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About Us


Greenwoods Asset Management is an investment management company specializing in managing funds investing into mainland China companies, including but not limited to H shares, Red Chips, ADRs, A shares, and B shares. Greenwoods funds include both international funds investing in Greater China equities for global investors, and A-share trusts for qualified Chinese domestic investors.

Investors of funds and accounts managed by Greenwoods include reputable institutional investors from around the globe, such as sovereign wealth funds, pensions, endowments, banks, insurers, investment banks, family offices, and high net worth individuals.




On the investment advisors of funds managed by Greenwoods, Shanghai Greenwoods Asset Management Co. Ltd. is registered with the Asset Management Association of China (AMAC) of China, and Greenwoods Asset Management Hong Kong Limited is licensed by the Hong Kong SFC to perform asset management activities (Type 9) and US SEC.

Greenwoods is famed for the long and strong long-term track records of its funds. The predecessor of Golden China Fund, a long-only portfolio, was up 770% during the period from 2001 to 2003 (and the return was reviewed by E&Y Hong Kong), vs 300% of the H-share index.

And Golden China Fund’s cumulative net return of the Fund from inception (July 2004) to September 2016 is 1,583.3%, or 25.9% annualized, vs 8.9% per annum of MSCI China Index and 6.8% per annum of H Share index. Golden China Fund was awarded the best “Single Country Fund” of 2007 by AsiaHedge for the Fund’s 1-year net return of 158% as of Sept 2007, and “Asia’s Best Hedge Fund” (over $100 million) of 2009 by Bloomberg for its 10-month net return of 136.8% as of Oct 2009. And Golden China Fund’s net return was 26.9% in 2012 and was awarded the long/short equities fund of 2012 by HFM Weekly.

Also, Golden China Fund was nominated for the Greater China long/short equities fund of 2012 by AsiaHedge in 2012, when Greenwoods Asset Management was nominated as the manager of the year and the Greenwoods China Alpha Fund was nominated for the “Emerging Managing and Smaller Fund” of Year, making Greenwoods the only firm with three nominations by AsiaHedge in 2012.

With the investment philosophy of value-investing, Greenwoods adopts a combination of bottom-up and top-down analysis, and performs thorough research on macro-economy, policies, and fundamentals before making investments. In fundamental analysis, Greenwoods takes a private equity investment approach from time to time. When evaluating a company, Greenwoods is focused on industry structure and the company’s position within the value chain. Greenwoods prefers companies with high growth potential and high barrier to entry, strong pricing power, and also capable and motivated managers.

Besides deep research process, we from time to time communicate with industry specialists who work in various industries. By and large, these industry specialists understand their industries and companies better than most financial analysts. Through them Greenwoods team gain insights on the competition landscape and up-to-date changes in various industries. We found industry insights particularly important in China, where the economy has grown rapidly and industries and regulations have undergone fast changes, and the operating environment of companies change at much faster pace than companies in developed countries. This is another differentiation of Greenwoods from many peers.

Such network gives us a distinctive edge in understanding companies’ current industrial environment, barrier-to-entry, competitive advantages, and management capability. We believe such an edge, as well as our insights of China’s policies distingue us from other investment managers on China investments.



 

Our Funds

Golden China Fund is the flagship fund managed by Greenwoods. Since inception in July 2004, it has been one of top performers among all China focused funds, and received various awards since inception.

Information about the fund is available on Bloomberg, Eurekahedge, Asiahedge, and Morningstar.

Golden China Plus Fund is a long-only international fund managed by Greenwoods and was launched in April 2007. The fund’s net return was 47.7% in Year 2012.

Greenwoods China Alpha Fund was launched in January 2010. The Fund aims to achieve extraordinary return by employing a fundamental long/short approach mainly through active investment management in PRC-related securities listed overseas, bonds, and commodities, with limited investment restrictions. The fund’s net return was 84.7% in Year 2012, and was awarded the “Emerging Managing and Smaller Fund” of Year 2012 by AsiaHedge.

Greenwoods also manages several RMB denominated funds (trusts) in China, and earned great reputation for investments in China’s A shares as well. For example, during Year 2007, the Greenwoods-SZITIC Prudent Trust achieved a performance of 142% and was ranked the top performer among all A-share investment trusts launched by SZITIC and Ping An Trust. In 2008, Greenwoods was a runner-up of China’s best hedge fund managers by Guojin Securities. And the Trust’s 3-yr return during the period of 2007-2009 was 192.6%, ranked among the Top 3 performing A-share hedge funds. In 2010, Greenwoods Prudent Trust was awarded the private fund with the best risk management by Shanghai Securities Journal.

Team

With a team of investment professionals with deep local knowledge and extensive experience, Greenwoods aims to provide investors with extraordinary investment performance and institutionalized services. We have a team of nearly 40 professionals. All team members are highly qualified in their specialization. The majority of the team members holds post-graduate degree in finance related fields, and many professionals had prior work experiences with reputable financial or regulatory institutions, such as Shenzhen Stock Exchange, China Southern Fund, CCB Principal Fund Management, JP Morgan, etc.

Social Responsibility

Greenwoods and its staff had made donations to support schools and post-catastrophe reconstructions in China, and will continue making contributions to philanthropic activities going forward.