The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
Walter Chang is the fundÆs investment director. He had formerly been working as a research analyst and equity salesman at Credit Suisse, UBS and CLSA. Susanna Lau is the fundÆs chief executive officer. She managed Sun Hung KaiÆs propertyÆs equity and bond investment portfolio for 10 years, including a discretionary fund for investing in Hong Kong and China stocks.
Kim Pao is ROCIMÆs research director. He had been head of research at Argyle Street Management, an Asian distressed assets/special situations fund. Before then he was a researcher of Asian convertibles at JPMorgan.
Currently ROCIM has about 25 investors, from friends and family, they hope to diversify into institutional money with a plan to raise assets up to $500 million in the next two years. The fundÆs strategy is Asia ex-Japan long/short. The investment philosophy is top-down thematic investing followed by specific stock picking
ôAmong other ideas, IÆm currently bullish on iron ore, which I expect to rise in price by at least 30% year-on-year in 2008,ö says Walter Chang, ôso IÆd be buying iron ore stocks and shorting steel makers, due to rising raw material prices and costs of transport. I also like the Asian asset reflation story and Asian consumption stocks.ö
Fees for investors are the usual 2% and 20%. There are no lock ups and monthly redemption is available on 45 days notice. Net exposure is currently 60%. The managers are targeting 25% returns per year, but are not at present targeting volatility.
The fund administrator is Fortis, the auditors are Ernst & Young, lawyers are Deacons and the prime broker is Credit Suisse.
The fund name stems from the roc, the mythological bird that attacked Sinbad the Sailor. However, the fund managers couldnÆt name their fund æRocÆ because after 1997, it has been forbidden for a firm in Hong Kong to use the name roc, even if it refers to the big bird, just in case it might be construed as being an abbreviation of æRepublic of ChinaÆ.
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