WHAT WE DO
We provide end-to-end fund management solutions and investment advisory services. We focus on creating performance-driven products that leverage market opportunities to meet specific investment objectives. We also offer managed accounts services, and provide External Fund Management services to Accredited Investors (as defined under the Securities and Futures Act (Chapter 289) of Singapore).
Our focus on Investment Grade, Short Duration, Emerging Markets USD Bonds is dictated by the macro factors: Investment Grade v/s High Yield Investment Grade (IG) bonds provide superior risk-adjusted returns than High Yield (HY) bonds According to Moody's, in the last 70 years, the average default rate of 3 years investment grade credit has been less than 1% compared to non-investment grade default rate of over 10%. Leveraged IG gives returns similar to that of HY without adding credit risk. Short Duration v/s Long Duration The increase in USD interest rates is good news for bond investors. Simple: higher the interest rates, higher the bond returns. True, there would be short term adjustment pain, but that can be taken care of by portfolio laddering with modified barbell underpinning. In an increasing interest rate environment, the coupons and sale proceeds get re-invested at increasingly higher yields! Emerging Market Vs Developed Market Government debt as percentage of GDP has been sliding down for Emerging Markets (EM) while it has been rising for Developed Markets (DM). EM hold almost twice the amount of forex reserves as compared to DM. EM corporate have less debt as compared to DM corporate
Yet: EM bonds offer yield pickup of ~100 bps for similar credit DM bonds!
Most bond fund managers use Credit Filters such as credit rating of bonds, duration, YTM, etc. to choose the bonds to invest into. While Credit Filter is important, it is more important to focus on: Legal Review of bond covenants, and real Cash-Flow of the bond issuer (not IFRS based financials!).
Silverdale Investment ProcessDuration Management, Diversification & Optimization Built on robust Risk Management System
TEAM & INFRASTRUCTURE
The Silverdale Team consists of highly qualified professionals with over 100 man-years of experience in making investments, investment research, investment management, and risk management. The team is led by Sanjay Guglani, who is supported by an excellent team and world-class infrastructure.
Sanjay Guglani is CEO of Silverdale Capital Pte Ltd., a Monetary Authority of Singapore (MAS) authorized Accredited Investor Licensed Fund Management Company (AILFMC), which advises various funds and accredited investors.
Earlier, as Managing Director of Silverdale Services Limited, United Kingdom, he channelized over US$ 4 billion of investments into emerging markets including USD$ 250 million of controlling stake investments in Philippines, Indonesia, India, etc. in joint venture with marquee investors such as Goldman Sachs, Lehman Bros, and Morgan Stanley. He was instrumental in creating offshore equity and credit derivatives market for mid-cap Indian corporates.His firm was consistently ranked amongst the Top 3 by Bloomberg, Reuters, Dealogic, etc. for maximum number of convertible bonds (later GDR) issuances managed for Indian corporates. Sanjay started his entrepreneurial career as Founder-Managing Director of Saksham Group of Companies in India, which was then one of the largest proprietary/managed accounts fund managers in India. He led the firm to become one of the largest wealth management companies in India, retailing unit funds and insurance products. Prior to that, Sanjay was instrumental in setting up capital market ventures for SRF Finance (now, GE Capital), and in managing one of the largest cash-futures arbitrage (badla) books in India. He was also instrumental in creating (then) the largest retail Pass Through Certificate issuance. Sanjay started his professional career with Elite Stock Management as Portfolio Manager for one of the first retail portfolio management schemes in India. He has served on National Advisory Committee on SMEs of India, and has presented several technical papers in various forums, including United Nations, Geneva, Switzerland. By qualification, Sanjay is a Commerce Honors Graduate (Silver Medalist), a Chartered Accountant, a Management Accountant, a Company Secretary and a Sloan Fellow of Management from London Business School (as British Chevening Scholar).
Vinod OhriDirector, Silverdale Capital
MOHINI SINGH CHAUHANManager Investor Relations
We have a world-class office in the prestigious Suntec Towers in Singapore, equipped with state of the art infrastructure, supported by requisite information repositories.
Silverdale Business Continuity practices have been developed in conjunction with our internal audit, security, and technology groups, as well as external consultants. In the event of a business disruption, we have plans designed to allow us to continue operations. We accomplish this in part by: - Extensive use of cloud computing - Real-time "Father-Son" and asynchronous "Grandson" back-ups of all valuable data - Robust documentation of various activities, protocols, and procedures - Using business and technology teams that are responsible for activating and managing the recovery process - Alternative communication plan to ensure that Silverdale employees receive emergency notifications and instructions through multiple channels. Although we have taken steps to develop and implement sound recovery plans, we cannot guarantee that systems will always be available or recoverable after a disaster or significant business disruption. However, we believe that our planning for such events is robust and consistent with many of the best practices established within the industry.
At Silverdale, we recognize that our investment decisions are likely to have a much greater impact on society and the environment than our direct operational activities. We are trusted with hard-earned moneys of investors. This trust is our life-blood. We are committed to upholding this trust. Hence, we have a long-standing commitment to sustainability, maintaining consistently high standards in all areas of corporate responsibility. We seek to: - Attract and develop the best people - Reduce our environmental footprint - Support the communities in which we operate - Be transparent in our operations and - Be honest in our reporting For further details of our Corporate Social Responsibility activities, please write to us.
We encourage in our team owner-entrepreneurial chutzpah within the framework of professional acumen and social responsibility. Performance We are a performance driven organisation. Our clients' interests always come first. We are rewarded for the results generated for our clients. TeamworkWe stress teamwork in everything we do. We make an unusual effort to identify and recruit the very best person for every job, in order to build the best possible team. We recognize that without the best people, we cannot be the best firm. We strive to create an inclusive environment that welcomes and supports varied perspectives of different team members. Our employees have the right to expect a workplace in which the richness of their lives and experiences is welcomed and valued by their team and by their firm. TransparencyWe strongly support transparency in business dealing and we believe that our clients and associates respect us all the more, for the straightforward and open way in which we conduct our business. IntegrityIntegrity and honesty are at the heart of our business. We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives.
Silverdale Capital Pte Ltd advises inter alia Silverdale Bond Fund, Silverdale Fixed Income Fund, Silverdale India Equity Fund and offers Silverdale Tailored Solutions
SILVERDALE BOND FUNDAn actively managed absolute returns bond fund delivering attractive returns by clever use of embedded ring-fenced leverage
SILVERDALE FIXED INCOME FUNDInvests into investment grade USD bonds with active management to deliver consistent returns and quarterly distributions.
SILVERDALE INDIA EQUITY FUNDInvests into emerging markets equities deploying relative value bottom-up strategy.
To reach us: By Taxi: Suntec Tower 3 is a well known landmark building in Singapore By Bus: The bus stop number 02149 is at the side entrance of our office building (Suntec Tower 3) By Train: Promenade MRT station (Circle Line - Yellow color and Downtown Line - Blue color) is about 50 metres from Suntec Tower 3