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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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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.
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 ...
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.
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...
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.
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.
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...
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.
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?
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...
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.
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...
Insulation from the effects of inflation is a key objective for many investors and global listed infrastructure has delivered returns in excess of inflation over the long term. But passively investing in this asset class does not guarantee a hedge to inflation
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...
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...
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.
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.
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...
An overview of the Asian Equity Plus and Asia Pacific Small-Caps strategies in August 2020.
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.
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 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 ...
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...
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 Markets Debt, sha...
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...
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 documented ...
Podcast: debt markets from a global perspective
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.
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.
The first quarter was extreme in the scale and magnitude of financial market volatility, particularly over the last six weeks of 1Q’20. A dramatic, global economic slowdown resulted from the unprecedented global quarantine of entire populations, in most developed countries, in response to the COV...
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...
Podcast: A lesson in extreme asset allocation
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, what opportunities ...
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...
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?
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.
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.
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, and o...
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...