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Full Version: Teh Hooi Leng calls it a day (Aggregate Asset Management)
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I think Eric Kong and Wong Seak Eng are preaching one thing and doing another. I have more respect for Teh. She is doing what she has always been doing (researching). She is not trying to pretend to be a protege of Benjamin Graham. She uses her OWN METHODOLOGY. Her styleis not truly value investing. It is simply her own way of trying to find stocks to invest in that will give good returns. It is her investment theory per se.
(21-05-2017, 09:08 PM)YMPL Wrote: [ -> ]
(21-05-2017, 08:37 PM)luckystar Wrote: [ -> ]
(21-05-2017, 04:19 PM)karlmarx Wrote: [ -> ]For AUM, AAM has close to half a billion. For performance, it has consistently been returning 10% p.a. net of fees. To me, both indicators suggest that AAM has been successful.

I was actually referring to this, but it still isn't up yet:
http://www.inclusif.com.sg/

I don't recall any mention that she is married.


I thought Teh's investment style is quite different from a true value investor. She would buy a large portfolio of stocks (like 100 or more), stocks that fit into her investment criteria like some P/B vs dividend ratio etc, without actually understanding the business and fundamentals of each stock in the portfolio thoroughly. A true value investor would want to leave no stone unturned. So a different investment philosophy with the AAM founders I supposed.

The style is used by AAM too. AAM was founded by a team out from Yeoman Capital, which is also following similar style.
 
Yeoman Capital has outstanding performance of CAGR of +12.91% p.a. nett of all fees over 19 yr 

 [Image: TJ4ikWQ.png]

http://yeomancapitalmanagement.com/performance/

wonder if anyone has invested with Yeoman, can share yr experience and how they charged.
(22-05-2017, 03:17 PM)luckystar Wrote: [ -> ]I think Eric Kong and Wong Seak Eng are preaching one thing and doing another. I have more respect for Teh. She is doing what she has always been doing (researching). She is not trying to pretend to be a protege of Benjamin Graham. She uses her OWN METHODOLOGY. Her styleis not truly value investing. It is simply her own way of trying to find stocks to invest in that will give good returns. It is her investment theory per se.

There are only three (3) principles of value investing, from Benjamin Graham. First, a share is a fractional ownership of a company, thus a hard asset. Second, market tells price, not value. Last, the margin of safety.

Based on the three (3) principles, both Ms. Teh and AAM are practicing value investing, probably with slightly different flavor. IIRC, Benjamin Graham was also having broadly diversify approach, similar as both of them.

Warren Buffett is the one starting focus approach, with a concept of circle of competency.
(22-05-2017, 03:17 PM)luckystar Wrote: [ -> ]I think Eric Kong and Wong Seak Eng are preaching one thing and doing another. I have more respect for Teh. She is doing what she has always been doing (researching). She is not trying to pretend to be a protege of Benjamin Graham. She uses her OWN METHODOLOGY. Her styleis not truly value investing. It is simply her own way of trying to find stocks to invest in that will give good returns. It is her investment theory per se.

Could you direct me to what they are preaching and doing differently?
As for Ms Teh, one can be very good at research but cannot manage a fund. These 2 should be different kind of skill sets i believe. So her fund management skills is still something unknown so far.
(22-05-2017, 03:43 PM)pattanispirit Wrote: [ -> ]
(21-05-2017, 09:08 PM)YMPL Wrote: [ -> ]
(21-05-2017, 08:37 PM)luckystar Wrote: [ -> ]
(21-05-2017, 04:19 PM)karlmarx Wrote: [ -> ]For AUM, AAM has close to half a billion. For performance, it has consistently been returning 10% p.a. net of fees. To me, both indicators suggest that AAM has been successful.

I was actually referring to this, but it still isn't up yet:
http://www.inclusif.com.sg/

I don't recall any mention that she is married.


I thought Teh's investment style is quite different from a true value investor. She would buy a large portfolio of stocks (like 100 or more), stocks that fit into her investment criteria like some P/B vs dividend ratio etc, without actually understanding the business and fundamentals of each stock in the portfolio thoroughly. A true value investor would want to leave no stone unturned. So a different investment philosophy with the AAM founders I supposed.

The style is used by AAM too. AAM was founded by a team out from Yeoman Capital, which is also following similar style.
 
Yeoman Capital has outstanding performance of CAGR of +12.91% p.a. nett of all fees over 19 yr 

 [Image: TJ4ikWQ.png]

http://yeomancapitalmanagement.com/performance/

wonder if anyone has invested with Yeoman, can share yr experience and how they charged.

I think it can be found in their newsletter. 1 and 15.
http://yeomancapitalmanagement.com/wp-co...n-1Q17.pdf
Hi,

Can someone advise me? Since Inclusif fund uses the back-end support of Swiss Asia; does it mean the invested fund is only as "safe" Swiss-Asia? What if Swiss-Asia goes bust? Thanks.
All cash and securities are held by custodians. There may be inconveniences to fund investors if SAFS goes bust, but I don't believe their investments can be 'touched' by SAFS in any way. Maybe the fund managers here can shed more light on this.
(22-05-2017, 08:07 PM)karlmarx Wrote: [ -> ]All cash and securities are held by custodians. There may be inconveniences to fund investors if SAFS goes bust, but I don't believe their investments can be 'touched' by SAFS in any way. Maybe the fund managers here can shed more light on this.

This is correct. SAFS is just an administrator of the fund and not handling the money part. Here is what I extract from my hedge fund:

 It is the Administrator’s responsibility to administer and to account for the Fund’s investment activities, to calculate the Net Asset Value of the Shares as at each Valuation Point and to inform the Fund’s Shareholders of such Net Asset Value, and to communicate to the Fund’s Shareholders all other changes of substance.  
In theory it should be straight forward. In practice when crap hits the fan it is not:
http://www.independent.co.uk/news/busine...52586.html

Administrator by its name does the administration including NAV calculation, reports dissemination, performance fee and accounting etc while custodians deal with back office and trades and safe keeping. Sometimes the administrator and the custodian are the same. Technically the fund appoints the fund manager and may give the fund manager the right to appoint the administrator and custodian. Either case, the client is the fund not the fund manager. The fund manager is an agent with power of attorney.

Swiss Asia is a platform which makes things a bit more complicated but much quicker to set up. Basically they set up the infrastructure and a new fund just plug-and-play but there are legal implications on the set up structure if the fund is a wrapper issued by a certain guarantor or it is part of an umbrella fund which I suspect is how the Cayman and SICAV structure is set up. And the human fund manager is technically an employee of Swiss Asia which is itself the fund manager

In future when the fund is big enough, the human fund manager will eject from the structure and set up their own structure. The investor would be wise to ask questions on who the custodian is and where are the counterparty risks. The administrator is more a matter of Mark-to-market risk ie what they say is the value per share of the fund based on their valuation of the assets held by the custodian.

That's why sometimes the fund selects the custodian and administrator themselves.
Does anyone know what is the target AUM size for Inclusif fund? The Aggregate fund has grown by a lot and I believe it is now at SGD400+M.
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