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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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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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Leader in systematic equities across market cap weighted indices, smart beta and active quantitative strategies

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Thursday, 1 October 2020: Leading global investment manager, First Sentier Investors, today announced it has pledged its support for industry super fund HESTA’s 40:40 Vision to increase the proportion of women in senior leadership across Australia’s largest listed companies to at least 40% by 2030.
The existence of “zombie” firms is a dangerous and growing problem in the global economy. These are companies that would normally have gone bankrupt or been restructured but have been kept alive by sympathetic credit policy and interest rates which are artificially and extraordinarily low.
The listed infrastructure sector in North America contains many world leading assets, operated by world class companies - and it's growing - with over US$50 billion in assets being added to the asset class.
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 leave ...
2018 was a challenging year for Japanese equities. While we usually prefer to talk about the companies we own rather than comment on the market or the economy, it was interesting to note that 85% of trades last year was on auto-pilot, controlled by machines, CTAs and quant funds.
First State Stewart Asia believe the best companies can typically be found among the leading consumer, financial or industrial companies in the less developed parts of the world. Here the team reflect on some investments made in emerging markets, including India, Brazil, South Africa, Russia, Chi...
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.
Following the downturn of the last 5 years, our 20 years of experience in resources investing leads us to believe the sector is positioned for a brighter 2017. Why?
Growth in China is likely to continue to decelerate, according to the consensus of surveyed economists, but our own assessment suggests there’s more than meets the eye...
By 2030, Millennials will represent the largest source of income and consumer spending, earning two out of every three dollars in Australia. There are implications for the investment industry.
A year of numerous new highs for share markets without significant drawdowns has lulled investors into a state of complacency in their asset allocations. Our global fixed income team look at the events that will change the playing field in 2018 and share their views on Australia, the US, Europe a...
Much has been made of the Australian dollar’s (AUD) recent rally against the US dollar (USD). After spending much of 2016 and the first-half of 2017 averaging around $US0.75, the rally in the AUD to closer to $US0.80 in late June and early July has led the market to the question; what does a high...
Unlike the US and UK self-storage markets, the Australian self-storage is not institutionalised. Yields and capitalisation rates are higher in Australia. Given the stability of the cash flows, the localised nature of the assets and the high barriers to entry for development, the mispricing of the...
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...
Speculation over a downgrade to Australia’s S&P sovereign credit rating is ramping up as the 2017 Federal Budget announcement approaches. Will stronger commodities prices, growing export incomes and the upcoming small business tax cuts be sufficient to appease the S&P?
The performance of the Australian economy over 2017 to date can best be described as mediocre. The end of the mining investment downturn is near, the consumer environment is challenging while there are ongoing concerns around a build-up of risks in the housing sector.
Our unlisted infrastructure team invest in Brisbane Airport because they are a market-leader in sustainable operations – an approach which is increasingly critical to the long-term growth of an asset’s value. Here we explain how some small sustainable changes can add up for an asset’s valuation.
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 about those p...
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.
For several decades the world has looked to the US for stability and order. Following the ‘surprise’ election result that had the prevailing politicians and pollsters aghast at hearing the words, ‘President-elect Trump’, gives a sense that the stability we have come to expect from the US can no l...
After a very slow start to its monetary policy normalisation process, with only one rate hike in both 2015 and 2016, the US Federal Reserve (the Fed) today entered a new, more active phase for monetary policy.
As Australians mull over the concept of good vs bad debt and the various policy announcements in the lead up to next week’s Commonwealth Budget, it is important to remember the revenue line.
In today's economic research note, we break down the headline budget numbers, summarise key policy initiatives and explore their implications for key asset classes.
If the BoJ continues to buy bonds at its current pace, the Central Bank will own the entire market by 2025. With negative rates and a dysfunctional bond market, where are Japanese investors turning to offshore now?
With the unemployment rate at 4.4% (ie. lower that the Fed’s long-run estimate) and most measures of the labour market on an improving trend the Fed is likely to remain committed to returning monetary policy to a more ‘normal’ setting and won’t be derailed by two months of softer inflation.
With Brexit and Trump fresh in the memory, financial markets were looking for the next domino to fall...
In this economic research note, we look at the Fed's next steps, examine the central banks' revised economic forecasts and look at the financial market implications of today's hike.
When Australia posted its GDP growth results in the first quarter of 2017, the numbers told two stories. Growth was on one hand, the slowest posted since the GFC-induced slowdown in 2009. It also saw the nation overtake the Netherlands as having the longest uninterrupted period of economic growth...
One of the most significant developments in global bond markets in recent years has been the collapse in term premium.The fact that the term premium is currently negative in Australia, and showing very little sign of heading substantially higher, is likely related to..
Technology has changed the world, but investment history is littered with the likes of Blackberry and Geocities. The balance between realism and evangelism lies in the combination of valuation and earnings. Find out whether the valuations of Facebook and Adobe are supported...
French consumer confidence has reached a 10 year high following the election. The question will now be, can it be sustained and can President Macron follow through on his promises?
In recent years we have been hearing a great deal about digital ‘disruption” and how it has been re-shaping the global economy and the society we live in. But are we focusing too much on the digital drivers and not enough on other areas of disruption across the economy?
Recent high frequency economic data in China is showing good momentum - and with growth of 6.9% in H1 17, the Chinese economy is clearly on track to outperform the ‘at least 6.5%’ economic growth target for 2017.
Recently many investors and market participants have been perplexed as the VIX and volatility in general have decreased – even given the backdrop of rising political uncertainty and geopolitical risk. Here we analyse the factors currently keeping volatility low and use history to explore why the ...
With robots and AI getting better and better at these specific tasks it seems natural to ask, when will they replace human workers? According to 352 AI experts there could be a significant change in many areas...
One of the biggest economic mysteries since the end of the GFC has been the lack of wages growth globally, perplexing policy makers for whom it has become a key indicator of monetary policy. We may need more than low unemployment to generate wages growth or inflation and given growing inequality ...
Given the packed legislative agenda, and previous issues passing legislation around the debt ceiling, are there some downside risks that markets are ignoring?
Experts agree that climate change and global warming pose systemic risks to the world economy, with major impacts on the availability of resources, the price and structure of the energy market, the vulnerability of infrastructure and the valuation of companies. But from a macroeconomic level, lit...
After an extended period where inflation expectations in Australian financial markets have been declining, the evidence is mounting that this trend may have run its course. The most recent example of this is last week’s new ten year inflation linked bond issue from the Australian Government, wher...