The team at the Hong Kong Jockey Club is one of the most sophisticated investment groups in the region.
The Club has been at the forefront of investing into alternative investments and diversifying across the capital structure, but, importantly, without sacrificing liquidity.
The HKJC now boasts probably the most diversified portfolio, and the most active approach to asset allocation, of any institutional investor in Asia.
On a short-term basis, some of these products have been a drag on total returns, but over time the track record is impressive. Moreover, the Club has proven adept at manager selection, and its performance in each asset class has beaten its respective benchmarks. And those opportunistic strategies added since the 2008 crisis, such as credit hedge, distressed, emerging-market debt and secondary private equity, have all performed very well.
Equally important is the HKJC's strong sense of its fiduciary responsibility, and a well-designed governance structure. The Club’s officers have been generous sharing their experiences with some of the region’s newer, bigger investment groups.
Marquee-award decisions were based on competitive pitches, canvassing industry views and editorial judgment.