Investment Advisor,Analytic Investment
EducationUniversity of Southern California; NTHU, Taiwan
QualificationsMS Computer Engineering, BSEE/BSPME
The Focus Value portfolio seeks to capture equity mispricing opportunities in mid-cap and small-cap stocks caused by market inefficiencies.
Manager Hengfu Hsu uses proprietary software algorithms to measure relative valuations according to many fundamental factors including earnings and sales ratios, cash flow, enterprise value, and debt-to-equity ratios.
The strategy invest in U.S. stocks and foreign companies that are listed on U.S exchanges.
Hengfu’s computer algorithm-based strategy attempts to take advantage of stocks that may be mispriced. It seeks to buy the stocks that his research suggests are undervalued and sell the ones that he considers to be overvalued.
Hengfu uses proprietary computer algorithms that seek to maximize gains and minimize risks. He seeks to eliminate human emotion and buy-sell biases from the investing process.
This is a concentrated portfolio. It typically holds 30 to 40 stocks with an annual portfolio turnover rate of about 600%. Individual stock weightings in the portfolio may change very frequently.
Positions are sold or reduced when stocks become more expensive relative to other stocks based on several valuation factors. They are then replaced with stocks that have cheaper valuations.
Holdings are only visible to invested clients.
If you'd like to discuss this portfolio, contact client relations at 1.866.825.3005.
Covestor inception August 25, 2010
|as of August 29, 2014
||Manager (net of fees)
|Past 30 days
|Past 90 days
|Past 365 days
|Since Covestor inception (Annualized)
Last 365 days
|as of August 29, 2014
||Manager (net of fees)
|Best 30 days
|Worst 30 days
|Value-at-risk (95%, 1 week)
||vs. Russell 2000
||vs. S&P 500
Transactions are only visible to invested clients.
If you'd like to discuss this portfolio,
contact client relations at 1.866.825.3005.
Past performance is no guarantee of future results.
Performance of the portfolio manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees".
Average client returns are calculated by Covestor and are composed of the average, time-weighted returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, brokerage commissions and Covestor advisory fees.
All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs.
Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
Transactions that are marked as "Replicable" passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual
client constraints. Eligibility for replication may change over time. Actual client investment trade activity may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.