The Niatross Investments Asia Opportunities Fund manages a concentrated portfolio of high-conviction, listed equity investments, constructed using fundamental, financial analysis. We are patient, medium-duration, bottom-up investors, and believe our skill sets are best suited to longer-term investments.
Our goal is to generate exceptional returns through the cycle, while ensuring preservation of capital. To do this, the principal investments in the fund must exhibit meaningful discounts to probability-adjusted fair value, and most importantly, minimal downside risk.
Within Asia, we are generalists, and are benchmark, index, sector and country agnostic. We focus on finding businesses which are analysable, knowable, and where the possibility exists for high levels of conviction and independent, differentiated thought, such that a concentrated portfolio can be built.
All of our investments are value based: some may be in companies with low absolute valuation multiples, some may not be, but all trade at substantial discounts to our estimation of where fair value lies. Contrarian investments are embraced, and consensus positioning is avoided.
We do not fear market volatility, but rather, the permanent impairment of capital. Capital is decisively and clinically recycled into better opportunities, and is moved into cash when the opportunity set is limited. We believe that the use of cash, a highly liquid portfolio and no leverage is critical for our ability to withstand times of stress.
We invest in our own manner. That manner is the construction of a portfolio of fundamentally driven, high-conviction, concentrated positions which we intend to own over the medium term.
Our key tenets are Value, Conviction, Concentration, and Patience.