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Asia ex-Japan consumer sector long-only analyst.

Chan Wai Leong

Thematic (Sector/Industry)

China Consumer discretionary / Thematic (Sector/Industry)

This paper addresses the structural changes in external investment research.
Traditional sell-side research does not meet the needs of fund managers. The reasons for this are complex but the net effect is fees paid to external research are shrinking. To address this trend,
<ol>
<li>Note that buy-side research can be outsourced. External research can be customized to meet the needs of a select group of fund managers, thereby increasing its relevance to that group.</li>
<li>Recognizing that breadth of coverage is just as important as depth.</li>
<li>Place the needs of the fund managers above the desires of corporates.</li>
</ol>
Making money in the stock market is easy; outperforming the peer group is a zero-sum game. Still, it is possible to outperform the market. A conservative portfolio that can patiently wait for extraordinary opportunities may skew its distribution of returns to the upside. To conclude, I introduce a model portfolio for APxJ consumer sectors.

This paper addresses the structural changes in external investment research.
Traditional sell-side research does not meet the needs of fund managers. The reasons for this are complex but the net effect is fees paid to external research are shrinking. To address this trend,

Note that buy-side research can be outsourced. External research can be customized to meet the needs of a select group of fund managers, thereby increasing its relevance to that group.
Recognizing that breadth of coverage is just as important as depth.
Place the needs of the fund managers above the desires of corporates.

Making money in the stock market is easy; outperforming the peer group is a zero-sum game. Still, it is possible to outperform the market. A conservative portfolio that can patiently wait for extraordinary opportunities may skew its distribution of returns to the upside. To conclude, I introduce a model portfolio for APxJ consumer sectors.

Inner Mongolia Yili Industrial Group (A) (600887 CH)

AxJ Consumer Sector: A Different Approach to Investment Research and Model Portfolio