Fund Management

Global Macro Discretionary Fund


Golden Horse analyses and conducts investment using a hybrid of quantitative and fundamental investment strategy to make investment decisions. Minimal level of human intervention will influence our buy or sell decision and most of the securities selection will be made by computer-based quantitative models as this will eliminate human emotional bias compared to intuitive investment. We deploy a combination of proprietary models to estimate the prevailing returns, volatilities and correlations of global markets in the investment universe. Our financial models will efficiently allocate capital to the more attractive markets and withdraw from less attractive ones, generating high alpha by careful screening and disciplined risk management measures. Combining both top down and bottom-up valuation-based approaches, we are confident of delivering sustainable and risk adjusted returns to our clients.

We invest in developed financial markets and construct our portfolios using multiple asset classes including equities, bonds, commodities, currencies and reinsurance.
Fund Performance

 Sourse: Golden Horse Fund Management, Bloomberg.

Global Real Estate Fund

Global Real Estate Fund

Our team has more than 20 years of experience in both financial markets and real estate industry. We look to capitalize on our established relationships and market expertise to structure equity and debt investment with a diverse group of real estate companies. These companies are expected to generate superior risk adjusted returns through retail, occupancy and capital value growth.   We seek to exploit cyclical recovery and structural shifts in property sector as part of our investment strategies. The world real estate market is underserved by financial partners with expertise in emerging financing tools. In 2015, our general partners made a decision to build a high-quality, dedicated real estate investment team within our company to pursue global real estate opportunities. We specialize in structuring real estate deals using Pre-IPO / bridging equity, convertible/ exchangeable debt, corporate equity with asset joint ventures and corporate restructuring.

At Golden Horse, we take a holistic and systemic approach to real estate investing. - Proprietary research, financial, and structuring financial models. - Ability to generate multiple follow-on investment opportunities with existing relationships - Our reputation to a global experienced and respected innovator enhance a company's access to capital and future growth prospects. - We understands both the eastern & western culture and manages its portfolio company relationships at the senior management and board levels. - Approximately 80% of our investments are direct deals (“off-market”)
Fund Acquisition - Cityvibe

Golden Horse purchased Cityvibe, a four-storey commercial building near Clementi MRT in November 2016. Under the terms of the purchase agreement, Golden Horse paid S$ 71 million, contingent on the growth of its business in the real estate industry.
Located at 3151 Commonwealth Avenue West, Cityvibe is near Clementi Polyclinic and The Clementi Mall. It is also a short distance from educational institutions such as Singapore Polytechnic and the National University of Singapore. Cityvibe has a gross floor area of 46,557 square feet; this works out to about 2.98 times the site area of 15,597 sq ft.
Fund Acquisition - Citimac

Golden Horse made a purchase of Citimac Industrial Complex, a 110-unit industrial property in MacPherson Road in July 2017. Under the terms of the purchase agreement, Golden Horse paid S$ 430.1 million, amounting to S$1,047 per square foot of gross floor area.
Citimac is located at 605 MacPherson Rd, a redevelopment site zoned "Business 1-White" with a gross plot ratio of 3.5 under the URA Master Plan 2014. Ideal for retail or commercial uses, 349,473 sq ft will be allocated to Business 1 or light industrial use.