Eu Capital · Flagship Fund · Since May 2018
Valence Global Fund
A global, unconstrained portfolio, carried with conviction. Free to go where value is — and to wait, patiently, when it isn't.
The Mandate
Unconstrained, on purpose.
Most funds are built inside a box — one region, one style, one benchmark to hug. Valence was built without one. The fund invests globally across businesses we understand, at prices we can defend, and holds cash without apology when nothing qualifies.
That freedom cuts both ways, so we bind it with discipline: proprietary valuation models, hard risk limits, and a written record of every decision — read against us in the years we were wrong.
"The same units, the same price, the same outcomes — our family's money sits beside yours."
Performance
Every year. Both colours.
Two losing years sit in this record, shown in red at full size. We would rather you see them now than discover in a hard year that you never knew they were possible.
What $100,000 became
| Period | Value of $100,000 |
|---|
Calendar-year returns
| Year | Return (%) |
|---|
* 2018 covers May–December (from inception). † 2026 is year-to-date as of May. Cumulative and annualised figures are derived from the calendar-year returns shown. Past performance is not indicative of future results.
The Process
Five gates before your money moves.
Every position in the fund has survived the same five-stage examination. Most ideas do not make it past the second.
Identify
Our CIO screens globally for durable businesses — the kind whose earnings we can still imagine a decade from now.
Investigate
Independent research, from primary sources. We read the filings ourselves; no sell-side shortcuts, no borrowed conviction.
Evaluate
Proprietary valuation models set the price we are willing to pay. If the market never offers it, we never buy.
Analyse the risks
Forensic examination of what could go wrong — balance sheet, governance, cycle — sized so no single mistake can sink the year.
Execute & plan
Entry, sizing and exit are written down before we act. Then the hardest part: holding on, and doing nothing well.
Fund Facts
The particulars.
Minimum investment, fees and redemption terms are set out in the fund documentation, available on request to accredited investors.
How to begin
Three unhurried steps.
A conversation
Tea at Club Street, or a call if you are overseas. You ask anything; we answer plainly — including what could go wrong.
Suitability
We confirm accredited-investor status under MAS guidelines and make sure the fund genuinely fits your circumstances. If it doesn't, we say so.
Subscribe alongside us
You receive the fund documentation, subscribe at the same price as every other unitholder, and hear from us in every letter thereafter.
Eu Capital Pte Ltd serves accredited investors, as defined under MAS guidelines.