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

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

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How are electric cars and the growth of wind energy impacting our resources portfolios? Find out more in this 30 minute webcast from our Head of Global Resources, Todd Warren.
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...
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?
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.
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.
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?
With brexit and trump fresh in the memory, financial markets were looking for the next domino to fall...
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, e...
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?
Global credit markets have been challenged in 2018 and spreads have widened. asian issuers have not been immune from this volatility. following another default by a chinese issuer, our asian fixed income and emerging markets debt team take stock of where markets are currently...
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.
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.
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.
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...
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.
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 governmen...
We believe bond market demand in asia represents an opportunity for fixed income investors. there are many factors driving this positivity; asia’s strong growth outlook relative to other parts of the world, its demographics, the diversification within the universe of issuers and com...
2018 was a challenging year for all emerging market assets, including hard-currency debt. losses from higher us treasury yields and higher em risk premia outweighed the running yield and resulted in negative returns for the asset class. helene williamson, head of global emerging market<...
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..
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.
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 lev...
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. Like shares, credit valuations dipped quite sharply in February and March last year as investors digested the implications of the coronavirus pandemic; specifically the probability of a deteriorati...
Podcast: A lesson in extreme asset allocation
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.
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.
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.
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.
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...
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...
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?
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.
As the widespread adoption of electric cars gradually becomes reality, battery power is brightening the outlook for some commodities. this emerging theme appears set to drive increased demand for a surprisingly broad array of commodities – some with very little historical industrial demand...
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.
This timeline highlights some of the market events during the last few weeks and how our experienced team has navigated the market volatility. we also highlight what to look out for in the weeks ahead and highlight some positives amongst all the negative news.
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...
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...
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...
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?
Given the packed legislative agenda, and previous issues passing legislation around the debt ceiling, are there some downside risks that markets are ignoring?
Podcast: debt markets from a global perspective
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...
Our multi-asset solutions team delve into the key drivers of investment markets over the last six months and outline the changes we've made to our portfolio to navigate markets ahead.
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 w...
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...
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 ...
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...
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.
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...
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.