But the main focus seems to be value. So Michael, why value stocks in that part of the world? And there are many ways you can justify investing in the region. And they are in completely different industries. And what percentage of your own portfolio is allocated to these Asian value stocks? I came here The first time I came to Asia was as an exchange student to India of all places. And that was a great experience.
I ended up wanting to go back. I did so by studying Chinese in Peking University in China. And after that, I found a job in Shanghai working for a fund. And then I spent over 10 years working on the buy side for different funds, family office, hedge fund. I spend a lot of time analyzing and thinking about them, and I want to have the greatest portion of my assets in stocks that I really have conviction in. So my learning is that a lot of these stocks are value traps in many ways.
So what are your thoughts on this and how do you avoid investing in such stocks? Because if a stock is really undervalued and the management cares about it, they can easily just repurchase shares, and that undervaluation will go away in a few months. So those are the situations that I will look for. And in terms of these cheap stocks that are just mismanaged, what you can do is you can invest in companies that have activist investors in their shareholder register, and they may be able to affect change in them.
So if you are a minority investor in these companies that are currently targeted by activist investors, then you could potentially make money in these, you know, stocks that have been cheap for a very long time. So I would say always look for a specific catalyst.
That makes sense. And how are you— because I mean, the whole situation right now is very complicated in the world with the energy crisis, with the food crisis. Prices are shooting up for the two. And quite a few countries in your region are net importers of both. So how are you— is that impacting your portfolio? Are you reallocating? How are you approaching the situation?
And you can also see the high commodity price as a catalyst, because some of these companies will have amazing dividend yields. But I think definitely double digits, I think. So pretty attractive. They used to have a PE ratio of 11 times, roughly. The Yen has been weak for different reason. But it is an importer, and the Philippines is often an importer, the currency has also weakened.
So if you want to have exposure to countries that benefit from the current commodity boom, then you probably want to have exposure to Indonesia and Malaysia, to be honest. For some reason, this has been a calm, you know, in a global sea of volatility. I see the same with my shares on various small African exchanges, and in Uzbekistan, as well.
And then the high dividends keep coming in. So when I look at China, and I look at Chinese stocks, and I look at some of these, especially the value ones that you mentioned in your substack, that are very attractive, very well managed, they have operations all over the world, etc.
Western retail investors are going to get immediately locked out of their Chinese stocks, not just by the Chinese, but also by their own governments in the West. And this potentially could apply to Hong Kong as well. Because as soon as something happens, boom, you get frozen, and you get punished. And I mean, Russia is just, you know, the most vivid example, but there are many countries that have imposed restrictions on capital outflows.
And if there is an Iron Curtain being erected or, in Asia, they call it Bamboo Curtain, it could well happen. Otherwise, it will be stupid to keep all the money in bank accounts, you would lose purchasing power. And I agree with you, you probably do not want to have too much exposure to Chinese equities as a foreigner versus as a Chinese, yes, of course, you should invest in your local market.
And then I will probably not reinvest in Chinese equities. Because I think the private companies are increasingly at risk of being targeted by the states. Jack Ma has pretty much quit. So state-owned enterprises is definitely preferable. But if you get capital controls being erected, again, I mean, if there are capital controls suddenly imposed in Hong Kong, for example, that would probably only happen in a war. Those are, for the most part, democracies and they are not necessarily US allies, but more so.
I want to invest where I think my capital is going to be treated the best. But now, because of the passport I carry around, or the citizenship I have, that I invest with, I can find my capital being frozen. The Eurekahedge Asia index up 4 percent through September, and Asian macro hedge funds, which focus on major economic trends and events, have gained just 0. Chan said bets on Singapore government bonds, Indian and Indonesian stocks have paid off, without disclosing details of individual trades.
He also made money going long on currencies such as Singapore dollar and trading the Indonesian rupiah. His winning trades were boosted by two-times leverage, enhancing the overall returns for the hedge fund to 60 percent. He has taken some money off the table expecting markets to quieten down ahead into the end of , but he still likes government bonds, with Singapore his favourite due to the fiscal surplus and large foreign exchange reserves.
He is not looking to raise billions of dollars to manage and has not actively marketed the fund. I think money will come.
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