The GaveKal Partners:

Charles Gave, Chairman Charles has been researching tactical asset allocation for over fourty years. After three years as a financial analyst in a French investment bank, Charles created Cecogest in 1974. Cecogest was an independent research firm with a large global client base. In 1986, Charles stepped away from pure research to move into money management. He co-founded Cursitor-Eaton Asset Management where he was Chief Investment Officer. At Cursitor, Charles managed over US$10bn of institutional money on a global asset allocation mandate. Cursitor was sold in 1995 to Alliance Capital and Charles remained with Alliance Capital until 1999. At this time, he elected to go back to his first love: research on tactical asset allocation. He left Alliance Capital to create GaveKal where he is the Chairman. Charles sits on the board of numerous companies, and has written several books in French (some available for sale on this website). Charles writes a weekly column for the French newspaper Le Journal des Finances. Charles is married and has four children (Louis being one of them) and six grand-children. Louis-Vincent Gave, CEO After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis-Vincent joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis-Vincent left the army and joined Paribas Capital Markets where he worked as a financial analyst first in Paris, then in Hong Kong. Louis-Vincent left Paribas in 1999 to launch GaveKal Research with Charles and Anatole in London. In 2002, Louis-Vincent left the London office and returned to Hong Kong; the idea at the time was that Asia was set to become an ever more important factor in global growth and that, consequently, GaveKal needed to offer its clients more information, and more ideas, relating to Asia. Louis-Vincent contributes frequently to the research and was the main author of our books Our Brave New World and The End is Not Nigh. Louis-Vincent is CEO of Gavekal and MW GaveKal. Louis-Vincent is a French national. He speaks French and English and is rusty in Spanish and Mandarin. He is married with two sons and one daughter. Anatole Kaletsky, Chief Economist Anatole is best known as an economic commentator for The Times and, prior to that, on the Financial Times. In 1999, after twenty years as one of the world's leading economic journalists, Anatole joined Charles and Louis to launch GaveKal. Anatole has been an adviser to multinational companies and financial institutions in Europe, America and Asia, as well as a sought-after public speaker. His insights on macro-economic and financial trends, central bank dynamics and political developments are respected by investors worldwide. Anatole still writes a weekly column for The Times. Anatole is married and has three children. He speaks French, English and Russian and lives in London. Alfred Ho, CFA, CIO Alfred Ho has over sixteen years of experience in investing in Asian markets. Previously he was the Chief Investment Officer for INVESCO Asia and was responsible for managing large retail and institutional portfolios of US$5bn. Alfred was the lead manager for the INVESCO GT Asia Enterprise Fund which received best performing fund awards by SCMP/Micropal in 1992, 1995, 1998 and 2001. Alfred was also responsible for coordinating research efforts and supervising the investment team. He initiated the launch of the first absolute-return driven product for the company - INVESCO Asia Alpha Fund in 1999. He had been with INVESCO (formerly Aetna Investment Management (HK)) for over twelve years. Prior to joining INVESCO, Alfred worked as an analyst with W.I. Carr in Hong Kong. Alfred graduated from the University of Wisconsin-Madison with a Bachelor of Science degree in Economics, and a Master of Science degree in Finance where he was enrolled in the Applied Security Analysis Program at the School of Business. He is a holder of the Chartered Financial Analyst designation. Alfred is married with two children and speaks English, Cantonese and some Mandarin. Alfred sits on the GaveKal Investment Committee. Steven Vannelli, CFA, Portfolio Manager & Head of US Research Steve graduated from the University of Denver in 1995 with an undergraduate degree in Finance; he received his Chartered Financial Analyst designation in 1999. Between 1995 and 2005, Steve worked for Alexander Capital, a money management firm based in Denver, CO. In his last four years there, Steve was the Head of Equities. Steve has over ten years of experience managing an S&P500 benchmarked US equity fund.Steve’s work brings to GaveKal clients a stock, industry, and sector level perspective on US equities and is included in our monthly and quarterly strategy pieces. Steve is in charge of the US allocation of the Platform Company Fund. Pierre Gave, Head of Research Pierre Gave joined GaveKal in 2001 and was originally responsible for the construction and maintenance of the firm's financial models, writing the Daily Checking the Boxes Reports, and monitoring macroeconomic developments. In 2006, he became Head of Global Research and now coordinates the entire research process, including managing logistics and operations across the firm's four global offices and contributing to the writing of the firm's Five Corners, Ad Hocs, and Quarterly Strategy Chart Books. Pierre also meets regularly with GaveKal Research clients and speaks at GaveKal's investment conferences, and Seminar's. Pierre launched his career in 1998 as a financial analyst at a venture capital firm in Stockholm, where he specialized on company valuations. Not being American, Pierre is quite the polyglot, proficient in Swedish, English, French, Danish, German, and some Spanish. He is married with two daughters. Marco Lai, COO Marco Lai has over seventeen years of experience in operational management and information technology. Previously, he was a director at QWORKSHOP.COM HK, a software solution company, and was responsible for the whole operation. From 1994 to 1998, Marco was the Head of Information Technology (IT) at INVESCO Hong Kong where he was responsible for formulating IT strategy and rolling out corporate initiative projects. Marco has built extensive experience in fund accounting system, building interface to external 3rd party system as well as design of proprietary stock databases. He holds a Bachelor of Science and Art degree in Finance and Management Information System from Boston University and a Master of Business Administration degree in Finance from California State University, Los Angeles. Marco speaks Cantonese and English and is proficient in Mandarin.

Our GaveKal Research Team is comprised of the following people:

Ahmad Al Abdallah, Head of Commodity Research Ahmad brings ten years of experience in the energy markets. Between 2001 and 2007, Ahmad was a strategist with Shell Trading, covering the oil and products futures market. At Shell, Ahmad wrote extensively on both short to medium term strategies and longer termmacroeconomics relationships between energy and global economic trends. His position also saw him working on deal structures as well as a developer of exotic options, options trading systems and statistical arbitrage models. Prior to Shell, Ahmad worked with TXU in Scandinavia as a senior forecaster and strategist and long term scenario modeller in the power derivatives market. Ahmad holds a degree in economics and business finance from the UK where he specialised in financial econometrics. Prior to working in the energy industry, Ahmad researched the knowledge economy and more specifically barriers to the propagation of knowledge. In his prior life Ahmad was a fine art painter in Paris which he practiced at the Beaux Arts. Ahmad is fluent in French and English with knowledge of classical Arabic. Francois-Xavier Chauchat, European Economist Francois-Xavier is an experienced market economist who began his career in 1989 at Banque Indosuez on the European bond and forex market desk (which is also where Charles started his career in the early 1970s). He then joined BNP in 1994 as a US bond market analyst and in 1997 joined Cheuvreux as Chief Economist. In his work, Francois-Xavier aims to explore the contact zones between the top-down, the bottom-up and financial markets. Francois-Xavier has been applying this framework to Europe, a region he finds much more interesting than most people do in our industry. He strongly believes that the diversity of economic and financial risks within Europe makes the area extremely attractive for all types of investors. Francois-Xavier is also an economics professor at Sciences-Po and Dauphine University, and he is one of the sponsors of the Paris Opera (he sings himself, or tries to). Joyce Dick Lam Poon, CFA, AICPA, Senior Analyst After graduating in business-economics from University of California, Los Angeles, Joyce joined the Audit department of KPMG in Hong Kong, where she specialized in providing assurance related services to commercial banks and retail investment funds. With 5 years experience in public accounting practice, she left to help setting up a private equity company, with responsibility for fund administration and operations. In January 2006, Joyce moved to GaveKal. She is a Certified Public Accountant in California, USA. Joyce speaks English, Cantonese and Mandarin. Will Denyer, Analyst Will studied business and economics at the University of Oklahoma. He worked temporarily with our research team in 2005. We decided it was a good fit, so in 2007 he moved to Hong Kong to start his career with GaveKal. Will is now responsible for monitoring the daily news and particularly developments from the US. Will contributes to the daily “Checking the Boxes” piece and other GaveKal research reports; he answers client questions, and he roots for the French at the Rugby Sevens (someone has to). Will speaks English (but he does occasionally use “y’all” in conversation). Gavin Bowring, Analyst Gavin graduated from Durham University in 2006 with a degree in Chinese with Russian/East Asian Studies. He has worked as a journalist with the Financial Times, The Standard and China Economic Review, as well as done stints as an equity research analyst and a due diligence risk analyst. He speaks fluent English, Mandarin, Cantonese, Russian and French, as well as basic Spanish and Thai. He has travelled extensively around the Eurasian landmass, and enjoys playing rugby and squash. Lucy Luo, FRM, Analyst Lucy graduated from University of New South Wales in 2006 with Master's and Bachelor's degrees in Funds management and Finance/Actuarial Studies. She has worked as an analyst in financial industry before joining GaveKal in February 2008. She has passed FRM exam and is a Certified FRM Holder. Lucy speaks English, Cantonese and Mandarin. Stephanie Woo, Analyst Stephanie graduated from the University of Toronto in 2004 with a Bachelor's degree in Commerce and Finance, specializing in Economics. Thereafter, she joined Intercedent Asia as a Research Associate where she was responsible for doing field research that provides strategic market analysis, industry and competitive intelligence to corporate clients that are interested in doing business in the Asia Pacific region. Stephanie joined GaveKal in March 2008. She speaks English, Cantonese and Mandarin. Daniel Fields, Analyst Dan graduated from the University of Idaho in 2006 with a Bachelor's degree in Finance where he was a member of a student led trading and asset allocation group. After graduation he went to work for Fisher Investments in the trading department, later joining the research team where he was responsible for providing both industry and stock specific analysis. Dan joined GaveKal in February 2009 and like the other Americans on the team, he speaks English. Catherine Holcombe, Editor Cathy Holcombe is a former financial journalist whose work has appeared in the South China Morning Post, The Standard, the Far Eastern Economic Review and Spike Magazine, among other publications. Since making a jump to banking during the Hong Kong bull market in 1996 – when, she points out, even a donkey could have been hired to flog stocks - she has worked for Indosuez WI Carr, Quam Securities and JPMorgan, in roles including analyst, institutional sales-trader and editor. She graduated with an English degree from Duquesne University , and a Master's in Latin American Studies from the University of Chicago.

Our Dragonomics-Research Team is comprised of the following people:

Arthur Kroeber, Head of China Research Resident in Beijing, Arthur Kroeber has been managing director of Dragonomics since 2002. He began work in Asia in 1987 as a journalist specializing in economic affairs, and reported from China, India, Pakistan and other Asian countries. From 1992 to 2002 he was a correspondent of the Economist Intelligence Unit and the author of numerous research reports on China and India. In addition to his work for Dragonomics and the China Economic Quarterly, Mr. Kroeber has published articles in The Economist, the Far Eastern Economic Review, the Financial Times, Fortune, The Washington Post, and Wired. Tom Miller, Managing Editor Resident in Beijing since 2002, Tom Miller is managing editor of the China Economic Quarterly and edits Dragonomics' research output. After working as the CEQ's Beijing correspondent for three years from 2004, he spent 18 months as the South China Morning Post's Beijing business correspondent, also covering the Beijing Olympics and the aftermath of the Sichuan earthquake. Mr Miller has written op-eds on the Chinese economy for the Financial Times and reported from China for the Guardian and Observer newspapers. He holds a first-class degree in English Literature from Oxford and a master's in Chinese Studies from the School of Oriental and African Studies in London. He spent two years studying Chinese at universities in Beijing. Rosealea Yao, Research Manager Rosealea graduated from Renmin University in 1999 and worked for four years at the Chinese Institute of CPAs in Beijing. In 2003-04, she studied economics in the UK at the University of Manchester, where she earned an MA with distinction. In 2007, Rosealea joined Dragonomics Research & Advisory as the firm's research manager. She speaks English and Mandarin. Alanis Qin, Office Manager Alanis joined Dragonomics Research & Advisory in 2003 as a part-time employee shortly before graduating from Capital University of Economy and Business in 2003. At first, she didn't dare to deal with clients in English. She is now the full-time Beijing office manager, responsible for administration, internal accounting, and some research tasks. A native Beijinger, she speaks English and her native Mandarin, which is tinged with the distinctive Beijing "r". Janet Zhang, Macro Economist Janet graduated from Nankai University in 2002 with a doctor degree in economics. After that, she worked at Tsinghua University as a postdoctoral fellow for two years, studying competition policy. From 2005 to 2008, Janet became a researcher at Beijing Normal University, specializing in macro economics and public policy. In Oct 2008, Janet joined Dragonomics Research & Advisory as a macro economist. She speaks English and Mandarin. Will Freeman, Analyst Resident in Beijing since 2005, Will Freeman is a research analyst at Dragonomics and a regular contributor to the China Economic Quarterly. After graduating from Emory University with honors in history and political science, Mr. Freeman shipped off to Beijing for a year of intensive Chinese at Tsinghua University. He then spent a year as the music editor at Time Out Beijing and another year freelancing for Billboard Magazine and various National Public Radio shows. Mr. Freeman first contributed to the China Economic Quarterly in autumn 2007 and joined Dragonomics in summer 2008. He Yuxin, Corporate Analyst Yuxin joined Dragonomics in March 2009. Prior to that, she worked as senior business editor at the official Chinese site of the Financial Times since 2007, taking charge of finance & business reporting and writing timely comment on market news. From 2002 to 2007, she was a senior writer at the Caijing Magazine, focusing on company feature and industry analysis. Yuxin was a visiting scholar of J-School, UC Berkeley, in 2005 and holds a B.S. of electronics and information from Wuhan University of Technology. She speaks Mandarin and English.

Our GaveKal Fund Management Team:

Marc Hubert, CFA, Senior Analyst Marc graduated from Stanford University in 2004 with Bachelor's and Master's degrees in Management Science & Engineering, concentrated in Finance. He thereafter worked for Goldman, Sachs & Co. as a financial analyst in their Investment Management Division in San Francisco, providing high net worth families, foundations, and institutions with strategic and tactical asset allocation analysis and implementation, trust and estate recommendations, single-stock hedging strategies, and opportunistic trading. Marc joined GaveKal in August 2006, and, being American, he only speaks English (barely). Jennifer Thomson, Analyst Following her graduation from Cornell University in 2001, with a B.A. in French Literature and pre-med studies, Jennifer worked as a study coordinator with the surgery department at Denver Health Medical Center. Through her work on a number of studies related to trauma and multiple organ failure, she developed her research and analytical skills. In 2006, Jennifer graduated from the Daniels College of Business at the University of Denver with an International M.B.A. and a finance concentration. Her background in risk analysis and statistical modeling is used in her work at the Denver office as a research analyst. Jennifer has studied and traveled abroad-favorite trips include Russia, India, and, of course, France. She lives in Denver and reports to Steven Vannelli. Eric Bush, Analyst Eric graduated from the University of Colorado at Boulder in 2007 with a degree in Finance and joined the GaveKal Team immediately afterwards. While in school, Eric was an intern for various investment management companies including Western Asset Management and Janus Capital Group. Eric lives in Denver, his hometown, and speaks English. Bryce Coward, Analyst Bryce graduated from the University of Denver, Daniels College of Business in 2007 with a Bachelor’s degree in International Business and an M.B.A. concentrated in Finance. Following his graduation, he worked as an Analyst in the Finance department at Level 3 Communications, a global telecommunications company, where he specialized in building complex financial and statistical forecasting models. Bryce joined GaveKal’s Denver office in August 2009 and although his Spanish skills have waned in recent years, he still maintains conversational proficiency, in addition to speaking English. Victor Luk, FRM, Analyst Victor graduated from the Chinese University of Hong Kong in 2005 and joined GaveKal immediately afterwards (Victor had been working at GaveKal part time for a year before that). Victor is a Certified FRM Holder. He is based in HK and speaks English, Cantonese and a modicum of Mandarin. Wendy See, Research Manager Wendy has worked with Alfred for over ten years, first at INVESCO, then at Asia Absolute. Wendy is in charge of managing the overall research flows and relationships with corporates around Asia. Wendy speaks Cantonese, Mandarin and English.

Our Support Team is comprised of the following people:

Jill Rakowski, Denver Office Manager Jill joined GaveKal after six years in client service at Denver investment advisory firm Alexander Capital. Prior to that, she worked for Hyatt Hotels in marketing and public relations. She has a bachelor’s degree from Middlebury College in Vermont with a double major in International Politics & Economics/ French. Jill brings years of client service, marketing and operations experience to the company. She works in the Denver office managing the operations of GaveKal Capital. Jill has traveled extensively and lived abroad. She is a Denver Colorado native where she lives with her family. Nelly Kam Nelly graduated from Hong Kong University of Science and Technology and joined Deloitte Touche Tohmatsu and Ernst & Young in providing assurance services to industries including banks and funds. Nelly joined GaveKal Capital in 2007 and is responsible for the firm’s accounts. She is a member of the Association of Chartered Certified Accountants. Nelly speaks Cantonese, English and Mandarin. Raymond Cheung Raymond graduated from The Hong Kong Polytechnic University in 2005 and joined GaveKal in 2008. He has worked as a software engineer in IT industry before joining GaveKal. He is responsible for developing and maintaining IT systems. Raymond speaks English, Cantonese and Mandarin. Rosia Wong Rosia joined GaveKal in 2004 and has been helping to manage the Hong Kong office. Before that, Rosia worked for JP Morgan in Hong Kong. Rosia is a HK national and speaks Cantonese, Mandarin and English. Ivy Tam Ivy joined GaveKal in 2009 as personal assistant to the CEO and Chairman. She does however extend her secretarial and logistical support to other partners within the group, and she shares responsibilities relating to HR and sales activities. Prior to joining GaveKal, Ivy was with the Macquarie Group, where she worked for the Business Head of the Real Estate Division. In this role she worked alongside the investment banking and operations teams and provided office administrative support for the group. Ivy is an Associate of The Institute of Administrative Management in United Kingdom. She is married with one son and speaks fluent English, Cantonese and Mandarin.

Our Sales Team is comprised of the following people:

Chris Lightbound, Head of Global Sales Chris moved to Asia to help manage GaveKal's rapidly expanding research and investment management business. Chris now leads a team of 11 sales professionals and oversees a global client and investor base that includes over 600 pension funds, endowments, foundations, investment banks, hedge funds, mutual funds, and high-net-worth individuals. After working with the Gillette Company in Boston, MA, Chris graduated in 1998 with a Bachelor's in Business from Southampton Solent University and joined Gillette's UK Division as a Sales Manager. Chris is a keen sailor who competes regularly throughout Asia. Chris is based in Hong Kong and is married with one son. Nicolas Oudin, Head of Sales for the Americas Nicolas graduated from Paris-Belleville in 1998 and from the University of Miami in 2000. He then practiced architecture in New York City and in 2002, co-created a real estate fund focusing on development and management of mix-use rental properties. Nicolas left architecture in 2006, although remaining the Chief Investment Officer of his fund, and joined GaveKal where he heads the sales and client relationship effort for the Americas. Being French, Nicolas speaks English with an accent, is proficient in Spanish, calls New York home. James Barnes, Sales for the United Kingdom and Switzerland After graduating in 2004 from the University of Newcastle with a degree in Economics, James moved to Hong Kong. He worked as a trader for Swift-trade, a proprietary trading firm, where he gained extensive experience in equities and investment research. James speaks English and is responsible for sales and invoicing. Julien Guillaume, Sales for Asia Ex Hong Kong Julien completed a joint degree in International Business from Portsmouth Business School UK (BA Hns) and ESC Bordeaux in 2002. As a fine art practitioner, he enjoyed a brief stint in Product Design following his Postgraduate diploma of Arts & Design from the University of Portsmouth in 2003, after which he moved to Beijing in 2005 in pursuit of the China Dream. There Julien joined independent research firm Dragonomics Research & Advisory as its sales and marketing manager. Upon the firm's integration with GaveKal in 2008, Julien joined the GaveKal sales team to handle sales and client management for Asia (ex HK). A dual French-British national, he speaks fluent French and English, with some knowledge of Spanish and Mandarin. Julien lives with his wife in Beijing. Anna-Carin Hart, Sales for Singapore Anna joined GaveKal in 2002 and managed the Hong Kong office for 6 years. In 2008, Anna moved to Singapore where she currently manages our Singapore sales and marketing activities. Prior to joining GaveKal. Anna worked in creative media in California and as a VP at PCCW/NOW TV in Hong Kong. She has worked as a producer for film, television and print media. Anna is a Swedish national and speaks English and Swedish. She is married with three children. Jean-Louis Gave, Head of Sales for Scandinavia Jean-Louis has been an active participant in the Scandinavian financial community for twenty-five years. In 1977 he was responsible for setting up and managing the Nordic office of the French investment bank, Societe Generale. In 1986 he left for the Swedish investment bank, Carnegie, where he was in charge of developing corporate finance activities between France and Scandinavia. He joined the Swedish brokerage firm, Fischer Partners, in 1990 before leaving in 1994 to go start his own company, Gaveco AB. Gaveco AB's main business consisted of corporate activities between France and Sweden in collaboration with various firms. Jean-Louis is currently responsible for marketing the GaveKal research in Scandinavia. Jean-Louis is married and has four children. He speaks French, English and Swedish. Nicolas Schoeffler, Sales for France and Benelux After a French MBA and a diploma of Registered Representative of the New York Stock exchange, Nicolas has worked thirty years in financial markets. During fifteen years with CCF (HSBC), he was in charge of international stock market operations and marketing of funds. He launched for CCF an investment bank in Tokyo where he stayed four years, creating the first unit trust in ECU sold to Japanese institutional investors. In 1990 he started as Managing Director a successful investment bank (Handelsbanken Paris) dedicated to financial and industrial transactions between France and Scandinavia, until 2003. Thanks to those various experiences, Nicolas has created relationships with international corporations and institutional investors worldwide. He speaks fluent English and French, some Spanish. A few notions of Japanese and he can sing in Basque. He is married with two children and has a five handicap in golf. Bernard Petit, Sales for France and Benelux Bernard has worked in France's financial market for more than 30 years. After graduating as an Engineer from the Ecole Nationale Superieure des Telecommunications, and getting a PHD in Mathematics and Economics, Bernard first joined CCF (now part of HSBC) as a technology analyst. In time, he became head of research (from 1983 to 1989) and was responsible for several advisory missions on the privatizations undertaken by the French Government. In 1989, Bernard joined HSBC asset management where he was in charge of investment strategy and asset allocation. In 1990, with Nicolas Schoeffler, he started the successful investment bank Handelsbanken Paris, where he remained until 2003 as Director in charge of Corporate Operations. Bernard has been a visiting Professor at the Institut d' Etudes Politiques de Paris from 1975 to 1985. He is married and has two children, and is (still...) a national ranked tennis player. Steven Miller, Sales for Brazil Steven has more than twenty years of business development experience and a successful track record of growing service businesses with relationships in Brazil. He started his career in 1986 at E.F. Hutton & Co as a member of the Hutton Asset Management Team. He later joined Smith Barney's Institutional Wall Street Office where he was responsible for corporate develop and sales activities with numerous Fortune 500 companies. In 1992 Steven founded Gemini Financial Corporation, a US financial services company with offices in Manhattan and Brazil. As President of Gemini he led the firm’s growth in brokerage and asset management. He joined Pali Capital in 2001 after Gemini was acquired by a Brazilian investor group. As Managing Director, he assembled a robust trading business focused on Latin American institutional clients. He earned his degree from The City University of New York in Accounting & Economics. Steven currently lives in the Boston area with his wife and two daughters and maintains a residence in New York City. Patrick Lawrence, Sales for Europe and Hong Kong Patrick graduated from the University of Oklahoma in 2006, attaining a B.A. with a focus in Marketing and Advertising. After graduating he began working in law for a small firm in Oklahoma City. Deciding he needed a change of scenery, Patrick moved to Hong Kong in early 2008 and shortly thereafter began working for GaveKal. He is responsible for sales in Europe and Hong Kong. Patrick speaks English and has some knowledge of Spanish. Laura Fields, Client Services Manager, Sales for Russia Since graduating from the University of Idaho in 2007 with a Bachelor’s degree in Economics and Accounting, Laura has gained experience working in the Finance and Accounting department at SUPERVALU, a fortune 500 company. She moved to Hong Kong in January 09 with her husband, and joined the GaveKal team thereafter. She speaks English and is currently learning Mandarin.