Tuesday, April 7, 2009

Sell in Europe, Buy in China

Marty Whitman and the Third Avenue team recently announced that they will launch a series of funds for European investors.

The asset manager is to launch an Ireland domiciled Third Avenue Capital umbrella fund with four sub-funds, including a Value, Small Cap, Real Estate Value and International Value funds.

The Ucits funds, which were rolled out on Tuesday will have the same portfolio management team as Third Avenue's US mutual funds.

The firm's investment philosophy will centre around investing in undervalued securities of well capitalised and well managed companies with attractive growth prospects.
So it's really the same strategy, with no changes, being sold in simply a different place.

Where Whitman is buying hasn't changed at all. As recent filings and this recent article show, he's buying performing loans in the US that should yield 25% to maturity--and he continues to look overseas for opportunity in the equity markets.

Companies listed on the stock exchange in Hong Kong are particularly attractive at the moment, especially if these companies have a considerable presence in mainland China, he said.

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