Welcome to the Q2 2026 issue of Hidden Value Stocks from Hedge Fund Alpha (formerly ValueWalk Premium).
This edition features Graham Rhodes of Longriver Investment Partners.
Read a lengthy excerpt from the edition below.
Meet Graham Rhodes of Longriver Investment Partners
Graham Rhodes founded Hong Kong-based Longriver Investment Partners and serves as chief investment officer of the independent investment manager. Before starting Longriver, he worked in investment banking and then on both the buy side and sell side of public equities.
The journey
Later, Rhodes served as head of research at a family office, where he advised the principal and managed a portfolio of global equities and bonds.
“Longriver is the result of that path,” he told Hedge Fund Alpha. “I began with Chinese equities, expanded to regional coverage, and eventually to global investing. The common thread is that my view of business, risk and governance was shaped in Asia, and I now apply those lessons globally. When I started the firm, I wanted to keep it as simple as possible. I run one strategy and invest my own family’s capital alongside clients. I wanted clients to feel they were dealing with a person rather than an institution and to judge the business by the quality of my thinking and behavior over time.”
Rhodes added that the firm’s structure is simple, but he has cultivated a spirit of partnership there.
Describing Longriver as “global value investing from Asia,” he explained that the strategy is global. Despite being based in Hong Kong, Rhodes doesn’t restrict the portfolio to Asia or Hong Kong. He invests globally, seeing an opportunity set wherever he can find the best risk/ reward.
Advantages of a base in Hong Kong
Rhodes also said that their lens is shaped by Asia, which he described as a “demanding training ground.”
“It teaches you quickly that capital cycles matter, that governance can decide outcomes, and that minority shareholders do not always come first unless management makes them,” he explained. “That keeps me focused on supply over headlines, incentives over narratives, and the ability to self-fund growth over stories about total addressable markets.”
Rhodes feels that being based in Hong Kong is also a key advantage, meaning listings there are often “windows into the supply chains that knit the global economy together.”
“You can see which Asian businesses are moving up the value chain and which Western firms the region still depends on for critical components, software and services,” he added. “That helps me follow value chains across regions rather than think in silos.”
According to Rhodes, this practice is geared toward long-term partners comfortable with “concentration, benchmark deviation and periods when compounding looks lumpy rather than smooth.”
A limited universe
Aiming to keep his universe manageable, he doesn’t cover every stock in every market. Instead, he focuses on just a few areas where he has expertise, keeping a focused watchlist while looking for businesses with relatively predictable cash flows, robust competitive positions, and management teams who know how to reinvest capital “sensibly.”
“A lot of the work is elimination,” Rhodes explained. “If I cannot explain the business clearly, if incentives are poor, if leverage is doing too much of the work, or if the industry structure makes durable returns unlikely, I move on quickly. If something survives that first cut, I want to understand how the business became what it is, what management is trying to achieve, and whether they are likely to allocate capital well on our behalf. I care a lot about history because it is usually the best guide to behavior, incentives and resilience.”
At that point, price makes a major difference. Rhodes is still a value investor at heart, so he wants a margin of safety. He said he would rather own something “obvious at the right price” rather than “something clever” that only works if his “informational advantage” continues.
When sizing positions, conviction, uncertainty, liquidity and correlation all come into play. Rhodes wants “rare, good” ideas to make a difference, but he doesn’t want the portfolio to become “reckless.”
Evolution of style
Over the years, Rhodes’ investing style has shifted from a more traditional value style as he simply sought statistically cheap companies. As he began to realize that cheapness alone wasn’t enough, he started to factor in governance, capital allocation, and the accruing of value to minority shareholders like Longriver. Two experiences shaped this shift.
“In 2016, Google and Facebook changed the way I invested,” Rhodes said. “Before that, I had been a bit too parochial. Studying Naver (KRX: 035420) in Korea forced me to look at YouTube and Instagram, and then at their parent companies.”
At that point, he started to really think like a global investor, appreciating the power of great business models that reinvest over the long term. The second experience involved one of Rhodes’ early small-cap investments in Hong Kong, which he said “looked optically cheap and screened well on the numbers, but governance and capital allocation were poor.”
“It was a durable lesson that cheapness can be a trap if stewardship is weak and the economic engine is not improving,” he added. “So my style has shifted toward backing businesses that can create value over time, still with a margin of safety, but with much greater emphasis on durability, reinvestment and stewardship.”
