About
Quarz Capital invests in undervalued small- and mid-cap companies and unlocks value through constructive, results-driven engagement.
The basics
Who is Quarz Capital
Quarz Capital is a long-term, value-oriented investment firm focused on small- and mid-cap companies in Singapore and Developed Asia. We engage directly with management teams, boards, and key stakeholders to address structural, operational, and communication inefficiencies that may hinder a company’s true market valuation.
We concentrate on the underserved small- and mid-cap segment, where businesses often underemphasise shareholder value due to tax structures, organisational inertia, or cultural dynamics. This creates compelling opportunities to unlock value through constructive, research-driven engagement.
Year track record
14
Partner owned
100%
Years experience
25+
Engagement Campaigns
35+
Meet the team
Our People
A Specialist, Hands-On Team
Quarz Capital’s team is uniquely focused and highly experienced in unlocking value in small- and mid-cap companies across Singapore and Developed Asia.
Since 2011, the team has:
- Led over 30 successful active value investment campaigns in the region’s small- and mid-cap space.
- Brought together a complementary blend of expertise, combining seasoned investors, business operators, and corporate strategists.
- Built a dedicated in-house Operations Team with extensive hands-on experience in optimising performance within small- and mid-cap businesses.
This distinctive combination enables Quarz Capital to identify high-potential opportunities and work constructively with stakeholders to drive long-term value creation.
Joined Quarz
2011
Jan F. Mörmann is the Founder and CIO of Quarz Capital. Prior to founding Quarz, Jan was with the Equities & Wealth Management Groups of UBS, Credit Suisse AG and LGT in Germany, Switzerland and Hong Kong. He subsequently joined the Investment Banking Division of Bellevue Group (Switzerland). Jan holds a Bachelor of Arts in Business Administration as well as a Master of Arts in Banking & Finance from University of St.Gallen (HSG) in Switzerland.
Joined Quarz
2015
Havard Chi leads our research activities with his team. Havard joined Quarz following a successful six year career at Bellevue Asset Management where he was the co-head of the firm’s Asian and African investment portfolios. Prior to that, he was with Citibank. He holds a Master in Arts (HSG) in Banking and Finance from the University of St. Gallen and a Bachelors in Economics from the National University of Singapore. Havard is a CFA charter holder.
Joined Quarz
2019
Klaus has worked as a financial journalist for German newspaper Berliner Zeitung, TV station n-tv as well as newswires Reuters and Bloomberg in Frankfurt, London, New York, Zurich and Singapore. Klaus is an economist by training and a Chartered Financial Analyst (CFA).
Location
Our Office
Quarz Capital ASIA (Singapore) Pte. Ltd. (“Quarz”) is a homegrown investment firm headquartered in Singapore, deeply rooted in the local market and committed to the long-term development of the region’s capital ecosystem.
Quarz holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore (MAS), authorising us to provide fund management services to Accredited Investors, as defined under Section 4A(1)(a)(i) of the Securities and Futures Act 2001 (“SFA”).
Our proximity to the companies we invest in gives us unique insight and access, allowing us to partner closely with management teams and stakeholders across Singapore and Developed Asia.
Our Approach
Investment Philosophy
Quarz Capital is a Singapore-based, homegrown investment firm that acquires significant ownership stakes in undervalued small- and mid-cap companies, with a primary focus on Singapore and Developed Asia. Since our founding, we have built a strong track record of identifying overlooked opportunities in the local market and unlocking long-term value through our disciplined and engaged investment approach.
With deep roots in Singapore’s capital markets and an extensive network of relationships across the region, Quarz Capital is uniquely positioned to evaluate businesses beyond the surface. Our proximity and familiarity with the local operating environment allow us to act decisively, constructively, and with conviction.
We specialise in companies that are deeply undervalued relative to their intrinsic worth, often due to structural inefficiencies, limited market visibility, or suboptimal capital allocation. In select cases, we work directly with management teams, boards, and key shareholders to catalyse positive change.
Our value creation efforts include:
- Active engagement with corporate leadership to improve governance, strategy, and capital efficiency;
- Collaboration with like-minded investors and stakeholders to align incentives and support long-term growth;
- Publication of proprietary research and investment theses to enhance market understanding and transparency.
Over the years, Quarz Capital has successfully executed and led numerous value-unlocking campaigns in Singapore-listed small- and mid-cap companies, often resulting in improved operational performance, stronger shareholder returns, and enhanced corporate governance.
As one of the few truly local investment managers with a singular focus on Singapore’s under-researched public equity segment, we remain committed to supporting the sustainable growth and international competitiveness of our home market.
Quarz Capital’s active value strategy blends deep business insight with disciplined investment analysis to deliver superior shareholder returns while managing risk. Our distinctive, hands-on approach in public markets uncovers compelling opportunities that are often overlooked by traditional investors.
We apply a rigorous, research-driven framework to manage risk and maximise returns. Each investment opportunity is assessed against the following key criteria:
- Meaningful Upside Potential: We target opportunities with the potential to generate a return of 50% or more, supported by tangible value-enhancement levers.
- Strong Margin of Safety: Downside is protected through factors such as discounted valuations, resilient cash flows, and sustainable dividends, reducing risk if the thesis takes longer to materialise.
- Clear Rationale for Mispricing: Each idea must be backed by a credible explanation for undervaluation—such as structural inefficiencies, overlooked assets, or temporary headwinds.
- Ability to Influence Outcomes: We seek situations where we can constructively engage with management, boards, or stakeholders to unlock value and drive performance.
- Scalable Position Sizing: We ensure we can build and manage a sufficiently sized position to capitalise on the opportunity and meaningfully contribute to portfolio returns.