About

Gavekal offers discerning investors creative research on global economics and asset allocation, unique investment products, and portfolio optimization tools.

Who we are

Gavekal is a financial services company organized around three key activities: financial research for institutional investors, money management, and portfolio construction tools. Our headquarters is in Hong Kong and our China research team is based in Beijing. We have major sales offices in New York, London and Paris.

Our mission rests on three pillars:

  1. Always put the clients’ interests first.
  2. Maintain healthy profitability.
  3. Foster a rewarding work environment for staff.

Putting clients first means that we constantly engage with our customers—in conferences, webinars, and face-to-face meetings—to get a better understanding of their needs now and in the future. One of the firmest principles of our research business is that “many of our best ideas come from our clients.”

Maintaining profitability is a prerequisite for being able to serve clients effectively. We manage the firm to ensure we always have the resources to meet clients’ needs.

The core of effective client service is a dedicated and motivated staff. Our superior performance over more than two decades derives from our ability to recruit and retain talented and creative professionals.

Our partners

Louis-Vincent Gave

Louis-Vincent Gave

Founding Partner & Chief Executive Officer

After stints in the French army and at Paribas, Louis launched Gavekal in London in 1999 with his father Charles and Anatole Kaletsky. In 2002, recognizing that China would become a bigger factor in global growth, he moved the firm's headquarters to Hong Kong. In addition to overseeing Gavekal's money management business and contributing to our research, he is the author of seven books. The latest, Avoiding the Punch: Investing in Uncertain Times, was published in August 2021.

After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis left the army and joined Paribas where he worked as a financial analyst—first in Paris, then in Hong Kong.

Louis left Paribas in 2000 to launch Gavekal with his father Charles and Anatole Kaletsky. The idea at the time was that Asia was set to become an ever more important factor in global growth, and that consequently Gavekal needed to offer its clients more information, and more ideas, relating to Asia.

Louis has written seven books, the latest being Avoiding the Punch: Investing in Uncertain Times which reviews how to build a portfolio at a time of rising geostrategic strife, and when very low interest rates and stretched valuations on most assets announce constrained returns on most assets over the next decade.

Louis is the non-executive chairman of Roboglobal LLC (the manager of the ROBO.US ETF, one of the largest robotics-dedicated ETFs). He is also a non-executive director at Evergreen-Gavekal, a Bellevue, Washington-based private wealth manager. Louis also sits on the visiting board of Trinity College of Duke University.

In his spare time, Louis likes to spend time on the rugby pitch, whether in Hong Kong (where he plays for Valley RFC), or in France where he is Chairman of the Biarritz Olympique Pays Basque, one of the historically more successful clubs in French rugby.

Louis speaks English and French. He spent many hours studying Mandarin and Spanish, which he once spoke decently. He is married with two sons and two daughters.

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Anatole Kaletsky

Anatole Kaletsky

Founding Partner & Chief Economist

Anatole is co-founder, chairman and chief economist of Gavekal. Before founding Gavekal he worked for 30 years as an economic journalist and commentator at the Financial Times, The Economist, and the London Times. He is also chairman of the Institute for New Economic Thinking, a foundation created to reform academic economics after the 2008 global financial crisis. His book Capitalism 4.0, on the post-crisis transformation of the global economy, was nominated for the 2011 Samuel Johnson Prize.

Anatole is co-founder, chairman and chief economist of Gavekal. Before founding Gavekal he worked for 30 years as an economic journalist and commentator at the Financial Times, The Economist, and the London Times. He is also chairman of the Institute for New Economic Thinking, a foundation created to reform academic economics after the 2008 global financial crisis. His book Capitalism 4.0, on the post-crisis transformation of the global economy, was nominated for the 2011 Samuel Johnson Prize.

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Arthur Kroeber

Arthur Kroeber

Founding Partner & Head of Research

Arthur founded the China macroeconomic research firm Dragonomics in Beijing 2002, after 15 years as a freelance journalist and economic analyst in Asia. The company merged with Gavekal in 2007, and since 2011 Arthur has overseen all of Gavekal's research efforts. His book China's Economy: What Everyone Needs to Know is a widely used textbook and reference work. He divides his time between New York and Beijing and is a member of the Council on Foreign Relations and the National Committee on US-China Relations.

Arthur co-founded the China-focused research service Dragonomics in Beijing in 2002 and was the editor of its flagship journal China Economic Quarterly through 2017. Since Dragonomics' 2011 merger with Gavekal he has been head of research for the combined operation. Before founding Dragonomics, he spent 15 years as journalist specializing in Asian economic affairs, and reported from China, India, Pakistan and other Asian countries. He is also an Adjunct Professor of Economics at the NYU Stern School of Business, a member of the Council on Foreign Relations and of the National Committee on US-China Relations, and a senior non-resident fellow of the Brookings-Tsinghua Center in Beijing. His book "China's Economy: What Everyone Needs to Know" was published by Oxford University Press in 2016, with a second edition in 2020, and is widely used in university classrooms.

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Pierre Gave

Pierre Gave

Partner & Head of Sales

After serving in the Swedish army, Pierre began his financial career in 1998 as an analyst at a venture capital firm in Stockholm. Joining Gavekal in 2001, he was responsible for building and maintaining the firm's financial models, and for running the daily research operations until 2011. He now oversees research sales and client management. He is proficient in Swedish, English, French, Danish and German. He is married with two daughters.

After serving in the Swedish army, Pierre began his financial career in 1998 as an analyst at a venture capital firm in Stockholm. Joining Gavekal in 2001, he was responsible for building and maintaining the firm's financial models, and for running the daily research operations until 2011. He now oversees research sales and client management. He is proficient in Swedish, English, French, Danish and German. He is married with two daughters.

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Christine Cheung

Christine Cheung

Partner, Head of Fixed Income

Before joining Gavekal in June 2012, Christine worked for the Hong Kong Monetary Authority as a Portfolio Manager for the China rates and EM credit portfolio of the Direct Investment Team under the Reserves Management Department. Prior to HKMA, Christine worked in the Investment Banking Divisions of Credit Suisse and Citigroup, as well as a pan-Asia private equity firm. Christine graduated from Wharton School, University of Pennsylvania, majoring in Finance and Accounting. 

Before joining Gavekal in June 2012, Christine worked for the Hong Kong Monetary Authority as a Portfolio Manager for the China rates and EM credit portfolio of the Direct Investment Team under the Reserves Management Department. Prior to HKMA, Christine worked in the Investment Banking Divisions of Credit Suisse and Citigroup, as well as a pan-Asia private equity firm. Christine graduated from Wharton School, University of Pennsylvania, majoring in Finance and Accounting. 

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Alfred Ho

Alfred Ho

Partner

Alfred Ho has over twenty-five years of experience investing in Asian markets. Before joining GaveKal in 2006 as a partner, Alfred was the Chief Investment Officer for INVESCO Asia and was responsible for managing large retail and institutional portfolios. Alfred was the lead manager for the INVESCO GT Asia Enterprise Fund and initiated the launch of the first absolute-return driven product for the company - INVESCO Asia Alpha Fund in 1999. Prior to joining INVESCO, Alfred worked as an analyst with W.I. Carr in Hong Kong. Alfred graduated from the University of Wisconsin-Madison with a Bachelor of Science degree in Economics and a Master of Science degree in Finance. He is a holder of the Chartered Financial Analyst designation.

Alfred Ho has over twenty-five years of experience investing in Asian markets. Before joining GaveKal in 2006 as a partner, Alfred was the Chief Investment Officer for INVESCO Asia and was responsible for managing large retail and institutional portfolios. Alfred was the lead manager for the INVESCO GT Asia Enterprise Fund and initiated the launch of the first absolute-return driven product for the company - INVESCO Asia Alpha Fund in 1999. Prior to joining INVESCO, Alfred worked as an analyst with W.I. Carr in Hong Kong. Alfred graduated from the University of Wisconsin-Madison with a Bachelor of Science degree in Economics and a Master of Science degree in Finance. He is a holder of the Chartered Financial Analyst designation.

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Marco Lai

Marco Lai

Partner, Chief Operating Officer

Marco Lai has over thirty years of experience in operational management and information technology. Previously, Marco was the Head of Information Technology (IT) at INVESCO Hong Kong where he was responsible for formulating IT strategy and rolling out corporate initiative projects, and was a director at QWORKSHOP HK, a software solution company. Marco has extensive experience in fund accounting systems, designing proprietary stock databases and building interfaces to external third party systems. He holds a Bachelor of Science in Business Administration from Boston University and a Master of Business Administration degree in Finance from California State University, Los Angeles.

Marco Lai has over thirty years of experience in operational management and information technology. Previously, Marco was the Head of Information Technology (IT) at INVESCO Hong Kong where he was responsible for formulating IT strategy and rolling out corporate initiative projects, and was a director at QWORKSHOP HK, a software solution company. Marco has extensive experience in fund accounting systems, designing proprietary stock databases and building interfaces to external third party systems. He holds a Bachelor of Science in Business Administration from Boston University and a Master of Business Administration degree in Finance from California State University, Los Angeles.

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Charles Gave

Charles Gave

Founder

Charles has been researching tactical asset allocation for over 40 years. In 1974 he founded independent research firm Cecogest, and in 1981 he co-founded Cursitor-Eaton Asset Management. As chief investment officer at Cursitor he managed US$10bn under a global asset allocation mandate. The firm was sold to Alliance Capital in 1995 and Charles stayed at Alliance until 1999, when he co-founded Gavekal. Charles is married and has four children and eight grandchildren.

Charles undertook his graduate studies in Toulouse in economics and then received an MBA from SUNY Binghamton. He started his financial market career at the Banque de Suez in 1970. In 1974, he left to create Cecogest, an independent research firm providing institutional investors advice on tactical asset allocation. In 1981, he moved to London where he established Cursitor-Eaton Asset Management, a money management firm where he was CIO. In 1995, when Cursitor-Eaton had reached US$10bn in assets under management, Charles and his partners sold the firm to Alliance Capital, where he remained until 1999. In 2000, Charles launched Gavekal in Hong Kong with his son Louis-Vincent and friend Anatole Kaletsky. The key driver behind Gavekal was the idea that China was set to be an ever-bigger part of the global economy and financial markets. Charles moved to Hong Kong in 2003 and remained there until 2015, when he moved back to France.

In his spare time, Charles reads and sometimes writes books. His first book, Des Lions Menes Par des Anes, written in 2001 at the time of the euro’s launch, was a best seller in France and has gone through several re-prints. His first book written in English, Our Brave New World (co-authored with Louis), published in 2005, was a top-100 seller on Amazon that year. His latest book, Clash of Empires: Currencies and Power in a Multipolar World, also written with Louis, reviews the investment consequences of the breakdown in the US-China relationship.

When he is not reading or writing Charles can be found on the side of the pitch of the Biarritz Olympique Pays Basque, the professional rugby team he owns with his son Louis, and which he hopes will soon return to its glorious recent past.

Charles has been married to Chantal since 1966. Together they have 4 children and 11 grandchildren.

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