Investor Dialogue: Yi Tang

The general manager of Edmond de Rothschild Asset Management in Hong Kong talks to FinanceAsia about not over-paying for growth and how the biggest investment risk is to not be in China.

How would you describe your investment philosophy
We are value investors, a strategic focus that has been shaped by our history as a family-owned bank. It is a philosophy and discipline which we have applied successfully in emerging markets, including China, and means that we avoid chasing the market or taking positions without fundamental support. Our philosophy also allows us, at times, to take contrarian views. For instance, we took a big position in unpopular telecom stocks late last year, which started to perform this year.

In February, we started to reduce our holdings in small and medium-sized pharmaceutical companies because they were simply too expensive. We...

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