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By accepting these general terms and conditions ("GTC") as set out below, you acknowledge them being the mutually agreed legal basis for your visit of and the use of this website. Whereas the term "website" includes all content and data provided and all sub- and micro-sites of this website. Further, as a user of this website, you acknowledge, that you are responsible for ensuring that the legislation applicable to you in your jurisdiction permits you to consult this website and you represent and warrant that you have the necessary means and skills to access this website and use it in the intended manner only. These GTC are subject to changes without prior notice. If any of these GTC are judged to be illegal or unenforceable, the continuation in full force and effect of the remainder of them will not be prejudiced. Opinions on this website are the judgement of ASCENDER CAPITAL LIMITED at the time specified and may be subject to change without prior notice, they are not to be relied upon as authoritative or taken in substitution for the exercise of your judgment and are not intended to provide the sole basis of evaluation of any strategy or financial instrument referred to herein. ASCENDER CAPITAL LIMITED is not obliged to update or alter the information or opinions published on this website.
This website is issued by ASCENDER CAPITAL LIMITED*. The content has not been reviewed by the Hong Kong Securities and Futures Commission (HKSFC). The information provided on this website is for information purposes only. It is not intended to solicit the subscription of or the sale of any financial instruments. In no event shall the content of this website be deemed as an investment advice with respect to any financial instruments or an offer to purchase or sell these. In addition, as the presentation of products in itself does not allow the making of a contract, it may neither be considered as a solicitation for purchase or sale of financial instruments or an offer of such to the public. No action has been taken which would permit the public offering of the financial instrument(s) in any other jurisdiction, except as indicated in the most recent prospectus, offering document or any other information material, as applicable, of the relevant financial instrument(s) where such action would be required, in particular, in the United States, or to US persons (as such term is defined in Regulation S of the United States Securities Act of 1933). Prior to any subscription in a country in which such financial instrument(s) is/are registered, investors should verify any legal constraints or restrictions there may be in connection with the subscription, purchase, possession or sale of the financial instrument(s). Investors considering subscribing for the financial instrument(s) should read carefully the most recent prospectus, offering document or other information material (e.g. selling restrictions) and consult the financial instrument(s)' most recent financial reports. The prospectus, offering document or other information of the Financial Instrument(s) are available upon the grant of login to relevant pages of this website. ASCENDER CAPITAL LIMITED disclaims any liability for any decision made on the basis of any information contained on this website.
EXCLUSION OF LIABILITY
ASCENDER CAPITAL LIMITED including its parent companies, subsidiaries, associated entities, directors, employees, representatives or suppliers, does not accept any responsibility arising in any way for errors in or omissions from the information on this website and does not accept any liability for any loss or damage as a result of any person relying on any information on this website including any information provided by any third parties or by any inability to access this website at any time, except in the event of intentional or serious default on its part.
IMPORTANT NOTES FOR INVESTORS
ASCENDER CAPITAL LIMITED manages two funds, namely, Ascender Capital Global Value Fund and EQUUS INVESTMENT SICAV. These two funds are subject to different selling restrictions. Details of the restrictions and underlying risks can be found in the prospectus, offering document or other information of the funds.
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This website may also contain hyperlinks to websites or references to websites which are published by third parties and third-party websites may also feature links to this website. ASCENDER CAPITAL LIMITED has not reviewed any third-party websites which refer to this website or to which this website refers for accuracy, topicality and / or completeness. ASCENDER CAPITAL LIMITED declines any liability in this matter. The fact that a hyperlink has been created or a reference has been made to a third party website or that permissions have been given to a third party website to contain a link to this website, in no way means that ASCENDER CAPITAL LIMITED approves or recommends neither any content nor any products or services offered on a third party website. If you visit a third-party website by following a hyperlink or a reference on this website this will be at your own risk. If you click on the hyperlinks or enter into another website referenced in this website, you will be leaving our website and will enter into another website, which may contain information of funds which are not authorized by the HKSFC and hence are not available to Hong Kong retail investors. The forthcoming website is not issued by ASCENDER CAPITAL LIMITED. ASCENDER CAPITAL LIMITED is not responsible for the contents of that website. Providing the link to the forthcoming website does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring of any information contained in the forthcoming website by ASCENDER CAPITAL LIMITED. ASCENDER CAPITAL LIMITED is not responsible for the contents or your use of the forthcoming website.
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ELECTRONIC MAIL FUNCTION
The option to use email to contact ASCENDER CAPITAL LIMITED is just one of the convenient features offered by ASCENDER CAPITAL LIMITED. You need to be aware of the limitations regarding the reliability of sending and receiving emails, as well as the accuracy and security of email traffic, so you should understand that ASCENDER CAPITAL LIMITED cannot be held liable for any loss or damage arising as a consequence of queries which are not received, confirmed or processed, or as a result of the fact that your email may be intercepted by third parties. As a result you are expressly advised not to send any sensitive information via email, because it may not be secure. However, if you do so, it will be at your own risk.
APPLICABLE LEGISLATION AND JURISDICTION IN LAW
Your access to, visit to and / or use of this website and these GTC are governed by and will be interpreted in accordance with laws of Hong Kong SAR. The courts of Hong Kong SAR shall have exclusive jurisdiction regarding any dispute in this regard, notwithstanding the fact that ASCENDER CAPITAL LIMITED may choose another court that has jurisdiction regarding a similar dispute in accordance with an applicable provision of legislation. * ASCENDER CAPITAL LIMITED is located at 3001 W50, 50 Wong Chuk Hang Road, Hong Kong and regulated by the HKSFC (CE Number: BAI353).
We focus our investment efforts on a small subset of the Asian markets by demanding a strong long-term track record of return on equity and earnings growth. Our investment decisions are informed by a comprehensive on-the-ground due diligence process which identifies outstanding business models and flags potential corporate governance risks. We strive to capture a margin of safety in every investment by insisting on an attractive entry valuation and a strong balance sheet.
- Around 10% of 22,000 companies listed in Asia qualify for our Quality Universe
- The universe is stable with 80% of its members rolling into the next year
- We target the most attractively valued 200 companies in our universe
- We run a rigorous process to eliminate companies with poor corporate governance or misleading financial reporting
- 5-10 potential investment candidates which combine earnings growth, attractive valuation and a strong balance sheet go through our due diligence process each month
- We develop a good understanding of their business model and perform a deep analysis of the financials
- If we have not already met their management, we arrange an on-site visit and initiate a dialogue with the management team
- The Investment Committee evaluates final candidates which are ranked against existing investments before potential inclusion
- Dynamic process ensures only most attractive investments remain in the portfolio
Our selection process results in a portfolio combining long-term quality, attractive valuations and strong balance sheets. On average our portfolio companies enjoy double the market’s return on equity, an earnings multiple that is up to 70% cheaper than the market, and a significant net cash position.
We are a multilingual team based in Hong Kong, an ideal location to conduct due diligence across Asia Pacific. The partners have made a significant personal investment in the funds, allowing for better alignment of interests with our investors. We believe that our success depends on our communicative and collaborative approach, the sharing of data and leveraging one’s another strengths and expertise.
Ascender Capital advises two separate funds deploying the same investment process:
- Launched in 2012
- Absolute return fund
- Focus on Asia including Japan
- Long biased with market hedging
- Monthly liquidity
- Focus on capital preservation - consistent positive returns every year since inception*
- Received the 2019 Best Asia including Japan Fund Award from HFM AsiaHedge
- Launched in 2017
- UCITS fund
- Focus on Asia including Japan
- Weekly liquidity
- Outperformed the MSCI AC Asia benchmark since inception
Portfolio of high-quality businesses bought at attractive valuation
Outperformance combined with capital preservation
Focus on intrinsic qualities of business models
Engage with management as former entrepreneurs and senior business executives
Partners with significant investment in the funds
Invest in management teams we can trust