MayTech Global Investments: A Concentrated Global All Cap Growth Strategy

The strategy is actively managed and deliberately concentrated: roughly 20 to 30 global companies across developed and emerging markets, sized at 2 to 4 percent at initiation, so that research conviction rather than index weight determines what the portfolio owns. Position count is a research constraint as much as a risk one. The team’s view is that a small number of businesses can be understood deeply enough to hold through volatility, and a long list cannot.

The process starts top down with theme identification, then works bottom up through fundamental research. Four structural forces frame the search: advances in technology, the emergence of new consumers in developing economies, demographic shifts in aging and healthcare, and regulatory change that redraws the boundaries of an industry. From that frame, the team looks for businesses with large addressable markets, scalable platforms, and more than one path to growth.

Holding period is part of the design. The strategy targets 15 to 20 percent average annual turnover with a disciplined trim at 15 percent, which lets positions compound over full market cycles rather than being reset each quarter. Low turnover is also what makes the approach a reasonable fit for advisors thinking about tax efficiency. A strategy that trades constantly tends to distribute gains, which works against the reason an investor would consider a tax deferred contribution in the first place.

Concentration cuts both ways. A portfolio of 20 to 30 names carries meaningfully more single issuer and sector risk than a broad index, growth oriented equities can be more volatile and more sensitive to changes in expected earnings, and there is no assurance that any strategy or technique will be successful. Advisors should weigh that against a client’s objectives, time horizon and risk tolerance before considering any change in how assets are held.

Founded in 2017, MayTech Global Investments, LLC is a 100 percent employee owned, SEC registered investment adviser based in New York City. The firm is 51 percent minority and woman owned and manages approximately $1.1 billion in total firm assets. Registration with the Securities and Exchange Commission does not imply a certain level of skill or training.

MayTech runs one strategy rather than a product shelf: a concentrated global all cap portfolio, supported by a nine year track record that is GIPS compliant and independently verified. That single strategy structure is deliberate. Every member of the investment team works on the same portfolio, the same research pipeline, and the same names, which is unusual in a market where boutique advisers often extend into adjacent mandates as assets grow.

The firm’s research process combines global theme identification with bottom up fundamental analysis, looking for innovative companies positioned to benefit from long term structural change. MayTech is led by co founders and managing partners Nels Wangensteen and Ingrid Yin, Ph.D., who have worked together on this approach since the firm’s founding.

Section 351 of the Internal Revenue Code is a long standing rule: when one or more persons transfer property to a corporation solely in exchange for that corporation’s stock, no gain or loss is recognized on the transfer. It is the same principle founders rely on when they contribute assets to a newly formed company, applied to portfolios of marketable securities. Advisors often describe it as the 1031 exchange of the equity world, though the two provisions are separate and work differently.

In practice, an investor holding appreciated securities contributes those securities in kind to a newly organized entity and receives shares of that entity in return. Because nothing is sold, no capital gain is realized at the moment of the exchange. The investor’s original cost basis and holding period carry over to the new shares, so the deferred gain travels with them and is recognized when the shares are eventually sold. Deferral is the benefit. Elimination is not on offer.

Alignment is the manager’s call. The diversification test is the tax question, and missing it can cause the transfer to be treated as a taxable sale in full. Other conditions matter in practice as well. The exchange cannot be a pre arranged sale in substance, post contribution changes to the portfolio are examined, tax law can change, and the Internal Revenue Service may look past the form of a transaction to its substance. This is why the work is done with counsel and a tax advisor rather than on the strength of a marketing page.