Borrowing ideas from funds, part 6
Estimated reading time: 19 minutes
Here’s yet another edition of my reviews of the key holdings of Asia-focused funds.
I will release new editions as time progresses.
I love VARECS Partners’ strategy of focusing on companies dominating their niches. The stock that intrigues me the most is the online auction platform Aucnet. The stock trades at a P/E of 8.5x and EV/EBIT of 2.5x. For reference, Thailand’s Union Auction trades at 20.5x and Copart at 30.0x.
Forager Funds seem to like niche software businesses. In any case, New Zealand’s Tourism Holdings fits into my personal positive view of Asian tourism. The stock trades at a consensus 2024e P/E of 11.6x, which does seem low.
Airlie Funds proclaims to have a value-focused strategy. But neither of their top positions trade at particularly low multiples. I suppose Tabcorp trades at an EV/Sales of 0.8x. I covered the stock in this prior deep dive here.
VinaCapital’s Vietnam Opportunity Fund is publicly traded and seems to give exposure to companies with high margins an…
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