Product Goldstream Star Manager Series》 

 

China Absolute Value Long Only Fund 

Interested clients can download “Goldstream Connect” to include this index into their portfolios or contact our client service team

Fund Highlights

  • The long-term-absolute-return-oriented:The fund invests high-value stocks whose net present value of future dividend-payouts is sufficiently attractive as compared to their current market prices. These opportunities are made possible by high volatilities of the Chinese equity market.  The team believes this is a good way to achieve a long-term absolute return and reduce the risk of investment.

  • Bottom-up Stock Picking:We carry out in-depth studies of the stocks especially those in stable-cash-flow sectors such as insurance, banks, commercial properties, leasing, utilities, and consumers. 

  • Chinese Characteristics and Hony Synergies:   When carrying out DCF analysis, we carefully reconstruct companies' cash flows taking into consideration some abnormalities in the Chinese market. We also leverage Hony's expertise and insight in certain sectors gained through 16-years' investment in the private market. 

 
 

Fund Manager:Mario Fei   

  • Portfolio Manager is a CFA charter holder and an Opinion leader on Snowball (Largest online stock community in China) with 150k  followers. He has 9-years’ investment experience including 5-years’ analyst experience. He used to be a financial industry analyst in SAIF-SPQ before joining Goldstream.

Fund Performance 

  Fund performance is restricted to investors only  

  • If you are an investor to this product, please try to download Goldstream Connect and access the fund information there. 

  • If you are a potential investor and would like to find out more about this product, please contact our client relations head Andrew Yin.

 

 

Fund Statistics

   Fund statistics are restricted to investors only  

  • If you are an investor to this product, please try to download Goldstream Connect and access the fund information there. 

  • If you are a potential investor and would like to find out more about this product, please contact our client relations head Andrew Yin.

 

Strategy Description

  • Investment Thesis: The fund invests in high-value stocks whose net present value of future dividend-payouts is sufficiently attractive as compared to their current market prices. These opportunities are made possible by high volatilities of the Chinese equity market. 

  • Long-term-absolute-return-oriented:  The fund stands on the perspective of minority shareholders, valuates stocks by DCF method, and buys stocks to get cash flows for return.

  • We do not time the market:  We carry out bottom-up stock-picking aiming at the right stocks and right prices. We do not time the market. 

  • We are bold in holding concentrated positions with high conviction:  We have a relatively concentrated portfolio (normally less than 10 names in the portfolio) with single stock<20% and single industry<50%. 

  • Occasionally we participate in A share’s IPO for return enhancement: Occasionally we explore opportunities to participate in on-shore IPOs to enhance fund return. 

  • How do we control the risk: We believe these absolute value stocks are the best risk mitigation measures themselves. When the market is buoyant and no sufficient number of "absolute value" stocks are found, the fund's cash exposure will increase. This is a mechanism to reduce portfolio risk.  On the other hand, the manager will reduce the portfolio exposure when he sees the systemic risk. 

 

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业务及投资者关系主管,邮箱:andrewyin@goldstreamfund.com

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