Brazos Fund SP

Investment Objective

The primary investment objective of the Fund is to preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. For these purposes, risk is defined as the probability of permanent loss of capital, rather than price volatility.

Investment Strategies

In order to achieve the Investment Objective, the Investment Manager uses a discretionary approach to capture opportunities mainly in natural resources and commodities space.


The Fund seeks to invest primarily in long and occasionally short opportunities that the Investment Manager believes exhibit significant valuation discrepancies between current trading prices and intrinsic values, often with a catalyst for value recognition. In order to identify such investment opportunities and value propositions, the Investment Manager takes into consideration, among others:

a) quality and value of underlying assets and businesses of the invested companies;

b) pricing forecasts of commodities or products that the invested companies are exposed to; and

c) valuation and sentiment of broader capital markets and economy.


Occasionally, the Fund may also pursue event-driven opportunities with activist strategies, which seek to proactively effectuate corporate initiatives in a shareholder-friendly manner. The Investment Manager may also explore merger, acquisition and divestiture opportunities that the Investment Manager believes create value for shareholders via proactive interactions and engagements with invested companies and industry participants. In these investments, the Investment Manager will consider the target’s liquidity risk arising from periodic trading restrictions against its profit potential.

Portfolio Manager
Jia Zhai

Mr. Zhai is the Director of the Investment Manager. He has over 10 years’ global financial investment experience specializing in energy and natural resources sector. Prior to managing the Fund, Mr. Zhai served as the Executive Director and Head of Asia Oil and Gas in Morgan Stanley. Mr. Zhai has developed extensive connections with industry leaders over the years during his professional progression at UBS AG from 2008 to 2014. Mr. Zhai received his Master of Petroleum Engineering from Texas A&M University, the United States in 2016, and his Bachelor of Arts from Yale University in 2007. He is a member of the Society of Petroleum Engineers (SPE).

Dr. Edward Leung

Dr. Leung brings global financial investment experience specializing in Metals and Mining alongside business management experience in the wealth management sector. Immediately prior to joining the fund, Edward was Head of the UHNW Platform, Asia Pacific for Credit Suisse AG based in Singapore. He has also served as Co-Head of Natural Resources Asia (Hong Kong), Executive Director of Metals and Mining Investment Banking (New York) and Head of Investment Banking (Perth) for UBS AG. Dr. Leung was also part of UBS AG and Deutsche Bank AG’s Metals and Mining practice in Melbourne.

Edward is an Australian National and holds a PhD in Actuarial Mathematics from the University of Melbourne where he also holds a Bachelor of Commerce (Hons) and Bachelor of Laws (Hons). He also holds an MSc from the University of Oxford.

Fund Facts
Denomination Currency
Fund Launch Date
May 2018
Investment Manager
Brazos Capital Management
Sub Investment Manager
OP Investment Management
Asset Class
Listed equity instruments, ETFs, corporate bonds, commodity linked ETFs and commodities futures contracts
Country and/or Industry Focus
Benchmark Index
Prime Broker
Legal Council
Last updated: July 2019


Terms of Use and Disclaimers




OP Investment Management Limited (“OPIM”) is a regulated institution in Hong Kong by the Securities and Futures Commission (“SFC”).


This website contains information about OPIM and may reference services and products offered by OPIM.


The information provided on the OPIM website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country that would subject OPIM or its affiliates to any registration requirement within such jurisdiction or country.


You are responsible for observing all applicable laws and regulations of their relevant jurisdictions before proceeding to access the information contained herein.


By proceeding, you are representing that you have understood and accepted the restrictions set out in this section.


The website is prepared by OPIM and has not been reviewed by the SFC.



No Offer


Neither the information nor any opinions contained in this site constitutes a solicitation or offer by OPIM or any of its affiliates to buy or sell, whether as principal or agent, any securities, futures, options or other financial instruments or provide any related service or investment advice in any jurisdiction or country where such distribution or use would be contrary to local laws or regulations. The information contained in these pages is not intended as any investment advice. Persons accessing these pages should obtain appropriate professional advice when necessary.



No Warranty


Although the information on this site is obtained or compiled from sources believed to be reliable, OPIM cannot and does not warrant the accuracy, validity, timeliness or completeness of any such information.


OPIM expressly disclaims any warranties of merchantability or fitness of a particular purpose or duties of care. All information on this site is provided "as is", and is subject to change without prior notice.



Limitation of Liability


In no event will OPIM or its affiliates be liable or have any responsibility for damages of any kind, whether direct, indirect, special, consequential or incidental, resulting from access or use of, or inability to access or use, this site or any sites or pages linked to this site, including (without limitation) damages resulting from the act or omission of any third party, even if OPIM or its affiliates has been advised of the possibility thereof.



Use of Links


Should the viewer leave this site via a link contained herein, and view content that is not provided by OPIM, the viewer does so at its own risk. OPIM is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. OPIM makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party or have any responsibility, including without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.



Copyright and Trademarks


OPIM and other parties own the trademarks and logos displayed on this site. These may not be used without the written permission of OPIM or the party owning these. Also, the information on this site are protected by copyright and no part of it may be copied, transmitted, disseminated, sold, distributed, published, broadcasted, circulated, stored for subsequent use or commercially exploited in any manner without the prior written consent of OPIM.



Internet Security


OPIM does not represent or warrant that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You hereby acknowledge and confirm that the internet is not a secure medium where privacy can be ensured, and that complete security and confidentiality over the internet is not possible at this time.


You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.


OPIM shall not be responsible or liable for any harm that you may suffer in connection with any such breach of confidentiality or security.


OPIM also makes no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with this site.





The information contained on this site is subject to modification and update from time to time without notice.



Additional Terms


Certain sections or pages on this site may contain separate terms and conditions which are in addition to these terms and conditions. In the event of a conflict, the additional terms and conditions will govern for those sections or pages.



Governing Law


Use of this site shall be governed by the laws of Hong Kong Special Administrative Region.