Global Value Investing

[throwerw]

ANS top equity holdings:

AEV Abolitz Equity Ventures
AP Abolitz Power Corporation
ICT International Container Terminal Services Inc.
TEL Philippine Long Distance Telephone (U.S. listed ADR: PHI)
IPO iPeople
EDC Energy Development Corporation
UBP Union Bank of the Philippines

http://www.pse.com.ph/

Looking through these stocks, there is a common theme of low PEs and quality earnings. I assume they would take the same conservative approach to their bond portfolio.

This is basically a Filipino Berkshire Hathaway trading at 40% of book value.