GaveKal

What GaveKal does

GaveKal is an independent, founder-led financial research and asset management firm headquartered in Hong Kong. The firm was co-founded in 1998/1999 by Louis-Vincent Gave, Charles Gave, and Anatole Kaletsky (originally in London, with headquarters relocated to Hong Kong around 2002 to position around China's growing role in global markets), and currently operates across approximately 51-100 employees with offices in Hong Kong, Beijing, New York, London, Paris, and Mauritius.

The firm monetizes a research, asset management, private wealth, and software toolkit through subscription-based and fee-based recurring revenue models. Its research franchise comprises four subscription products: Gavekal Research (flagship macro daily commentary — "The Daily" plus longer Ideas pieces), Gavekal Dragonomics (China economy, politics and social issues), Gavekal-IS (quantitative market research, run from Paris), and Gavekal Technologies (semiconductors, AI, new energy, industrial automation, internet). Its asset management arm, Gavekal Capital, manages over US$1 billion in AUM across seven UCITS funds spanning global equity, Asian opportunities, China equity, China fixed income, China onshore RMB bonds, distressed China, and a Latin American local-currency debt fund (the last partnered with Larrainvial), plus segregated managed accounts. Private wealth services are delivered through Gavekal Wealth (non-US clients, Mauritius) and Evergreen Gavekal (US clients). The portfolio software division, Gavekal Intelligence Software, sells TrackMacro (real-time country-risk signals across 40 economies) and TrackRisk (a portfolio construction and risk optimization tool combining money management expertise, academic risk research, and AI). Distribution is sales-led: regional sales teams in Hong Kong, New York, London, Paris, and Beijing target 900 institutional clients across 50 countries, supplemented by website-led free-trial signups, webinars, live seminars, book publications, and PR in outlets such as CNBC, Bloomberg, Reuters, and Morningstar.

GaveKal serves institutional investors and family offices globally, with primary segments being institutional asset managers (hedge funds, pension funds, endowments) and high-net-worth individuals/family offices. Pricing is institutional subscription annual billing for research, asset-based management fees for funds and managed accounts, and subscription-based pricing for the TrackMacro/TrackRisk software tools. The firm has no disclosed external institutional shareholders and remains privately held under its founding partners and senior partners including Arthur Kroeber (Head of Research), Pierre Gave (Head of Sales), Christine Cheung (Head of Fixed Income), Alfred Ho, Marco Lai (COO), Simon Pritchard (Global Research Director), Andrew Batson (China Research Director), Will Denyer (Chief US Economist), and Victor Luk (CRO/CTO).

Name

GaveKal

Legal name

Gavekal Research Limited

Website

https://web.gavekal.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

GaveKal is an independent Hong Kong-headquartered financial research and asset management firm serving 900 institutional clients across 50 countries through macro, China, quantitative, and technology research subscriptions, a UCITS fund platform with over US$1bn AUM, private wealth services, and portfolio construction software tools.

Ownership category

akta.pro rank

Product category

Investment Research and Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Professional, Scientific, and Technical Services (54)

SIC

Investment Advice (6282)

akta.pro primary industry

Private Banking & UHNW Wealth Advisory (FSAEABAC)

akta.pro secondary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

Keywords

• Macro research services
• Institutional asset management
• China economic research
• Investment fund management
• Wealth management services

Headquarters

HQ city

Wan Chai

HQ country

Hong Kong SAR China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Research Subscriptions: Subscription-based research services providing daily commentary on global economies and markets through Gavekal Research (flagship), Dragonomics (China focus), Gavekal-IS (quantitative), and Gavekal Technologies (tech sectors). Subscribers receive The Daily, a 700-word note, and multiple longer Ideas pieces each week.
2. Fund Management: Management fees from a range of UCITS funds and managed accounts with over US$1 billion in assets under management, including global equity, Asian opportunities, China-focused, and fixed income strategies
3. Private Wealth Management: Wealth management services for private clients through Gavekal Wealth (non-US clients) and Evergreen Gavekal (US clients)
4. Portfolio Software Tools: Subscription-based access to Gavekal TrackMacro and TrackRisk portfolio construction and risk optimization tools, managed by the Gavekal Intelligence Software team in Paris

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Gavekal operates as an integrated financial services firm offering four subscription-based research services (Gavekal Research, Dragonomics, Gavekal-IS, and Gavekal Technologies) covering global macroeconomics, China, quantitative finance, and technology sectors. Through Gavekal Capital it manages over US$1 billion across UCITS funds and managed accounts in global equity, Asian, Chinese equity, Chinese fixed income, distressed China, and Latin American debt strategies. Private wealth advisory is provided via Gavekal Wealth (non-US) and Evergreen Gavekal (US), complemented by TrackMacro and TrackRisk portfolio software tools.

Product overview

GaveKal operates as a financial services company organized around three key activities: financial research for institutional investors, funds and private wealth management, and portfolio construction tools. The company offers four distinct research services (Gavekal Research, Gavekal Dragonomics, Gavekal-IS Research, and Gavekal Technologies) providing insights on global macroeconomy, markets, and China's economy. Its fund management arm, Gavekal Capital, manages over US$1 billion through seven UCITS funds and managed accounts covering global equity, Asian equity, Chinese equities, Chinese fixed income, and Latin American debt. Private wealth services are provided through Gavekal Wealth (non-US clients) and Evergreen Gavekal (US clients). The portfolio software division, Gavekal Intelligence Software based in Paris, provides TrackMacro for country risk monitoring and TrackRisk for portfolio construction and risk optimization.

Differentiator

Problem solved

Functional benefit

Brands

• Gavekal Global Equity UCITS Fund: Long-only global equity fund aiming to outperform MSCI World Index with lower volatility
• Gavekal Asian Opportunities UCITS Fund
• Gavekal New China UCITS Fund
• Gavekal China Fixed Income UCITS Fund
• Gavekal China Onshore RMB Bond Fund
• Gavekal Distressed China Opportunity Fund
• LarrainVial Gavekal Latam Local Currency Debt Fund
• Gavekal TrackMacro
• Gavekal TrackRisk

Products and services

• Gavekal Research Flagship research service providing daily commentary on global economies and markets. Subscribers receive The Daily (a 700-word note on the single most important topic of the day) plus several longer Ideas pieces each week. Targeted at institutional investors.
• Gavekal Dragonomics In-depth coverage of China's economy, politics and social issues, combining rigorous macroeconomic and sectoral analysis with on-the-ground reporting. Delivers two to three notes per week, periodic chart books and Deep China reports.
• Gavekal-IS Research Quantitative research service that publishes a weekly financial note examining the opportunities and risks of global financial markets through a unique quantitative lens.
• Gavekal Technologies Research service analyzing tech-intensive sectors being reshaped by the rise of Chinese firms and geopolitics, with initial focus on semiconductors and AI and expanded coverage of new energy, industrial automation and the internet.
• Gavekal Global Equity UCITS Fund Long-only global equity fund with the investment objective of outperforming the MSCI World Index with lower volatility.
• Gavekal Asian Opportunities UCITS Fund Long-only fund seeking to capture long-term returns of Asian equity markets by investing in a diversified portfolio of equities, especially large-cap growth stocks, across the Asia-Pacific region.
• Gavekal New China UCITS Fund Fund aiming to achieve long-term capital appreciation by investing in Chinese equities.
• Gavekal China Fixed Income UCITS Fund Fund aiming to deliver steady, absolute returns by investing in RMB-denominated bonds, focused on onshore and offshore RMB bonds, CNY and CNH rates, credits, and a smaller focus on USD credits.
• Gavekal China Onshore RMB Bond Fund Fund seeking to maximize total returns through duration and yield curve positioning by investing in Chinese onshore RMB-denominated bonds, focused mainly on CNY rates via Chinese Government Bonds and Policy Bank Bonds with occasional Panda Bonds and quasi-government issuers.
• Gavekal Distressed China Opportunity Fund Fund aiming to achieve attractive returns by investing in high-yield and/or distressed debt securities and related instruments from issuers based in the PRC and the broader Asia-Pacific region.
• LarrainVial Gavekal Latam Local Currency Debt Fund Long-only fund dedicated to investing in debt instruments and currencies of Latin American corporates and sovereigns.
• Managed Accounts Directly managed accounts for large institutional investors and family offices wishing to reproduce UCITS strategies with custom constraints such as SRI, liquidity, and security rating.
• Gavekal Wealth Dedicated private wealth management service for non-US private clients seeking to maintain and grow wealth through Gavekal's research and investment capabilities.
• Evergreen Gavekal Dedicated private wealth management service for US private clients seeking to maintain and grow wealth through Gavekal's research and investment capabilities.
• Gavekal TrackMacro Country risk monitoring system that aims to cut through the noise and deliver easy-to-digest investment signals in real time on the world's 40 largest economies and their financial markets.
• Gavekal TrackRisk Global portfolio construction tool and risk optimizer combining the Gavekal-IS founders' expertise in money management, academic research on risk, and artificial intelligence.

Quantifiable outcome

• Serving 900 institutional clients in 50 countries with research subscriptions
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BCA Research: Independent global macro research firm selling institutional research subscriptions and asset allocation recommendations. Directly comparable to Gavekal Research in product, customer base (institutional investors), and subscription business model.
• TS Lombard: Independent macroeconomics and geopolitical research firm providing subscription research to institutional investors. Closely comparable to Gavekal in target market, business model, and global macro coverage approach.
• Capital Economics: Independent macro research provider offering subscription-based economic analysis and forecasts to institutional clients. Highly comparable to Gavekal Research in product offering and institutional customer base.
• Roubini Macro Associates: Independent global macro advisory firm founded by Nouriel Roubini, providing subscription research and advisory services to institutional investors. Comparable to Gavekal in founder-led independent research model and institutional focus.
• Exclusive Analysis: Specialist political risk and macro research firm serving institutional investors with subscription-based country and geopolitical analysis. Comparable to Gavekal Dragonomics in particular for emerging markets and country-level risk research.
• Matthews Asia: Asset manager specializing in Asia-Pacific equity and fixed income strategies for institutional and retail investors. Comparable to Gavekal Capital's Asian Opportunities and China-focused funds in product offering and target market.
• LarrainVial Asset Management: Latin American asset manager partnering with Gavekal on the Latam Local Currency Debt Fund. Directly comparable as a co-distribution partner for Gavekal's Latin American fixed income strategy, serving institutional investors with EM debt exposure.

Broad incumbents

• BlackRock Investment Institute: BlackRock's research and macro strategy arm producing investment research and asset allocation views for institutional clients. Comparable to Gavekal's macro research output, but embedded within the world's largest asset manager rather than sold standalone.
• Lazard Asset Management: Global asset manager with deep macro research capabilities and active equity/fixed income strategies spanning developed and emerging markets. Comparable to Gavekal Capital's UCITS fund lineup in product structure and institutional client focus, though far larger in AUM.

Emerging players

• Variant Perception: Independent research firm providing thematic and macro research to institutional investors via subscription. Comparable to Gavekal in subscription model and institutional customer segment, though with a more thematic/contrarian positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/gavekal
• LinkedInlinkedin.com/company/gavekal

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GaveKal