Focused Investing in Asia

Pacific’s Hidden Champions

Low-profile, resilient market leaders in providing indispensable everyday products & services and serving underserved customers while guided by a higher purpose.

Investment Process

Guided by our unique 3-step Investment process to avoid such “pitfalls”, Hidden Champions Fund is poised to achieve long-term investment returns by taking stakes in low-profile dominant market leaders.

The intrinsic outperformance of Hidden Champions are often not related to economic conditions, thus offering potential de-correlated returns.

Builders of Asian Hidden Champions – Heroes in our Lives

Hidden Champions are all around us if we look hard enough.
They are focused market leaders in sophisticated, hard-to-imitate niche products
and valuable critical niche services that are largely invisible to the average consumer,
yet are indispensable to our well-being in daily life.

Sealink
Travel

Jeff Ellison

Asian
Paints

K. B. S. Anand

Godrej
Consumer
Products

Adi Godrej

Largan
Precision

Scott Lin 林耀英,
Tony Chen 陳世卿

POLA
Orbis
Holdings

Satoshi Suzuki
鈴木 郷史

Nitori
Holdings

Akio Nitori
似鳥 昭雄

Hoshizaki

Seishi Sakamoto
坂本  精志

Keyence

Akinori Yamamoto
山本 晃則

Universal
Robina
Corporation

John Gokongwei

Jollibee Foods
Corporation

Tony Tan Caktiong

Kalbe
Farma

Dr. Boenjamin Setiawan

SM Prime
Group

Henry T. Sy Sr.

Titan
Company

Xerxes Desai

Britannia
Industries

Nusli Wadia

Vakrangee
Software

Dinesh Nandwana

Emmbi
Industries

Makrand & Rinku Appalwar

Nyquest
Technology

Guo Qiuli 郭秋麗,
Chen Jianlong 陳建隆,
and Lin Mengyi 林孟逸

Taiwan
Paiho

Sen-Mei Cheng
鄭森煤

Chicony
Electronics

Hsu Kun Tai 許崑泰

President Chain
Store Corporation

Kao Ching-yuen 高清愿

Cochlear
Limited

Dr Graeme Clark

Breville
Group Ltd

Jim Clayton

ARB Corporation
Limited

Roger Brown

CSL
Limited

Brian MvNamee

Vitasoy
International

Dr Lo Kwee-Seong

Techtronic
Industries

Horst Julius Pudwill & Roy Cheung

Tencent
Holdings

Pony Ma Huateng 马化腾

Hangzhouo Hikvision
Digital Technology

Gong Hongjia 龚虹嘉

Kajaria Ceramics
Limited

Ashok K. Kajaria

Finolex Industries
Limited

Prakash Pralhad Chhabriaa

The Supreme
Industries Limited

Mahaveer Prasad S.Taparia

Marico
Limited

Harshraj Charandas Mariwala

Emami
Limited

Radhe Shyam Agarwal

HDFC Bank
Limited

Aditya Puri

Eicher
Motors Ltd

Siddhartha Lal

Grasim Industries
Limited

Kumar Mangalam Birla

Harmonic Drive
Systems Inc

Akira Nagai

Calbee
Inc

Takashi Matsuo

Meiji
Holdings

Masahiko Matsuo

Sakai Moving
Service

Tetsuyasu Tajima

Toridoll
Holdings

Takaya Awata

Hero
Motorcorp

Brijmohan Lall Munjal

Minor
International

William Heinecke

Mainfreight
Ltd

Bruce G. Plested

Zhejiang
Supor

Dai Huai Zong 戴怀宗

Dong-E-E-Jiao

Qin Yu Feng 秦玉峰

HUAYU Automotive
Systems

Chen Hong 陈虹

Zhengzhou Yutong
Bus

Tang Yu Xiang 汤玉祥

Hanon
Systems

In Young Lee

Loen
Entertainment Inc

Min Yeong-bin

Korea
Zinc

Choi Chang Keun

SFA Engineering
Corp

Kim Young-Min

Poya
International

Chen Jian-Zao 陳建造

Taiwan
Semiconductor

Manufacturing

Morris Chang 张忠谋

Delta
Electronics Inc

Bruce C.H. Cheng
鄭崇華

ASPEED
Technology Inc

Chris Lin 林鴻明

Advantech

Liu Ke Cheng 劉克振

General Interface Solution
(GIS)

Zhou Xian Ying 周賢穎

Eclat
Textile

Hung Cheng-Hai 洪鎮海

Feng Tay
Enterprises

Wang Chou-Hsiong王秋雄

Cub
Elecparts

You Shan Quan 尤山泉

Standard
Food Corp

Tsao Ter-Fung 曹德風

Silergy
Corp

Chen Wei 陳偉

Hota Industrial
Manufacturing

Ceng Fu Zhu 沈國榮

Ennoconn
Corporation

Wu Hui Feng 吳惠鋒

Jiangsu Hengrui
Medicine

Sun Piao Yang 孙飘扬⁠⁠⁠⁠

Kotobuki
Spirits

Seigou Kawagoe
河越   誠剛

Koh Young
Technology Inc

Koh Kwangill

Café de Coral
Holdings

Victor Lo Tang-seong

Pidilite
Industries

Balvant Parekh

Bajaj Finance &

Bajaj Finserv

Sanjiv Nayan Bajaj

Shriram Transport
Finance Company

R. Thyagarajan

Relo
Group Inc

Masanori Sasada 佐々田 正徳

Daikin
Industries

Akira Yamada

Port of
Tauanga

Mark Cooper Cairns

International Container
Terminal Services

Enrique Razon

Sheng Siong
Group

Lim Hock Leng,
Lim Hock Chee, Lim Hock Eng

Raffles
Medical Group

Loo Choon Yong

GD Express
Carrier

Teong Teck Lean

AEON
Credit Service

Kenji Fujita

Seria
Co Ltd

Eiji Kawai

Ryohin Keikaku
(MUJI)

Seiji Tsutsumi

Sysmex
Corporation

Hisashi Ietsugu

HOYA
Corporation

Hiroshi Suzuki

Unicharm
Corporation

Keiichiro Takahara

Start
Today

Yusaku Maezawa

Pigeon
Corporation

Yuichi Nakata

Aeon
Delight

Ippei Nakayama

Terumo
Corporation

Kitasato Shibasaburō

ENN Energy
Holdings

Wang Yusuo

LEENO
Industrial

Lee Chae Yoon

Public
Bank Berhad

Tan Sri Dato’ Seri Dr. Teh Hong Piow

LPI
Capital

Tan Kok Guan

Vector
Inc

Keiji Nishie

The a2 Milk
Company

Corran McLachlan

Appen
Limited

Julie and Chris Vonwiller

IRESS
Limited

Andrew Walsh

Persol
Holdings

Yoshiko Shinohara

QL
Resources

Dr Chia Song Kun

Pilot
Corporation

Ryosuke Namiki

Mahindra &
Mahindra

Limited

Anand G Mahindra

Time
Technoplast

Anil Jain

Motilal Oswal
Financial Services

Motilal Gopilal Oswal & Raamdeo Agrawal

IIFL
Holdings

Nirmal Bhanwarlal Jain

Daikokuten
Bussan

Shoji Oga

Toei
Animation

Kenzō Masaoka

ARIAKE
JAPAN

Tomoki Tagawa

Yunnan
Baiyao Group

Wang Ming Hui 王明辉

Beijing
Tongrentang

Gao ZhenKun 高振坤

Zhangzhou
Pientzehuang Pharmaceutical

Liu Jian Shun 刘建顺

Sundram
Fasteners

Suresh Krishna

MISUMI
Group

Ryusei Ono

The Monogatari
Corporation

Yoshio Kobayashi

V-Guard
Industries

Kochouseph Chittilappilly

Chung Hwa
Food Industrial

Chen Mingquan 陳民權

Belc
Co Ltd

Takayuki Oshima

AI Holdings
Corporation

Hideyoshi Sasaki

Benefit One
Inc

Norio Shiraishi

Ichibanya
Co Ltd

Tokuji Munetsugu

Zensho
Holdings

Kentaro Ogawa

Workpoint
Entertainment

Phanya Nirunkul

Dialog
Group

Ngau Boon Keat

Freedom
Foods Group

Tony Perich

ASM Pacific Technology

Lee Wai Kwong

Fisher & Paykel
Healthcare Corporation

Maurice Paykel &
Sir Woolf Fisher

ABC-Mart

Masahiro Miki

Ace Bed
Company

Ahn Sung-ho

Mayinglong
Pharmaceutical

Chen Ping 陈平

Fanuc Corporation

Seiuemon Inaba

Chroma ATE

Leo Huang 黃欽明

Builders of European Hidden Champions – Heroes in our Lives

ASSA
Abloy

Melker Schörling & Carl-Henric Svanberg

Essilor
International

Hubert Sagnières

Lotus
Bakeries

Jan Marcel Matthieu Mariachele Boone

RATIONAL
AG

Siegfried Meister

United International
Enterprises

Ulril Juul Østergaard

Umicore
S.A.

Marc Grynberg

Ambu
A/S

Holger Hesse

Chr Hansen
Holding

Cees de Jong

Coloplast
A/S

Lars Rasmussen

Genmab
A/S

Jan G. J. van de Winkel

Novo
Nordisk

Lars Fruergaard Jørgensen

Novozymes

Peder Holk Nielsen

PANDORA

Per Enevoldsen

Schouw
& Co.

Jens Bjerg Sørensen

William
Demant Holding

Søren Nielsen

Amer Sports
Corporation

Heikki Takala

Andritz
AG

Wolfgang Leitner

Huhtamäki
Oyj

Jukka Molsio

Wärtsilä Oyj Abp

Jaakko Eskola

Société BIC SA

Bruno F. Bich

bioMérieux S.A.

Jean-Luc Belingard

Burelle SA

Jean Burelle

Sartorius Stedim Biotech

Joachim Kreuzburg

Valeo SA

Jacques Aschenbroich

Compagnie Plastic
Omnium SA

Laurent Burelle

Beiersdorf

Stefan F. Heidenreich

Brenntag

Steven E. Holland

Fielmann

Günther Fielmann

Fresenius SE & Co

Stephan Sturm

Henkel AG & Co

Hans Van Bylen

Krones

Christoph Klenk

Linde
AB

Aldo Ernesto Belloni

LANXESS

Matthias Zachert

MAN SE

Joachim Gerhad Drees

Pfeiffer Vacuum Technology

Manfred Bender

Paul Hartmann

Andreas Joehle

Sartorius Aktiengesellschaft

Joachim Kreuzburg

Symrise

Heinz-Jürgen Bertram

Rhön-Klinikum

Stephan Holzinger

UCB

Jean-Christophe Tellier

ElringKlinger

Stefan Wolf

FRoSTA

Felix Ahlers

Adidas

Kasper Bo Rorsted

Covestro
AB

Patrick W. Thomas

MTU Aero Engines

Reiner Winkler

Fuchs Petrolub

Stefan Rudolf Fuchs

PUMA

Bjørn Gulden

Rheinmetall

Armin Papperger

Experian

Brian J. Cassin

Kerry Group

Edmond Scanion

Brembo

Alberto Bombassei

DiaSorin

Carlo Rosa

I.M.A. Industria Macchine Automatiche

Andrea Romagnoli

Luxottica Group

Leonardo Del Vecchio

Recordati

Giovanni Recordati

Brunello Cucinelli

Brunello Cucinelli

Amplifon

Enrico Vita

ASML Holding

Peter T. F. M. Wennink

Davide Campari-Milano

Luca Garavoglia

Koninklijke DSM

Feike Sijbesma

Euronext

Stéphane Boujnah

Lerøy Seafood Group

Henning Kolbjørn Beltestad

SalMar

Trond Williksen

Marine Harvest

Alf-Helge Aarskog

Schibsted

Rolv Erik Ryssdal

Corticeira Amorim

Antonio Rios de Amorim

Jerónimo Martins

Pedro Manuel de Castro Soares dos Santos

Grifols

Victor Grifols Deu

Industria de Diseño Textil

Pablo Isla Álvarez de Tejera

Amadeus

Luis Maroto Camino

AAK
AB

Mikael Ekdahl

Addtech
AB

Johan Sjö

Alfa Laval
AB

Tom Erixon

Axfood

Klas Balkow

Beijer Alma

Bertil Persson

Beijer Ref

Per Bertland

BioGaia

Peter Rothschild

Duni

Thomas Gustafsson

Elekta

Laurent Leksell

AB Fagerhult

Johan Hjertonsson

Getinge

Mattias Perjos

Hexagon

Ola Rollén

HMS Networks

Staffan Dahlström

Hexpol

Mikael Fryklund

ICA Gruppen

Hakon Swenson

Intrum Justitia

Mikael Ericson

Indutrade

Bo Annvik

Inwido

Håkan Jeppsson

Lagercrantz Group

Jörgen Wigh

Investment AB Latour

Jan Svensson

Lifco

Fredrik Karlsson

Loomis

Patrik Andersson

L E Lundbergföretagen

Fredrik Lundberg

Malmbergs Elektriska

Jan Folke

NIBE Industrier

Gerteric Lindquist

Nederman Holding

Sven Kristensson

Nolato

Christer Wahlquist

Probi

Peter Nählstedt

Thule Group

Magnus Welander

VBG Group

Anders Birgersson

Vitrolife

Thomas Axelsson

Atlas Copco

Mats Rahmström

Securitas

Alf Göransson

Barry Callebaut

Klaus Johann Jacobs

Belimo

Lars van de Haegen

Bell Food Group

Lorenz Wyss

DKSH Holding

Stefan P. Butz

dormakaba Holding

Riet Cadonau

Geberit

Christian Buhl

Givaudan

Gilles Andrier

Jungfraubahn Holding

Urs Kessler

LEM Holding

François Gabella

Chocoladefabriken Lindt & Sprüngli

Ernst Tanner

Schindler Holding

Silvio Napoli

Tecan Group

David Roy Martyr

Bergbahnen Engelberg-Trübsee-Titlis

Norbert Patt

Actelion Ltd

Jean-Paul Clozel

Roche Holding

Severin Schwan

Sika

Paul Schuler

EMS-Chemie Holding

Magdalena Martullo-Blocher

Sonova

Lukas Braunscheweiler

SGS

Frankie Ng

Straumann Holding

Marco Gadola

VAT Group

Heinz Kundert

Croda International

Stephen Edward Foots

Halma

Andrew J. Williams

Howden Joinery Group

Matthew Ingle

Johnson Matthey

Robert J. MacLeod

Rotork

Martin James Lamb

Renishaw

Sir David R. McMurtry

WH Smith

Stephen Clark

Spirax-Sarco Engineering

Nicholas J. Anderson

Spectris

John E. O’Higgins

Renishaw

Sir David R. McMurtry

Ultra Electronics Holdings

Douglas Caster

Associated British Foods

George Garfield Weston

Micro Focus

Kevin Loosemore

Mondi

Peter Josef Oswald

Intertek Group

André Lacroix

NMC Health

Prasanth Manghat

RPC Group

Pim R. M. Vervaat

Rightmove

Scott E. Forbes

JD Sports Fashion

Peter Alan Cowgill

HomeServe

Richard David Harpin