Mr. Mehta: I started Acumen Capital Management six years ago in 2004. We started with about 23 million in assets and grew to over 200 million in both hedge fund and long-only assets. Our strategy and our mandate is to invest in Asia ex- Japan. We invest in 12 markets in Asia ex-Japan - six developed markets, six emerging markets. Some of the notable markets that we invest in include China, India, Australia, Hong Kong, Singapore, Thailand, Malaysia, Taiwan, Korea. We have a pretty balanced approach in the region. We see ideas throughout the region. In order to control our risk levels and optimize the portfolio, we are very balanced in terms of our allocation by country, sector as well as market cap - large, mid- and small cap. Typically we don't have more than 20% of our portfolio in one country, nor do we have more than 20% exposure to any given sector. The beauty of investing in Asia is that it's extremely fertile ground. We see under-researched, under-followed companies every day. There are a lot of diamonds in the rough. We are investing in growth companies, companies typically with 20% plus or 30% plus revenue and earnings growth, and we are buying them at deep value multiples. It is not uncommon for us to have companies with 12% dividend yields, companies with more cash on the balance sheet than the market cap of the stock, companies trading at p/e's as low as 2 or 3 times. There are a lot of extraordinary opportunities throughout the region. We strongly believe that Asia will represent, within equities, the best opportunity globally over the next several decades, and this is driven by the fact that you have the strongest growth in the world taking place in Asia with some of the most attractive valuations. There is a strong domestic demand story that is developing very rapidly in China and India. People have read about the billion people in these markets, but since we operate on the ground here, we are seeing it unfold and develop in a very real and tangible way. There are several things that we do that are unique to us that you will not hear from other Asian investment managers, whether they are long/short or long-only managers. One of them is that we like dividends. We like to get paid to wait for the stocks that we own. Over the past five, six years of our strategy, we've typically had a dividend yield for the entire portfolio that approaches 5%. You get 5% per year just from dividends. There are very few managers in the world who can speak to that kind of a yield. We believe that such stocks have inherently better risk/reward. That dividend tends to protect companies on the downside. So we just think it's a very smart way to invest. So again, we have a balanced approach. Also, we are as comfortable in Australia as we are in India or China. There's a strong emphasis at our firm on stock selection and buying high-growth companies at deep value multiples. Our firm is based in Boston, but we have a strong presence on the ground in Asia with two offices.
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