“I interned at OTS Capital, a Hong Kong based Pan Asia long short equity hedge fund, in my final year. The hedge fund invests in companies led by motivated entrepreneur and well-incentivized management team and bet against companies with poor corporate government as well as misalignment of interest between shareholder and management team. The goal of the hedge fund is to preserve client’s money and seek to compound the capital at double digit rate. OTS Capital is spun out from Dalton Investment, a 4 bn dollar global asset manager and is led by former portfolio manager of Dalton Investment Asia strategy, Tony Hsu. 

During the internship, I have written several investment notes as well as equity research report assigned by the portfolio manager and help related marketing stock pitch. I had the chance to learn how to evaluate a company and pick stocks based on business quality, trading valuation, growth potential as well as management team capital allocation ability. The internship has provided me opportunities to participate in sell-side pitch, IPO luncheon, as well as meeting with management team of public company. Analyzing stocks gives you not just an opportunity to make profit on the long or short side, but also gaining appreciation of its business and management team. 

Throughout the internship, I’ve learned basic equity research and have a basic understanding of hedge fund business. I became more comfortable with reading annual reports, understanding financial statements, as well as analyzing business and pricing the stocks through sum of the parts, NAV, and using comparable trading multiples. Working in a small organization also gave me a deep learning curve where the investment analyst and portfolio manager were always willing to assist me and answer my question regarding my work on investment note or equity research paper. 

I have to thank GLEF for providing relevant finance courses and help me gain basic knowledge in the financial market prior to this internship. I was able to use the knowledge learned on the textbook and apply it in the real world.”