The 2025 Sohn Hong Kong Conference took place on May 30, 2025, at the Asia Society Hong Kong Center. This top hedge fund conference brings together top investment managers and allocators for stock pitches and networking. A more altruistic purpose of the Sohn Hong Kong Conference is to raise funds for the Karen Leung Foundation's mission has raised over $25 million for research and support for women with gynecologic cancer. All proceeds of the conference go to this life-saving cause, and Hedge Fund Alpha was proud to be a media partner of the event.
UPDATE: 6/3/2025 4:15PM EST - Our entire 102 page report on the Sohn Hong Kong Conference can be found at the very bottom of this page in both plain vanilla and interactive PDF format. You can browse through the 17+ stock pitches one by one by checking the links listed below or scroll to the very bottom of this post to view our full coverage in a PDF format which you can read online, print or download. We hope you enjoy!
The Sohn Hong conference featured compelling "Best Ideas" presentations from top fund managers, including Main Stage and Next Wave (emerging managers) speakers. In total about 18 different pitches took place.
The ideas covered a range of opportunities (mostly equities) across global markets and sectors, including specific stocks pitches in real estate (India), technology (China, US), pharmaceuticals (Japan, Europe, India), manufacturing (Japan), defense (Spain), and fintech, as well as broader discussions on manager selection and risk management.
Readers can find an in-depth summary of all the Sohn Hong Kong pitches below as well as links to a more comprehensive analysis for individual pitches.
First the line-up:
Sohn Hong Kong - Main Stage Speakers
- Jonathan Xiong, CEO & CIO, Arrowpoint Investment Partners - See: Jonathan Xiong Of Arrowpoint: Long China, Short Japan
- Aalap Mahadevia, Founder & CIO, Briarwood Chase Management - See: Aalap Mahadevia Of Briarwood: Long India’s Overlooked “Fanatic” Real Estate Genius
- James Smith, Founder & CIO, Palliser Capital - See: Palliser’s James Smith- This High-Quality Japanese Manufacturer Has 90% Upside
- Jay Kahn, Managing Partner, Flight Deck Capital -See: Jay Kahn Of Flight Deck: 3X Upside On This Leader In Robotaxi and our in-depth interview with Jay Kahn here
- Masaki Gotoh, CIO & CEO, TriVista Capital - See: Masaki Gotoh of TriVista Bets On This Stock Will Win From Myopia Epidemic
- Sean Ho, Founder & CIO, Triata Capital - See: Triata’s Sean Ho Is Bullish on This Asian E-commerce Leader
- Seth Fischer, Founder & CIO, Oasis Management - See: Oasis' Seth Fischer Pitches This Japanese Mall Conversion Company
- Thea Jamison, Founder & Managing Director, CHANGE Global - See: CHANGE's Thea Jamison - This Hungarian Blue-chip Is An "Easy Double" and our recent talk with Thea Jamison here
- Vatsal Mody, Partner, Arisaig Partners - See: Vatsal Mody On India’s Value Pharmacy Leverging Vertical Integration
- Wanyi Yao, Founding Partner & CIO, Apeiron Capital - See: Wanyi Yao Of Apeiron Capital Is Bullish On This Undervalued & Dominant Mobility Platform and our in-depth interview with Wanyi Yao
Sohn Hong Kong - Next Wave Speakers
- Damon Meng, CEO & CIO, Frontline Global Management - See: Damon Meng of Frontline – This Spanish Stock Could 4X On Massive Defense Spending
- Graham Rhodes, Founder & CIO, Longriver Investment Partners - See: Graham Rhodes of Longriver is Bullish on This Money Transfer Company and our profile of Graham Rhodes here
- Jon Jhun, Managing Director, MY.Alpha Management - See: Jon Jhun Of My.Alpha On Which Stocks Will Benefit From $200B In Annual Nuclear Spending
- Vaibhav Singh, Managing Partner, Panvira Management - See: Ex-Coatue Analyst Vaibhav Singh Sees Triple-Digit EPS Growth in Indian Stock
Debate - See: David Dredge of Convex Strategies On The Goalkeeper’s Approach to Tail Risk Investing
- Nick Ferres, Chief Investment Officer, Vantage Point Asset Management
- David Dredge, Chief Investment Officer, Convex Strategies
In Conversation: The Asset Allocator Perspective
- Dawn Yu, Managing Director & Head of Research, Persistent Asset Partners - See: Dawn Yu of Persistent Asset Partners on How to Spot Red Flags with Investment Managers
- Annabelle Droulers, Asia Tech Correspondent, Bloomberg Television Asia (Moderator)
Summary of the 2025 Sohn Hong Kong Conference
Dawn Yu, Managing Director & Head of Research, Persistent Asset Partners
Dawn Yu discussed the process of selecting investment managers and identifying red flags. She noted that assessing certain strategies can be challenging, particularly those that are new or unconventional, especially if there isn't historical data to support their success. For allocators, evaluating novel strategies or those lacking a clear "winners pattern" is difficult. Statistically, new approaches are unlikely to succeed, though outliers exist.
Regarding red flags in manager selection, Yu outlined those of varying severity. Severe red flags include being unable to obtain the correct Net Asset Value (NAV), a change of auditor where the new auditor won't communicate, a manager being removed by a broker, or excessive risk-taking. More subtle indicators include a manager growing assets under management (AUM) beyond the strategy's capacity, key personnel departures coinciding with performance declines, or a shift in a manager's lifestyle linked to poor performance. Yu stressed that asset allocators should avoid knee-jerk reactions to these subtle signs. Instead, they investigate whether departing personnel were truly indispensable, if there were other contributing factors, and if the investment thesis needs to be revised based on new information.
The most common reason for an asset allocator to redeem an investment is when the investment thesis breaks. This can result from initially incorrect assumptions based on available data, or if the manager fails to execute the strategy as presented. If a strategy consistently yields results different from expectations regarding volatility, exposure, concentration, or strategy shifts, it signals a potential breach of the thesis, regardless of whether performance is good or bad.
Another common redemption trigger is when a skilled portfolio manager (PM) cannot deliver performance due to a structural shift in the market environment, particularly if they cannot adapt to the new conditions. In the current uncertain market environment, Yu noted a greater patience with existing multi-year partnerships, where the downside in a worst-case scenario is understood. However, there is increased caution regarding underwriting new managers in this volatile landscape. Many established, great managers are currently open for allocation, creating headwinds for newer managers trying to prove themselves.
Also see Sohn Hong Kong 2024: Converium, Tybourne, Japan Catalyst, Oasis, Palliser And More
For hedge fund managers starting a firm or raising capital, Yu highlighted the statistical challenges, noting that 50% of managers don't survive past three years, and many who do fail to beat their index. Her advice for new managers included finding a product niche with less competition. She suggested that demonstrating strong, compounded two-year returns in a specific niche could attract capital. Institutional investors look for strategies that can scale, require clear explanations of the strategy, comfort with the risk level, transparency, and overall fit. Truly successful managers excel at running the business, generating returns, maintaining transparency, and diligently following up with investors. Follow-up after initial meetings is crucial and requires discipline. Ultimately, successful managers either combine strong business acumen, a good Investor Relations (IR) team, and operational infrastructure with follow-ups, or they achieve such exceptionally strong performance that they cannot be ignored by allocators.
Aalap Mahadevia, Founder & CIO, Briarwood Chase Management
Aalap Mahadevia presented an investment idea in India, a market characterized by strong long-term secular and demographic trends but often high valuations. His firm, Briarwood Chase Management, focuses on micro and small-cap equities not typically included in major indices. The premise is to find companies benefiting from India's attractive trends but trading at valuations appealing even to deep value investors.
The specific idea presented was SUNTC Realty, a $700 million market cap real estate developer in Mumbai. The core of the investment story revolves around the owner-operator, Kamal Kitan, described as a near "real estate genius". Kitan is known for his temperament and fanaticism. His temperament allows him to remain patient and "sit on his hands" during bull markets, resisting the urge to grow aggressively when competitors are active. He thrives during times of distress, known for buying assets out of bankruptcy and other difficult situations. His fanaticism is evident in his intense work pace, with one anecdote mentioning him working through his daughter's wedding. Kitan is also highly aligned with shareholders, owning over 60% of SUNTC stock, representing almost all of his net worth, which he built from a relatively poor background. He regularly buys shares when he believes the stock is cheap.
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