Research before allocation
Begin with the underlying economics. Examine business fundamentals, industry structure, valuation and the assumptions that could change the investment case.
HONG KONG · PRIVATE INVESTMENT COMPANY
Independent thinking.
Disciplined investing.
A long-term perspective on global markets. We bring fundamental research, multi-asset allocation and risk awareness to the investment of proprietary capital.
THINK CLEARLY. ALLOCATE CAREFULLY.
01 / THE FIRM
A considered approach
to investing.
Zeno Global Investments is a private investment company established in Hong Kong. We focus on the stewardship of proprietary capital through investment research and portfolio management.
Our work connects a view of the wider economy with an understanding of individual businesses and asset classes. We treat each investment thesis as a proposition to examine, monitor and revisit.
02 / OUR APPROACH
Conviction, with perspective.
A repeatable process helps turn investment ideas into considered portfolio decisions.
Build across asset classes
Consider how different exposures work together. Balance opportunities for growth with diversification, liquidity and portfolio concentration.
Review as evidence changes
Monitor developments and revisit the original thesis. Keep a clear record of the reasoning behind decisions and the risks that remain.
03 / RESEARCH FOCUS
Global markets.
Connected thinking.
Our research spans growth assets, diversifiers and liquidity instruments, with attention to the forces that link them.
US equities & innovation
Business fundamentals, artificial intelligence infrastructure, semiconductors and the broader US equity market.
Gold & monetary conditions
Gold, monetary policy, real interest rates and the role of diversifying assets across market environments.
Fixed income & liquidity
Short-term US Treasuries, cash management and the role of liquid assets in portfolio construction.
Digital assets
The evolving digital asset market, its investment characteristics and the risks of a distinct, volatile asset class.
04 / INVESTMENT THINKING
Ideas with a clear test.
Our investment views connect a possible source of returns with the evidence that would support it — and the evidence that would change our minds.
01Macro · Policy
Policy, expectations and liquidity
We study how policy outcomes differ from market expectations, and how real yields, financing conditions and earnings jointly influence asset prices.
Read the thesis02Macro · Monetary assets
Distinct roles for gold and digital assets
Reserve diversification and changing monetary preferences may affect demand. We assess gold and digital assets separately, including how each behaves during market stress.
Read the thesis03Industry · Technology
AI: from infrastructure investment to cash returns
We trace AI demand through computing, memory, power and cooling, testing whether infrastructure spending can produce durable earnings and cash returns at reasonable valuations.
Read the thesis05 / PORTFOLIO CONSTRUCTION
Different assets.
Distinct responsibilities.
We favour a diversified foundation, combining broad equity exposure with selected themes, diversifiers and liquidity. Each position needs a purpose beyond its expected return.
Read our portfolio framework01
Broad equities
A foundation for participation across industries and businesses. We also examine the concentration and theme exposure already present within broad market funds.
02
Selected themes
Focused research into computing, memory and supporting infrastructure. Industry growth must be weighed against valuation, competition and the ability to convert investment into cash flow.
03
Diversifiers
Gold is studied for its distinct monetary and macroeconomic drivers. Digital assets are assessed separately: their volatility and equity sensitivity make them different from conventional defensive assets.
04
Liquidity
Short-term government securities and cash can preserve flexibility for future decisions. Their role is considered alongside currency exposure, reinvestment risk and the opportunity cost of holding reserves.
06 / COMPANY INFORMATION
Zeno Global Investments
An independent investment perspective, based in Hong Kong.
- Company
- Zeno Global Investments
- Location
- Hong Kong
- Company focus
- Proprietary investment & multi-asset research
- Capital approach
- Investment of company-owned capital