The Bamboo Strategy focuses on growth in Asia, particularly in themes such as tourism, wealth management, and the internet.
Investment may be in listed equities in mainland China, India, Hong Kong, Taiwan, Singapore, Thailand, Philippines, Malaysia, Indonesia, Australia, Japan, South Korea and Vietnam. The strategy may also buy Asian companies listed outside Asia.
The Strategy aims to generate value through careful stock selection in a concentrated, low turnover portfolio of 25-35 stocks. The Strategy seeks dividend-paying companies when possible. Long-only, stock picking with no ‘index hugging’, and an active-conservative management style. Target performance is 12% per annum, with MSCI Asia-Pacific as benchmark. The Strategy uses rigorous bottom-up research combined with informed macro decision-making to influence weighting.
The Strategy was launched in April 2015 as a Luxembourg UCITS (The Argos Bamboo Fund). In October 2015, a Delaware LP was launched to render the Bamboo Strategy more accessible for North American investors (Bamboo Asia, LP).
The Indian Ocean Strategy seeks to find value and growth in India, Pakistan, Sri Lanka, Bangladesh, Vietnam and Mauritius. As other regional markets develop, such as Myanmar, they may be added to the Strategy. The Strategy aims to generate both dividend income and capital appreciation. The Fund may also buy geographically relevant companies listed in other markets.
The Strategy aims to generate value through careful stock selection in a managed, low turnover portfolio of 50-80 stocks.
The Strategy is long-only with no ‘index hugging’, and an active-conservative management style. Target performance is 12% per annum. The benchmark is 75% MSCI India and 25% MSCI Asia Frontier Markets.
Management will undertake rigorous ESG studies, with particular attention to corporate governance and shareholder value for money.
On 1 December 2016, Lloyd George Management launched the strategy as a Cayman Fund in a US Master-Feeder structure. The strategy is accessible to both US and non-US professional investors.
Lloyd George Management works with family offices to develop Asian investment management strategies. The firm manages tailored equities portfolios.
Chairman and CIO
Mr Lloyd George was educated at Eton and Oxford University (MA). He began his investment career in London in 1974 with Coutts & Co. Mr Lloyd George subsequently worked at the Paris Stock Exchange and at a major bank in Brazil.
He is best-known for founding Lloyd George Management (now known as BMO Global Asset Management) in 1991, later forming partnerships with Eaton Vance, Mirabaud and Sal Oppenheim. There, he developed long-only funds for China, India, GEM and BRIC.
Lloyd George Management was bought by Bank of Montreal in January 2011, and Robert Lloyd George retired from Lloyd George Management in 2014.
Mr Lloyd George was previously Managing Director of Indosuez Asia Investment Services in Hong Kong from 1984, launching the first closed end country funds for Thailand, Indonesia, Philippines, China and India. In 1978, he joined the Fiduciary Trust Company in New York to work on international investments for the UN Pension Fund.
In 2015, he established Lloyd George Management (HK) Limited to build on his forty-year track record of investing in Emerging Markets.
Mr Lloyd George published several books, including Guide to Asian Stock Markets (1989), The East West Pendulum (1991), North South (1994), David & Winston (2005) (he is a great-grandson of the former Prime Minister David Lloyd George), The East West Pendulum Revisited (2005) and A Modern Plutarch (2016). He is an advisor to the IMF Staff Retirement Plan.
Chief Operating Officer
Prior to joining Lloyd George Management (HK) in March 2015, Mr Royds spent 8 years as Chief Operating Officer for two Hong Kong based regional investment funds. In these roles, he was variously responsible for business management, operations, fund marketing, investor relations and compliance.
Mr Royds started his career in London in 1986 as a Eurobond dealer, in which capacity he worked in Hong Kong from 1988 to 1990. In 1990, Mr Royds joined Schroder Securities, initially on the convertible and derivatives team in London, and subsequently as an Asian equity salesman in New York. In 1996 he joined ABN AMRO, returning to London in 1997 as Head of North Asian Equity Sales. In July 2000, he was transferred to Hong Kong where he was later promoted to Global Head of Asian Equity Sales. He left ABN in 2005, before joining Lehman Brothers in 2006 as Head of Asia and Japan Client Account Management. Mr Royds has a BA in Economics from the University of East Anglia.
Francis Goelet joined Lloyd George Management (HK) in May 2015, and his main focus is to generate investment recommendations for Japan and Southeast Asia. He started his career in New York working for a private equity group where he purchased distressed and non-performing loans in the commercial and industrial real estate market. He participated in more than $120mm of acquisitions in the United States and Western Europe. Francis has an MA in Economic & Social History from the University of Edinburgh.
Alice Wang joined Lloyd George Management (HK) in June 2015. Her main focus is to generate investment recommendations for China. Previously, Alice worked as a brand consultant in New York for major global consumer brands, such as United Airlines, Google, and LVMH, and helped Groupon expand to China in a joint venture with Tencent. Alice graduated from Yale University with a BA in Humanities and a concentration in Chinese Intellectual History.
Justin Chan joined Lloyd George Management (HK) in July 2015, having interned at Lloyd George Management in 2012. His main focus is to generate investment recommendations for Hong Kong. Previously, Justin worked at Tocqueville Asset Management in New York, an investment firm with $13bn under management. As an analyst with a focus on U.S. equities, Justin assisted in the management of major discretionary portfolios for the Chairman. Justin was educated at Eton and graduated from Middlebury College, VT with a BA in Economics and Philosophy.
MD and Founder of Val-Q, Mumbai
Val-Q has a Portfolio Management Service (PMS) license from SEBI to act as a Portfolio Manager for Indian Investors and also advising the overseas fund. Before founding Val-Q, Mr Kothari was responsible for Lloyd George Management’s (now known as BMO Global Asset Management) Indian portfolios in a research and advisory capacity for nearly ten years. He worked as a fund manager at Alliance Capital AMC for three years before joining LGM in 2005. He has overall 22 years of experience in the Indian Capital Market and also worked as an analyst with BNP Paribas, IIT InveTrust and ASK-Raymond James. He holds a post-graduate management degree specializing in finance and graduated in chemical engineering from Mumbai University.
Senior Investment Analyst
Kartik S. Gada is a qualified chartered accountant from Institute of Chartered Accountants of India and graduated in commerce from Narsee Monjee college, Mumbai. He secured 46th rank all over India in the Chartered Accountant final examination. He has total work experience of 8 years. He was responsible for tracking Indian financial sector at Lloyd George Management (now known as BMO Global Asset Management). Prior to this, he worked at Goldman Sachs with the Asia financial services team.