1h18 investment strategy - introduction - covenant … · 1h18 investment strategy: eat drink man...
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1H18 Investment Strategy:Eat Drink Man Woman
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Stewardship - the careful and responsible management of something entrusted to one's care.
Recap 2H17 outlook: And the bears never saw her again
Key messages:
• 2H17 economic momentum to slow down from 1H17 Goldilocks.
• Earnings revision momentum turning lower.
• Valuations are expensive.
• Short-term effect of QT not known.
• Equities downgraded to Neutral with upside optionality, remain Overweight Commodities and Underweight Bonds, Long USD as risk-off hedge.
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We were here in 2Q17
What time is it? Clocks say “Overheating”
Recap: 2H17 “And the bears never saw her again” ideasThe Good and the Not-so-Pretty
✓ The Good:
• Overweight commodities:
– Buy Commodity: Copper +9.1%
– Buy commodity Equities: Angang Steel +12.4%, Total +6%
– Buy commodity Bonds : BHP Perps +1.4% with 6.75% coupon
– Buy commodity related Manager: Impala Fund +12.6%
• Small Cap growth tilt managers/ideas:
➢ Buy Sumitrust Small Cap fund +22.3%
➢ Buy mm2.SP +8.3%
• Semicon Tech names:
• Memory: Micron +36%, Semi Equipment: Lam Research +15.9%
X The Not-so-pretty :
• Long USD/SGD – -1.78% as rest of world growth and inflation surprised more than US.
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Eat Drink Man Woman
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• 2nd longest economic expansion since 1945. Average is 4.7 years.
• Current cycle quite similar to 1990-2000 bull cycle.
– Out from severe recession that involves financial crisis (‘89 S&L vs ‘08 GFC) and rapid hike in oil price (First Gulf War vs $147 oil ‘08).
– Jobless recovery until 3 years later.
– Inflation kept at bay due to technological advances and low oil price.
Eat Drink Man Woman – Same Narrative
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• Higher employment led to increase consumer confidence.
• Increased consumer confidence led to higher consumption spending.
• Higher consumer spending led to increase corporate profits.
• Increased corporate profits led to higher business confidence.
The Missing Narrative – Capex finally recovered
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• Capex recovery was missing from 2010 onwards until late 2016.
• Breadth of countries with capex recovery is impressive.
• Capex is critical to productivity gains especially when labour gap has diminished and utilization rate of capital inputs peaks.
Capex proxy +10% ann, fastest since 2011
‘11-’14 PM: 9%
Profit margin expands faster than revenue as utilization
rate of capital eqpt increases
Profit margin plateaus as labor tightens, capital
utilization peaks & productivity declines
Revenues recover faster
by using cheap & abundant
slack
Profit margin
drops faster than
revenue
Margins can increase if capex
investment leads to
productivity gains
$/%
t = time
Margins will decline when productivity
falls as capital eqpt ages
The Missing Narrative:Capex, Productivity and Profit Margins
‘06-’07 PM: 8.5%
‘08-’10 PM: 7%
‘14-’17 PM: 9.5%
‘18-’19 PM: 10- 10.5%
The Missing Narrative –Productivity improvements abound
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Productivity improvements observed in both EM and DM only in 2017
Improved but still below pre-GFC level for most
The Missing Narrative –Capex recovery good for markets
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• Capex spending are carefully deliberated decision. They are long-legged in duration. Average 3 years.
• Often characterised by higher EPS growth and positive S&P performance.
The 3 elephants in the room
1. QE good for markets, QT bad for markets?
2. If valuation is expensive = sell everything?
3. Will inflation return and hurt markets?
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1st elephant: Is QT bad for markets?
QT = Quantitative Tapering is the decline in pace
of asset purchase by central bankers.
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QT1: 2Q10-1Q11 QT2: 4Q13-1Q15 QT3: 2Q17 onwards
Source: JPM
500
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08 09 10 11 12 13 14 15 16 17 18 190
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
09 10 11 12 13 14 15 16 17 18 19
Total CB Purchases
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500
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1,300
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1,700
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08 09 10 11 12 13 14 15 16 17 18 19
MSCI World Index MSCI World EPS
QT not pernicious as long as EPS growth and revision momentum +ve
F F
EPS (18F)
EPS (19F)QT 1 QT 2 QT 3
MSCI World Equities?
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QT accelerates
2nd elephant: Expensive valuation = sell everything?
• Everything is not cheap. Bonds are all-time expensive and equity is just not cheap.
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Bonds: Absolute and Real Yields far below median since 1985
Equities above +1 sd valuations
• 15 of 30 years, SPX forward PE > 17x.
• 10 of 15 years when SPX fwd PE > 17x, SPX return is positive.
• Favourable Win-Loss payout 1.45:1.
• Positive years: Positive earnings growth and earnings revision momentum.
• Negative years: Earnings decline and negative earnings revision momentum.
14Magic number :14
2nd elephant: But Expensive valuation = sell everything?
• Current forecasts call for moderate rise in inflation everywhere but still below CBs’ target.
• Means moderate rise in policy rates.
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3rd elephant: When will inflation return and hurt us?
• But inflation can surprise us:
1. Very tight labour markets and capacity utilisation.
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3rd elephant: When will inflation return and hurt us?
Tight labour and capacity utilisation rate already near high
• But inflation can surprise us:
2. Oil price feed through to inflation. Oil up 50%+ in last 6 months.
3. Broad commodity index +12%.
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3rd elephant: When will inflation return and hurt us?
Commodities prices lead CPI 12-18 mths Inflation breakevens higher but still lag oil
The magic trigger is Core CPI > 3%. We are below 2% till 2019
• When Core CPI > 3%, recessions commences.• When Core CPI >3%, PE multiple de-rates.
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3rd elephant: We do know when inflation will hurt
Flattening yield curve -harbinger of recession?
• 3 false positives in last 9 flattening since 1960.
• Not unusual curve flattens during hiking cycle.
• Only when curve inverts, 100% recession within 15 months.
• Time from curve inversion to market peak is 10 months.
• Curve is still positive at +50bps.
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Curve flatten all the time during hikes 15 mths lead time to market peak
Risks up North – China debt binge
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• Most of China’s debt is SOE and central government.
• Large Chinese banks are well capitalized and provisioning is higher than global peers.
• China deposit to GDP is 183%, highest in the world.
35%
21%
7%
20%
18%
SOEs Central Government Local Governments
Households Private Enterprises
56% of debt mostly with gov’t Big banks are well cap
Magicnumber:14
Risks up North – Mine is bigger than yours
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Investment Clock and Portfolio Implications
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We are here now
Source: Covenant Capital
We were here in 2H17
▪ Commodities – Overweight.
➢ Oil – US Shale advantage gone. Breakeven between US shale, Middle East Heavy and Oil Major conventional are the same now.
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Asset Allocation –Overweight commodities
Shale cost +15%, Deepwater down -50%
Shale $47 Heavy’s $50
Conventions $47
▪ Commodities – Overweight oil-related. Oil new range $60-70, with risk of upside.
➢ Compliant OPEC.
➢ Oil under-supplied 400m b/d 2017, stay under-supplied until 4Q18.
➢ Buy high dividend oil majors: Total, CNOOC
➢ Buy oil-field equipment and service providers: OIH
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Asset Allocation –Stay Overweight commodities
Not so desperate OPEC
▪ Commodities – Overweight.
➢ Copper – First deficit 2018-2019 in 6 years.
➢ Cost of mining new and old mines have increased significantly.
➢ Copper ore grades are deteriorating.
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Asset Allocation –Stay Overweight commodities
Magic number :14
▪ Equities – Upgrade to Overweight from Neutral
➢ Regardless of concerns on QT, valuation or rising inflation, earnings matter most for equities.
➢ Earnings revision momentum highest since 2000.
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Asset Allocation –Upgrade Equities to Overweight
▪ Overweight Equities – Rotate to US & EM , downgrade Europe to Neutral, Neutral Japan.
Buy US equities - US Banks (XLF), Tech (FB, AVGO), Robotics ETF (BOTZ)
Buy EM Equities – GS EM Equities Fund, Stanchart, DIF, Banyan Tree
Neutral Europe –Financials Unicredit and Zurich Insurance
Neutral Japan – SuMiTrust Small Cap Fund
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Asset Allocation –Equities Overweight
▪ Fixed Income – Remains Underweight. Bar-bell approach. Earning carry trades versus capital appreciation trades.
Focus on bottom-ups credit manager, sector preference and capital structure arbitrage:
➢Capital Appreciation trade: Income Partners All Seasons Credit, Goldman Sachs Emerging Debt, GAM Star Credit Opportunity.
➢Earning carry only trade: PIMCO Income
▪ Currency – Downgrade to Neutral
➢Hedge back to mandate’s underlying currency.
▪ Lowering cash – 5-10%
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Asset Allocation –Stay UW Fixed Income, downgrade FX, lower cash
C4 (Crazy, Contrarian and Controversial Calls)
of 2017 and 2018
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2018 C4s Why not?
Buy General Electric (GE.US) You replaced one CEO from GE with another from GE
Buy Marijuana ETF (HMMJ.CN) Let's get high
Short AMD (AMD.US) High expectation likely to topple
Buy Turkey Bank (GARAN.TI)So cheap even the Turkeys are thinking of privatizing
it
Buy US Oil services (OIH.US)not so crazy as it fits into our oil theme except is a
major laggard
Investing in Technology:A look beyond listed markets
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Stewardship - the careful and responsible management of something entrusted to one's care.
Why buy Technology now?
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• Secular trends (Cloud, IoT, AI, VR/AR, Autonomous Driving).• Strong & sustainable growth (growth inflecting from 2016).• Shortening gap between cycles.
Est. numbers from Citi research, Gartner, Tractica, Credit Suisse research, Euromonitor, iResearch & Goldman Sachs.Autonomous driving, e-commerce, social media, and sharing economy are excluded.
PC Smart Phone
E-Commerce Cloud Social Media
Wearables Internet of Things
Sharing Economy
A.I. VR & AR AutonomousDriving
The Past, the Present and the Future
22%
28%
57%
63%
16%
Past Present Future
Tech Bubble?
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• Valuation nowhere near dot-com bubble.
264.5
28.2
0
50
100
150
200
250
300
Nasdaq Price Earning Ratio
Data from Bloomberg
Dot-com vs FAMMG
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Profitability
Name SPX Weight Market Cap/GDP PE (FY1) P/B Cash/EV FCF Yield ROE
MICROSOFT CORP 4.5% 6.0% 47.3 11.4 4.0% 1.6% 31.1%
CISCO SYSTEMS 4.2% 5.6% 125.1 26.7 1.0% 1.6% 17.9%
INTEL CORP 3.6% 4.8% 30.8 8.44 2.0% 2.8% 26.2%
ORACLE CORP 1.9% 2.5% 114.4 50.4 1.0% 2.2% 45.4%
Lucent 1.6% 2.1% 35.9 11.4 1.0% -0.5% 28.0%
Dot-com average 15.8% 21.1% 71.2 19.5 2.1% 1.7% 27.9%
Profitability
Name SPX Weight Market Cap/GDP PE (FY1) P/B Cash/EV FCF Yield ROE
APPLE INC 3.8% 4.6% 15.4 6.8 9.9% 6.8% 36.9%
ALPHABET INC-A 2.8% 4.0% 26.4 5.0 12.7% 3.6% 14.4%
MICROSOFT CORP 2.9% 3.5% 26.4 7.7 20.8% 5.1% 28.9%
AMAZON.COM INC 2.2% 3.2% 112.1 25.5 4.0% 1.2% 9.1%
FACEBOOK INC-A 1.8% 2.7% 27.8 7.3 6.1% 3.2% 24.3%
FAAMG average 13.5% 18.1% 39.1 8.8 12.1% 4.5% 24.5%
Size Cash flow
Size Cash Balances
Valuation
Valuation
• FAAMG’s valuation is half of dot-com peers.
• Cash position has improved tremendously.
Data from Bloomberg
E(arnings) – Main Driver of P(rice), Not P/E
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3Y Price Change (%) 3Y EPS Change (%) 3Y PE Change (%)
MICROSOFT CORP 364% 191% 59%
CISCO SYSTEMS 1346% 118% 562%
INTEL CORP 281% 34% 184%
ORACLE CORP 811% 123% 308%
Lucent 376% 111% 126%
Dot-com average 661% 120% 258%
3Y Price Change (%) 3Y EPS Change (%) 3Y PE Change (%)
APPLE INC 59% 47% 8%
ALPHABET INC-A 97% 68% 17%
MICROSOFT CORP 96% 20% 64%
AMAZON.COM INC 277% 475% -35%
FACEBOOK INC-A 123% 317% -47%
FAAMG average 123% 163% 5%
• No irrational exuberance in price movement.
• Propelled by strong earning growth.
Data collected from 2014 to 2017 for FAAMG and from 1Q1997 to 1Q2000 for dot-com peers.
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Covenant CapitalA comprehensive service offerings
for all your wealth matters
More than 150 years of cumulative experience, average of 16 years
What’s the differences between Global Anchor vs Global income?
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Global Anchor Portfolio Mandate Global Income Portfolio
Total Return Primary Objective Income Generation
Moderate Risk/Return Profile Low
7-9% Return Target 4-6%
70%Maximum Equity
Exposure40%
YES Alternative Investments NIL
Quarterly Liquidity Monthly
NIL Regular Income 1%/Quarterly
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• Covenant Capital is a Singapore based independent wealth manager committed to assist ourclients to be better stewards of their assets. We are a registered fund management companyregulated by the Monetary Authority of Singapore.
• As a holistic wealth manager focused on long term wealth preservation and accumulation,Covenant Capital provides tailored investment solutions as well as wealth and estate planningadvice for our clients.
• The alignment of interests of clients with our wealth advisors is the fundamental tenet of ourbusiness. We ensure this long-term fiduciary symbiosis through the following:
– We earn predominantly via a fee based solely on the state of our clients’ wealth. Our clientsare our only paymaster, not a bank or a broker.
– We employ an open architecture approach using the best of breeds fund managers,insurance and estate planning services. We are able to select the best as well as the mostefficient cost structure for our clients.
– We are not restricted to a single house view and instead have access to street-wide researchto deliver the an independent and unbias prognosis for our clients in an increasinglychallenging and changing world.
– Every member of the founding team are stake owners of the firm which means we areintricately linked to our clients’ well-being both financially and personally.
• We prided ourselves to be different from other wealth managers as our core team are largelyinvestment-focus folks with a combined of more than 80 years of investment management, privatebanking, trading and analysis experience.
Covenant Capital: Organizational Chart
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Edwin Lee CFA, CAIA - CEO
o Edwin Lee has 17 years of experience in the financial industry. He started his careerwith Salomon Smith Barney (SSB) in 2000 and over the course of 12 years with SSB,his team provided comprehensive investment advice to individual and institutionalclients. This included the development of clients’ Investment Policy Statements andAsset Allocation Strategies, investments in fixed income, equities & their relatedderivatives. As the key manager for the team’s discretionary multi-asset classportfolios, he oversaw the team’s portfolio decisions including the use of options tohedge as well as generate income. He then spent 2 years with DBS as a privatebanker, advising both HNW and UHNW individuals and families before crossing overinto the independent wealth management space. Before co-founding CovenantCapital, he was with Swaen Capital, a leading independent asset manager based inSingapore, leading the global asset allocation portfolio management team and wasinstrumental in fund raising as well.
o Edwin graduated from the Nanyang Technological University's Nanyang BusinessSchool in 2000 with a Bachelor of Business Studies (Honours - 2nd Upper) degree,majoring in Financial Analysis. He obtained the Chartered Financial Analyst (CFA)designation in 2003 and the Chartered Alternative Investment Analyst (CAIA)designation in 2007. He is a member of the CFA Institute, CFA Singapore and theCAIA Association. While in SSB, Edwin was one of the few consultants in the regionholding the Consulting Group’s Senior Investment Management Specialist title.
o In his earlier days, Edwin was an avid badminton player and ranked 3rd in theNational School’s Individual Games. He was also the captain of his school badmintonteam and he led the team to retaining their 16th consecutive title as NationalChampions. He now enjoys mountain biking, running and adventure sports in hisfree time. Edwin also serves as a board member of a local church and is currentlyholding the appointment of Officer Commanding in his military unit.
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o Edward Lim: Edward has 22 years of financial industry experience including last20 years in various investment management roles. He has been an investmentmanager for the last 16 years including last decade running absolute returnmandates. As the CIO of Covenant Capital, he is responsible for the firm’s overallinvestment strategy as well as managing Covenant Asia Equity Absolute ReturnFund.
o Prior to forming Covenant Capital with Edwin, Edward was the CIO of SwaenCapital, a leading independent wealth manager based in Singapore. He washeadhunted to start up Tokai Tokyo’s first asset management firm outside ofJapan in Singapore where he also served as their CIO and was responsible forrunning their Asia ex-Japan equities absolute return fund. He was the Head ofAsia Equities in TRG, a leading global emerging markets macro hedge fund andalso led the Long/Short Strategy group in Citigroup Principal Equities Strategiesbased out in Asia. Before he joined Citigroup, Edward held dual roles as SeniorPortfolio Manager and the Head of Research for BNP Paribas Asset Managementin Asia. Edward started his investment career as an investment analyst withCitigroup Private Bank and DBS Vickers Research.
o He is a CFA charter holder since 2001 and graduated with a Magna-cum-laudeHonors, BBA from the University of Oklahoma.
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Edward Lim CFA- CIO
o Tay Kian Ngiap: Kian Ngiap has more than 10 years of financial industry experience whichentails a wide spectrum of middle and back office experience including fund administration, investment and finance accounting, day-to-day settlement and reconciliation issue resolution. As the COO of Covenant Capital, Kian Ngiap is responsible for managing the Company’s compliance and operations roles.
o Before Covenant Capital, Kian Ngiap was with a boutique hedge fund since its inception and was part of the inaugural team where he built his knowledge and experience for 5 years. He then moved on to become an Account Manager for the World’s largest fund administrator, Citco Fund Services for 4 years. His contributions in Citco included onboarding new businesses to the firm and increased profitability for his Clients. He then moved to Swaen Capital and played a key role in the establishment and oversight of the Covenant Asia Equity Absolute Return Fund operations. Additionally, he also played an instrumental role in improving workflows, tightening processes and keeping Operations and Compliance policies relevant to the market conditions.
o He was part of the pioneer batch of students from Singapore Management University and graduated with a Bachelor of Business Management, majoring in Finance and Accounting and is still participating in the school’s Alumni activities.
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Tay Kian Ngiap- COO
o Richard Lee : Richard is a veteran in the wealth management industry spending over 40 years in the finance industry. Prior to joining Covenant Capital, he was working for Citigroup as a wealth adviser since 1994. He has also overseen the strategic development and business operations of one of the key team in that business unit.
o He joined the finance industry back in 1975 as a fund manager for Chartered Unit Trusts. From 1976 to 1994, he has held various positions with international financial institutions such as Bache Halsey Stuart Shields, Lehman Brothers and Salomon Smith Barney, providing investment services and managing investment portfolios for institutions and high net-worth private clients.
o Richard graduated from the University of Singapore in 1972 with a Bachelor of Social Science (Honours) degree majoring in Economics.
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Richard Lee –Senior VP Relationship Manager
Soon Kay Hock CFA –Senior Portfolio Manager
o Soon Kay Hock: Kay Hock has more than 30 years of experience in the investment industry.
o He started his career with Overseas Union Bank in 1986. He was an economist for the first 2 years before becoming a portfolio manager handling both institutional and private clients’ funds for the next 8 years.
o In 1995, he joined Singapore MRT Limited where he managed their investment portfolio. He was responsible for setting the investment policy, asset allocation and the execution and monitoring of the investments. Besides managing the in-house funds, he was also responsible for the selection and monitoring of external asset managers.
o In January 2001, he joined Citigroup Global Markets as a financial consultant. He held the position of Senior Vice President and Senior Investment Management Specialist. His responsibilities include prospecting, servicing, advising and managing private clients’ portfolios. A major part of his business was managing clients’ money on a discretionary basis. He continued his practice for more than 16 years until August 2016 when he left to join Covenant Capital.
o Kay Hock is a graduate of National University of Singapore with Bachelor of Arts degree and an Honors degree in Economics. He has also been a CFA charter holder since 1992.
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o Edward Pang: Edward joined Covenant Capital in 2017. He brings along over 20 years of experience in asset management and investment advisory. His clients included executives of Fortune 500 companies, philanthropists, charitable and non-profit foundations as well as regional insurers and asset management companies.
o Edward started his career in wealth management in 1997, in Seattle, with Smith Barney as a portfolio management associate, where he and his team managed in access of US$400 million for individuals and institutions.
o In 2001, Edward moved to Laird Norton Trust Company and its subsidiary – Wentworth Hauser and Violich. There, Edward advised family clients of the Laird Norton family office, as well as foundations and private wealth clients, on their investment mandates. He also served as the WHV’s Telecommunication and Information Technology Services analyst.
o Subsequently, in 2006, Edward returned to Singapore and rejoined Citi Smith Barney as a financial advisor. Over a period of 10 years, Edward managed discretionary mandates, and advised both private and institutional clients around the region.
o Prior to Covenant Capital, Edward was a Director at Havenport Advisors, the private wealth division of Havenport Asset Management.
o Edward graduated with a BA in Business Administration from the University of Washington and a MBA from Imperial College, University of London. An avid sportsman, Edward continues to play and mentor students as part of Oldham Water Polo Club and volunteers at Singapore Water Polo Management.
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Edward Pang–Senior VP Relationship Manager
Shaun Fonseca –VP Relationship Manager
o Shaun Fonseca : Shaun Fonseca has 6 years of experience in the financial industry. He started his wealth management career with Morgan Stanley Smith Barney, Australia, where he won the Henry Morgan Award 2011, a Morgan Stanley Smith Barney Country Award. While in Australia, Shaun also worked at the Apeiron Global Macro Fund and the Department of Queensland Transport and Main Roads, where he assisted the team in the economic modeling and forecasting of a multi-million state government research project.
o In 2012, Shaun moved back to Singapore and joined Citigroup Global Markets Asia Limited, where he advised and provided investment solutions to HNW and UHNW individuals across multi-asset classes. While at Citigroup Global Markets Asia Limited, Shaun took the lead in collaborating with some of the biggest hedge funds in the world to educate HNW & UHNW individuals on hedge funds strategies and was instrumental in fund raising as well.
o Shaun graduated from Queensland University of Technology with a Bachelor of Business majoring in Finance and Economics and is currently pursuing a Certificate in Fintech with The Massachusetts Institute of Technology.
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o Damien Long: Damien has 20 years of financial industry experience including last 10 years in investment analysis and investment management roles focusing on value-investment and concentrating in South East Asia markets.
o In his current role, he supports the CIO as an Investment Analyst for Covenant Asia Equity Absolute Return Fund and is part of the idea generation core of the investments team.
o He had a dual role of Fund Manager and Business Development with Aegis Portfolio Managers Pte Ltd who specializes in investing in “multi-baggers” in small mid cap investments in Asia ex-Japan. Damien was responsible for generating investment ideas and conducting due diligence on companies in the Consumer and Lifestyle, Food and Beverage, Oil and Gas and Healthcare Sector.
o Before he joined Aegis, Damien was Product Manager for Investment and Insurance products at an international bank. He started his career as a Credit Analyst and Relationship Manager at a local bank.
o He is a Certified Financial Planner (“CFP”) holder since 2006 and graduated with Distinctions, BSc from Indiana University at Bloomington.
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Damien Long CFP –Investment Analyst
o Josh Le: Josh Le has 9 years of experience in financial industry spending the last 6 years in portfolio management and trading. He began his career with Bank of America Merrill Lynch in 2008 and subsequently joined Star Financials, a trading firm, and Conrad-Ottess Private Asset Management, a Singapore-based family office. He oversaw Long Short portfolio as well as Long only and Momentum portfolios in Conrad-Ottess. Alongside Edwin Lee, he co-manages the Global Anchor Portfolio in Swaen Capital.
o Josh graduated with a Master of Financial Engineering from Nanyang Technology University, Bachelor of Electrical Engineering from National University of Singapore and obtained Cert. of Computational Finance from Carnegie Mellon University. Josh is also a CFA charterholder.
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Josh Le CFA, MSc in FE
Associate Portfolio Manager
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Adriel Chua–Investment Analyst
o Adriel Chua: Adriel is a graduate from the Nanyang Technological University’s Nanyang Business School and graduated with a Bachelor of Business degree with honours, majoring in Banking and Finance. During the course of his graduate studies, he was also accepted into Citibank’s and the Royal Bank of Canada’s global markets and portfolio management summer programs respectively.
o Adriel also has a background in financial planning and was previously a Monetary Authority of Singapore (MAS) registered financial advisor at Great Eastern Life.
o In his current role, he supports the CIO and investment team as an InvestmentAnalyst from performing portfolio and performance data analytics to providingtrade support for the portfolio managers.
o Christine Ho has 20 years of private and institutional client customer service and operations experience. Over the years, she served more than 15 senior financial consultants supporting them in various aspects of client engagement, trade and operational support. As the operations analyst with Covenant Capital, she supports the team’s operational & administrative needs.
o She started her financial career as a secretary with US securities brokerage firm Kidder Peabody, Hong Kong, in 1993 and an operations assistant with Paine Webber, Hong Kong, in 1995. In 1996, she followed the team to join Salomon Smith Barney Hong Kong Limited in 1996 and Citigroup Global Markets Asia Limited, Hong Kong as Senior Sales Associate in 2002. In 2003, she relocated to Singapore and settled down with her family.
o She continued her senior sales service role with Citigroup Global Markets Singapore Private Limited until Sept 2014. She worked across business , functional and regional lines to provide clients with integrated solutions that meet their needs.
o Tight follow-up and swift response are hallmarks of her work with a keen focus on understanding clients and exceeding their expectations. She is an excellent team player and effective in backing up teammates. Operational seamlessness and continuity in servicing accounts with teammates are key.
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Christine Ho –Operations Analyst
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Sherlyn See –Operations Analyst
o Sherlyn See: Sherlyn began her career as an auditor in a public accounting firm, RSM Singapore for two and a half years. RSM Singapore is a member of RSM International ranked as world’s 6th largest accounting and consulting network. As the operations analyst with Covenant Capital, she supports the team’s operational & administrative needs.
o She performed statutory audits for group audits and reviewed consolidated financialstatements within tight reporting deadline. She also assisted in SGX listedcompanies and non-profit organizations audits which also involved identifyingcontrol weaknesses of companies.
o Sherlyn is a graduate of Nanyang Technological University (NTU) with Bachelor ofAccountancy. She is also an Associate Member of Institute of Singapore CharteredAccountant (ISCA).
Contact us
• E-mail:
• Address: 31 Club Street #03-02 Singapore 069468
• Contact : (65) 6819 0860
• Fax: (65) 6819 0850
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Disclaimer
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Disclaimer: This is a not a marketing or offering document. Notwithstanding anything contained in this document, this document does not constitute, and no recipient of this document may treat the same as, an offer, solicitation or invitation for the sale and purchase of any securities, instruments or any other properties AND the information contained in this document shall not form the basis of any offer or contract. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in any jurisdiction.
This document is provided for information purposes only and is specifically for accredited and qualified investors. Nothing in this document shall constitute investment advice. None of Covenant Capital Pte Ltd. or its subsidiaries nor any of their respective directors, officers, employees, agents, contractors or advisers (collectively, the “CC”) makes any representation or warranty as to the truth, accuracy or completeness of this document (including statements of opinion or expectation) or as to the achievement or reasonableness of any past performance or any future projections, estimates, prospects or returns or any of the assumptions underlying them made nor shall any of them have any liability (whether arising from negligence or otherwise) for any representations (expressed or implied) contained in, or for any omissions from, this document or for any written or oral communications transmitted to the recipient (or its advisers or representative).
No person has been authorized to give any information or make any representations other than that contained herein, and any information or representations not contained herein are not authorized by any member of the CC and must not be relied upon. The delivery of this document at any time shall not, under any circumstances, imply that there has been no change in any matters described herein since the date hereof or that the information contained herein is correct as of any time subsequent to the date hereof. In furnishing this document, CC does not undertake any obligation to provide the recipients with access to any additional information or to correct any inaccuracies in or update this document.
Composite performance results have been calculated by using time-weighted returns. Performance results are total return and include the reinvestment of all income. Performance results are Net of fees and reflect the deduction of actual management fees charged and transaction costs. Past performance does not guarantee future results and other calculation methods may produce different results. Results are based on fully discretionary accounts under management.