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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.
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formerly Realindex Investments
Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.
Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.
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At Stewart Investors, we believe in putting people first. Our investment world-view is of a series of partnerships – with each other, with our clients, with the companies we invest in, the people who buy their goods and services, and with the wider society in which we all live and work.
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As asset allocators, we look at where there are attractive opportunities. here our multi-asset solutions team share their outlook for their broad investment universe and where to find the best risk-adjusted returns.
Despite the significant volatility in financial markets that was such a defining feature of 2022, credit fundamentals remain broadly supportive; particularly in the us and europe. interest coverage ratios – which measure how comfortably companies can service their debt repayment obligation...
After appreciating in 2021, corporate bonds have struggled in the first half of 2022. corporate credit fundamentals still appear reasonably favourable, but corporate bond prices have declined owing to the prospect of rising borrowing costs in key regions and an increase in geopolitical risk. thes...
More data has been created in past 2 years than in the entire previous history of the human race. Technologies like apps, are underpinned and supported by data centres, which present a compelling investment opportunity for equities investors.
Pilbara iron ore leads the global market for this in-demand resource. watch this video with head of australian equities growth, dushko bajic, for an outlook for the iron ore trade.
They say a rising tide lifts all boats. this certainly appeared to be the case for emerging market debt in 2019. central banks around the world offered a little help, providing the liquidity and easy monetary conditions required to boost sentiment and support valuations. jamie grant, head ...
Our multi-asset solutions team reflect on the potential for the us election to disrupt markets - and share how they plan to ride out any politically-induced market volatility until the new composition of the white house settles.
Video: A lesson in extreme asset allocation
Podcast: A lesson in extreme asset allocation
The ongoing coronavirus (covid-19) outbreak has morphed from a health crisis to an economic crisis, forcing governments to balance keeping their people safe with limiting the severity of the economic downturn including a raft of extraordinary fiscal support measures. a by-product of this sizeable...
Benchmark Relative. Absolute Return. Total Return? Global unconstrained? Here our global fixed income team demystify some of the common language used to describe approaches to fixed income investing – explaining the differences – and how they can be applied to various objective-based strategies w...
Corporate bonds have performed well over the past year or so, since the Covid shock in early 2020.
There’s a reasonable chance of achieving your investment objective over the long term by sticking to the plan. Not so fast! Here's why it's time to review your approach to asset allocation with volatile times ahead.
Office real estate is undergoing a fundamental shift, while COVID-19 has accelerated a number of global real estate investment trends, including the continued growth and adoption of e-commerce and falling home ownership.
Fortunately it’s possible to anticipate the future return profile of short-dated global credit with a reasonable degree of confidence. Doing so is certainly less complicated than predicting economic conditions and movements in interest rates and, in turn, forecasting possible returns from aggrega...
Value investors have seen their portfolios soar, while growth stocks have languished. in this paper we look at some of the drivers behind recent market moves, including the effect of rising interest rates, earnings disappointments and the subsequent de-rating of growth stocks.
In an environment of uncertainty, infrastructure investments can provide investors with a sense of reassurance. regardless of short-term market ‘noise’, every nation depends on roads, utilities, airports, railways, pipelines and wireless towers, in order to function effectively. these sect...
If “they” are right, then there is virtually never a bad time to be fully invested. the term "volatility” has become a euphemism. what people mean when they say, “markets have experienced some volatility” is that markets have gone down. you never hear a financial commentator bang on...
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 as...
In our last naa review published in december 2019, we discussed the impacts on global markets caused by escalating geopolitical tensions. since then, the us and china agreed upon a phase one trade deal and the uk general election placed boris johnson in power, allowing the uk to officially...
We recently reviewed the neutral asset allocation (naa) for the first sentier multi-asset real return fund; an exercise that is undertaken twice a year. this note summarises the key drivers of investment markets over the most recent six-month period and outlines the changes made to the naa...
As the curtain closes on another year of surprises, investors are hoping for smoother sailing next year. but with inflation on the rise and a new omicron variant in the mix, the outlook is far from clear. against this backdrop, we asked some of our leading portfolio managers what issues wi...
First Sentier Multi-Asset Real Return Fund Neutral Asset Allocation Review. Read the paper: 'No time to buy: Volatility, tightening and reasons to be optimistic in 2023.'
While the wild swings in share, credit, currency, and commodity markets have garnered most of the attention in the months following the covid-19 outbreak, cash markets in australia have seen some highly unusual movements that demand further scrutiny.
Credit portfolios with genuine Environmental Social and Governance (ESG) integration could be a canary in the coal mine for potentially difficult-to-quantify risks and opportunities, including those likely to stem from climate change and the energy transition. While governments globally move a...
Mr Aditya Puri, who had only recently retired as the CEO of HDFC Bank, had joined the board of a small, unlisted pharmaceutical company, Stelis Biopharma. Given Mr Puri’s remarkable leadership at HDFC Bank, we dug deeper into his new role. In addition to his board role at Stelis, he had accepted ...
Our Multi-Asset Solutions team look at geopolitical tensions, populism, the fundamentals and how this impacts portfolio positioning across growth and defensive assets as we enter 2020.
Covid-19 has sent shockwaves through capital markets, and property securities have been no exception. the crisis has plunged the global economy into recession and has given rise to the remote work and learning thematic, while seemingly fasttracking the rise of e-commerce. these well docu...
In a low-rate world, generating income is more difficult than ever. with bond markets changing daily and cash rates close to zero, cash and fixed income can no longer do the heavy lifting for income-focused investors. against this backdrop, how can investors use equities to generate income...
This paper investigates just how effective some low-beta strategies designed to dampen portfolio volatility and improve risk-adjusted returns have actually been. Given how well equities and bonds have performed, this paper also considers whether alternatives are a worthy addition to portfolios fr...
The health of corporate balance sheets and anticipation of resilient earnings are among factors potentially benefiting global credit this year.
As we head into 2020, we should re-examine the role that bonds play in an investment portfolio. Head of Australian Fixed Income, Stephen Cooper, shares three ways that bonds can add value in a diversified portfolio of assets, and the scope for capital appreciation.
According to Fed chairman, Jerome Powell, “Inflation is low and stable”, but given that “growth is running at a healthy clip…and wages are up” the Fed is clearly anticipating rising inflation and is tightening monetary policy accordingly. So, how should equity investors respond to higher inflation?
In an ideal world, there would be a stock we can put away that pays a high dividend, has a stable share price, and grows a bit over time. so, what is this holy grail stock that you should be buying now? well, that question is a bit of a click-bait: like the holy grail itself, it probably doesn’t ...
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
On the anniversary of Lehman's collapse and as Typhoon #10 approached Hong Kong, Martin Lau spent time reflecting on the 1997 Asian Financial Crisis and here discusses if lessons learned are enough to steer us clear of another global financial crisis.
In this paper we outline why we believe there’s a case for making a structural allocation to credit markets within a diversified investment portfolio. for some, this might involve a partial reallocation of capital from composite/diversified fixed income exposures in favour of credit in...
The pandemic has accelerated certain long-term shifts in consumer behaviour, such as using more online orders for everything from clothing to food. the latest battleground appears to be groceries, but the disrupter emerged from a not-so-new technology — wechat groups. china’s online e-commerce gi...
Global asset management group focused on providing high quality, long-term investment capabilities to clients. We bring together independent teams of active, specialist investors who share a common commitment to responsible investment principles.
Since our last update, global markets have not been short of action and the manic behaviour characterising today’s markets has taken investors on another rollercoaster ride. while not quite comparable to the market movements seen during the dark days of march 2020, the recent...
2022 was a year of extremes for fixed income markets. before thinking about the year ahead, it’s perhaps worth summarising the key themes that drove local and international fixed income markets in the past 12 months.
The outlook for the global economy and financial markets looks more uncertain today than it has for a long time. both interest rates and inflation have risen sharply. there is a growing consensus that much of the world will shortly be experiencing slowing economic growth.
We’re almost halfway down the 2021 track, and while it’s been well and truly over a year since covid-19 began wreaking havoc, the road ahead is windy. we expect divergence in asset performance as regions continue to travel at varying paces. our multi-asset solutions team share how they have adjus...
We recently reviewed the neutral asset allocation (naa) for the first sentier multi-asset real return fund; an exercise that is undertaken twice a year. this note summarises the key drivers of investment markets over the most recent six month period and outlines the changes made to the ...
Head of Global Property Securities Stephen Hayes: Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social...
In our last client update, written through the depths of covid-despair, we observed that real life and the world of markets are seldom so intimately entwined. with markets swinging violently to the downside on a riptide of fear, it was clear even then that activity was being driven ...
2020 has been a bumpy ride for many since the Covid-19 outbreak first took hold earlier in the year. Since our last Neutral Asset Allocation (NAA) review, there have been several developments however attention is still dominated by the ongoing pandemic. At least as we near the end of this turbule...
At First Sentier Investors, we believe responsible investment is an essential component of asset stewardship and that embedding responsible practices into the core of our investment activities is in the best long-term interests of investors.
With strong long term growth prospects and a track record of resilience through economic downturns, this increasingly institutionalised property sector is a defensive play for investors.
The Novel Coronavirus (COVID-19) pandemic has seen most financial assets sell-off across the board, including securities in the traditionally defensive listed property sector, as investors grapple with how the drastic government and central bank responses to the crisis will augur for property lan...
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