Ox Capital Management

About Ox Capital

Ox Capital Management Pty Ltd (OxCap) is an Australian-based boutique investment manager specialising in emerging market equities. Founded in 2021, OxCap brings together a team of experienced emerging market investors led by Dr Joseph Lai.

The OxCap team aim to deliver consistent outperformance by investing in high quality, undervalued, well-run companies that are exposed to the vast growth opportunities and long-term trends arising out of emerging markets.

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Ox Capital's Approach

OxCap’s investment approach is to identify the immense changes taking place in Asia and other key emerging markets and to find opportunities that can benefit from these changes. Put simply, the team aims to:

Identify good businesses that are positioned to take advantage of changing dynamics as a result of rapid economic growth in Asia and other key emerging markets.
Have the discipline to acquire these businesses only when they are cheap.
Protect the portfolio against periods of volatility using a combination of top down and bottom up quantitative and qualitative analysis. Otherwise let these companies compound.

Our Funds

Ox Capital Dynamic Asia Fund

Global Equities

The Fund aims to provide an absolute return and capital growth above the Benchmark Index over the long term. The Fund seeks to achieve its investment objective by investing in a portfolio of high-quality, undervalued, companies primarily in Asia (ex-Japan).

ESG

OxCap considers ESG issues (positive or negative) to form a natural and important part of the fundamental research process given the direct impact on the financial performance of companies. Consequently, all members of the investment team are charged with understanding the OxCap ESG philosophy and policies, and effectively applying them throughout the investment process. For information on the application of the Sustainable Finance Disclosure Regulation (SFDR), please refer to Ox Capital's website which provides disclosures and information for the sub-fund and the investment manager.

ESG is embeded in stock research.

The team exclude tobacco, controversial and other ESG problematic companies during screening.

Proprietary ESG scores and materiality maps are used to evaluate ESG risks.

OxCap’s engagement activity centres on constructive dialogue to encourage better ESG practices for companies.

OxCap is a signatory of the United Nations backed Principles for Responsible Investment.

Insights

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China Equities: The Time is Nigh

Chinese equities are trading at extremely attractive levels, and in our view, the outlook is highly prospective for long term investors.

Why Bother Investing in China?

The investment philosophy of Ox Capital is to buy champion businesses of the future when valuations are depressed. Typically, reason for the negativity is obvious. Our job, as long-term investors, is to look past short-term disruptions, and determine if the businesses possess strong economic moat which enable them to become champion companies in the future.

Revisiting the GFC playbook

Chinese equities are trading at mouth-watering attractive levels. In our view, the outlook is highly prospective for long term investors. As highlighted in our early January 2024 insights, we believe the issues facing the Chinese economy are well known and manageable! Many new policies and initiatives are being introduced to support and stimulate the economy. The economy will find its footing in 2024. Contrary to numerous pessimistic headlines, the Chinese economy is set to expand between 4.5% to low 5% range in 2024.

Team

OxCap brings together a team of experienced emerging market investors led by Dr. Joseph Lai. Dr. Lai and fellow Principals Douglas Huey and Alan Zhang collectively have over 45 years experience investing in Asian and emerging market equities.