The Navis Asia Navigator Fund

The Navis Asia Navigator Fund invests primarily in listed securities in Southeast Asia adopting a “private equity approach to investing in public equity”. Navigator was launched in August 2005.

Investment Philosophy: Navigator’s investment approach complements that successfully implemented by Navis in private equity investments - fundamentally research driven, value based and long-biased with a focus on smaller to medium sized enterprises. Navigator’s research process is hands-on and the Fund only invests in businesses where the investment team has met and is comfortable with the management. Navigator actively looks for sound businesses neglected by the markets, and seeks to leverage the substantial and broad investment experience of the Navis team in doing so. It is conservatively managed with relatively long investment horizon of 2-3 years or more. The portfolio is not bench-marked against any index, and is moderately concentrated, targeting only 10-15 investment positions (including cash) at any one time. Investment criteria include assessments such as:

• Is the industry analyzable by us?
• Are industry fundamentals attractive?
• Is the business attractively priced at current valuations?
• Is liquidity in the listed instrument acceptable?
• Are the levers of value creation in the hands of management?
• Is the Company a leader or near leader in its markets?
• Does it have a sustainable competitive advantage?
• Are the Managers / Owners competent and trustworthy?
• Is the capital structure appropriate for the business?
• What are the internally and externally-driven risks as assessed by Navigator?
• Are these acceptable? Can they be mitigated?

Investment team: Navigator’s dedicated investment team comprises Patrick Russell, Huang Tian Ming and Cathrine Yu, assisted by Lyn Kam, Eva Lee and Stephy Lim on fund and office administration. Richard Foyston is Chairman of the Navigator Investment Committee, which reviews and authorizes all investment decisions, and comprises members of the Navis core IC plus Patrick Russell. Investment implementation and monitoring is executed by the Navigator Team.

Fund Structure: The Fund has a Cayman Islands domiciled, Master/Feeder structure with separate feeder funds for US and non-US Investors. The annual management fee is 1.5% of NAV, with a Manager’s incentive fee of 20% of the annual increase in NAV, subject to high water mark and minimum 5% performance fee trigger. The fund is open ended with monthly NAV valuations and subscriptions. Redemptions are quarterly and subject to 60 days notice, with some prudential limitations. There are no entry or exit fees.

For more information on the Navigator Fund please contact Patrick Russell or Richard Foyston.