Fund managers diary
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Bill Sung manages the Absolute Asia Pacific Rim fund. His diary runs from October 30 to November 5.
Friday A Chinese automotive company I met last month on one of my fact-finding trips to China announces restructuring plans. I discuss the potential impact with some brokers and analysts and conclude that the restructuring should spur a quick turnaround, and place some orders on this conviction. Property sales and property stocks have done well in Singapore recently, so I use my lunchtime today to take a quick tour of several properties. Then it is back to the office for a client meeting on our flagship Pacific Rim fund. Attend annual gala dinner with ex-colleagues from Morgan Grenfell, hosted by our ex-CEO. It is also an opportunity to hear what my peers think about the market.
Saturday I take a morning flight back to Hong Kong to spend the weekend with family.
Sunday Play badminton with my family, then fly to Taiwan. Cheerfully accept an upgrade to business class. I notice a significant number of Taiwanese on board who transited in Hong Kong rather than travelling cross-strait through the recently initiated direct flights. I make a mental note to investigate further. After touching down, it was straight to the hotel, where I check emails, prepare for meetings, and turn in after midnight.
Monday The new day starts bright and early with a NT$155 (£3) Starbucks set meal. I meet Gary, the manager for our Emerging Asia fund, who has flown in from Singapore. One of the companies we see is a children’s clothing manufacturer we have owned for several years, which reassures us that its China expansion is tracking well.
Tuesday A second day of company visits, mainly of domestically oriented companies. A karaoke chain operator shares with us that its business in southern Taiwan is struggling on a weaker southern economy, suggesting that the central government is either neglecting the south or does not know how to revive it. This could lead to serious socioeconomic issues, and will be worth monitoring.
Wednesday We meet technology companies, including an online game developer, a PC peripherals supplier, a mobile chipset designer, and a TFT-LCD manufacturer. Besides anticipated notebook market growth, the company is also supplying camera modules and power supplies for a revolutionary add-on to a popular gaming console, and is also experiencing excellent growth in its digital video (DV) segment.
What better way to test the products, than to try them myself. So I buy a DV product from the company. In the evening, it is back to the hotel, where I reply to emails, grab a few buns for dinner and then teleconference into our company’s audit committee and board meetings which lasts until 10.30pm. Still feeling rather energetic, I trek down to a 24-hour bookstore, where I stay until 1am, and return with several new books.
Thursday The highlight of today is the grand opening ceremony of the Taiwan subsidiary of Natixis Global Associates International. Absolute Asia is one of the almost 20 affiliate fund managers of Natixis Global Asset Management, and many other senior staff from the company also fly in from all over the world to attend the ceremony. It is great to catch up with all of them. My new toy, the DV product, comes in pretty handy.
Then I take another full flight in the afternoon back to Hong Kong and, before heading home, attend a good meeting with the management of a red chip company we own.
