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RESEARCH & INSIGHTS

MARKET COMMENTARY

PORTFOLIO

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FUND LETTER

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RESEARCH & INSIGHTS

MARKET COMMENTARY

PORTFOLIO

PEOPLE

FUND LETTER

Contact Us

1st Half 2025 Fund Letter

Jun 15, 2025

RESEARCH & INSIGHTS

Featured

Sep 10, 2025

UBTech & Humanoid Investment Framework

Sep 10, 2025

UBTech is one of the earliest humanoid company in China. It’s based in ShenZhen, the tech hub of China. We believe humanoid has entered rapid development phase as capital and talent flows in. We could see massive commercialization three to five years from now.

Sep 10, 2025

Sep 7, 2025

Harmony Auto - Dealership Turnaround

Sep 7, 2025

Harmony Auto is a Chinese auto-dealer group historically focused on premium ICE brands in China. In recent years it has pivoted to become BYD’s key overseas retail partner, building and operating BYD-branded showrooms across Europe, Australia and other markets. This partnership gives Harmony a first-mover position in BYD’s international expansion, which is expected to accelerate through 2030. Harmony also maintains a sizeable after-sales and maintenance business in China.

Sep 7, 2025

Circuit Fabology Microelectronics Equipment - Domestic Champion

Sep 7, 2025

Circuit Fabology Microelectronics Equipment Co., Ltd. (“CFMEE”) is a Chinese maker of high-precision lithography systems for the PCB and semiconductor industries. CFMEE is the world’s largest supplier of PCB direct imaging equipment, with ~15.0% global market share by revenue in 2024.

Sep 7, 2025

Aug 21, 2025

Samsara (IOT) - On the Road

Aug 21, 2025

Samsara is an exceptional growth company that demonstrates the hallmarks of a long-term compounder: a clear mission, high recurring revenue, strong net retention, and expanding operating leverage. Its platform has become mission-critical for customers by connecting physical operations to the cloud, driving efficiency, safety, and compliance. Valuation has contracted back to 10x FWD Sales, we believe Samsara’s category leadership, strong execution, and large underpenetrated market give us confidence it can sustain durable growth and expand margins over time.

Aug 21, 2025

Fair Issac Corporation (FICO) - Owner Forever

Aug 21, 2025

FICO is a phenomenal business that embodies nearly every hallmark of a great company: durable competitive advantages, high margins, an easily understandable model, and proven pricing power. While it faces near-term challenges—from elevated interest rates suppressing mortgage volumes to regulatory scrutiny over its dominant market position—we believe these pressures are cyclical or political in nature, not structural. FICO’s entrenched role in U.S. lending and capital markets positions it to weather the storm and continue compounding value over the long term.

Aug 21, 2025

May 23, 2025

Streammax (SZ002970) V. Samsara (IOT) - A study

May 23, 2025

Streamax Technology Co., Ltd. is a Chinese company that specializes in intelligent mobile video surveillance and fleet management solutions. Founded in 2002 and headquartered in Shenzhen, Streamax provides hardware and software systems that enable real-time monitoring, data collection, and analytics for commercial vehicles.

In this article we are comparing Streamax with Samsara, a US comparable with highly similar business lines. We believe Streamax will benefit from the same trend in the growing adoption of telematics at a more reasonable valuation.

May 23, 2025

May 18, 2025

Ruifeng Lubricants - Following Buffett’s Work

May 18, 2025

Warren Buffett acquired Lubrizol in 2011, citing its favorable competitive dynamics, pricing power, and growth in emerging markets. We found a similar company in China, that is coming up to challenge the blockade in lubricants additives by the big four. The company matches our investment criteria and we believe this company could deliver long term capital return.

May 18, 2025

MARKET COMMENTARY

Featured

Sep 7, 2025

BYD - New Dawn

Sep 7, 2025

BYD is facing challenges from all sides and a declining quarter. It takes courage to see the new dawn.

Sep 7, 2025

May 7, 2025

Thoughts after Berkshire Meeting

May 7, 2025

Warren Buffett is the legend and role model for all of us. He embodies the American Dream and what America stands for; optimism, integrity, persistence and hard work. He showed us that we can make a living not by insider trading and all the negative things people associate with the financial markets, but by actually creating value. And the challenges I saw to Berkshire’s business models.

May 7, 2025

Mar 23, 2025

Uber - Story Change

Mar 23, 2025

We discussed how Uber story has changed from duopoly ride hailing platform to a business harvesting cashflows before end of life disruption by Autonomous driving.

Mar 23, 2025