
MIR Investment Management Pty. Ltd. was established in June 2003
and commenced managing Australian equities in January 2004, Asia ex-Japan equities in June 2007
and Greater China equities in May 2010. The MIR Group is headquartered in Sydney and has offices
in Singapore and Melbourne with approximately A$1bn in assets under management as at 31 December 2011.
MIR established a Joint Venture company, MIR Libra Capital Management, in January 2010 focusing on
Greater China equities with offices located in Hong Kong and Shanghai. MIR offers long strategies
in Australian, Asia ex-Japan, Asia Pacific ex Japan and Greater China equities all of which
demonstrate strong value characteristics.
MIR's investment process is based on the belief that superior
long-term results can be achieved by exploiting market inefficiencies, including those generated
by the cognitive biases and behavioural weaknesses that affect investor decision making. MIR
recognises the efficacy of quantitative screens to identify a sub-universe of stocks, which has
the potential to outperform, but is cognisant of the fact that the quantitative process is a blunt
instrument and that a number of stocks selected by a quantitative screening process may
underperform. MIR believes that qualitative analysis, based on independent sources, can reveal
some of these underperforming stocks selected by a quantitative screening process and thereby
improve investment performance.
There are two aspects to every investment, one that can be captured
in numbers and one that is best grasped through a common sense evaluation of available information.
Superior performance requires a coordinated implementation of both approaches. Many investment firms
stake their performance on one partial view of reality: the quantitative or qualitative. Quantitative
investors tend to reject real-world knowledge while fundamental investors sometimes operate without
the disciplineand insightprovided by a quantitative framework. MIR's process combines a quantitative
and a qualitative process in equal proportions to develop what we believe is a superior investment
process.
MIR is an absolute return focused manager, operating within
institutional constraints. MIR invests in stocks if it believes that the company has investment
potential, not because the company has a high index weight.
MIR values the discipline of a robust investment process, backed by
strong academic research. MIR believes that the investment process should be dynamic and take
advantage of new academic and investment insights in a manner transparent to its stakeholders.
The MIR Group of companies is 100% employee owned with no external
shareholders. The founder of the MIR group of companies, Michael Triguboff, is the largest
shareholder of all the MIR companies with each senior member of the investment team owning equity
in the MIR Group of companies. MIR has a total staff complement of thirty-three comprising of
nineteen investment professionals, which includes a quantitative research team of nine, a
qualitative research team of eight analysts, and two further senior investment professionals on
our Portfolio Management Committee. MIR is a firm believer in having on-the-ground qualitative
research and as such has based the Asia ex-Japan qualitative team in MIR's Singapore office, while
the Australian qualitative research team is based in MIR's Sydney office. In addition, MIR's
qualitative research is bolstered by five qualitative analysts focused on the Greater China region
located in the Hong Kong and Shanghai offices of MIR's Joint Venture partner, Libra Capital
Management. The Hong Kong and Shanghai based qualitative analysts are fully integrated with MIR's
Singapore based research team and undertake joint research and joint decision making on stocks in
the China and Hong Kong markets. MIR's quantitative research team is spread across MIR's Sydney and
Melbourne offices. MIR was established with the objectives of transparency to its stakeholders, no
compromise on excellence and a determination to pursue high alpha outcomes.
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