Julien Moulin – Maoming Barclay Award 3 years

Julien Moulin – Maoming Barclay Award 3 years

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Maoming Barclay Award 3 years ending June 2009 (rank 1) and September 2009 (rank 3).

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Julien Moulin – An Investment Journey to China

Julien Moulin – An Investment Journey to China

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By Julien Moulin and Frederic Durr

While working in London for two of the world’s largest asset management companies, we couldn’t help but hear a lot of talk about China. The funny thing was that people from our investment teams kept talking about China as the “place to be”, but no one had actually found a good way to invest directly in the country and make money out of it. Our previous trips to Asia and China had indeed encouraged us to keep a close eye on the development of the country, and in early 2004 we decided to take the plunge and be part of China’s rebirth. We took Dr Faber’s advice: “If I were 26 again, I would move to Shanghai, Ho Chi Minh, Yangon, or Ulan Bator. I would learn the local language to perfection, live with seven concubines, and start a business.

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Up close and personal is the secret of Maoming’s success

Up close and personal is the secret of Maoming’s success

June 2009 Newsletter

Detailed knowledge of the Chinese story is vital for Frederic Durr and Julien Moulin, which means they must operate like private equity investors in their approach to company research.

Hedge fund managers can debate endlessly about the relative merits of being close to or far from the markets they invest in. For the founders of Maoming Investments though, there was no doubt that proximity to the market was what would give them an edge. So far, they are right. As of 15 June 2009 the fund has achieved a return of 10.6% for the year and an average annualised performance of 23%.

The Maoming Fund focuses exclusively on China plays and overseas companies that are totally reliant on China. The only way to counteract investor unease about the quality of information they were getting about China from the outside was to be based at the heart of China’s economic development, in Shanghai, says Julien Moulin, who together with Frederic Durr co-founded Maoming. Both have lived there since 2004. Before the fund launched in February 2006, Durr and Moulin were joined by Ivan Qi, who was born in Shanghai and came back to China towards the end of 1998.
Location is key to the fund’s philosophy. “It’s very hands-on, we do a lot of ground-level research,” says Moulin. “We are value-driven, very fundamental – and the big difference is we can visit companies easily.”

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