adjustments to the fund are based on detailed quantitative and fundamental research.

Page 34 of 44

Sumitomo Mitsui Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

24th Floor, Shanghai Commercial Bank Tower, 12 Queen's Road, CENTRAL, Hong Kong Switch Tel: +852 2521 8883

PROFILE Total Assets JPY 9,800 bn



Company Background Sumitomo Mitsui Asset Mgt was formed in 2002 as the result of a merger of Mitsui Life Global Asset Mgt, Sumitomo Life Investment Co, Sumisei Global Investment Trust Mgt Co, Mitsui Sumitomo Investment Asset Mgt Co and Sakura Investment Mgt Co. The current ownership comprises: • Sumitomo Life Insurance 27.5% • Mitsui Sumitomo Insurance 27.5% • Sumitomo Mitsui Banking Corporation 40% • Mitsui Life Insurance 5%. SMAM's research platform is focused on Japan and Asia-Pacific and has around 140 investment professionals.

Investment Approach Sumitomo Mitsui Asset Mgt use a variety of different styles when investing. For equities, they utilise both an active as well as a passive style. For fixed income, they utlise both Active and Credit, as well as a passive style following fixed income indices. SMAM also has a variety of alternative investment strategies, including investing in Fund of Funds, Managed Futures, Market Neutral, J-REITs and Global REITs, and Long-Short Japanese Equities.

Page 35 of 44

Sumitomo Mitsui Asset Mgt (Tokyo) ©2017 Orient Capital Pty Ltd

Atago Green Hills MORI Tower 28F, 2-5-1 Atago, Minato-ku, TOKYO 105-6228, Japan Switch Tel: +81 3 5405 0555



EUM (S&P/ASX 200) AUD 3.612 bn




Company Background Sumitomo Mitsui Asset Mgt was established in December 2002 as the result of a merger of Mitsui Life Global Asset Mgt, Sumitomo Life Investment Co, Sumisei Global Investment Trust Mgt Co, Mitsui Sumitomo Investment Asset Mgt Co and Sakura Investment Mgt Co. The business involves the Investment Discretionary/Advisory Management and the Investment Trust Fund Management. The current ownership comprises of the following: • Sumitomo Life Insurance 40% • Mitsui Sumitomo Insurance 27.5% • Sumitomo Mitsui Banking Corporation 27.5% • Mitsui Life Insurance 5%. SMAM is an asset management specialist in Japan with assets under management of around JPY13 trillion (approximately USD 130 billion as at 31 Jul 2014). The firm’s research platform is focused on Japan and Asia-Pacific and has around 160 investment professionals.

Investment Approach Sumitomo Mitsui Asset Mgt provides a broad range of products including Japanese and global bonds and equities, Chinese and other Asian equities, alternative products and REITs. The firm offers a whole spectrum of investment products and styles when investing. SMAM incorporates both financial and non-financial factors in the analysis and evaluation of companies to ensure good investment performance. For equities, this includes GARP (Growth at a Reasonable Price), Growth, Value, and Quantitative investment styles. They also have a passive style where they take an index approach. For fixed income, they look at Relative Value and Credit, as well as a passive style following fixed income indices. SMAM also has a variety of alternative investment strategies, including investing in Fund of Funds, Managed Futures, Market Neutral, J-REITs and Global REITs, and Long-Short Japanese Equities. The ESG factors (environmental, social and corporate governance), the non-financial factors, have been also taken into account. Consistent with the research approach of SMAM, this impact a company's value over the medium to long term.

Page 36 of 44

Torq Capital Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

4708 Two Exchange Square, 8 Connaught Place, Central, HONG KONG Switch Tel: +852 3701 9500





Page 37 of 44

Trafalgar Capital Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

18/F, The Workstation, 43 Lyndhurst Terrace, CENTRAL, Hong Kong Switch Tel: +852 2218 8388





Company Background Established in 2001, Trafalgar Capital Management is a boutique investment management firm headquartered in Hong Kong with offices in London, UK, Auckland, New Zealand and Sydney, Australia. The firm currently manages 3 separate Hedge based strategies.

Page 38 of 44

Tree Line Advisors (Hong Kong) ©2017 Orient Capital Pty Ltd

Suite 1707, Two Exchange Square, 8 Connaught Place, CENTRAL, Hong Kong Switch Tel: +852 2106 0188



Company Background Tree Line was founded in 2006 by ex-Lloyd George Mgt employees, Zaheer Sitabkhan, Angus Potter and Catherine Tan.

Investment Approach Tree Line Advisors was established in 2006 with two subsidiaries in Hong Kong and Singapore respective. Tree Line Advisors primarily utilise growth strategy seeking investment opportunities with early stage growth or those firms deemed value emerging into growth.

Page 39 of 44

Trinitus Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

41/F, Central Plaza, 18 Harbour Road, WAN CHAI, Hong Kong Switch Tel:

PROFILE Primary investment style

Page 40 of 44

TT International (Hong Kong) ©2017 Orient Capital Pty Ltd

20th Floor, 18 On Lan Street, CENTRAL, Hong Kong Switch Tel: +852 3476 6000




Company Background TT International was established in 1988. It is an independent fund management company with 100% of the stock owned by its working partners. While TT International originally managed hedge funds, over three quarters of AUM is now in long only products.

Investment Approach For the long only funds, TT manages on a high alpha basis– i.e., strong excess return above relevant benchmarks. TT is open-minded about where returns can come from. TT tries to extract value and protect capital through country allocation, thematic plays, sector rotation, stock selection, and currency management. TT does not rely in a particular style because they don’t want to be constrained in the areas in which they can to add value. Under the right conditions both value and growth companies can produce strong returns and TT will own either or both in varying proportions. TT constructs concentrated portfolios and are also hedge fund managers.

Page 41 of 44

Turiya Advisors Asia (Hong Kong) ©2017 Orient Capital Pty Ltd

32/F, Henley Building, 5 Queen's Road, CENTRAL, Hong Kong Switch Tel: +852 3518 7000



EUM (S&P/ASX 200) AUD 315.946 m



Company Background Gandhara Capital was founded by former head of Deutsche Bank, Davide Erro and a hedge fund team of 12 in 2005.

Investment Approach Gandhara Capital is a long/short equity manager only investing in Asia and Europe ignoring the US. Gandhara runs a concentrated portfolio with 20 stocks accounting for 50% of the portfolio and 40-50 stocks for the remainder. It typically holds stocks for 12 to 18 months.

Page 42 of 44

UBP Asset Mgt Asia (Hong Kong) ©2017 Orient Capital Pty Ltd

Suites 2602-04, Two Exchange Square, 8 Connaught Place, CENTRAL, Hong Kong Switch Tel: +852 3713 1111





Page 43 of 44

Veritas Asset Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

Level 27 , World Wide House, 19 Des Voeux Road Central, CENTRAL, Hong Kong Switch Tel: +852 3796 2544



Company Background Veritas Asset Mgt was founded in 1996 by Anthony Rosenfelder. It is a discretionary asset manager focusing on international, segregated long-only portfolio management investing in both equity and fixed income markets globally. The firms aim is to deliver long term returns for its clients. Assets are managed through the firm’s Global and Asian strategies. Veritas has offices in London and Hong Kong providing its services to high net worth individuals, institutions, charities, and trusts. Veritas is currently led by four Principals: Charles Richardson, Andy Headley, Ezra Sun and Richard Grant. The Veritas philosophy is built upon two founding principles of Real Returns and Partnership. The Real Return Group Limited was set up in 2003 as a boutique focused on real return investing. The Real Return Group Limited and Veritas Asset Management (UK) Limited merged in 2004. Further to this, In 2013 Veritas Asset Management (UK) Limited completed a corporate reorganisation and Veritas Asset Management LLP was formed as a regulated fund management boutique running Global and Asian Equity mandates. In April 2014 Affiliated Managers Group, Inc (AMG), a global asset management company with equity investments in boutique investment management firms acquired Veritas. Veritas will continue to have the same Managing Partners and Board; full investment autonomy; day-to-day operational independence and receive the majority of the revenue and economics of the firm. The managing partners of Veritas will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.

Investment Approach Veritas has a long term absolute return focus. Equity stock selection takes place within global thematic framework and all fundamental research is conducted inhouse. Veritas determines intrinsic value, based on free cash flow, quantitative analysis, an assessment of risk and incorporate a margin for safety. • The Veritas Global Focus Fund is a long-only real return fund. It aims for sustained long term growth from global equities but can invest in fixed interest securities, derivatives and cash which allows it to navigate more effectively the short term periods of volatility in the equity markets. • The Veritas Asian Fund is a long-only real return vehicle offering exposure to Asia excluding Japan. • The Real Return Funds are long-short real return mandates targeting inflation plus returns.

Page 44 of 44

York Capital Mgt (Hong Kong) ©2017 Orient Capital Pty Ltd

8th Floor (Suite 809-810), Chater House, 8 Connaught Road, CENTRAL, Hong Kong Switch Tel: +852 3718 5800



Company Background York Capital Mgt was founded in September 1991 by James G. Dinan.

Investment Approach York Capital Mgt is an event driven hedge fund manager investing globally. York specialises in merger and acquisition transactions, distressed and restructuring opportunities and special situations opportunities including spin offs and split ups, shareholder agitations and proxy contests, balance sheet arbitrage and consolidation opportunities. The investment team finds situations where the impact of these events is not adequately reflected in the market price of the security. This research creates opportunities to invest where the potential increase in the valuation far outweighs the downside risk. York generally use a fundamental "bottom up" approach.

Documents

Investor Profiles - Macquarie Group · positions typically have over one hundred working hours of research devoted to them. ... sector level and leverage top ideas to construct