How did you find out about GAIN?

I came across GAIN on LinkedIn through someone I follow.

How has GAIN helped you?

Opportunities for students are quite rare in the investment industry because most hedge funds or long-only funds only make experienced hires. Companies that do hire students do not publish their information on career websites like LinkedIn because they do not have the resources like large investment banks to screen applications themselves. I also have limited knowledge about the industry and job market in the UK with my parents both living in China. Despite having a genuine interest, it was still very difficult for me to find out where the opportunities are without an established industry network in London. Initially, I was only aware of the largest asset managers. GAIN’s job opportunities page, regular webinars and the list of partner companies on the website provided me with a great starting point to get to know the investors in London.

What was the interview process like for your GAIN internship?

Before the internship, I had three interviews with Jeremy, Elina and Dimitri, talking about my background and the markets. They answered my questions in detail about how they measure catalysts and utilise ESG information, and did not assume or require me to have knowledge in catalyst-driven investing. The interviews gave me the impression that the team is open-minded, friendly and supportive, which is also the culture I experienced during my internship.

What did you learn during your internship?

I learned what a catalyst driven hedge fund does in a day to day life. Early 2022 was also an interesting time trading European equities with the war in Ukraine. The market was very volatile in the first two weeks of the war and the team need to react quickly to the change. I learned how to quickly process information and capture key ideas in a company meeting. I had regular catch up with Dimitri and Elina to get feedback on my work. I was able to ask them questions about the market and Velox's portfolio. From these meetings I learned a lot about how they generate ideas, manage a portfolio with diversified positions and manage risks.

What was your highlight of the internship?

The most interesting part of the internship was meeting with company management. Velox has great access to companies through the sell-side. I had the freedom to listen to many meetings I was interested in and even ask questions myself. These meetings have been great learning opportunities for me, because I can listen to questions from other analysts and compare how companies respond to them. I have gradually started to get a sense of the differences in sentiment when management teams respond to questions.  

One of the highlights of this internship was a one-to-one management meeting I attended myself with the CEO, CFO and CTO of an equipment supplier in the semiconductor industry. It was the first time that I attended a management meeting without the company of a senior analyst. I was nervous for a whole day before the meeting. The next day, I arrived more than 20 minutes early before the meeting and anxiously went through my notes and questions several times while waiting for the management team. However, as I asked one question after another and listened to their responses, the intimidating feeling gradually disappeared. I found that I was able to understand everything they say and make follow-up comments by associating the information I heard with my industry knowledge. The one-hour meeting went much faster than I thought it would. In the end, the CEO thanked my interest and said that he found my questions very interesting, which was a huge encouragement to me.

What are you doing now/what are your plans for the future?

I am now working full-time at Orbis Investment at a Japan Analyst. It has been a great experience so far as Japan is a great market for value investing.

What advice would you give other young women interested in a career in investing?

It is an industry that is difficult to get into because there are less roles available. I think it is helpful to get as much exposure to the financial market as possible through internships, self-studying and trading a personal portfolio. By putting in continuous effort, we will eventually have more options available to us.

It is also helpful to try to expand our network and keep in touch with people we know in the industry. As long as we demonstrate genuine interest and good attitude, people are very willing to help you advance your career. One thing that I regret is that I did not reach out to investment professional on LinkedIn earlier when I was still at university. I was intimidated by the idea of cold messaging and see no reason why people would want to speak to me. But when I actually started to messaging people when I was job hunting, I was surprised by how friendly and responsive they are.

Is there anyone specifically in the industry who has mentored you/championed you/helped you? (we'd like to tag them in the piece if so)

Nathan Cockrell and Farah Foustok at Lazard Asset Management have generously spent a lot of time with me offering career and personal advice.

Charlotte Yonge and Gabrielle Boyle at Troy Asset Management are fantastic female role models in the industry.

Simon Denison-Smith at Metropolis and Angus Sandison at FSSA. I got in touch with them through LinkedIn and they kindly spent time speaking with me and introduced me to other investment professionals. It was very encouraging for me and gave me confidence to reach out to more people later.

The list can be very long as I have been lucky to be encouraged and helped by very friendly colleague everywhere I go. I appreciate everyone I have worked with and interviewed with as I have learned from all of them.