Seraya Investment Pte. Ltd. (“Seraya”) holds a Capital Markets Services License issued by the Monetary Authority of Singapore (“MAS”) for the provision of fund management services to Accredited Investors and Institutional Investors as defined in the Securities and Futures Act 2001 (“SFA”).

The products and/or services described, and information provided in this website are solely for the use of our clients, Accredited Investors, Institutional Investors (as defined in the SFA) and such professional, sophisticated, or qualified persons or investors (as defined in relevant jurisdiction) who have satisfied the requirements under all relevant laws. None of the contents of this website have been approved or endorsed by MAS.

This site is for information purposes only and is

  1. not intended for and should not be accessed by persons located or resident in any jurisdiction where, by reason of that person's nationality, domicile, residence or otherwise, the publication or availability of this website is prohibited by local laws or regulations or would subject Seraya to any registration or licensing requirements in such jurisdictions; and
  2. shall not be construed as an offer, a solicitation of offer, promotion, marketing, nor a recommendation to invest in any product referred to in the site. Nothing in this site is to be construed as investment advice. You should seek your own professional advice before making any investment decision.

Forward-looking Statements

Any forward-looking statements and projections are subject to substantial risks. Past performance is not indicative nor a guarantee of future results. You should carefully read and consider all relevant risks and other pertinent information before making any investment decisions. 

Other Terms of Access

By continuing, you are also deemed to have agreed to and to observe Seraya’s Cookies Policy and Data Protection Policy.

Seraya Investment

Seraya Investment is a Singapore-based boutique asset management company focused on value-oriented investment opportunities in the Asian region and the global resources sector. Seraya Investment is the investment manager of the Panah Fund, the Pasiwali Fund, and co-investment manager of the Phoenix Gold Fund.

Meet our Team

Andrew Limond

CEO of Seraya, Fund Manager

Andrew graduated from Oxford University in 2002 with a First Class Honours Degree in Oriental Studies. He then spent several years learning Asian languages, undertaking anthropological research, and making documentary films in the region. He worked at Ballingal Investment Advisors in Hong Kong from 2007 to 2010, as Analyst and then Assistant Portfolio Manager for the BIA Pacific Fund. From 2010 to 2013 he was employed at Lloyd George Management (subsequently LGM Investments, BMO Global Asset Management) in Hong Kong, where he worked as Macro Strategist and as a Co-Portfolio Manager. Andrew joined AIMS Asset Management in Kuala Lumpur in 2013 to establish the Panah Fund. He commenced his role as CEO and Fund Manager at Seraya on 1 December 2022. Andrew is primarily involved with the Panah Fund and the Pasiwali Fund. He has lived in Asia since 2002 (Japan, Taiwan, Hong Kong and Malaysia), is fluent in written and spoken Japanese and Chinese (Mandarin) and is a CFA Charterholder.

Romain Rigby

Co-Fund Manager

Romain graduated with a Bachelor’s Degree in Chinese Language and Economics from Hobart & William Smith Colleges in 2006, and a Master’s Degree in International Studies from Johns Hopkins University (SAIS) - Nanjing University in 2010. From August 2010 to April 2015, he served as Analyst, Risk Manager, and then Co-Portfolio Manager at Lloyd George Management (subsequently LGM Investments, BMO Global Asset Management) in Hong Kong. Romain joined AIMS Asset Management in Kuala Lumpur in May 2015, primarily as Co-Fund Manager for the Panah Fund, and then commenced his role as Co-Fund Manager for the Panah Fund at Seraya on 1 December 2022. He is primarily involved with the Panah Fund and the Pasiwali Fund. Romain has lived in Asia (China, Hong Kong, Malaysia, and Singapore) since 2006, is a self-taught data scientist and software engineer, and is fluent in written and spoken Chinese (Mandarin) and French.

Varun Dutt

Senior Analyst

Varun graduated with a BA from Macalester College in 2008 and an MBA from INSEAD in 2015. From 2008 to 2011, Varun worked in investment banking, at Citigroup and Standard Chartered Bank. From 2011 to 2017, he worked in a variety of roles at startup companies in the e-commerce and education technology sectors. Inspired by a short value investing course at Ivey Business School, Varun was an active private investor during the period 2011-17, and also founded a value investment blog in 2016 ( Varun worked at AIMS Asset Management in Kuala Lumpur from August 2017, primarily as a Senior Analyst for the Panah Fund, and then joined Seraya in September 2022 in the same role. He is primarily involved with the Panah Fund and the Pasiwali Fund. Varun has lived and worked across Asia and is proficient in Hindi. Varun is a holder of the CFA Institute Certificate in ESG Investing since 2021.

Larry Hill

Co-Fund Manager

Larry holds a Bachelor of Engineering (Chemical) from The University of Melbourne, graduating with Honours. In addition, he holds a Master of Applied Finance (Investment Analysis) from Kaplan Professional and a Master of Business Administration (Distinction) from The Curtin University Graduate School of Business. He has seven years’ experience in financial markets, having previously been a Mining Analyst - Equity Research at Canaccord Genuity Australia, covering ASX listed precious, base and speciality metals companies. Prior to this Larry had seven years in operational and technical roles as a process metallurgist in Africa and Australia across gold, iron ore, copper and uranium with major companies including Endeavour Mining (formerly Teranga Gold Corporation) and Rio Tinto. Larry became an Investment Consultant for the Fund from August 2020. He commenced his role as Co-Fund Manager for the Phoenix Gold Fund at Seraya on 1 March 2023.

Our Funds

The Panah Fund is an equity long-short fund with a macro-overlay focusing primarily on Asia. The fund's objective is to maximise risk-adjusted absolute returns, requiring a balance of capital appreciation and capital protection. It seeks to achieve this objective by buying high-quality Asia-focused companies at the right price and for the long term, while using short stock and macro positions to generate returns and protect capital, allowing the fund to hold conviction long positions through the hard times.

learn more

The Pasiwali Fund is a long-only equity fund which focuses on investing in companies which benefit from growth and development in the Asian region. The fund’s objective is to maximise absolute returns over the long run by cultivating a concentrated portfolio of high-conviction holdings in Asia-focused, high-quality ‘compounder’ companies, bought at the right price and for the long term.

learn more

The Phoenix Gold Fund seeks to participate in a resurgence of the price of gold by purchasing shares in gold miners, explorers, royalty companies and gold bullion ETFs. The Fund uses fundamental analysis and on-the-ground research to identify companies with the most operational leverage to a rise in the price of gold.

learn more


Seraya’s approach to sustainability rests on three main pillars:

  1. Responsible investment;
  2. The integration of sustainable practices into our business operations; and
  3. Corporate Social Responsibility (‘CSR’) initiatives.

The goal of our Sustainability Policy is to promote the resilience of the company from a financial, environmental, and social perspective, and to strive for a positive impact on the world.

Please see our Sustainability Policy for more information.

Seraya is a signatory of the UN PRI.


It is not just investment returns which compound over time – environmental and social problems also grow exponentially. We thus believe it is important to address such problems before they become more serious.

Seraya believes it can make a meaningful impact on the surrounding community and the environment through targeted CSR initiatives.

Seraya aims to allocate a proportion of its profits each year to various initiatives focusing on pressing environmental and social issues in the communities and countries where we are active. Seraya carries out thorough due diligence and monitoring of all organisations and CSR projects which it supports. Seraya’s current CSR initiatives are listed below.

Please contact us for more information.

Contact Us

Your request has been submitted and we will reply to you soon
Oops! Something went wrong. Please fill in the required fields and try again.