Author: Steffie Vanessia

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Sohn Hearts & Minds 2022 – Jun Bei Liu, Tribeca Investment Partners

Tribeca’s Alpha Plus Fund Portfolio Manager Jun Bei Liu named China Tourism Group Duty Free Corporation, the largest duty free operator in China with around 90% market share and monopolistic position across most tier one city airports including Beijing and Shanghai, as her pick for the Sohn Hearts & Minds Investment Leaders Conference.

“The current share price of this company represents a phenomenal opportunity not only to the reopening of China but also to the substantial leverage to the structural grow of Chinese duty free spending.”

Jun Bei’s thesis is based on several key trends in the Chinese economy.

 

ABOUT TRIBECA’S ALPHA PLUS STRATEGY

The Tribeca Alpha Plus Fund is one of Australia’s longest-running equity long-short funds (inception 2006) and has consistently outperformed its benchmark, S&P/ASX 200 Accumulation Index, since inception by investing in listed Australian equities (long and short). Learn more here.

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Tribeca Asia Infrastructure Fund: Logistics Commentary

In this inaugural edition of Tribeca Asia Infrastructure Commentary, we delve into the world of logistics, which is over 10% of global GDP. We focus on the structural changes, challenges, opportunities and investment outlook for the sector. High quality companies in the logistics sector offer attractive growth profiles with the ability to develop moats around their businesses through operations and technology. The Tribeca Asia Infrastructure Fund ‘TAIF’ has ~18% of its exposure to market-leading logistics service providers across the Asia Pacific market.

 

TAIF remains constructive on the logistics sector given its attractive growth profile as well as the ability of companies to build moats around their operations and technology. During the pandemic, the sector managed volatility well, while acting as a backbone to the global economy which was severely affected by travel restriction. Post-pandemic, the sector’s profitability stayed higher than pre-pandemic levels. In addition, the market leaders gained market share, improved balance sheets and increased moats. While in near term, freight rates may soften further, the increasing complexity of the supply chain and the structural changes in global trade, we believe the market leaders’ profitability will remain much more resilient and less volatile compared to the pre-pandemic period.

 

TAIF has c18% exposure to logistics service providers as at the end of October 2022. This includes 3PL, freight forwarding, express/full/partial truckload and warehousing services in the Asia Pacific market. Companies in our portfolio are leaders in each of their respective areas. Despite long term robust growth outlook, the sector is relative niche and there is no exclusive ETF to get exposure to the sector.

 

Read the full article by clicking here.

 

Susanta Mazumdar is the Portfolio Manager for the Tribeca Asia Infrastructure Strategy, which aims to earn superior, risk adjusted total returns through a mix of long-term capital appreciation and cash yield by investing in infrastructure companies across the Asia-Pacific universe using an index-unconstrained concentrated portfolio approach.