Spotlight on Robert Salvesen, Managing Director, Research Analyst, Indus Capital Partners
Global Thought Leader Spotlight
Robert Salvesen, Managing Director, Research Analyst, Indus Capital Partners
In my role as a Research Analyst at Indus Capital, my work focuses on fundamental equity research across Asia Pacific markets.
Drawing on more than 25 years of deep fundamental investing in the region, our research approach is grounded in local market access, intensive on-the-ground research, engagement with company management, and a global perspective.
I travel extensively across the Asia Pacific region and work closely with a highly experienced team at Indus’s offices in Hong Kong, Tokyo, San Francisco and New York to develop a differentiated view of one of the world's most dynamic and idea rich regions.
Navigating the opportunity set in Asia
In my view, the opportunity set in Asia has rarely been more attractive. The region sits at the heart of the world’s artificial intelligence supply chain and has seen many of its key enterprises in memory and foundry become some of the most profitable and valuable companies globally as A.I. drives an explosion in compute demand.
The strong performance and increased benchmark weightings for these A.I.-related stocks have drawn in a broad cohort of generalist and retail investors, amplifying volatility. At the same time, the complexity of the sector and transient participation are what create mispricing and, in my view, some of the widest valuation anomalies we have seen.
In China specifically, restrictions on Western semiconductor manufacturing equipment have catalysed the creation of a parallel ecosystem, producing new winners within China and a growing competitive risk for Western incumbents. The challenge to Western incumbents from Chinese competitors is not limited to the semiconductor sector.
The quality of Chinese innovation is advancing rapidly, driving competitiveness across multiple verticals. At the micro level, this dynamic is creating both opportunities in China and risks for overseas peers; at the macro level, widening regional imbalances also raise the likelihood of further political and policy responses.
Beyond A.I., Japan's decade-long push to improve corporate governance continues to bear fruit, with both buybacks and activist campaigns on track for record levels in 2026. The rerating of Japanese equities has not gone unnoticed by its neighbours: similar initiatives are proliferating, from “Value-Up” in Korea to “Value Unlock” in Singapore and even rising shareholder payouts at Chinese state-owned enterprises. These developments create a broader set of uncorrelated, value creation opportunities for investors with a focus on capital allocation and an active dialogue with management teams.
Where we see dispersion
The starting point is beta: at approximately 12x forward earnings, the region trades at a material discount to its global peers. But the more compelling story is alpha. Based on my analysis, dispersion, across countries, sectors and individual stocks, is at record levels, driven by the forces above: the A.I. cycle has split the region into beneficiaries and bystanders; technological change is redrawing competitive positions at the company level faster than at any point in the past decade; and geopolitical volatility is reshaping supply chains in real time. Wide dispersion is the raw material of active management, and, in my view, the opportunity to add value through stock selection in Asia has rarely been greater in the past decade.
Using A.I./semiconductors as an example, a relentless progression in the technological roadmap creates identifiable winners and losers, within the memory complex, across the equipment and materials chain, and between the Western and emerging Chinese ecosystems. Semiconductors and the role they play in the expansion of A.I. are set to remain a critical sector for Asian and global markets. Acquiring the necessary expertise to understand the technology and evolving competitive landscape is a requisite to succeeding in these markets.
It’s equally important to pay close attention to China, even if not investing there directly. Chinese enterprises are moving up the quality curve at an accelerating pace. Markets once dominated by Western players, such as gas turbines or factory automation equipment, now face increasingly sophisticated Chinese competitors that threaten profitability. As Louis Gave, founder of macroeconomics research firm Gavekal, quipped, “when China walks into the room, profits walk out the door”. Understanding the competitive landscape, and particularly the potential for new Chinese entrants, is now a core requirement for long-term investing in Asia.
Lastly, one of the greatest misconceptions about investing in Asia, in our opinion, is to view each country in isolation. Asia functions as an interconnected economic ecosystem.
The semiconductor value chain alone spans Japan’s materials and equipment companies, Korea’s memory manufacturers, Taiwan’s foundries, China’s domestic ecosystem, Southeast Asia’s manufacturing base and Australia’s critical minerals. Capital, technology, consumer spending, supply chains, and competitive dynamics within each of these increasingly transcend national borders. Winners and losers emerge not simply because of domestic fundamentals, but because of changing competitive dynamics across the region.
Understanding one market without understanding its regional, and global, linkages often provide only a partial picture. This is where a dedicated pan-Asian investment approach has an advantage, and our opportunity is not simply finding good companies, but understanding how value migrates across an integrated regional and global economy.
Robert will be presenting at Global Investment Institute’s upcoming Family Office Investment Forum on Tuesday, 1 September and the Equities Investment Forum on Wednesday, 2 September 2026 in Melbourne CBD, Victoria. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.
Robert Salvesen, Managing Director, Research Analyst, Indus Capital Partners
Robert is a Managing Director, Research Analyst for Indus. He lives in Sydney, Australia.
Prior to his affiliation with Indus in 2025, Robert was a Founding Partner at Nekton Capital, a UK-based global equity fund manager, where he led the investment strategy for the firm’s Asia Pacific portfolio. He was responsible for identifying high-quality investment opportunities, conducting deep fundamental research, and constructing a diverse and differentiated portfolio.
Robert received his Bachelor's degree in Finance with a minor in Economics & Accounting from the University of Otago in New Zealand.
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