• Cover Story on Mingpao Finance Magazine Money Monday - Michael Liang: Challenging Macro Conditions. Stock Selection Focus on Moat
    September 2019

    As China celebrates its 70th anniversary of the founding of the People’s Republic of China, it is a moment that market pays close attention to its economic development. In this issue of the cover story, we feature Michael Liang, Chief Investment Officer of Foundation Asset Management, to give out his views on China’s opportunity and risks ahead. He believes the solid working-class of Chinese people are set to deliver a good prospect for China’s economy in the next 10 years. This is especially true for the case of domestic consumption, which is set to benefit from consumer demand advancing. Of course, he reminds that there will be significant challenges during the short run. In terms of stock picking for his funds, one of his key focuses is to review if a company carries the quality of “moat”, which ensures a company to ride against the tide of weakening macro, yet still able to deliver earnings growth.



    Click here to visit the article on Mingpao website (Chinese content)
  • HK Economic Times iMoney Magazine Cover Story – Michael Liang: Short-term fluctuations, long-term promising market
    September 2019

    On 7 Sep 2019 issue 620 of HK Economic Times iMoney Magazine, Michael Liang, CIO at Foundation, shared his views on how Foundation funds outperformed benchmark Hang Seng Index during volatile conditions of July & August 2019. Outperformance came down to bottom-up stock selection process, which is focusing on free cash flow, business model, management quality, and valuation. The flexibility to keep cash and appropriate index futures hedging strategy also helped.

    During the interview, Liang said: “It has been 2 to 3 months that we were at a relatively higher level for index futures hedging. I believed the trade war might be difficult to be concluded in a short period of time, while there is likelihood of achieving partial agreements between US and China. Markets can be volatile meanwhile. However, we should be optimistic, from the perspective of long term market valuation. The HSI Index price to book valuation is approaching its historical low level.’’

    At the same time, Liang also mentioned that investors should be rational and counterintuitive when market tumbles down. People who sold houses and stocks for cash in 2008 had lost capital gain opportunities because cash is not a good investment over time

    In terms of yield stocks, he suggested investors to pay attention to the increase of earnings and dividends. ‘’If investors only focus on dividends, it is better to buy high yield bonds. For example, investors can gain 6% from dividends, and 3-4% from capital appreciation, the total return will be close to 10% every year. It will be a good investment with lowered volatility.’’ Liang added.


    Click here to visit the article on HK Economic Times iMoney Magazine website (Chinese content)
  • Foundation China Equity Fund Conclusion of IOP and Commencement of Fund Public Launch
    July 2019

    [Press Release]  Foundation Asset Management (HK) Limited is pleased to announce conclusion of Initial Offering Period and commencement of public launch of Foundation China Equity Fund, an SFC-authorized public fund.

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  • Cover Story on Economic Digest
    June 2019

    With the second quarter coming to an end, it is about time to evaluate the performance of fund managers. After careful inspection, this week’s Economic Digest unveiled three top fund managers in this year’s Hong Kong stock market. Despite high volatility of the Hang Seng Index in the first two quarters of 2019, the Foundation China Opportunity Fund outperformed the benchmark under the management of Michael Liang. In the cover story, Michael shared his investment strategies. Full story was published on 22 June 2019 Economic Digest Issue 1964.

     
      
     

  • Foundation Shortlisted in AsiaHedge Awards for 2 consecutive years
    November 2018

    Foundation China Opportunity was nominated by AsiaHedge Awards in 2013, 2014, 2017 and 2018. Looking back into history, Foundation is one of the few funds that has been nominated by several times. This proves Foundation’s long-term stable performance and downside protection among peers.

    To qualify for consideration, funds must achieve annualised returns higher than the median returns for their peer groups, and they must be within 10% of their high-water marks during the period under review. AsiaHedge Awards aims to recognize the two primary aims of hedge funds – to manage volatility and to deliver positive returns for investors. The awards are judged on a long-established methodology focusing on the risk-adjusted performance of funds, with its aim being to let the numbers do the talking. 
      
    The full list of nominations can be viewed by clicking here.
     

  • Cover Story on Economic Digest
    September 2018

    Michael Liang, Chief Investment Officer of Foundation Asset Management HK, was featured on Economic Digest cover story. Michael shared his views on the outlook for the 4th quarter of 2018, and how would factors like rising treasure yields, high gearing in China, geopolitic issues impact on the market on the upcoming quarter. Full story was published on 29 Sep 2018 Economic Digest Issue 1926.

     
      


     

  • Covery Story on iMoney Magazine
    September 2018

    Michael Liang, the chief investment officer at Foundation Asset Management HK, was on the cover story of Hong Kong Economic Times iMoney Magazine Issue 570 for 22 Sep 2018. During the interview, he reminds investors to focus on not just the news on trade war, but also the valuation of companies.


     

     
     
      
     

  • Cover Story on Mingpao Money Monday
    September 2018

    Michael Liang, Chief Investment Officer of Foundation Asset Management HK, was featured on Ming Pao Newspaper Cover Story interview. Michael reminds "investors shall not be overly pessimistic, despite mainstream media reports on negativity of trade war, emerging market currency crisis, and China social security burden. Being a value investors, we should be able to analyse and come up with different conclusions". Full story was published on 17 Sep 2018 Mingpao Financial Magazine Money Monday Issue 166.

      
     

  • Cover Story on Mingpao Money Monday
    March 2017

    Michael Liang, Chief Investment Officer of Foundation Asset Management HK, featured in the cover story of Mingpao Money Monday 90th issue on 20 March 2017. The issue discussed about the political relations between China and USA, as the leaders of two nations is scheduled to meet and discuss their trade relations and other issues. Liang mentioned his selection criteria of stocks as well as a list of companies that may perform well under the honey-moon period.
     
      
      
     

  • CNN Interviews Michael Liang: Asian Market Hit by China Volatility
    January 2016

    Michael Liang, Chief Investment Officer of Foundation Asset Management HK, mentioned his recent views during CNN TV’s live interview on 7th January. Liang saw that the new circuit breakers and Renminbi movements might have caught market’s attention recently. However, he believed that the government should focus on the Chinese economy and market valuation, which are real ingredients for market routs, as some small companies listed on Shanghai and Shenzhen are trading at 50 times price to earnings.
      

  • Liang on CNN Live Interview
    September 2015

    Michael Liang was featured on CNN TV’s live interview. Michael explained that the mixed signals from the Chinese government. Chinese government has to send a loud signal to the market, and also has to do more on both fiscal and monetary front. The second or third derivatives of potential upcoming government policy, which relies on upcoming economic data figures, will be crucial to the stock market.
       

  • Liang speaks on Bloomberg TV
    April 2014

    Michael Liang, the chief investment officer at Foundation Asset Management (HK) Ltd., talks about China's plan to connect the stock exchanges of Hong Kong and Shanghai. Liang speaks with Angie Lau on Bloomberg Television's "First Up."