John Pinkel, partner and portfolio manager at Indus Capital, advocates for investment ideas that provoke skepticism, a principle he describes as essential to successful stock picking. Indus Capital, an Asia-Pacific equities manager overseeing approximately $8.6 billion in assets, manages a concentrated portfolio of roughly 35 stocks across a region accounting for half the global population and a significant share of global economic output and market capitalization.
Pinkel’s conviction in South Korean memory chip manufacturer SK Hynix dates back to 2019, when Indus strategically accumulated a long-term position based on the anticipated rising importance of memory chips—well before artificial intelligence became a dominant market theme. Notably, the firm deliberately avoided Samsung Electronics in favor of gaining “pure memory exposure,” as Pinkel explained. This approach yielded substantial gains as AI-driven infrastructure investments fueled a surge in memory prices through mid-2025. Indus realized profits around May and June 2025, later repurchasing shares as prices declined. Currently, Hynix trades at roughly three times smoothed two-year forward earnings, down from a peak near seven times in June, a valuation Pinkel interprets as presenting significant opportunity amid prevailing market concerns.
Pinkel’s career in Asia began in 1989 with Mandarin training in Taiwan, followed by professional stints in mainland China, Hong Kong, Shanghai, Seoul, and Taipei, including leadership roles with Citigroup’s equities business in Taiwan, before joining Indus 24 years ago. His personal ties include marriage to a Brisbane-based lawyer and a period living on a cattle property near Gympie, Queensland. More recently, Pinkel relocated to Silicon Valley, citing proximity to technology industry centers such as Apple, Nvidia, and Netflix, which he says enhances his team’s insight into the region’s corporate landscape.
Among Indus’s notable investments is Taiwanese technology firm E Ink, a pioneer in low-energy e-paper displays used in devices like Amazon’s Kindle e-readers. The firm identified E Ink roughly a decade ago, ahead of widespread adoption. Other significant holdings include Japanese sportswear company ASICS, which Indus took a long position in after identifying fixable issues in its North American business, as well as its heritage Onitsuka Tiger fashion brand revival. This position has returned sixfold over six years. Japanese conglomerate Hitachi and medical equipment company Olympus have also been favored investments, with Indus entering at times of significant market distress, such as Olympus following an accounting scandal that caused a sharp share price decline.
The firm engages in active, though non-public, corporate governance, exemplified by an Indus colleague’s seat on Fujitsu’s board, reflecting a preference for direct involvement over activist public campaigns. On resources, Indus favors Australian miners like BHP over emerging market competitors, citing superior governance and environmental standards in Australia.
Pinkel’s involvement with the Sohn Hearts & Minds Investment Leaders Conference in Queens-town, New Zealand on November 6, 2026, extends beyond investing. The conference honors his father, Donald Pinkel, a pioneering physician who transformed the treatment of childhood leukaemia. This marks the first time the event will be held outside Australia, with tickets available through the official conference website.