About Us

Investment Strategy

As value investors, we seek companies trading at a price fractional of their liquidation or fair values. We believe that over time, the price of the security will eventually reflect the fair value of the underlying business. We use a mixture of quantitative analysis, fundamental research, behavioural insights and the emphasis on capital cycles.

At the heart of our investment philosophy, is our emphasis on the capital cycles. It is based on the idea that the prospect of high returns will attract excessive capital; hence huge competition, just as low returns repel them. The resulting ebb and flow of capital affects long-term returns for shareholders in often predictable ways, what is termed as the capital cycle. We aim to identify sectors that are in its down cycle and that are starved of capital. This is followed by detailed research-based analysis of the fundamentals of the companies and behavioural insights within this sector to uncover publicly-listed companies that are selling at a significant discount to its intrinsic value historically.

Given the contrarian and long-term nature of the capital cycle, the strategy results in strong views versus the market and long holding periods (3 – 5 years). Such a disciplined and patient deep value investing approach allows us to seek superior risk-adjusted returns with limited volatility. It is our belief that if we can minimize our losses; the winners will take care of themselves. This also explains our propensity to favor businesses that are backed by substantial asset values. They are in our experience more reliable determinants of value than projected earnings.

The fund is diversified across countries and industries in 20 – 30 companies at any given time.

Fund Details

Investment Manager: Swiss-Asia Financial Services

Minimum Investment: SGD 200,000

Subscription Charge: SGD 2,000

Lock-up Period: 1-year

Redemption: Quarterly/30-day notice

Early Exit Charges: 1st Year: 3% (payable to Fund)

Management Fee: 0%

Performance Fee: 20%

High Water Mark: Yes


Fund Details

Administrator: Portcullis Trust (Singapore) Ltd

Legal Counsel: Rajah & Tann, Conyers Dill & Pearman



ISIN: KYG4R12A1091

Investment Team

Tay Jun Hao 

Portfolio Manager

He is the Portfolio Manager of Heritage Global Capital Fund, having over a decade of experience in the financial markets. He is a frequent guest speaker at institutions such as University College London (UCL), London School of Economics (LSE), and at investment conferences held in Singapore. He graduated with a Bachelor of Laws (Hons.) degree from University College London (UCL), one of the world’s leading law schools.

Goh Tee Leng 

Portfolio Manager

He is the Portfolio Manager of Heritage Global Capital Fund, having over a decade of experience in the financial markets. He is the Director at Tat Hwa Group, a privately-held, family-owned investment holding and management company, serving as the foundation of the Group’s umbrella of companies and subsidiaries. He graduated with a BSc (Hons.) Economics degree from University College London (UCL).

Xavier See 

Client Relations Director

Xavier See is the Client Relations Director of Heritage Global Capital Fund. He is the Executive Director at SDM Pte. Ltd, a company responsible for tiling some of Asia’s most iconic projects like Pinnacle@Duxton in Singapore, Genting Highlands in Malaysia, Manila Bay Resort in the Phillippines and Medan Train & Railink Station in Indonesia. His previous roles includes his position as the Chief Executive Officer of PT. Permukaan Tritunggal Indonesia, a construction material manufacturing and supply company based in Jakarta, Indonesia. Additionally, he was the Executive Director of DWJ Group based in the Guangdong Province of China.


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