Why Small Caps

Large part of ASEAN markets undiscovered
  • More than half of ASEAN’s listed companies in the small cap segment (US$100-500mn)
  • This is significantly higher than other regions
  • Institutional money focused on stocks >US$1bn with some focus on US$0.5-1bn
  • Mis-priced opportunities in smaller companies
  • PER averages show there is a premium as companies get bigger
Civetta focuses on undiscovered small cap segment
  • Civetta targets ASEAN companies with a market cap of US$100-500mn
  • ASEAN Funds typically invest in large caps (US$14bn average)
  • Alex has specialised in ASEAN small cap investing since 1999
  • James joined Civetta Capital in 2013 having worked in ASEAN since 1993