| The Sri Lanka Fund is
managed by Guardian Fund Management Limited (GFM), a specialised
fund management company within the Carsons Group. GFM’s
portfolio management operations are backed by a strong focus
on research and structured management processes to ensure good
governance and risk management. GFM is registered with the Securities
& Exchange Commission of Sri Lanka to operate as an investment
manager. |
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Track record |
| The collective fund base under management by GFM is valued at US $ 105 mn as at 29th March 2008. The investment companies managed by GFM focuses
on equity investments listed on the CSE that create wealth to
shareholders through dividends and long term capital appreciation.
The majority of investments within the portfolio consist of
strategic investments and those held for long term value appreciation,
while approximately USD 5 million has been allocated for active
management and short term trading to realize capital gains. |
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Directors' Profile |
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Chandima Gunawardena
Director of The Sri Lanka Fund, Chandima is also a Director
of Carson Cumberbatch & Company Ltd. and serves as
Chairman of Equity One Ltd., Equity Two Ltd., Pegasus
Hotels of Ceylon Ltd. and is a Director of several subsidiary
companies within the Carsons Group. He is also the President
Director of PT Agro Indomas, the Carson Group’s
plantation company in Indonesia and a Director of Union
Assurance Limited. Chandima has over 30 years experience
in industry, financial services, capital market operations,
international trade, project development and management
and is a Fellow of the Chartered Institute of Management
Accountants, UK.
Adrian Collins
Adrian is a Director of The Sri Lanka Fund, Nuwara Eliya
(Holdings) Plc. and the Nuwara Eliya Tea Estate Company
Ltd. In the UK he is a Director of Strand Partners Limited,
a Corporate Finance business based in the West End of
London and serves on the Boards of City Natural resources
High Yield Trust Plc., Raven Russia Limited, Windsor Plc
and a number of other companies. He has over 30 years
of work experience in the field of Fund Management and
has served as Managing Director of Gartmore Investment
Management and Director and Advisor to several leading
investment management houses in the UK.
Chandana
Tissera
Chandana is a Director of The Sri Lanka Fund, Carson Cumberbatch
& Company Ltd., and several other subsidiary companies
including overseas companies of the Carsons Group and
Union Assurance Limited. He has over 20 years of experience
in the fields of manufacturing, financial services, capital
market operations, overseas plantations, project development
and management services. He is a Member of the Accounting
Standards Sub Committee of the Ceylon Chamber of Commerce
and a Fellow of the Institute of Management, UK. |
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Staff profile |
Guardian Fund Management comprises a team
of qualified professionals headed by the General Manager with
over 16 years of experience, who oversees the operations of
the Company. The Fund Manager of GFM accounts for over 12 years
of experience in the fund management industry and is responsible
for investment decisions. The Company also has professionally
qualified support staff who handle the administrative functions,
reporting and client servicing. The sector operations come under
the purview of one of the parent company’s Board members.
GFM’s operational staff is supported by a panel of eminent
investment committee members with vast experience in the industry,
who advise the management team of new investment opportunities
and ensures adherence to compliance measures.
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Operating processes, internal audit
and compliance
GFM addressed the key processes required for managing
both long term and short term investments by setting in
place Investment Policies and Parameters, a compliance
framework and the establishment of Operating Guidelines
on portfolio management and accounting. Processes were
also established for regular monitoring, review and measurement
of portfolio performance. Our internal audit scope developed
by KPMG Malaysia aims to ensure that the system of internal
controls is continuously improved, while risk factors
& measures for mitigation are adequately addressed.
The Compliance Review process ensures that the Investment
Committee is kept informed of the adherence to the internal
control measures and statutory obligations the company
has to conform to.
Investment decision
making
The investment decision making process encompasses decisions
on asset allocation and sector selection as well as choice
of individual stocks. The fund management team reviews
portfolio performance and new acquisition/disposal decisions
based on market volatility and stock performance in the
case of the short term portfolio. The long term portfolio
decisions are supported by macro research and the team’s
view of the maturity of the stock. The investment decision
making process of the Guardian Fund is enhanced by the
contribution of an eminent investment committee who bring
in a wealth of external expertise and knowledge at a macro
level to support the detailed studies done by the operational
staff.
Research
Our research process is structured along the three tiers
of macro economic, industry and corporate research. We
are developing in-house capabilities in research while
also outsourcing the provision of certain services. A
well structured research process which helps us to proactively
assess market trends and size up potential opportunities
& threats faced by the portfolio is a key tool we
use in risk management. This becomes all the more important
due to the heavy exposures we have to single companies.
Thus we regard our research as the most important component
our decision making process – helping us to make
asset allocation, sector allocation and stock selection
decisions in an informed and rational way using data &
facts rather than intuition to guide us.
Risk
management
The Company has set a broad risk management framework
which is monitored by the Board of Directors and the senior
management. Business and investment risks are regularly
monitored and the company advocates a strong culture of
risk awareness within the company. Our risk policies identify
approval authority levels and reporting requirements.
Some risks are actively managed while some others are
monitored regularly or on an as needed basis. All measures
for dealing with business risks are incorporated into
the strategic plans of the company and responsibility
for dealing with them delegated to appropriate personnel
via the action plans.
Professionalism
GFM has also addressed the need to keep all staff uptodate
on the changes taking place in the investment industry,
regulatory and compliance requirements in order to ensure
professionalism in handling investments. Staff training
and development will be emphasized over the ongoing financial
year. A Code of Ethics and Standards of Professional Conduct
govern all staff who are signatories to this document.
Advisory Services
Should a client require further professional advisory
services, GFM also has the ability to make these available
through Carsons Management Services (Pvt) Ltd., the management
service provider to the Carsons Group. The available professional
services include tax advisory, legal advisory, company
secretarial services, finance & treasury management.
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