APS sticks to alpha hunting guns

APS Asset Management is a thriving homegrown fund manager, with assets under management of nearly US$3 billion. But there were precarious moments between 2005 and 2007 when founder and chief investment officer Wong Kok Hoi stared down the abyss. At a time when global and Asian markets scaled new highs on debt-fuelled rallies, APS's assets plunged from a high of US$4 billion to US$400 million, thanks to poor performance and client exits.

Says Mr Wong ruefully: "Fortunately or unfortunately, every fund manager will have lemon years. Those were our most difficult."

Was the company remiss in its dogged pursuit of a bottom-up stock strategy? This is a pointed question today as central bank action appears to lead sentiment, currencies and fund flows. Many managers employ a top-down overlay.