Overstone International Value Fund on First Pacific Company Limited

First Pacific gives the fund exposure to operating businesses in the Philippines and Indonesia at both underlying-company and holding-company discounts. Indofood, more than one third of gross asset value, trades at about 5x earnings despite continued revenue and earnings growth. PLDT, more than 20% of gross asset value, also trades at a single-digit earnings multiple. The fund believes concerns around Indonesia are more than reflected in valuations and can access the already-cheap holdings at an additional roughly 50% holding-company discount.