Fund Management Review TY Capital

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Greyhound Capital

The Emerging Asia Rising Middle Class Play

About Us

Greyhound Capital is an investment manager seeking absolute returns through a bottom-up driven, index-agnostic, concentrated equity portfolio, focusing on the key beneficiaries of the rising middle class in emerging Asia. We strive to identify quality businesses with strong market positions and entrepreneurial managements acting aligned with minority shareholders interest, generating high and consistent earnings growth, while trading at reasonable valuations.

Our Philosophy

Investment is not just a job but our passion. We have a passion to outperform, discovering new attractive businesses over and over again, employing long-term proven investment principles, while evolving with time. Today’s dying industries were once flourishing, and even considered unbreakable.

The emerging Asian countries of the past have advanced, and the new emerging Asia is now going through similar developments. Leveraging up on our past experience in Thailand and China, we seek quality businesses with structural and consistent earnings growth that are poised to benefit from those 500 million new consumers in countries such as Pakistan, Bangladesh, and Vietnam – the last remaining Asian frontiers of significant size.

We focus on a niche that few investors follow and even fewer do it full-time, analyzing the investments thoroughly, taking a long-term view. As a result these markets still offer plenty of inefficiencies and investment opportunities with exceptional risk–reward profiles.

We are completely index-agnostic, searching for businesses and managements we truly admire and believe in. As a side effect we end up avoiding most of the index names, as they often do not satisfy our selection process.

We aim to compound invested capital at a superior rate of return, while being mindful of downside volatility, and above all preserving capital over the long term. We strongly believe that the key to long-term investment success is to identify and invest in outstanding businesses, while not overpaying for them.

Selection process

“Quality businesses at a reasonable price”

Here are some of the major factors that we look out for in a high conviction investment:

  • Strong ‘moats’ (a leading position, high market barriers, strong brand, superior distribution)
  • Attractive market (sector and/or geography, with strong tailwinds and scalability)
  • High, consistent, and predictable earnings growth over time, reflected in cash flows
  • Superior profitability (high return on employed capital, high margins)
  • Strong track record
  • Additional margin of safety such as a strong balance sheet and/or cash flow, or hidden assets
  • Entrepreneurial and honest management making wise capital allocations and compounding shareholder value
  • Attractive valuations relative to earnings growth

Such competitive businesses are rare, so we run a concentrated portfolio where the top ten holdings usually make up more than 80% of our total investments. This enables us to spend significant amount of time studying each of our investments, seeking to understand them inside out. We repeatedly assess the likelihood of them achieving their goals, as well as evaluate the downside risk – especially the probability of total capital loss. We aim to build strong long-term relationships with the managements of our businesses and to prosper together.

We believe that qualitative analysis is at least as important as the more conventional quantitative methods. As part of our analysis, we spend time with management and review the complete industry supply chain. But we also go beyond that, trying to draw parallels with historical developments elsewhere in the world. Though history does not exactly repeat, our experience is that its developments ‘often rhyme’, so an understanding of the past often provides good clues about the future.

An attractive investment to us has to pass both analysis steps in our due diligence process. You can’t completely predict a future outcome, so you are best prepared by understanding the sensitivity of various determinants and the variety of their outcomes.

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Risk management

“A good business is not always a good purchase” as Warren Buffett famously concluded.

It is easy to overpay for a great business, and by doing so, reduce the potential return. As such, we care not only about the quality of the business but also the price we pay for it.

Markets and investors’ moods fluctuate widely over time, driven by various factors including economic and political developments, interest rate movements, and exchange rates, just to name a few. This often provides opportunities for the patient investor to buy great businesses at exceptional prices. We do not attempt to time such developments, but we are mindful of cycles and their potential effects on our businesses. We reassess our investments continuously, trying not to be influenced by the mood of the market; if our investment thesis is still intact, we welcome lower prices as a buying opportunity and add to our investment. Prices can fluctuate in the short term, but in the long run they fluctuate around the intrinsic value of the business. True margin of safety – and one of the best ways to reduce overall investment risk – comes from buying a great business at a discount; a business that offers attractive forward returns with limited risk of capital loss. We usually take a forward view of 3–5 years.

We don’t mind missing opportunities. Likewise, at times when there are no prospects satisfying our criteria, we are comfortable to hold cash and wait patiently for the next opportunity to arise, rather than accept a lower-quality investment or pay an unreasonable price.

Our investor base

We are grateful to have partners and anchor investors with unconventional mindset and decades-long track records of using market volatility as an opportunity. This gives us a stable capital base, enabling us to devote most of our time and energy picking the right investments.

Currently, we are open selectively to new investors who share our investment philosophy and would like to grow together with the last remaining Asian frontier markets.

Fund Management Review: TY Capital

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Most Read

Latest News

Le Trong Minh

Deputy Editors-in-Chief:
Bui Duc Hai, Nguyen Van Hong and
Nguyen Quoc Viet

Managing Editor: Nguyen Chi Mai

Vietnam Investment Review under the Ministry of Planning and Investment
Licence No. 87 /GP-BTTTT
International reg: Registered as a newspaper at the Post Office, London, Serial No. SLOOINP; ISSN No. 1021-318 X

Distributions & Expenses: TY


20.01 -0.12 (-0.60%)

Distributions Recap

Ex-Date 03/17/2020 Most Recent Pay Date 03/26/2020 Total Distribution Rate (Market Price) 5.30%
Most Recent Distribution (Per Common Share) $0.265000 Total Amount (TTM) $1.959400 Total Distribution Rate (NAV) 4.54%

Monthly Analysis

Annual Turnover Ratio
AS OF 12/31/2020
Potential Capital Gains %
(3 year Avg) AS OF 03/31/2020
Distribution Payment Frequency
For stockholder accounts established after June 1, 2007, unless the Stockholder Servicing Agent is otherwise instructed by the Stockholder, distributions on the Common Stock are paid in book shares of Common Stock which are entered in the Stockholders account as book credits. Each Stockholder may also elect to receive distributions 75% in shares and 25% in cash, 50% in shares and 50% in cash, or 100% in cash. Any such election must be received by the Stockholder Servicing Agent by the record date for a distribution. If the Stockholder holds shares of Common Stock through a financial intermediary (such as a broker), the Stockholder should contact the financial intermediary to discuss reinvestment and distribution options. Elections received after a record date for a distribution will be effective in respect of the next distribution. Shares issued to the Stockholder in respect of distributions will be at a price equal to the lower of: (i) the closing sale price of the Common Stock on the New York Stock Exchange on the ex-dividend date or (ii) the greater of net asset value per share of Common Stock and 95% of the closing price of the Common Stock on the New York Stock Exchange on the ex-dividend date. The issuance of Common Stock at less than net asset value per share will dilute the net asset value of all Common Stock outstanding at that time.

Distributions Type by Calendar Quarter Ex-Date


Dividends and Capital Gains Distributions As of 03/17/2020

Ex-Date NAV at
Capital Gains
Capital Gains
Dividend Income Return of Capital Distribution Total
03/17/2020 23.9000 0.265000 0.265000
12/17/2020 30.7600 0.811500 0.251200 1.062700
09/17/2020 30.2300 0.260200 0.260200
06/18/2020 29.7600 0.106500 0.265000 0.371500
03/19/2020 29.6000 0.240000 0.240000
12/18/2020 26.9900 0.615400 0.124700 0.251500 0.991600
09/18/2020 31.3500 0.238500 0.238500
06/19/2020 30.4100 0.229500 0.223600 0.453100
03/21/2020 30.1200 0.230100 0.230100

Additional Distribution History.


Distributions NAV: 30.4100

Long-Term Capital Gains: 0.2295

Dividend Income: 0.223600

Distribution Total: 0.453100


Distributions NAV: 31.3500

Dividend Income: 0.238500

Distribution Total: 0.238500


Distributions NAV: 26.9900

Long-Term Capital Gains: 0.6154

Short-Term Capital Gains: 0.1247

Dividend Income: 0.251500

Distribution Total: 0.991600


Distributions NAV: 29.6000

Dividend Income: 0.240000

Distribution Total: 0.240000


Distributions NAV: 29.7600

Long-Term Capital Gains: 0.1065

Dividend Income: 0.265000

Distribution Total: 0.371500


Distributions NAV: 30.2300

Dividend Income: 0.260200

Distribution Total: 0.260200


Distributions NAV: 30.7600

Long-Term Capital Gains: 0.8115

Dividend Income: 0.251200

Distribution Total: 1.062700


Distributions NAV: 23.9000

Dividend Income: 0.265000

Distribution Total: 0.265000

Before investing in any fund, you should consider its investment objective, risks, charges and expenses. Contact Fidelity for the most recent shareholder report for this information. Read it carefully. Please also review information provided by the fund on its web site.

The performance data shown represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. Distributions are not guaranteed and the amount of distributions will vary depending on a number of factors. Market prices and investment return will vary, therefore you may have a gain or loss when you sell your shares. Click on the “Performance & Risk” link to view quarter-end performance. All performance data is for the common shares of the fund. Total Distribution Rate (at market or NAV) may include unknown combinations of income, capital gains and return of capital.

Closed end funds may trade at a discount (or premium) to their NAV and are subject to the market fluctuations of their underlying investments. Shares of closed end funds frequently trade at a market price that is a discount to their NAV. Closed end funds are subject to management fees and other expenses.

Any data, charts and other information provided on this page are intended to help self-directed investors evaluate Closed End Fund products. Criteria and inputs entered, including the choice to make Closed End Fund comparisons, are at the sole discretion of the user and are solely for the convenience of the user. Analyst opinions, ratings and reports are provided by third-parties unaffiliated with Fidelity. All information supplied or obtained from this page is for informational purposes only and should not be considered investment advice or guidance, an offer of or a solicitation of an offer to buy or sell a particular security, or a recommendation or endorsement by Fidelity of any security or investment strategy. Fidelity does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating Closed End Funds. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use. Determine which securities are right for you based on your investment objectives, risk tolerance, financial situation and other individual factors and re-evaluate them on a periodic basis.

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