• Alma Victoire Asia SMID Fund invests in small and midcap equity
  • Management of the fund is delegated to Victoire Asia Investments Ltd.

Share Class


Cumulative Performance (%)

Fund Inception 9 September 2016

Daily Monthly Ytd 1Yr 3Yr 5Yr Incept. Incept.Date

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Strategy & Manager

Funds Strategy

Strategy focused on small and medium sized companies in higher growth, developing Asian markets (China, India, ASEAN and frontier)

  • Investment philosophy: identify attractively valued, high quality companies with stable and sustainable earnings through bottom-up, in-depth fundamental research
  • High convictions: concentrated portfolio of approx. 20 holdings
  • Benchmark: MSCIEM Asia SMID TR (MSSUEMAN Index)

Investment Manager

Victoire Asia Investment Ltd: an SFC regulated, Hong-Kong based fund management firm specialized in equity strategies in emerging Asia.

  • Aquico Wen, Victoire Asia’s founder and head of investments, was the chief investment officer of a LeggMason’s affiliate, emerging market specialist with over USD 3billion in AUM
  • Inception of the Victoire Asia SMID Equity strategy: November 2013

Key Persons

Aquico Wen, CFA, CPA, Head of Investments and Portfolio Manager

Prior to joining Victoire, Aquico was the Founder, Chief Investment Officer and the portfolio manager for both long-only and long-short strategies, the two principal products, of Esemplia Emerging Markets (London), a Legg Mason’s affiliate with over USD 3 billion in AUM. He led investment team of over 20 investment professionals, including portfolio managers, macro strategists, traders and operational staff.

Before that at Citigroup Asset Management (London, Singapore and New York), he was the Head of Emerging Markets and lead portfolio manager for GEMs portfolios, totaling over USD 5 billion in AUM. Prior to joining Citigroup, he was an investment analyst for the GEMs portfolio management group at JPMorgan Investment Management (New York) and prior to that a financial analyst for international cross border leasing practice at Price Waterhouse (New York).

He is a graduate in Economics with honors from Wharton School, University of Pennsylvania.


Young Chow, CFA CAIA Portfolio Manager and Senior Analyst

Prior to joining Victoire, Young was a portfolio manager and quantitative analyst for Esemplia Emerging Markets (London, Hong Kong), a Legg Mason’s affiliate. He has co-managed both the Long-Short and Alpha Extension funds. He has researched small-cap companies outside the main coverage of sector analysts and special situation corporate events as supplemental alpha ideas for the hedged strategies. In addition, he has formulated hedging strategies through the use of derivatives instruments such as options, swaps and futures. Young was responsible for all quantitative functions at Esemplia Emerging Markets.

Before that at Citigroup Asset Management (London, Melbourne), he was the quantitative analyst for GEMs equities, responsible for developing and providing comprehensive quantitative risk assessment and monitoring tools for the team.

He is a graduate in Science and Engineering (concentrations in Applied Mathematics and Mechanical Engineering) with honors from the University of Melbourne.


Philip Lam, Junior Financial Analyst

Prior to joining Victoire, Philip was an auditor at Ernst &Young in Hong Kong, covering various industries in Hong Kong and Mainland China. In addition to auditing financials of various corporates across industries, he performed due-diligence and valuation analysis as well as tested his clients’ internal controls.

Philip graduated from University of Hong Kong with honors in Accounting and Finance

Statistics & Commentary


The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Sector Breakdown as a % of AUM

as of 30/04/2019

as a % of AUM

as of 30/04/2019

Portfolio Characteristics

as of 30/04/2019
Main indicators Fund Index
No. of equities 17 1515
Weighted Average Market Cap ($bn) 11.9 2.6
Median Market Cap ($bn) 4.0 0.9
Dividend Yield (%) 2.4 2.9
Price/ Earnings 11.4 12.6
Price/ Cashflow 8.1 8.3
Price/ Book 1.6 1.4
Volatility since inception (%) 13.2 15.0
Active share (%) 99.2 -
Beta since inception 0.7 -
Tracking error since inception (%) 9.4 -
Sharpe ratio since inception 0.3 0.2
Information ratio since inception 0.2 -

Top 10 Position Details

as of 30/04/2019
Security name Sector % AUM
Samsung Sdi Co Ltd Information Technology 8.19
Midea group Co Ltd-A Consumer Discretionary 8.01
Metropolitan Bank & Trust Financials 7.10
Security Bank Corp Financials 5.39
Military Commercial Joint Financials 5.10
Nexteer Automotive Group Ldt Consumer Discretionary 5.04
Haitian International HLDGS Industrials 4.89
Globalwafesr Co Ldt Information Technology 4.76
Siam Commercial Bank-Foreign Financials 4.67
Sk Hynix Inc Information Technology 4.60

Investment Manager's Commentary

as of 30/04/2019

Market Review and Outlook

In April, Asian equities closed with a slight drop of -0.08% (as measured by the Fund’s benchmark MSCI EM Asia SMID), pausing the
recovery sustained since the start of the year. Despite of the strong start in April, Asian markets turned in the middle of the month, when
optimism from trade talks, positive economic readings in China and improved global growth outlook gave way to concerns of a tapering of
Chinese policy stimulus, soft regional economic data outside U.S., collapsing bond yields and a surging USD.

While these macro detractors casted a shadow over Asian markets, performance of individual markets diverged. Thailand, Malaysia,
Taiwan and China remained resilient and contributed positive returns. Among all, Thailand stood out with meaningful gain of 3.6% fueled
by the new stimulus package approved by the Cabinet and strong inflow led by local institutional investors. For Malaysia, despite fears over potential debt exclusion from FTSE Russell WGBI Index, closed with slight gain of 1.9% largely due to cheers for the revival of the East Coast Rail Link project at lower cost and the resumption of the Bandar Malaysia deal after an abrupt cancellation by the previous government. Moving North, Taiwan delivered 1.6% benefiting from improved PMI readings and general expectations of semiconductor inventory correction coming to an end by mid-year. China slowed down and closed flattish at 0.8%, driven by profit taking activities after three months rally, and concerns over potential policy stimulus roll back after strong 1Q results. On the opposite spectrum of returns, India and Philippines closed at -3.1% and -2.1%, ranking as the worst performing countries. After the spike in March on prospects of a decisive BJP victory in the upcoming general parliamentary elections, performance of Indian equities reversed on profit taking and weakening of INR. For Philippines, the monthly performance was mainly dragged by financials sector which was negatively impacted by higher funding costs delaying investors’ expectations for expansion of net interest margins.



The Fund gained 2.4% in April, outperforming its benchmark and supported by the strong performance of some of its holdings and the
absence of any significant decliners despite the broader market uncertainties. The largest positive contributor was Nexteer Automotive, the leading steering column manufacturer shot up 26.7% and added 1.3% return contribution to the portfolio. In addition, Haitian International (+11.3%), the largest manufacturer of plastic injection machines added another 0.7% in return contribution, followed by Globalwafers (+10.9%), the 3rd largest silicon wafer maker supplying to chip makers, and Samsung SDI (+7.1%), the leading Korean lithium batteries manufacturer, each adding 0.5% to the Fund. Midea continued to contribute alpha, maintaining this trend since start of the year, the national known domestic appliance maker appreciated a further 7.3% in April and given its sizeable calibration (over 8% of the Fund), contributed another 0.5% to the Fund’s returns. While most holdings in the Fund performed well in April, as always, there were a few exceptions with the two major detractors Hangzhou Robam (-9.6%), which witnessed some profit taking after the strong spike in March and Metropolitan Bank (-6.4%), which pulled back on general concerns over a decelerating earnings profile for FY19. Individually, Robam and Metrobank, each detracted about -0.5% of returns for the Fund.

In terms of cash level and trading activity, the Fund saw cash levels decline to a more reasonable level of 15.5%. While the strong performance in some of our core holdings so far this year led us to take profit and consequently raise cash during the first quarter, we have been diligently recycling the idle capital to both new or existing ideas with more supportive valuation and alpha potential. We seized the opportunity to take profit from the few names that had performed well and that consequently had grown in exposure size. Namely, we reduced our exposure on Nexteer Automotive, Haitian and Globalwafers, our top three performance contributors this month. Following our principles of only investing in companies where we developed high levels of conviction, this month we further added to Vietnam Prosperity Bank, the dominant player in consumer lending and Security Bank in Philippines. Both financial companies have now become two of our core positions after the gradual build up process. It is worth pointing out that while we adopt a long-term investment horizon, given our high conviction and concentrated approach, trimming positions that have performed well to ensure proper calibration of our future return expectations and valuation upside is an integral part of our portfolio management process. We aim to maintain the portfolio fully invested (<10% cash) but accept temporary rise in cash levels as we continuously uncover attractive opportunities without compromising on our stringent selection criteria.


Facts & Documents


Fund Domicile: Luxembourg

Management Fee: 1.00% p.a. for I shares


Fund Launch: 9 September 2016

Base Currency: USD

Depositary, Administrator, Transfert Agent: BNP Paribas Securities Services (LU)

Dealing: Each day with a 1-day notice

Cut-off time: 12 pm CET

Management Company: Alma Capital Investment Management (LU)

Investment Manager: Victoire Asia Investments Ltd (HK)


Institutional USD Capitalisation share class
ISIN: LU1432386016   Ticker: AVASMIU LX    Launch: 9 Sep 2016


  1. ACIF Prospectus
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available upon request