The Pride - Issue 5 - Autumn 2021 - Magazine - Page 7
Mark points out that “trying to avoid fraud
is a major part of our job – and it varies
enormously country by country. South
Korea, as a rule, has poor corporate
governance, but therefore trades at a
discount. Singapore meanwhile has a
good record of corporate governance.
We’ve got to make sure the numbers
make sense in the context of the business.
If a company is raising capital, but
management are struggling to explain
why, or they’re raising capital but at high
rates when other options are available,
or if the numbers are extremely good,
these are all red flags. It’s a judgement
call. Companies can have super good
numbers, but you need to be able to
understand how that’s achieved.”
the long term. There will be times when
things go against you, but you need
long-term courage in your convictions.
It’s the only way to make money for your
investors,” Mark says.
But in spite of all the change, and
whatever happens in the next two
decades, one constant will remain: the
team’s process.
“We believe in our process and the
long-term story of Asia. We often hold
companies throughout their rises and falls
– and falls aren’t always a bad thing!
It can be an opportunity to invest, if the
underlying reasons for investing in that
stock haven’t changed,” adds Shashank.
“Don’t get sucked in by short-term noise,
and remember it’s about adding value in
Shashank Savla
Carolyn Chan
Mark Williams
Favourite investor:
Benjamin Graham, known as
the father of value investing.
Favourite book:
A Fine Balance by Rohinton
Mistry.
Favourite book:
The Kite Runner by Khaled
Hosseini. It is a story of two
boys growing up in wartorn Afghanistan and is a
gripping tale of betrayal,
guilt and redemption.
Hobby:
Playing piano.
Favourite investor: Norman
Lunt at James Capel who
taught me very early on
that an enormous number
of people will purport to tell
you what’s going to happen,
and dish out investment tips.
You have to approach this
advice with a healthy dose
of scepticism.
Hobby:
Playing and watching cricket.
If I were on The Great British
Bake Off, my signature
bake would be… Peach
and Banana Crumble.
You might not know…
I was once involved in an
Earthquake rescue mission.
If I were on The Great British
Bake Off, my signature bake
would be… Mango and
Lime Cheesecake (hopefully
not overcooked!)
You might not know…
I once auditioned for Miss
Saigon – but lost out to Lea
Salonga.
Favourite book:
This Thing of Darkness by
Harry Thompson
Hobby: Climbing.
You might not know… I once
walked to the North Pole.
Mark, Carolyn and
Shashank run the Liontrust
Asia Income Fund
You can read the
team’s latest views and
insights on P13
If I were on The Great British
Bake Off, my signature bake
would be… Lardy Cake…
although I’ve not much of a
sweet tooth.
EYES ON THE GROUND
Carolyn Chan
in Indonesia
While we’re based in London, we
spend much of the year travelling.
I spend three months a year in
Asia, which is invaluable. We
get to see lots of management in
London of course, but by being
on the ground you see the mood
of the consumer, the construction
activity, and you’re closer to
changes in sentiment, corporate
behaviour and development. Being
out here, you can literally count
the number of cranes and see
the massive construction activity,
which is improving much needed
infrastructure.
The best thing about the job is that
we’re looking at a world that’s
always changing; the politics,
the macro and the company
landscapes are always shifting,
and human behaviour is changing.
Liontrust is a great platform for
this and for us; there are lots of
women in the business and it’s a
meritocracy. It’s a rewarding
career; I’ve been able to
have two children, two
step children and
do work that I
enjoy.
Issue 2 Winter 2018 - TH E P R IDE - 7