The Heritage launches Heritage Global Capital Fund

The Fifth Person was invited to a private networking event and dinner where The Heritage announced the launch of Heritage Global Capital Fund.

The Heritage is a Singaporean multi-family office investment firm with a core focus on preserving and growing wealth for its partners and investors. Over the last 40 years across two generations, the founding families of The Heritage and its partners have pooled together their business and investing expertise to build wealth that can stand the test of time.

The event was attended by investors, business associates, friends and family and hosted by the founders of The Heritage. They each took turns to give a speech and share more about Heritage Global Capital Fund and its deep value philosophy.

The Heritage founders


The Heritage is led by its founders Xavier See, Tay Jun Hao, and Allison Lin.

Mr Tay is fund manager at Swiss-Asia Financial Services Pte Ltd and holds a Capital Markets Services (CMS) License to conduct regulated activities in Fund Management and Advisory for accredited investors. He graduated with a Bachelor of Laws (Honours) degree from University of College London. From the period of January 2012 to July 2016. Mr Tay achieved a cumulative return of 154% or annualized returns of 22.6%.

Disclaimer: Unaudited return numbers above are from the Portfolio Manager’s (Mr Tay Jun Hao) personal brokerage account. They include all real time transactional costs (brokerage fees, account activity fees and transactional fees) borne by him during its operation. The benchmark from 01/01/2012 to 31/07/2014 was the iShares Core S&P 500 ETF. The benchmark from 01/08/2014 – 31/07/2016 was the Vanguard Total World Stock ETF.

Mr See is a fund manager at Swiss-Asia Financial Services Pte Ltd and holds a Capital Markets Services (CMS) License. He is also an Executive Director at SDM Pte Ltd. – the company responsible for tiling some of Asia’s most well-known projects like Pinnacle@Duxton in Singapore, Genting Highlands in Malaysia, and Manila Bay Resort in the Philippines. Mr See’s previous roles include CEO of PT. Permukaan Tritunggal Indonesia and Executive Director of DWJ Group based in Guangdong, China.

Ms Lin sits on the advisory committee of Heritage Global Capital Fund and is responsible for spearheading the fund’s expansion in both Singapore and Hong Kong. She is also the founder and CEO of Forte Organization Pte Ltd, a leading sales and marketing agency that counts leading multi-national corporations such as Keppel Corporation, HSBC, Singtel, and StarHub as its valued clients. Ms Lin is a former ASEAN A*Star scholar and also works with some of Singapore’s largest non-profit organizations like Special Olympics and SASCO.

Investment philosophy

Heritage Global Capital Fund is an Asia deep value fund with a central focus on the Singapore and Hong Kong markets. Deep value investing is an investment philosophy pioneered by Benjamin Graham, a mentor of Warren Buffett and other famous investors like Walter J. Schloss and Seth Klarman.

Graham’s philosophy of deep value investing is the identification of attractive undervalued investment opportunities with limited downside and significant upside. Instead of chasing growth and future returns, Graham believed in buying undervalued stocks with a large margin of safety between value and price – today.

Investment values

In line with this, The Heritage has three core investment values.

  1. Long-term horizon. We are long term investors and treat our investors as partners who have entrusted their funds to us for the long-term future ahead. We operate with a time horizon of years and are not concerned with short term price fluctuations, but with the ability of the business to generate value for shareholders in the long run.
  2. Establishing value. We are committed to actively finding the good opportunities and pay attention towards avoiding the bad ones. We seek to invest only in opportunities where the probability for profits are overwhelmingly in our favour. Through this, our goal is simple: To generate sustainable long-term returns.
  3. Capital preservation.

    “In order to finish first, you have to first finish.”

    Countless fortunes have been achieved and lost over time. Risk control is at the heart of what we do and we are committed towards maintaining a strong financial position and never overexposing ourselves to excessive risk. It is our belief, especially in the markets, that when we avoid the losers, the winners will take care of themselves.

The Heritage board of advisors

Front left to right: Dr Tay Hua Hui, Mr James Edgerly Thayer Jr., Mr David See

Like Buffett and Graham, The Heritage is guided by a distinguished circle of mentors.

  • James Edgerly Thayer Jr. is a private global investor and former Chairman & CEO of North American Bank Corp and Farmington National & Savings Bank.
  • David See is the Chairman of SDM Pte Ltd (Singapore) and Past President of Rotary Club Singapore North.
  • Dr Tay Hua Hui is a private global investor. He is the founder of HH Tay Medical & Gastroenterology and a former Honorary Secretary of the National Foundation for Digestive Diseases.

An investment firm for investors

Unlike many investment firms, what stands out most about The Heritage is that the founders and their family wealth for the next generation is invested alongside its investors.

The Heritage was built with one goal in mind: To be a company that its founders, as investors themselves, would invest in. One that is fair, transparent and trustworthy. Investors can be assured that it is in the firm’s best interests to be disciplined in risk management and aim to achieve sizable long-term returns.

“More than investing, we are in the business of building timeless wealth. Great wealth is built over time and we continue to apply the same proven principles that have guided us well over the last 40 years.” – The Heritage


For more information: http://theheritage.com.sg

Photos from the event

The Heritage networking event & dinner.
Cocktail and conversation.
Mr Xavier See kicking off proceedings.
Mr Xavier See kicking off proceedings.
Ms Allison Lin giving her speech.
Ms Allison Lin giving her speech.
Mr Tay Jun Hao sharing his philosophy on deep value investing.
Mr Tay Jun Hao sharing his philosophy on deep value investing.
Questions from the audience.
“Guided by the past, forging the present, to build the future.”
The founders of The Heritage. From left to right: Mr Xavier See, Ms Alison Lin, & Mr Tay Jun Hao.


The Fifth Person

The Fifth Person is an award-winning investment site that focuses on Asian and U.S. equity research. The Fifth Person won best independent investment website at the SGX Orb Awards organized by Singapore Exchange in 2018 & 2020.

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