Investment Process

• Initial quantitative screen is complemented by independent secondary research
• Strict fundamental analysis of possible investment targets focusing upon qualitative and
  quantitative factors
  • Qualitative: Clear and focused management strategies, transparency and corporate
                        governance
  • Quantitative: P/E, price to book, earnings growth, ROE/ROA, positive cashflow, gearing
• Regular company visits to identify analytical anomalies

Investment Controls

• Market capitalization and liquidity controls on individual positions
• Any change in an investment's fundamentals are actively reviewed
• Exit strategy identified before entry and actively maintained
• ComplianceAsia regularly reviews structural and operational issue