首頁 ﹥ 簡介
A combination of yield, quality, and growth
- High cash yield for steady return and downside protection
- Corporate balance sheet and FCF among the top quantile in Asia
- Growth as a call option for equity investors
TLF pursues outperformance of the following targets
- 6% annualized return
- 0050.TW. Taiwan Top 50 ETF
- 0056.TW. Taiwan Dividend Plus ETF
Our base case for minimum 6% long term annualized return
- 3+2+1 = 6
3% average cash yield
2% Taiwan GDP growth assumption
1% CPI
On top of the 6% return, additional alpha to be generated through
- Macro judgement and cash management to avoid major market drawdown
- Company’s higher than average compounded earnings by stock picking
- Contrarian trading to tap into cheap bargain
- Valuation mispricing due to liquidity issues or lack of exposure
The advantage of Taiwan market
- Poor sell-side coverage. Investors pays less attention to Taiwan and mid-small caps
- Investor’s communication less ideal. Company management too down to earth to pay attention to IR works
- Corporate governance is outstanding compared with Asian peers. Accounting and forensic risk is low
- Listed sector leaders are a set of diversified businesses. A natural hedge for industry volatility
Taiwan’s exposure will continue to improve during the change of new US-China dynamics
- Talents and capital inflow to Taiwan on the back of long term US-China conflict. Domestic opportunities emerging
- Taiwan’s cost advantage is gradually picking up for high end and precision components
- Taiwan is a neutral state with congenial relationship with major economies such as US, China, and Japan. Risk of trading friction with major countries is low
- Taiwanese companies are early movers into ASEAN
Our high conviction themes
- Domestic leaders with pricing power or market share gain opportunities
- Deep valued assets plays with high cash payout and stable core business
- High quality companies with valuation discount to regional peers
- Exporters with leading edge products or strong distribution channels
Our approaches
- Contrarian trading. Either no buy or only buy at reasonable price
- Multiple reference checks on the business, products, and management background through our own network
- Detailed check list on financials, corporate governance, industry, and competition landscape
- Emphasis on macro and event analysis to prevent illiquidity risks
- Patience. If no trade is needed then let it be
Our team
- Seasoned investment professional with more than 15 years of experience. Been through various business cycles in either Taiwan, China, and US
- The team has broad regional and global view together with expertise in corporate finance, investment banks, and mutual funds
- Deep connections with local network and company executives. The speed and quality of information flow is unparalleled compared with local punters and foreign institutional investors
- Team member’s personal wealth is tied to the fund. Investor’s interests are aligned with fund managers
服務內容: 投資理財