Alpha Uncovered

🎙 Guests: Dale Zhang, Founder, Entrust Evergreen
🎙 Host: Alvin Fan (OPIM)

📌 Chapters

00:00 – Intro: What’s different about Entrust Evergreen’s approach?

02:33 – Why long-term investing and compounding matter

03:50 – A concentrated portfolio: fewer, better investments

08:05 – Outperforming the market when others struggle

10:14 – Filtering out bad investments: five risk management rules

17:37 – China’s market: finding value in overlooked stocks

22:44 – Big winners: Data centers, AI infrastructure, and Japan’s auto auctions

33:46 – Japan: Beyond the Buffett trade, what’s the real opportunity?

39:27 – What keeps Dale up at night? Managing risk and conviction

43:46 – China’s stimulus: Is the market missing the bigger picture?

49:39 – Looking ahead: Where’s the next big opportunity?

Dale Zhang, founder of Entrust Evergreen, joins Alvin Fan on Alpha Uncovered to share his insights on investing in Asia with a private equity approach to public markets. In this episode, Dale discusses his concentrated investment strategy, why long-term compounding matters, and where he sees opportunities across China, India, and Japan.
He also tackles the skepticism around China’s recovery, explains why investor sentiment often lags behind reality, and shares his thoughts on what makes a winning stock pick.
🔹 How does a private equity mindset apply to public markets?
🔹 Why concentration beats diversification in active investing
🔹 The market’s misplaced fears on China’s fiscal policies🔹 What’s next for India and Japan?
🔹 What keeps Dale up at night as a fund manager📅 Recorded on Dec 16 22, 2024

FOR INFORMATIONAL PURPOSES ONLY

This video shall not be published, circulated, reproduced distributed, or commercially exploited in any manner otherwise, in whole or in part, without the prior written consent of OPIM. Any trademarks, logos, and related intellectual property rights in this video are either owned by OPIM or other third parties. This video or any of its contents have not been reviewed by the SFC or any other regulatory body. All information is provided solely for informational purposes only and is neither to be taken as advice or recommendation for any specific investment product, strategy, plan, feature or other purpose in any jurisdiction nor intended as an offer or solicitation of an offer for purchase or sale of units of any funds, shares of securities or any financial instruments. This video or any of its contents do not constitute an endorsement, offer, or solicitation of an offer for the purchase or sale of any financial instruments or services by OPIM. All information including facts, opinions, projections, and estimates based on the judgement of the author is provided “as is” and may be subject to change without notice. OPIM has no obligation to ensure such updates are brought to your attention. The information in this video has been prepared from sources OPIM believes to be reliable and without consideration of the objectives, financial situations, or needs of any particular viewer. OPIM does not warrant the completeness, accuracy, or reliability of any material or information and does not assume responsibility for any error of facts or opinions or for damages arising out of any person’s reliance upon such material or information. You should make an independent assessment of any legal, regulatory, tax, credit, and accounting implications and consult with a professional advisor(s) as you consider necessary regarding any information provided in this video. Investment involves risks. Past performance, yields, and any predictions, projections, or forecasts on the economy, securities markets, or the economic trends of the markets are not reliable indicators of current or future results. Any figures, opinions or investment techniques and strategies referred to herein may be based on certain assumptions, evaluations, and current market conditions and are subject to change.

Recorded on 17 Feb 2025
🎙 Guests:
🔹 Gaven Cheong (Charles Russell Speechlys)
🔹 David Kim (Generative Assets)
🔹 Marco Lim (Solowin)
🔹 Martin Green (Cambrian Asset Management)
🎙 Host: Alvin Fan (OPIM)

📅 Recorded on: 10 Dec, 2024

🎙 Guest: Ruchir Desai, Co-Investment Manager, AFC Asia Frontier Fund

🎙 Host: Alvin Fan, CEO, OPIM

(00:00) - Teaser

(00:33) - Introducing Ruchir Desai & AFC Asia Frontier Fund

(02:05) - Why Frontier Markets Are Underresearched Yet Profitable

(05:10) - Navigating Macro & Political Risks in These Markets

(09:20) - Frontier Markets & Global Macroeconomic Cycles

(12:40) - Bottom-Up Research in Undercovered Markets

(16:05) - Demographics & Consumption Growth in Pakistan, Bangladesh & Vietnam

(20:32) - Sri Lanka’s Resurgence: Tourism, Trade & Indian Leverage

(26:10) - How Central Asia Is Thriving Amid Global Shifts

(30:25) - Georgia’s Black Sea Trade & Kazakhstan’s Fintech Boom

(36:15) - The Rise of Digital Banking & Super Apps in Central Asia

(41:05) - Investment Strategies: Large Caps vs. Small Caps

(45:18) - Why Frontier Markets Offer a Multi-Year Growth Opportunity

(50:12) - Lessons Learned from 12 Years in Frontier Investing

(54:30) - Closing Thoughts

In this episode, Ruchir Desai, co-investment manager of AFC Asia Frontier Fund, shares insights on investing in often-overlooked markets like Sri Lanka, Pakistan, and Central Asia. From demographic-driven growth to supply chain shifts and financial innovation, Desai explains why these economies are at an inflection point. We explore how macro risks are managed, why digital banking and fintech are thriving, and how investors can capitalize on this once-in-a-generation opportunity.

FOR INFORMATIONAL PURPOSES ONLY
This video shall not be published, circulated, reproduced distributed, or commercially exploited in any manner otherwise, in whole or in part, without the prior written consent of OPIM. Any trademarks, logos, and related intellectual property rights in this video are either owned by OPIM or other third parties. This video or any of its contents have not been reviewed by the SFC or any other regulatory body. All information is provided solely for informational purposes only and is neither to be taken as advice or recommendation for any specific investment product, strategy, plan, feature or other purpose in any jurisdiction nor intended as an offer or solicitation of an offer for purchase or sale of units of any funds, shares of securities or any financial instruments. This video or any of its contents do not constitute an endorsement, offer, or solicitation of an offer for the purchase or sale of any financial instruments or services by OPIM. All information including facts, opinions, projections, and estimates based on the judgement of the author is provided “as is” and may be subject to change without notice. OPIM has no obligation to ensure such updates are brought to your attention. The information in this video has been prepared from sources OPIM believes to be reliable and without consideration of the objectives, financial situations, or needs of any particular viewer. OPIM does not warrant the completeness, accuracy, or reliability of any material or information and does not assume responsibility for any error of facts or opinions or for damages arising out of any person’s reliance upon such material or information. You should make an independent assessment of any legal, regulatory, tax, credit, and accounting implications and consult with a professional advisor(s) as you consider necessary regarding any information provided in this video. Investment involves risks. Past performance, yields, and any predictions, projections, or forecasts on the economy, securities markets, or the economic trends of the markets are not reliable indicators of current or future results. Any figures, opinions or investment techniques and strategies referred to herein may be based on certain assumptions, evaluations, and current market conditions and are subject to change.

Recorded on 19 Nov 2024
Featuring🎙Ivan Chelebiev, Founder & CIO, Chicago Global
Host🎙Alvin Fan, CEO, OP Investment Management (OPIM)

FOR INFORMATIONAL PURPOSES ONLY

Recorded on 28 Oct 2024
🎙Convo with
Darren Kang, Co-Founder & CIO, LIFE Asset Management
hosted by Alvin Fan, CEO, OP Investment Management (OPIM)

In this episode, we’re featuring Darren Kang, LIFE Asset Management, one of Korea's leading activist investors. Darren and his team have pioneered a "friendly activism" approach in the Korean market, working constructively with family-owned conglomerates to unlock value while respecting the unique challenges of Korean corporate culture.

FOR INFORMATIONAL PURPOSES ONLY

Recorded on 16 Oct 2024
🎙Convo with
Rajesh Bhatia, CIO, Investment Trust of India (ITI)
hosted by Alvin Fan, CEO, OP Investment Management (OPIM)

In this episode of Alpha Uncovered, Alvin Fan sits down with Rajesh Bhatia, CIO of the Investment Trust of India, to discuss India's booming market and the strategies behind ITI's Long/Short Equity Fund. With over two decades of investment experience, Rajesh shares his insights on navigating market cycles, the 'Anything But China' trade, and India's rapidly expanding sectors like manufacturing, infrastructure, and tech. He explains how India's demographic advantages and capital expenditure cycle create long-term growth opportunities, while emphasizing a mindful approach to managing risk and seizing opportunities. Rajesh also reflects on lessons from his career, the importance of simplicity, and how to stay ahead in volatile markets.

FOR INFORMATIONAL PURPOSES ONLY

This video or any of its contents have not been reviewed by the SFC or any other regulatory body. All information is provided solely for informational purposes only and is neither to be taken as advice or recommendation for any specific investment product, strategy, plan, feature or other purpose in any jurisdiction nor intended as an offer or solicitation of an offer for purchase or sale of units of any funds, shares of securities or any financial instruments. This video or any of its contents do not constitute an endorsement, offer, or solicitation of an offer for the purchase or sale of any financial instruments or services by OPIM.

All information including facts, opinions, projections, and estimates based on the judgement of the author is provided “as is” and may be subject to change without notice. OPIM has no obligation to ensure such updates are brought to your attention. The information in this video has been prepared from sources OPIM believes to be reliable and without consideration of the objectives, financial situations, or needs of any particular viewer. OPIM does not warrant the completeness, accuracy, or reliability of any material or information and does not assume responsibility for any error of facts or opinions or for damages arising out of any person’s reliance upon such material or information. You should make an independent assessment of any legal, regulatory, tax, credit, and accounting implications and consult with a professional advisor(s) as you consider necessary regarding any information provided in this video.

Investment involves risks. Past performance, yields, and any predictions, projections, or forecasts on the economy, securities markets, or the economic trends of the markets are not reliable indicators of current or future results. Any figures, opinions or investment techniques and strategies referred to herein may be based on certain assumptions, evaluations, and current market conditions and are subject to change.

Recorded on 4 Oct 2024
🎙Convo with
Edward Leung, Sunrise SPC - Marshall Precious Metals Fund SP
hosted by Alvin Fan, CEO, OP Investment Management (OPIM)

In this episode of Alpha Uncovered, Alvin sits down with Edward Leung, Portfolio Manager of the Sunrise SPC - Marshall Precious Metals Fund SP, to explore the fascinating world of gold and silver investing. The speakers dive into the macro trends pushing precious metals higher, from geopolitical tensions to central bank gold buying sprees. Edward shares how his fund has strategically navigated the market—shifting from junior miners to major producers and eyeing the potential breakout for silver. They also discuss navigating risks in emerging markets, M&A opportunities, and what it takes to succeed in a volatile industry.

OPIM - ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn (OP Investment Management)⁠⁠⁠⁠⁠⁠⁠⁠ // ⁠⁠⁠⁠⁠⁠⁠⁠X (@opim_hk)⁠⁠⁠⁠⁠⁠⁠⁠ // WeChat (hedgefund_club) // ⁠⁠⁠⁠⁠⁠⁠⁠Website (www.opim.com.hk)⁠⁠⁠⁠⁠⁠⁠⁠

FOR INFORMATIONAL PURPOSES ONLY

This video or any of its contents have not been reviewed by the SFC or any other regulatory body. All information is provided solely for informational purposes only and is neither to be taken as advice or recommendation for any specific investment product, strategy, plan, feature or other purpose in any jurisdiction nor intended as an offer or solicitation of an offer for purchase or sale of units of any funds, shares of securities or any financial instruments. This video or any of its contents do not constitute an endorsement, offer, or solicitation of an offer for the purchase or sale of any financial instruments or services by OPIM.

All information including facts, opinions, projections, and estimates based on the judgement of the author is provided “as is” and may be subject to change without notice. OPIM has no obligation to ensure such updates are brought to your attention. The information in this video has been prepared from sources OPIM believes to be reliable and without consideration of the objectives, financial situations, or needs of any particular viewer. OPIM does not warrant the completeness, accuracy, or reliability of any material or information and does not assume responsibility for any error of facts or opinions or for damages arising out of any person’s reliance upon such material or information. You should make an independent assessment of any legal, regulatory, tax, credit, and accounting implications and consult with a professional advisor(s) as you consider necessary regarding any information provided in this video.

Investment involves risks. Past performance, yields, and any predictions, projections, or forecasts on the economy, securities markets, or the economic trends of the markets are not reliable indicators of current or future results. Any figures, opinions or investment techniques and strategies referred to herein may be based on certain assumptions, evaluations, and current market conditions and are subject to change.

Recorded on 20 Aug 2024
🎙Convo with
Markus Thielen, Founder, 10X Research
Marco Lim, Managing Partner, MaiCapital

In this captivating panel discussion, OPIM's CEO hosting industry experts Markus Thielen, Marco Lim, and Teong Hng to delve into a rare insider's perspective on the evolving crypto landscape. Rather than speculating on the market's future direction, they offer a nuanced analysis of the current state of the industry and the key factors shaping its trajectory.

OPIM - ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn (OP Investment Management)⁠⁠⁠⁠⁠⁠⁠⁠ // ⁠⁠⁠⁠⁠⁠⁠⁠X (@opim_hk)⁠⁠⁠⁠⁠⁠⁠⁠ // WeChat (hedgefund_club) // ⁠⁠⁠⁠⁠⁠⁠⁠Website (www.opim.com.hk)⁠⁠⁠⁠⁠⁠⁠⁠

FOR INFORMATIONAL PURPOSES ONLY

Recorded on 18 Jul 2024
🎙Convo with Ivan Chelebiev, Founder, Head of Investments, Chicago Global Capital hosted by Alvin Fan, CEO, OP Investment Management (OPIM)

Discover how Chicago Global is revolutionizing investment management with their cutting-edge, data-driven approach. Learn about their proprietary technology, innovative strategies, and how they're outperforming traditional methods. From navigating volatile markets to identifying undervalued opportunities, this podcast explores the future of quant investing.

OPIM - ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn (OP Investment Management)⁠⁠⁠⁠⁠⁠⁠⁠ // ⁠⁠⁠⁠⁠⁠⁠⁠X (@opim_hk)⁠⁠⁠⁠⁠⁠⁠⁠ // WeChat (hedgefund_club) // ⁠⁠⁠⁠⁠⁠⁠⁠Website (www.opim.com.hk)⁠⁠⁠⁠⁠⁠⁠⁠

FOR INFORMATIONAL PURPOSES ONLY

Recorded on 7 June 2024 (Part 3 of 3)
🎙Convo with Zan Huang, Founder, Kaiyuan Macro hosted by Alvin Fan, CEO, OP Investment Management (OPIM)

Zan Huang shares how Kaiyuan Macro approaches risk through diversification across multiple signals and statistical drawdown controls. He discusses the importance of constantly monitoring historically profitable strategies for deviations using daily hypothesis testing. For allocators, this section provides valuable insights into the risk framework behind a quantitative macro fund, and how they source emerging opportunities arising from global macro narratives and geopolitical developments.

OPIM - ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn (OP Investment Management)⁠⁠⁠⁠⁠⁠⁠⁠ // ⁠⁠⁠⁠⁠⁠⁠⁠X (@opim_hk)⁠⁠⁠⁠⁠⁠⁠⁠ // WeChat (hedgefund_club) // ⁠⁠⁠⁠⁠⁠⁠⁠Website (www.opim.com.hk)⁠⁠⁠⁠⁠⁠⁠⁠

FOR INFORMATIONAL PURPOSES ONLY