Centenary Holdings is an investment firm that makes investments in the private equity of operating companies. Centenary, with its investors, will acquire a controlling position in a company and then look to maximise the value of that investment.
Centenary Holdings is a private investment firm led by Carlos Li.
Founded in 2016, Centenary Holdings is a small and uniquely positioned private investment fund management company that focuses on regional or local businesses. Specialising in adding strategic value to under-utilised business through structural reform and re-positioning. We endeavour to seize the windows of opportunity presented to us to achieve significant results in a range of business, including jewellery, education, consulting, and real estate development.
The company intends to apply the value investing approach to investment management as developed by Benjamin Graham. The substantive areas covered will be the fundamental assumptions and approaches to value investing, techniques for assessing fundamental value based on traditional and value investing-based valuation, the design of strategies for searching efficiently for value investing opportunities, and the structuring of value-based portfolios to control for risk.
Centenary Holdings acknowledge that there is always a difference between the price of an asset and its value, and that knowing the difference is the key to achieving satisfactory investment returns. The company's investment model, including the concept of always requiring a margin of safety, has as its foundation the principles that Benjamin Graham laid out in Security Analysis (1934) and The Intelligent Investor (1949), with many valuable building blocks laid atop that foundation by successful practitioners of the value philosophy, such as Warren Buffett, Charlie Munger, Sir John Templeton, Prem Watsa, Mason Hawkins, Bill Ruane, Seth Klawman, and others.
The hedging component of the fund is based on the belief that, if hedging is carried out strategically, it can contribute immensely to the goal of protecting against major setbacks. This belief is based on the recognition that, even though a portfolio may consist of undervalued equities and securities, the indiscriminate selling that takes place during sharp market declines can lead to drawdowns in portfolio value that are very uncomfortable for most investors.
The company will aim to optimise the relationship between capital preservation and profit, or risk and reward, where risk is defined as the probability of permanent loss of capital. The fund's risk-management discipline has four main components:
While the company's investment decisions will not depend on economic forecasts - internal and/or external - prudent management dictates that there be an awareness of the economic landscape and, in the rare instances when economic conditions have relatively clear implications for investments, the company take steps accordingly to preserve capital.
Centenary Holdings will also strive to embody the spirit of continuous learning and improvement by paying close attention not only to results but, perhaps more importantly, to process, in the way remain flexible and innovative.
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© 2017 CENTENARY HOLDINGS LIMITED
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