A focus on high quality companies in Asia, which are generally privately controlled, subject to limited regulatory risks and a demonstrated track record being managed with strong return orientation.

We believe that Asian equities is an area where in-depth fundamental research with a value orientation can uncover considerable investment opportunities.

This space tends to be under researched and populated by companies in their growth stage of development where considerable shareholder value can be realized. By adopting a highly concentrated portfolio approach, centered on profitable, stable and sustainable businesses with strong valuation support, we can deliver attractive returns to our investors and outperform the broader market over time.

The strategy is benchmark agnostic thus no consideration is given to the composition of benchmarks in determining how to build our portfolios.

Victoire Asia Equity Strategy


The objective is to achieve positive absolute and superior returns to its benchmark (MSCI EM Asia SMID) over the market cycle by investing in attractively valued and higher quality companies listed in key EM Asian equity markets.


The Strategy adopts a concentrated value approach to invest primarily in high quality companies with sustainable business models that are undiscovered, misunderstood or mispriced by the market. Strong importance is placed on corporate governance practices.


Long-only fundamental bottom-up investing in a concentrated portfolio, typically holding 15-20 high conviction positions.

Characteristics of the Target Companies

Companies with strong and sustainable profitability metrics, low financial leverage, limited regulatory risks and a demonstrated track record being managed with minority shareholder alignment and supportive governance dynamics.

Aquico Wen, CFA, CPA

Head of Investments and Portfolio Manager

23 years of experience

Aquico, in partnership with his team and Victoire Brasil, launched Victoire Asia in 2013. Aquico is responsible for the overall operations of Victoire Asia and is the portfolio manager for Firm’s single investment strategy. In addition to his leadership and oversight responsibilities, Aquico is actively involved the research of investment ideas for our Asian strategy. His investment experience ranges across different industries, with a tilt towards industrials, cyclicals and financials sectors.

Prior to joining Victoire, Aquico was the Founder, Chief Investment Officer and the portfolio manager for both long-only and long-short strategies, the two principal products, of Esemplia Emerging Markets (London), a Legg Mason’s affiliate with over USD 3 billion in AUM. He led investment team of over 20 investment professionals, including portfolio managers, macro strategists, traders and operational staff. Before that at Citigroup Asset Management (London, Singapore and New York), he was the Head of Emerging Markets and lead portfolio manager for GEMs portfolios. He successfully turned around a struggling GEMs institutional equities product with less than USD 700 million in AUM by transforming it into a leading USD 5 billion highly-rated investment strategy amongst key global investment consultants and institutional clients globally. Prior to joining Citigroup, he was an investment analyst for the GEMs portfolio management group at J.P. Morgan Investment Management (New York).

He is a graduate in Economics with honors from Wharton School, University of Pennsylvania.

Young Chow, CFA

Senior Research Analyst

13 years of experience

Young is a founding member of Victoire Asia. He was actively involved in developing the portfolio construction and risk management methods of the Asian investment strategy. His day-to-day responsibility is to primarily source investment ideas, develop insights in these industries and/or businesses, and perform all required due diligence on them. His investment experience ranges across different industries, with a tilt towards information technology and consumer sectors.

Prior to joining Victoire, Young was a portfolio manager and quantitative analyst for Esemplia Emerging Markets (London, Hong Kong), a Legg Mason affiliate. He co-managed both the Long-Short and Alpha Extension funds. He started his career as a quantitative analyst at Citigroup Asset Management (London, Melbourne).

He is a graduate in Science and Engineering (concentrations in Applied Mathematics and Mechanical Engineering) with honors from the University of Melbourne.

Philip Lam

Research Analyst

6 years of experience

Philip is a research analyst at Victoire Asia, working closely with Aquico and Young to identify and validate investment ideas for our portfolios. As a former accountant and auditor, Philip has developed into an effective investment analyst and helped the team expand its research capacity. He is actively involved in all aspects of our research process, ranging from performing industry level research, financial modelling, interfacing with senior management of potential investee companies and conducting on-site due diligence.

Prior to joining Victoire, Philip was an auditor at Ernst & Young in Hong Kong, covering various industries in Hong Kong and Mainland China. In addition to auditing financials of various corporates across industries, he performed due-diligence and valuation analysis as well as tested his clients’ internal controls.

He is a graduate in Accounting and Finance with honors from the University of Hong Kong.

Josephine Lam, CPA

Operations and Business Manager

20 years of experience

Josephine is responsible for most of the non-investment functions at Victoire Asia. She works closely with the independent fund administrators, custodians, accountants and executing brokers to ensure that robust controls and processes in placed and adhered to in the day-to-day running of our Firm. She is also responsible for all compliance and regulatory aspects of our business, with a direct reporting line to the Board of Directors of Victoire Asia to ensure proper independence in all control functions.

Prior to joining Victoire, Josephine was a vice-president for Business Solutions and Operations of EFG Asset Management (Hong Kong, Singapore). She worked closely with the regional COO for overall business controls and operations. Josephine was in charge of the overall operation for the discretionary management portfolios and responsible for the preparation of discretionary mandate proposals, client reports, business analyses and management reports. Before that at Esemplia Emerging Markets (Hong Kong), a Legg Mason’s affiliate, she was a senior operations and portfolio support manager, responsible for daily portfolio monitoring and reporting, cash management, investment models, benchmark customization and database maintenance. She was also responsible for overseeing the complete trade flow process. Prior to joining Esemplia (formerly Citigroup Asset Management), she was a fund research analyst at The Bank of East Asia (Hong Kong) and prior to that a Senior Accountant for assurance and advisory services unit at Ernst & Young (Hong Kong).

She is a graduate in Commerce (concentration in Finance) from the University of British Columbia.

Natalie Leung

Investor Relations

6 years of experience

Natalie is a sales and investor relations associate at Victoire Asia, responsible for all facets of the client service process, including preparing marketing materials, completing due diligence requests, organizing roadshows and onboarding new client relationships. Working alongside Aquico and Young, Natalie is in charge of business development initiatives such as formulating marketing plans, tracking leads on prospective investors and building long term client relationships.

Prior to joining Victoire, Natalie worked as a financial analyst at leading financial institutions such as UBS, Nomura and ICBC. She was responsible for financial analysis, budget planning and for preparing business performance presentations to senior executives.

She is a graduate in Management of International Business from the Chinese University of Hong Kong, and is currently pursuing a master’s degree in Journalism at the University of Hong Kong.

The investments of the Fund are subject to normal market risks, such as the risk that stock or bond prices in general may decline over short or extended periods. The securities markets tend to be cyclical, with periods in which prices generally rise or decline.

The Investment Manager believes, however, that such risks may be reduced through the Fund’s strategies of diversification and of investing in securities the prices of which are already discounted from their fundamental value.

There is no assurance that the investment objectives of the Fund and of each Sub-Fund will be achieved. In addition, the Fund does not expect to make regular, frequent or substantial cash distributions.

Accordingly, an investment in the Fund may not be suitable for investors with a need for current income. Further, an investment in the Fund should not be considered as a complete investment program.

Moreover, investors should recognize that investing in emerging markets generally involves certain risks, including those set forth on the Prospectus, which would not necessarily be associated with investments in the securities of issuers in the United States of other developed countries.

As a result of a number of the factors set forth on the Prospectus with regard to political, economic, legal and financial circumstances in emerging market countries, the Fund, on behalf of any Sub-Fund, may determine, from time to time, that, notwithstanding otherwise favorable investment criteria, it may not be practicable or appropriate to invest in a particular country.

This Strategy is available for investors who are not Restricted Persons, as defined on the Prospectus of Alma Capital Investment Funds, an open-ended Luxembourg-based investment company (société d’investissement à capital variable, the “SICAV”) on March 10, 2011 and authorised under Part I of the 2010 Law.

Daily prices can be found on Bloomberg under tickers AVASMIU LX (Institutional USD share class) and AVAVRUS LX (Retail USD share class).

Contact us for further information on how to subscribe at vair@victoireinvest.com or +852 3116 6138. Alternatively, you may contact the register transfer agent for the Fund:

Register and Transfer Agent

BNP Paribas Securities Services
Transfer Agency
60, Avenue J.-F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 2696 2030
Fax: +352 2696 9747
Email: lux.ta.bp2sclientservices@bnpparibas.com