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

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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.

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

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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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Learn about investing in asian equities with fssa investment managers today. our asia funds invest in high quality companies that outperform over the long term.
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.
This has been an unprecedented time which continues to evolve from a markets and covid-19 perspective. please tune in to a panel discussion with fssa’s lead portfolio managers: alistair thompson, director; martin lau, managing partner andvinay agarwal, director.
Learn about investing in asia pacific equities with fssa im today. our apac funds invest in high quality companies that outperform over the long term.
We consider ESG risks to be factors that may place business value at risk. Companies at risk are identified using both external providers and our own internally driven research, which is based on a systematic and extensive company meeting program.
We had entered the meeting with a leading air-conditioner company in our portfolio worried about the risks to its growth and profitability, as the second wave of covid-19 affected consumer demand and raw material costs rose sharply. but the company’s ceo told us about the acceptance of increased ...
We have just returned from india — the first investment research trip in india for our entire team in over two years. it was a liberating break from constantly hearing “you’re on mute!” on video calls whilst simultaneously being forced to appreciate your kids’ music lessons in the adjoinin...
Our investment philosophy is to back owners and managers with whom we feel strongly aligned. these owners typically have track records of treating all stakeholders fairly, in both good and bad times. they are ambitious in growing their business, but also risk-aware in their purs...
We have written about the spate of Initial Public Offerings (IPOs) in India and our reasons for staying away from them, for the most part. This time, we want to talk about why new listings are important to keep the market vibrant and to keep the entrepreneurial spirit in the country alive. In the...
As the saying goes, “There are two kinds of forecasters: those who don't know, and those who don't know they don't know.” Recently, we have seen hordes of the latter kind, garbed as analysts, Unicorn founders, freshly-minted CEOs and so-called “experts”, as they engage in modern-day snake oil sal...
Land, Labour, Capital and Entrepreneurship. These are the well-known “Factors of Production” as defined by classical economists. The Entrepreneur (or Company) is the one that combines these factors to earn a profit. However, in our view, each of these factors has been overly exploited over the pa...
The most attractive point about India is that there are about 6,000 listed companies across a diverse range of sectors. That gives us the opportunity to invest in high quality businesses across a range of industries. This is unlike some other emerging markets where investors might find themselves...
As bottom-up investors, the fssa team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. these monthly manager views are based on the team’s discussions with company management and the in-depth an...
China made headlines for watering down coal reduction targets during COP26 , but we think the criticism is unfair. The nation’s own targets set by President Xi Jinping last year – for peak emissions before 2030 and carbon neutrality by 2060 – are still ambitious and noteworthy considering China’s...
50x p/e!1 70x p/e! 100x p/e! valuations that were outrageous just a few years ago are commonly bandied about by most of the investment community these days. but, ask any respected business owner and they would shake their head in disbelief. the difference in perspective is critical. the en...
Despite china being the first country to face the challenges of covid, early optimism around its control over the virus seems to have waned. as chinese cities and provinces continue to battle against new variants and local surges, consumer spending is down and the economy is starting to slow. on ...
Leading global investment manager, first sentier investors (fsi), today announced the outcome of a review of its existing investment capabilities against its strategy.
Mutations, it would seem, are not unique to the virus. Starting with some housekeeping, we always end our letters seeking feedback from our regular readers. Two common points we have received is that our letters are generally too long and the semi-annual schedule we have adhered to in the past is...
Given its size and influence, china remains a key investment destination despite ongoing trade disputes and diplomatic tensions with the us and australia. with a gdp equivalent to around 70% of the united states, many global portfolios continue to feature chinese equities. against this bac...
Every company we speak to these days tells us about the cost pressure that they are facing, emanating from rising global commodity prices. Domestic steel prices have risen by 35% y/y, copper by over 50% y/y and palm oil by over 60% y/y through February 2021. Indian corporates are being forced to ...
As bottom-up investors, the fssa team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. these monthly manager views are based on the team’s discussions with company management and the in-depth an...
In almost every meeting that we have with management teams, we will ask about incentivisation. In our view, it is an important question and the answer can be highly revealing about an organisation’s culture and behaviour. While it can be easy to be deceived by articulate CEOs talking up a big gam...
Strategists often argue that japan is perhaps the most cyclical market amongst the major global economies, with profits highly correlated to global trade. we disagree. it is true that many of the large index constituents are companies with high overseas exposure or are highly sensitive to forex f...
The China equity market includes a myriad of share classes, each with distinct characteristics.
Once again, 2021 was a year full of surprises and challenges, with ongoing Covid disruptions and China turning from a global outperformer to underperformer. The Chinese government’s policy crackdowns, especially in the internet, education and property sectors, were sudden and dramatic. Meanwhile,...
Mon 29 nov 2021: david allen has been appointed to the role of global head of investment management. david brings with him over 20 years of global asset management experience where he specialised in building investment businesses and leading investment teams.
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...
China’s e-commerce and online services were among the few bright spots against the dismal economic backdrop this year. Many companies reported a surge in online sales during Covid that has remained elevated even as the number of cases fell and lockdown measures eased. While sales at China’s brick...
First Sentier Investors today announced unit holders have voted in favour of a change in responsible entity (RE) for a number of funds from Colonial First State to The Trust Company.
As many economies have bounced back from the worst of the pandemic, concerns about central banks, the rate of money-printing and inflation have returned. markets have responded to the arrival of better times by selling off bonds and bond-like equities. the stocks that benefited most from lower di...
In our last client update in february 2021, we discussed the reasons we resisted the temptation to switch into pure cyclicals and so-called “value” stocks1 — even though we had anticipated a sector rotation in the market (the topix subsequently peaked in march 2021). when there is a rise in infla...
First sentier investors recently presented at the responsible investment association australasia (riaa) annual conference and hosted a design lab on how responsible investors can shape the future of electric vehicles (ev). this paper outlines the key challenges for ev acceptance, analyses ...
fssa india webcast focus on the india subcontinent markets and asia pacific equities
Top Glove is one company identified as part of this engagement as having high exposure to modern slavery risk in light of the COVID-19 pandemic. The company is the world’s largest manufacturer of rubber gloves, specialising in examination, surgical, household and industrial gloves.
Leading global investment manager, first sentier investors, today announced the completion of its corporate rebrand from first state investments to first sentier investors in all markets ex australia, effective today. in australia, the firm has operated as first sentier investors si...
Firstly, regulations are nothing new — it has always been a part of the investment equation. if we look at hong kong or singapore for example, the government would introduce new regulations on the property market from time to time; and in china, the government has introduced a number of n...
Looking back over 2020, a challenging year for many reasons, there were two key investment decisions that helped the performance of the fssa japan equity strategy. firstly, in the early days of the pandemic we started to identify companies that might benefit from the acceleration of...
While the pandemic is still far from over, a number of key leading indicators point to a healthy and broad-based recovery in China. Industrial production, trade activity and retail sales have been strong; and in stark contrast to the lockdowns and travel restrictions in early 2020, domestic trave...
Portfolio manager sophia li shares her analysis of key positions from the fssa im japan portfolio, and how they have fared through the pandemic so far. looking to the future, she looks at the companies positioned to benefit from long-term trends such as the 5g revolution.
Incorporated in 1885, BHP began as a silver, lead and zinc mine in Broken Hill, Australia. Over the next century the company grew into one of the largest diversified resource companies in the world with operations including oil and gas, steel production and mining of a variety of commodities incl...
Japan has been overlooked by global investors, due to macro headwinds such as an ageing population and anaemic gdp growth. japan is also only considered as part of a global asset allocation strategy; or sometimes as a macro trade due to the misperception of its high cyclicality. however, in our v...
Leading global investment manager, colonial first state global asset management today announced the rebrand of its business to first sentier investors (first sentier).
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 Eu...
As with global automotive manufacturers, several Indian automotive original equipment manufacturers (OEMs) including Maruti Suzuki, Mahindra & Mahindra (M&M), Tata Motors and Eicher Motors have recently announced that the shortage of semiconductor supply has impacted their production schedules. T...
What will 2021 look like for China? 2021 will be a year of recovery. This is not surprising given last year’s economic downturn. If vaccines are being rolled out gradually during the year, we believe the economy will recover, especially those sectors that have been hit hard like travel. Hong Kong...
All of us have been brutally confronted by a new reality in the last few months. It has certainly been crude, with financial markets swinging around on a riptide of greed and fear, as we the participants have vacillated between elation and despair. It is not surprising. Life and the world of mark...
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 by short-term ...
Though covid hasn’t yet finished with us, the markets have finished with covid. in real life, there is still plenty of misery to go around, but in our opinion things have seldom been better for investors. optimism has served us well, as the money-printing presses have rolled to counter the “unpre...
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 correction — especia...