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To: phatbstrd who wrote (1134)	8/2/2007 2:43:22 PM
From: travlinal	Read Replies (1) \| Respond to of 1575

Interesting info on the New Zealanders (1 Rating) 31-Jul-07 07:30 pm Until very recently apart from some specialist corners of the asset management world not many people had heard of Richard and Christopher Chandler. The two New Zealand-born brothers, both in their mid-40s, have kept an extraordinarily low profile while pursuing their careers to such an extent that the website for Sovereign Capital, the company they jointly ran until this month, did not mention their names. The Chandlers built Sovereign's billions by making huge bets on Hong Kong real estate and by investing in telecom and energy stocks in Brazil, Russia and South Korea. Richard's exclusive interview with II earlier this year was the only one he ever gave to the press. Both brothers refuse to be photographed by the media. "We are patient, entrepreneurial, value-oriented portfolio investors. We do not think of ourselves as investors in stocks, but as investors in businesses with excellent potential filtered through a long-term perspective based upon themesfor which we develop a detailed understanding and a strong conviction. We frequently invest in transitioning economies during periods of uncertainty." In 2002, the New Zealand brothers started to buy Japanese bank shares, At the time, these moves seemed bold, given that it seemed impossible at the time to ascertain what value if any the banks had. However, these were exactly the conditions the Chandler brothers profess to relish. The move into Japanese banks was brilliantly timed. , when the brothers sold out in 2004, they pocketed an estimated $1 billion of profits. The brothers do not trade their investments frequently, preferring to take just a few, large contrary bets. Consequently, research by Institutional Investor suggests that just five investments have made 90 per cent of their returns in the past 15 years. In Dec of 206 the brothers divided Sovereign (their original company) into two separate groups Orient Global and Legatum, led by Richard and Christopher respectively. What triggered that split remains like so much about the Chandlers unclear. However, one thing that has emerged is that the brothers have recently taken huge bets on India, with their reshuffle of assets having triggered massive block trades in the Indian markets. In May of this year, Legatum acquired a majority stake in Share Microfin Ltd, a leading microfinance institution of India. From information like the above it does not appear that company takeovers are in Chandler's history.BWTFDIK Al