HM1 expands offshore with Prusik Investment Management

We’re thrilled to welcome Prusik Investment Management as our newest Core Fund Manager. With Tom Naughton at the helm, Prusik brings decades of experience investing in Asia’s dynamic markets.

October 8, 2025

We’re thrilled to welcome Prusik Investment Management as our newest Core Fund Manager. With Tom Naughton at the helm, Prusik brings decades of experience investing in Asia’s dynamic markets.

Read Transcript

On 1 September 2025, HM1 introduced its first offshore based Core Fund Manager, Prusik Investment Management (Prusik). Prusik is an independently owned fund management company which specialises in researching and investing in Asian equities. Founded in 2005, it was one of the first long-only, absolute return investors focusing on Asia ex-Japan. Prusik is led by Tom Naughton who featured on our podcast last year and has been investing in the region since 1994. He has developed a research based, value biased approach to identify compelling investment opportunities.

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Tom runs a single concentrated fund that fits well within the suite of Core Fund Managers at HM1 and enhances the portfolio's global diversification. The initial stock picks that Tom has selected for the HM1 Core Portfolio are detailed below:

‍

Swire Pacific

‍Swire Pacific (0019.HK) operates across Greater China and South East Asia in real estate, aviation, and consumer sectors. It has a solid balance sheet and an attractive dividend yield of more than 5%. With strong earnings growth potential, a proven record of buybacks, and a board committed to narrowing the discount to intrinsic value, the shares remain deeply undervalued at just one-third of book value.

‍

CK Hutchison

‍CK Hutchison (0001.HK) owns stable, cash-generating assets across ports, utilities, telecoms and retail globally, but trades at a significant discount due to its complex conglomerate structure, Hong Kong listing, and lack of clarity on capital allocation. Prusik believes the underlying businesses would be worth close to US$80bn on a private market basis compared with the current market capitalisation of US$25bn. Ongoing discussions to sell the ports division and list the telecom assets at a combined US$35-40bn highlight this value disconnect.

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AIA

‍AIA (1299.HK) is the only foreign insurer permitted to own 100% of its China business, a unique legacy of its 1919 founding in Shanghai. This gives it a leading position in the country's high-end life insurance market alongside strong franchises across Singapore, Hong Kong, India and Thailand. Asian governments are increasingly relying on private sector providers to deliver retirement and healthcare solutions as populations age and accumulate wealth. Well-managed, trusted brands like AIA are positioned to benefit from these structural tailwinds. The company trades at 14x price-to-earnings with a 17% return on equity, offering an attractive exposure to Asia's growing middle class.

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October 8, 2025

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On 1 September 2025, HM1 introduced its first offshore based Core Fund Manager, Prusik Investment Management (Prusik). Prusik is an independently owned fund management company which specialises in researching and investing in Asian equities. Founded in 2005, it was one of the first long-only, absolute return investors focusing on Asia ex-Japan. Prusik is led by Tom Naughton who featured on our podcast last year and has been investing in the region since 1994. He has developed a research based, value biased approach to identify compelling investment opportunities.

‍

Tom runs a single concentrated fund that fits well within the suite of Core Fund Managers at HM1 and enhances the portfolio's global diversification. The initial stock picks that Tom has selected for the HM1 Core Portfolio are detailed below:

‍

Swire Pacific

‍Swire Pacific (0019.HK) operates across Greater China and South East Asia in real estate, aviation, and consumer sectors. It has a solid balance sheet and an attractive dividend yield of more than 5%. With strong earnings growth potential, a proven record of buybacks, and a board committed to narrowing the discount to intrinsic value, the shares remain deeply undervalued at just one-third of book value.

‍

CK Hutchison

‍CK Hutchison (0001.HK) owns stable, cash-generating assets across ports, utilities, telecoms and retail globally, but trades at a significant discount due to its complex conglomerate structure, Hong Kong listing, and lack of clarity on capital allocation. Prusik believes the underlying businesses would be worth close to US$80bn on a private market basis compared with the current market capitalisation of US$25bn. Ongoing discussions to sell the ports division and list the telecom assets at a combined US$35-40bn highlight this value disconnect.

‍

AIA

‍AIA (1299.HK) is the only foreign insurer permitted to own 100% of its China business, a unique legacy of its 1919 founding in Shanghai. This gives it a leading position in the country's high-end life insurance market alongside strong franchises across Singapore, Hong Kong, India and Thailand. Asian governments are increasingly relying on private sector providers to deliver retirement and healthcare solutions as populations age and accumulate wealth. Well-managed, trusted brands like AIA are positioned to benefit from these structural tailwinds. The company trades at 14x price-to-earnings with a 17% return on equity, offering an attractive exposure to Asia's growing middle class.

Disclaimer: This material has been prepared by , published on October 8, 2025. HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.

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