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Asia Long-Term Unconstrained

Translating Asia’s economic growth.

About Asia Long-Term Unconstrained

The Martin Currie Asia Long-Term Unconstrained (ALTU) strategy seeks to capture Asian economic growth, through an unconstrained portfolio of 20-40 high quality stocks held for the long-term.

The strategy seeks to capture nominal Asia ex Japan GDP growth – not always reflected in stockmarket returns, by investing in businesses able to grow with the region. Making a long- term capital commitment to compound returns from high quality companies over time.

These businesses are identified by conducting extra due diligence through our accounting diagnostics process and an in-depth assessment of corporate governance.

We aim to invest in businesses that are able to grow with the region, but which more importantly can translate that growth into good returns for shareholders. Acquiring them on a reasonable valuation, based on an in-depth assessment of their long-term potential.

These opportunities are scarce and when we find one, we aim to make a long-term capital commitment – to minimise costs and maximise the positive effect of compounding high returns from good businesses.

The level of conviction in our portfolio is driven by the high hurdles we set, both in the quality of the franchise in which we invest and in finding this quality at a reasonable valuation.

We build unconstrained, concentrated portfolios diversified by country, sector and business maturity. We seek to avoid the permanent erosion of capital by undertaking thorough due diligence on companies including our accounting diagnostic analysis

Portfolio characteristicsAsia Long-Term Unconstrained
BenchmarkUnconstrained
Performance objectiveCapture regional nominal GDP growth
Market capitalisationAll-Cap
Forecast tracking errorN/A
Sector/country allocationsUnconstrained
Number of stocks20-30
Maximum active stock weight10% or 10% of company ownership
Portfolio turnover< 30% p.a.
InceptionJuly 2008

The characteristics shown are guidelines only and not hard limits.

Investment team

The Asia team combines a range of experience gained from different industry backgrounds including portfolio management, accountancy and private equity. Their approach is collegiate and all members of the Asia team share the responsibility for idea generation, stock research and portfolio construction.

Andrew Graham

Andrew Graham

Job title
Head of Asia
Experience
35 years
Michael Millar

Michael Millar

Job title
Portfolio Manager
Experience
29 years
Jes Goh

Jes Goh

Job title
Portfolio Manager
Experience
16 years
Tom Wills

Tom Wills

Job title
Portfolio Manager
Experience
10 years
Zhang Yu

Zhang Yu

Job title
Investment Analyst
Experience
6 years

We take a genuinely long-term view on every investee companies development prospects.

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