Risk Disclosure
  • GaoTeng Penguin Asian High Yield Fund (the “Fund”) primarily invests in debt securities in Asia and Emerging Markets. The Fund may also use financial derivative instruments such as Convertible Bonds, Forward Currency Exchange Contracts and/or Non-deliverable Forward.
  • The Fund is exposed to derivative risk as the derivative values can rise and fall at a greater rate than equities and debt instruments. Losses can be greater than the initial investment.
  • The Fund’s assets may decrease because of sovereign acts and political transformation, which may also influence free trade of currency. In addition, risk may arise because of restricted information possibilities in addition to less stringent supervision and control of certain markets. The performance of these markets may be subject to significant volatility.
  • The Fund invests in emerging markets which may involve increased risks and special considerations such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Fund is exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in. The Fund may also invest in debt securities rated below investment grade or unrated which are generally subject to lower liquidity and higher volatility. The Fund can invest a material part of its assets in high-yield bonds, these bonds carry a higher risk of default.
  • The distribution of this Fund and the offering or purchase of the Shares in the Fund may be restricted in certain jurisdictions, in particular the Fund has not been authorised by the Securities and Futures Commission, it is not meant to be distributed to the public of Hong Kong or Mainland China. Investors should ensure that the intermediary has advised to you whether this Fund is suitable to you.
  • Investors should not invest in this Fund based solely on the information provided herein, and should read the relevant offering documents particularly the investment policies and risk factors for more details before investing.
  • The Fund is a Sub-Fund of GaoTeng Fund ICAV, Lemanik Asset Management S.A., Dublin Branch is the Manager of the Fund, and GaoTeng Global Asset Management Limited is the Investment Manager of the Fund. The Fund is authorised by the Central Bank of Ireland as a UCITS within the meaning of the UCITS Regulations. The Central Bank’s authorisation is not a recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance. It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
Reach for Yield
We believe 'Reach for Yield' will remain a dominant theme as global central banks extend their help to keep money loose against a backdrop of global economic slowdown. With negative yielding assets accounting for over 20% of global fixed income securities, high yield bonds will be a highly sought after asset class.
Strong Asia Credit Returns in 2019
2019 saw the second highest total returns for Asia credit since the global financial crisis.
The strong performance was driven by both the rally in UST (United States Treasury) and credit spread tightening.
(Source: JP Morgan)
Asia High Yield Remains an Attractive Asset Class
Asia high-yield to high-grade spread is still at the wides, providing spread compression opportunity.
Relative to US and European HY, Asia HY has the most attractive valuation.
At present, yields are even more compelling at 6-year high due to market dislocation brought about by the pandemic*.
Superb entry point for investors to lock in income as well as capture capital gain.
(*Source: Bloomberg, GaoTeng; as of 30 March 2020)
Seasoned Investment Team
Desmond How
MD, Head of Fixed Income
Top-Ranking Fund Manager with Award-Winning Strategy
Desmond How has won The Most Astute Investors by The Asset in Asian G3 Bonds for 12 times from 2006 to 2019 and been ranked No.1 for 8 times. His Emerging Markets long-short strategy won his team No.1 Top Investment House (Hedge Fund) by The Asset in 2015 and 2016. The Asian bonds strategy under his management was awarded The Best Asia Fixed Income Fund (3-Year Risk Adjusted) by AsianInvestor in 2007.
Research’s deep experience in credit analysis and security selection
Kasemsak Charoensiddhi won The Most Astute Investor (Highly commended) by The Asset in Asian G3 Bonds for 2019. He was voted as one of the Best Sell-Side Analysts by FinanceAsia in 2009 and 2010, and his team was ranked by FinanceAsia as one of the Best Fixed-income Research Houses in Asia from 2006 to 2011.
Kasemsak Charoensiddhi
MD, Credit Strategist
Investment Process: A Methodical Five-Step Loop
Portfolio Manager
Macro Scan for Risk Budgeting
Research Head
and Strategist
Theme Identification for Country/
Sector Allocation
Research Head
and Credit Analysts
Fundamental and Valuation Analyses for
Security Selection
Portfolio Manager
and Trader
Allocation Strategy and Trade Sizing
Portfolio Analyst
and Risk Officer
Portfolio Alignment and
Risk Monitor

Disclaimer

The above content is strictly for information purposes only, and does not constitute or shall not be considered as, an offer, solicitation, or recommendation, to deal in any securities, investment products, or funds.

Investment involves risk. Past performance is not a guide to future performance. Investors may not get back the amount they have invested. The value of investments and the income received from them (if any) may be volatile and could change substantially within a short period of time.

Any information and data from third parties is based upon sources believed to be reliable, but no representation or warranty is given to its accuracy or completeness. Any forward-looking statements regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results.

The above content is issued by GaoTeng Global Asset Management Limited and has not been reviewed by the Securities and Futures Commission or the Central Bank of Ireland.