STEWARDSHIP IN ACTION
A core value of our mission as a purpose-led organization is stewardship. Stewardship means caring for the common good and well-being and for something greater than self by operating in service of (rather than control of) those around us. It is not about being charitable or selfless but rather about working for sustained, positive outcomes for all. At Janchor, stewardship is a conscious approach that we take in our day-to-day work as we commit our talents and resources to best serve a meaningful purpose. By acting in service of others, maximizing accountability and empowerment and embedding meaning and partnership in our work, we seek a sustainable path forward and a fulfilling journey for all.
Our ability to invest for the long‐term is strengthened by our investment partners, comprising high-quality global institutional investors including family offices, university endowments, foundations and pension funds who commit their capital to Janchor for multi‐year periods.
Janchor helped an Asian airline optimize its capital allocation policy. When we became an investor, the company had emerged from bankruptcy with a very conservative capital policy, which was no longer suited to a now thriving company in a growing economy. Working as a collaborative partner, we helped management consider options by providing financial simulations of various capital allocation policies. We proposed a strategy that balanced growth, returns and cash liquidity for contingencies. While management was initially reluctant to change, they adopted our proposal two years later after much internal debate. The CFO later told us their team treasured our analysis and still consult it years later.
Baby Food and Formula Company
Janchor stepped in to help the turnaround journey of Australia-based baby-food producer Bellamy’s Organic in 2017. The company, then known as Bellamy’s Australia, was facing a difficult transition when Janchor became a substantial shareholder. In April 2017, John Ho joined the Board and became Chairman, guiding initiatives that included setting the company’s strategy and capital structure, bringing in new Board members, retaining members of management and fixing the incentive and remuneration structure. The company was successfully acquired by China’s Mengniu Dairy Group in 2020.
Chinese Pharmaceutical Company
In the dynamic Chinese healthcare sector, we combine deep research on the medical science with close engagement with company management. We seek to be a collaborative partner on the journey of companies adapting to this fast-changing sector. At one Chinese pharmaceutical company, we have shared constant dialogue with the Chairman about strategy over the years as he has led the company’s evolution from a maker of low-cost generics to one of the more innovative pharmaceutical companies in China. We believe the opportunities for drug makers with solid governance and leading technology will only grow in the future.
Indian Financial Services
The Indian financial services industry is a fertile ground for enormous value creation, but it is also laid with several landmines. Leadership and culture are the primary determinants of long-term value creation – it is important to assess not just what leadership does but also what they choose not to do. Janchor’s deep research and on-the-ground insights have uncovered nuances in the culture of various organizations. With thoughtful interactions with leadership, we have been able to grow a close understanding and build enough trust to impact their strategic thought process in a number of ways. Our approach has led to successful investments in this sector, and we continue to find opportunities in lending, insurance and fintech.
Australian Telecommunications Company
Janchor helped with the turnaround and successful sale in 2021 of Vocus Group, an international data network and fibre solutions provider based in Sydney. When we became a shareholder four years earlier, Vocus had begun to falter after merging with another company to become Australia’s fourth-largest telecommunications provider. John Ho joined the Board as Non-Executive Director in early 2018 and helped implement numerous changes, which included replacing the Chairman and CEO, changing the capital allocation and capital structure policies and introducing a new mid and long-term strategy. We laid the groundwork for future business excellence that eventually led to acquisition by a consortium of institutional investors.