Asia Leaders

by
Leo Wealth
A high conviction stock portfolio targeting leading Asian stocks. As Asia transitions from an export manufacturing hub to a global driver of consumptions, Asia's leaders today may become the global leaders of tomorrow.

Strategy Description

  • Asia is the fastest growing major economic region in the world and will remain so:
    • Asia’s GDP will overtake the GDP of the rest of the world combined in 2020 or 2021
    • By 2030, the region is expected to contribute roughly 60% of global growth
    • Asia will be home to 90% of the 2.4 billion new members of the global middle class
  • Yet most investors have minimal exposure due to the make-up of global indices, which are largely constructed by Western index providers; ~50% of GDP but only ~20% of MSCI All Country World
  • Asia is transitioning from the world’s factory to the world’s innovator. Asian companies are increasingly winning at home vs global companies and are now expanding beyond their borders.
  • Our Asia Leaders portfolio seeks to target the leaders in the highest growth sectors in Asia, namely healthcare, technology and consumer brands. These world class firms have a large and increasingly rich domestic audience as well as a sustainable competitive advantage by virtue of their intangible assets, which are difficult to clone or re-create. These include strong brand recognition, high levels of innovation, customer loyalty, government support and large distribution networks.

Portfolio Performance

20192020202120222023YTD
Portfolio (%)11.9820.35-14.22-16.2910.574.77
Annualized ReturnStandard DeviationDividend Yield
Portfolio3.69%16.75%3.6%

Allocation Breakdown

Asset Class


Equity99.53%
Fixed Income0
Commodities0
Cash0.47%

Geo


Australia6.14%
China31.78%
Hong Kong6.23%
Japan29.68%
Singapore9.67%
Indonesia2.78%
South Korea2.74%

Sector


Financials 16.62%
Industrials9.52%
Consumer Discretionary22.11%
Real Estate3.33%
Consumer Staples 5.98%
Materials 3.02%
Healthcare2.92%
Utilities
Technology11.51%
Energy3.11%
Communications21.4%

Top Holdings

Asset ClassWeight (%)
1. PDD Holdings Inc3.87%
2. Standard Chartered PLC3.68%
3. Tencent Holdings Ltd3.50%
4. Dai-ichi Life Holdings Inc3.49%
5. Kuaishou Technology3.45%
6. MINISO Group Holding Ltd3.33%
7. Swire Pacific Ltd3.33%
8. DBS Group Holdings Ltd3.31%
9. Nintendo Co Ltd3.30%
10. Mitsui & Co Ltd3.25%

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