About Us

Established in 2002, Matterhorn is a dedicated emerging markets investment manager, with investment professionals based out of offices in London and Hong Kong.

Our expertise has been developed over a century of collective operating and investing experience in emerging markets and a deep network of local contacts.

We construct concentrated portfolios through fundamental bottom-up research for an investor base of pension funds, endowments, foundations, individuals, family offices and funds of funds.

Learn More About Us:

Investment Strategy

Our strategy is to buy great stocks across the emerging markets where there is limited downside and a very real chance of substantial capital gains, supported by solidly growing income. Nothing else - no macro calls, no speculation - just putting the fund's capital into safe, smart investments that will compound investor wealth.

  • Conduct 100% original research, all in-house
  • Construct portfolios on a purely fundamental bottom up stock selection
  • Concentrate portfolios into only our highest conviction ideas (20-30 names)
  • Understand downside potential to exploit stock volatility, add on dips

In simple terms we invest in undervalued, high quality companies and wait for the market to value them fully.

Investment Principles

100% original research

  • Uncover exceptionally positioned companies, carving out dominant positions in new markets, ahead of the crowd
  • Thorough analysis and detailed modelling, all conducted in house
  • Set a high conviction bar, only the best ideas enter the investible pool, after a rigorous filtering process

Portfolios constructed with a long term investment horizon

  • Construct portfolios on fundamental bottom up stock selection, no target asset allocation
  • Maintain strong ‘reserve bench’ of ideas and rotate between them based on relative value

Allow great investment ideas time to outperform, whilst eliminating tail risk

  • Maintain steady exposures, only vary based on fundamental valuations
  • Fine tune position sizes to maintain constant risk exposure and limit absolute tail risk
  • Constant position monitoring to root out potential tail risk


Matterhorn is comprised of a diverse analytical team led by founder and CIO, Paul Bate

For complete biographies, please select the individual’s name


Paul Bate - Chief Investment Officer & Portfolio Manager (GEM long/short Strategy)

Paul is CIO at Matterhorn and Portfolio Manager for Matterhorn’s Global Emerging Market Long/Short Fund. Paul launched Matterhorn in 2002 following many years living and working across Emerging Markets, particularly in the ASEAN region. Paul graduated from Oxford University in 1977 with an honours degree in Physics. Paul worked for the Swire Group in Hong Kong, Thailand and Taiwan. In 1980 he joined Schlumberger as a wireline engineer, working in China and Brunei. In 1983 he set up an oil drilling company in Indonesia which he ran until 1987. In 1987 he founded a contract manufacturer based out of Thailand with operations throughout Asia. In 1993 he went to Stanford graduating in 1995 with an MBA and an MSE. From 1996 to 1998 he worked as CEO of a private equity fund in the CIS and thereafter in Hong Kong. He joined Nomura in Hong Kong in 1999 as Head of Taiwan Research and Head of Regional Technology Research, based in Taipei. In 2002 he established Matterhorn Investment Management LLP as an independent investment manager. Paul speaks French, Mandarin, Thai and Indonesian proficiently.
Robert JonesHead of Research
Rob joined Matterhorn in 2005 and is Head of Research covering the entire EM universe. Rob was previously an Equity Analyst covering Turkey, Eastern Europe and South Africa and before that Global Macro Economist at Matterhorn. Rob graduated from Manchester University in 2005 with a First Class Honours degree in Economics.
Maxime DestelRisk Manager
Maxime joined Matterhorn in 2003 as a Risk Manager. Maxime oversees risk management, trading and operations. He previously worked for Credit Lyonnais Equity Capital Markets in the origination department (Convertible Bonds), and as Portfolio Manager Assistant for Marly Gestion Portfolio Management, HSBC subsidiary. Maxime has a degree in Physics from University Paris 7, and a Master’s degree in Finance from ISC Paris. Maxime speaks French, English and Spanish.
Elie El KhouryExecution Trader
Elie joined Matterhorn in 2008 and is an Execution Trader. As well as executing Matterhorn’s trading activities, Elie supports the investment team with market updates and specific stock trading profiles. Elie previously worked as a Quantitative Analyst in the risk management team. Elie graduated with an MSc in Finance and Economics with distinction from the London School of Economics and Political Science in 2008. Prior to this, he completed a Bachelor of Computer and Communication Engineering (high distinction) from the American University of Beirut in 2007. Elie speaks French, English and Arabic.
Daniel ArcherOperations Analyst
Dan joined Matterhorn in 2014 as an Operations Analyst. He graduated from the University of Bath in the same year with a BSc Hons in Economics and has also completed a yearlong placement in HSBC Global Research as part of its Quantitative Research team.
Investor Relations & Administration
Natalie LeeOffice & Business Manager
Natalie joined Matterhorn’s Hong Kong Office in September 2008 where she manages the business affairs of the Hong Kong operation and is a compliance assistant. Educated in Hong Kong, Natalie also attended the Hawaii Pacific University graduating with a BSc in Business Administration. Returning to Hong Kong in 1996, Natalie worked in marketing and sales management for legal information publisher Sweet & Maxwell Asia, regional travel trade publishers TTG Asia Media and Hong Kong Disneyland. In 2006, she was hired by China Travel Service as project and events manager. In 2010, Natalie graduated from the Manchester Metropolitan University with a Bachelor of Laws (LLB). Natalie speaks fluent English, Mandarin and Cantonese and also has a basic knowledge of Japanese.