Hosking Partners is a London boutique founded in 2013 by Jeremy Hosking, a portfolio manager at Marathon Asset Management for over 25 years. It runs a single global equity strategy built on the capital-cycle, supply-side approach — contrarian, long-term, and unusually diversified (350+ holdings) under a multi-counsellor model, managing around $5.5bn.
This report covers Hosking Partners' Q2 2023 activities. They underweight China directly but remain exposed indirectly through other holdings, and worry about US-China tensions (especially Taiwan). A trip to Latin America found cheap stocks but high political risk, so they're cautious. Key mentions: China exposure (indirect economic links), Latin America (attractive valuations but political risk), and GAIN charity (reducing gender imbalance in finance). No specific stocks named.
At a Glance Hosking Partners’ Q2 2023 ESG and Active Ownership report focuses on China exposure and US-China geopolitical uncertainty, particularly the Taiwan issue. The core argument is that the Hosking Partners portfolio is directly underweight China but remains exposed to the Chinese economy thro
The main text of this quarter’s report discusses Hosking Partners’ approach to China exposure and the geopolitical uncertainty between the U.S. and China, particularly regarding the Taiwan issue. The author notes that Hosking Partners’ portfolio is underweight China in a direct sense, but remains exposed to the Chinese economy through several important indirect channels. The report also explores how to think about this issue and, more broadly, reveals the firm’s methodology for addressing geopolitical uncertainty.
Analyst Steve Chambers reviews key takeaways from a recent trip to Central and South America. The author argues that the region offers some compelling valuations, but political risks and uneven governance still make it difficult to feel fully at ease. The report does not provide specific holdings or data details, mentioning this only as part of the quarter’s research activities.
This quarter’s busy schedule included the proxy season, over 100 company meetings, and multiple ESG-related activities. The author also mentions that two interns, Sophia and David, joined the investment team, making significant contributions to the mining and banking sectors, respectively. Additionally, the report specifically praises the charity GAIN (Girls Are INvestors), which helps reduce gender imbalance in the industry, and introduces intern Sophia.