Latest news with #SohnHongKongInvestmentLeadersConference
Business Times
4 days ago
- Business
- Business Times
Singapore hedge fund Arrowpoint capitalised on May market turmoil
[HONG KONG] Singapore's multi-strategy hedge fund Arrowpoint Investment Partners has made gains by exploiting market dislocations triggered by global trade tariff shocks and sees more arbitrage opportunities ahead, its chief investment officer said. Since mid-April, the US$1.1 billion fund has capitalised on extreme dislocations in equities, currencies and bond curves, founder and CIO Jonathan Xiong told Reuters. May was the fund's best month since its launch last July, up more than 3 per cent, said a person familiar with the matter who declined to be identified. By comparison, multi-strategy hedge funds were on average flat in April, data from With Intelligence shows. Backed by Blackstone, the Canada Pension Plan Investment Board and Temasek's Seviora, Arrowpoint was Asia's largest hedge fund startup last year. It now has around 110 staff with over 20 trading pods. 'Everything has got more volatile, but there are also opportunities that were so abundantly clear,' said Xiong, a former Asia co-CEO of Millennium Management. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Arrowpoint exploited dislocations in Asia FX markets using non-deliverable forwards and profited from Australian rate curve anomalies following US President Donald Trump tariff announcements, Xiong said. It was able to take advantage of temporary mispricing in asset prices, betting they would eventually revert to normal levels. 'One thing I noticed is that Asia dislocations take much longer to come back as the market is less liquid compared to the US,' Xiong said. Arrowpoint, however, stayed clear of Japan's rate markets, where super-long bond yields were driven to record highs in May. 'The risk premium injected towards the longer end of the Japan curve may be warranted given investors' repricing of global bond term premiums,' he said. At the Sohn Hong Kong Investment Leaders Conference on May 30, Xiong pitched a long China/short Japan 'risk parity' trade, which involves buying China stock index futures and five-year government bonds, while shorting similar Japanese assets. He said investor interest in Asia-based multi-strategy funds is rising as there's growing concern about over-exposure to US markets. REUTERS
Yahoo
4 days ago
- Business
- Yahoo
TriVista Capital CEO: Long on Santen Pharmaceutical
Masaki Gotoh, CEO and CIO at TriVista Capital, discusses his investment strategy in Japan and why he chose to go long on ophthalmology firm Santen Pharmaceutical at the Sohn Hong Kong Investment Leaders Conference. He speaks with Shery Ahn and Haidi Stroud-Watts on "Bloomberg: The Asia Trade". 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Business Wire
5 days ago
- Automotive
- Business Wire
Palliser Capital Publishes Value Enhancement Plan for Toyo Tires
LONDON--(BUSINESS WIRE)--Palliser Capital ('Palliser'), a significant shareholder in Toyo Tires ('Toyo') (5105 JT), today published a comprehensive presentation on the opportunities available to unlock value at Toyo. To ensure market transparency and respond to requests from shareholders and other stakeholders, Palliser published the presentation first delivered by James Smith, Palliser Founder and Chief Investment Officer, at the Sohn Hong Kong Investment Leaders Conference on May 30, 2025. Toyo, a premium tire brand with a leading U.S. market share in Wide Light Truck Tires, has consistently underperformed and is materially undervalued, trading at a significant discount to peers across key valuation multiples, despite the company's far superior revenue and profitability profile. In Palliser's view, the factors driving this value gap are readily solvable and, if remedied, could deliver over 45% upside to shareholders – or materially more with a Palliser-proposed stakeholder value enhancement committee actively exploring options for Toyo, including interest from multiple PE and strategic buyers. Palliser's enhancement plan includes: Adopting best-in-class performance targets and incentive structures to fully align management incentives and shareholder interests; Implementing a TSE-aligned capital allocation framework, grounded in clear and distinct metrics, returns and hurdle rates; and Conducting a comprehensive review of all strategic options to maximize stakeholder value, including privatization and resolving overhang from Mitsubishi's investment in the company. Full details of the presentation are outlined in the accompanying attachment. About Palliser Capital Palliser Capital is a global multi-strategy fund. Our value-oriented investment philosophy is applied to a broad range of opportunities across the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups.
Yahoo
30-05-2025
- Business
- Yahoo
Convex Strategies CIO on Investment
Convex Strategies CIO David Dredge discusses his latest market outlook and investment strategies. He speaks with Annabelle Droulers from the sidelines of the "Sohn Hong Kong Investment Leaders Conference". Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
29-05-2025
- Business
- Mint
Hedge Funds Return to Sohn Hong Kong After Mixed Year for Bets
(Bloomberg) -- After a tumultuous 12 months, it's no small achievement that the Sohn investment conference returns to Hong Kong on Friday with the better half of last year's picks having made money. Hedge fund managers will present their ideas at the Sohn Hong Kong Investment Leaders Conference as financial markets gyrate, with global growth and supply chains under threat and geopolitics mired in escalating tensions. It was against this unfolding backdrop that some of last year's investment ideas generated handsome returns, while others failed to pay off. Below are the winners and losers from the May 23, 2024 event. The call: Kaname Capital co-founder Toby Rodes last year argued there was room to increase shareholder value at the Japanese second-hand car listing platform. He called on its chairman to stop pursuing low-quality acquisitions including a basketball team, a hamburger chain and strawberry farms. Rodes pushed for a more independent board and a structure where the founder owns the company but doesn't control operations. The outcome: It was last year's best-performing idea. Kaname engaged with Proto's independent directors and seized on the share price decline to build up a stake that peaked at 8.5%, Rodes said. Proto's chairman decided to take it private through a management buyout. Kaname balked at the tender offer price as being too low. Following extensions to the offer deadline, Proto is on track to be privatized 59% above the closing price on the day of last year's event. The call: CloudAlpha Capital Management founding partner Chris Wang made a bullish call on the power machinery maker, saying electricity distributors and equipment makers stand to benefit from artificial intelligence developments. The South Korean company traded at a discount to global peers, he said, touting a potential 100% upside. The outcome: The stock has jumped 50% in the past 12 months. Wang credited efforts made between 2022 and 2023 to improve organizational efficiency and to strategically shift toward higher-end electric equipment. That prepared it well for the demand surge from the AI boom, leading to strong earnings growth in the past year. 'The success story of Hyundai Electric once again proves that opportunities favor those who are prepared,' Wang wrote in an email. The call: The South Korean company was trading at just three times forward earnings because the market failed to price in the value of its core subsidiary, DN Solutions Co., a leading machine tool maker. Hidden value could be unlocked through a planned initial public offering of the unit within a year, said Darren Kang, chief investment officer of Life Asset Management. The outcome: The stock surged 40% in the past year. DN Solutions' $1.1 billion IPO, billed as potentially the largest in Seoul this year, was shelved in late April, after President Donald Trump's tariff policies triggered a market selloff. Still, the aborted share sale 'brought broader attention to the group's under-valuation,' Kang said in an email. 'The upside could have been greater had the listing gone ahead as planned.' The call: Ecuador's sovereign bonds traded at large discounts to peers, said Aaron Stern, managing partner of Converium Capital. The new administration was ushering in economic changes and social reforms that he expected to unlock financing from the International Monetary Fund. The country had a lower debt-to-GDP ratio than peers. It also faced less pressure from credit maturing, thanks to debt restructuring a few years ago. The outcome: The price of the 2035 bond that Stern touted has surged around 24%. When including the semiannual 5.5% coupons, the total return is about 34% in the past year, he said in an email. The call: The provider of human resources and business support services to Japanese companies was trading at a sizable discount to peers, said Zennor Asset Management LLP founding partner David Mitchinson. It had a track record of organic growth, yet its goals weren't ambitious enough and it could benefit from a coherent capital strategy, he said. The outcome: The stock edged up 3.6% in the past year, which left Mitchinson to 'hope for rather better' in time. Government contracts it won during Covid rolled off, while tepid China growth has also been a drag in recent years. But organic growth is finally picking up again, and the company has improved disclosure and its shareholder return policy, he said. Still, it's being run with a lot of cash and more group restructuring is needed, he added. The call: Oasis Management's Seth Fischer highlighted the drugmaker as an activist opportunity in Japan, where its recalled red yeast health supplements led to scores of deaths and hospitalizations. Fischer laid out three options for Kobayashi: bolster board oversight and shareholder returns, go private, or work with Oasis to improve governance. The outcome: The stock slipped another 8.2% since last year's event. Kobayashi's move to fix governance flaws 'is still a work in progress,' said Fischer. A motion in March to appoint an independent chairman was thwarted by the founding family. Having amassed a 10% stake, Oasis filed a lawsuit in April against current and former Kobayashi directors. While it wants an independent probe into the scandal, an encouraging sign is that the management and shareholders are now aligned against the founding family, Fischer said. With legal liability mounting, he's optimistic this will have a successful conclusion. The call: Japan Catalyst Inc. President Taro Hirano saw potential to generate more value in the company, whose businesses ranged from electric-vehicle battery pouches to bottling services for Coca-Cola Co. Japan's corporate management style, with employees often staying for life and chief executives picked in-house, made firms reluctant to divest assets, Hirano said. The outcome: The stock has fallen almost 10%. Dai Nippon's intrinsic value is 'still in the process of being recognized by the market,' Hirano said in an email. Revelations in November that Elliott Investment Management had significantly cut its position less than two years after building a stake contributed to the stock price decline. The call: Palliser Capital founder James Smith urged the mining giant to consider dropping its primary listing in London and unify its corporate structure in Australia. Palliser in December publicly called on the Rio Tinto board to begin an 'independent, comprehensive and transparent' review into the matter, saying the dual listing has led to about $50 billion in value destruction for shareholders since its inception. The outcome: The stock retreated about 21% in London trading and 15% in Australia over the past year. Both still beat the 23% decline of the Bloomberg EMEA 500 Metals and Mining Index. Singapore futures on iron ore, Rio Tinto's cash cow product, have fallen 20% since last year's event as demand from China dropped. Even with the backing of key proxy advisers, Palliser failed to win enough shareholder support to force the review, which Rio Tinto said would cost hundreds of millions of dollars. Still, Palliser is holding out hope that a leadership transition later this year would act as a catalyst for structural reform, parallel to events before the collapse of a dual listing for BHP Group Ltd. in 2022. The call: Tybourne Capital Management CIO Eashwar Krishnan said the stock price could more than double in three years, as the growing adoption of AI drives demand for the company's memory chips. Integrating advanced AI features on devices such as mobile phones would spur demand for DRAM memory, he said. The outcome: Krishnan didn't respond to messages seeking comment. The stock slumped 28% since last year's event, after hitting a high in July. Samsung hasn't secured certification from Nvidia Corp. for the supply of the most advanced AI chips, allowing rivals, especially SK Hynix Inc., to grab a larger share of the market for high-bandwidth memory that AI accelerators depend on. 'Industry-wise, AI is growing, but the benefit went to SK Hynix, instead of Samsung,' Bloomberg Intelligence analyst Masahiro Wakasugi said. More stories like this are available on
