Partner and Fund Manager, River Valley Asset Management

Jamshed Desai

Partner and Fund Manager

Singapore-based boutique asset management firm

River Valley Asset Management

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

Thematic (Sector/Industry)

<p>The bear arguments for not owning tobacco are beginning to sound like scratched LP records to us. It is all in the price, as they say. It would be worth casting an eye on the valuations of tobacco stocks globally and a few regional listed entities to illustrate how significantly they have derated in recent times. Looking at sell-side consensus estimates too, earnings expectations of investors over the next 2-3 years are perhaps better now from what they were three years back and yet stocks trade at trough multiples.</p><p>Putting it all together, we are at an important inflection point for tobacco stocks across the world. The business is transitioning in the safe hands of large well-funded multinationals that have stood the tests of time. Their cash-flows are far from being threatened by regulation or technological disruptions. The current state of flux in fixed income markets has slammed the brakes on these stocks, which we think is temporary. Truly long-term value-biased investors with a penchant for cash-flows and yield ought to consider tobacco stocks here and now.</p>

The bear arguments for not owning tobacco are beginning to sound like scratched LP records to us. It is all in the price, as they say. It would be worth casting an eye on the valuations of tobacco stocks globally and a few regional listed entities to illustrate how significantly they have derated in recent times. Looking at sell-side consensus estimates too, earnings expectations of investors over the next 2-3 years are perhaps better now from what they were three years back and yet stocks trade at trough multiples.Putting it all together, we are at an important inflection point for tobacco stocks across the world. The business is transitioning in the safe hands of large well-funded multinationals that have stood the tests of time. Their cash-flows are far from being threatened by regulation or technological disruptions. The current state of flux in fixed income markets has slammed the brakes on these stocks, which we think is temporary. Truly long-term value-biased investors with a penchant for cash-flows and yield ought to consider tobacco stocks here and now.

United Kingdom

Imperial Brands PLC operates as a consumer goods company. The Company manufactures, markets, and sells cigarettes, cigars, pipe and smokeless tobacco, snus, e-cigarettes, and other tobacco products, as well as logistics business. Imperial Brands serves customers worldwide.

Imperial Brands (IMB LN)

Don't Stub This Butt!!!

The bear arguments for not owning tobacco are beginning to sound like scratched LP records to us. It is all in the price, as they say. It would be...

River Valley Asset Management