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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.
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Learn about investing in global emerging market equities with FSSA IM. Our GEM funds invest in high quality companies that outperform over the long term.
Learn about investing in the world's fastest growing markets with FSSA Investment Managers. We invest in high quality equities that outperform over the long term.
Podcast: Coronavirus - Asian markets corrections and resilience
In 2020, one group of companies has done particularly well – the popular digital technology companies focused on e-commerce, delivery and entertainment, to name a few industries. In emerging markets, they dominate the Chinese market; but they can also be found in Korea, Southeast Asia, Eastern Europe and Latin America. We do not own many of these in the strategy; and as such, we are often asked: What holds us back? After all, they have performed well and – at least on paper – should have the prerequisite to generate strong returns and free cash flow, given their often high gross margins, negative working capital profiles and asset light nature. While we are not disputing the potential for this in the future, we would argue for cautiousness on most of these projections.
First Sentier Investors are the world-leading provider of specialist investment capabilities. Discover how we provide research-led active investment management.
China, whose market was the first to suffer the ramifications of the Covid-19 crisis, is now slowly recovering and resuming back online. Tune in to a panel discussion with FSSA Greater China Strategy’s investment team.
Leading global investment manager, First Sentier Investors (FSI), today announced the outcome of a review of its existing investment capabilities against its strategy.
This is the third investor letter for the FSSA Global Emerging Markets Focus Strategy since its launch in November 2017. In this letter, we will discuss our investment approach, process, strategy, positioning, and other matters we think are relevant to investors. As always, should you have any questions or feedback, we would appreciate hearing from you.
The attributes we like in a company are a strong management team, an effective board, strong alignment with its majority owners and management, a conservative and introspective culture, a franchise which has pricing power and generates superior returns on capital employed, and the potential to become a bigger business over time.
The three key themes driving the Asian credit market’s performance this year have been the US Federal Reserve’s tightening monetary conditions amid record high inflation, negative sentiments towards China especially its zero-Covid policies and global recession concerns.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
Global/US US economic data prints from the last couple of months have affirmed our bearish view of the US economy. In the days leading up to the Fed’s recent policy action, markets grew increasingly divided in views of how aggressive the Fed would be in its policy trajectory, and sentiments seemed a bit more skewed towards a more bearish outcome in the real economy.
“Freedom is always the freedom to think otherwise.” Rosa Luxemburg
A monthly review and outlook of the Asian Quality Bond market.
Each year around the Lunar New Year, factories in China switch off production and close up shop for the Spring Festival period. Factory workers who had left their rural hometowns in search of better wages in cities travel home en masse for the celebrations. With three billion trips expected to be made over the period, this annual migration is said to be the largest concentration of people movement in the world.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Global Listed Infrastructure sector.
With stubborn inflation in the United States, uncertainty in the Fed’s rate cut trajectory, as well as heightened geopolitical risks, the global economy is poised for a volatile year. As an investor, how can one navigate a difficult investment landscape?
A monthly review and outlook of the Global Listed Infrastructure sector.
Global/US As we move into 2025, US growth and Trump’s policies upon his inauguration will be the key drivers of credit markets. We believe US growth will likely moderate as Biden’s government spending along with job creation will soon cease. In fact, our team has strong conviction that Trump would immediately undo many of Biden’s policies, sharply reduce spending in the government related sectors, before shifting the attention to boost the private sector. With other regions also slowing, especially in Europe, we could move into a period of slower global growth as Trump’s pro-business policies will take time to impact the real economy.
With Trump starting his second-term, concerns are resurfacing about the trajectory of inflation. Trump’s key campaign promises—deregulation, tariffs, and tax reforms—all signal a potentially more inflationary future.
A monthly review and outlook of the Global Listed Infrastructure sector.
A monthly review and outlook of the Asian Quality Bond market.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
Over the last few years, valuations have generally become expensive in our universe of quality companies. Valuations reaching these levels remind me of the mistakes I made running into the 2008 crash.
A worried client asked us recently, “Will Mr Modi be re-elected, or won’t he? How will the ongoing elections impact the investment case for Indian companies?” We don’t know whether Mr Modi will be re-elected. But we strongly believe that the results of the election will have little bearing on the long-term investment case for Indian equities.
“To infinity...and beyond!” Buzz Lightyear, Toy Story
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