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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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realindex has a dedicated team of portfolio managers and analysts responsible for the research, construction, portfolio management, trading and institutional sales and service of its underlying investment strategies.
In this series of articles the systematic investment manager, realindex, highlights a range of topical issues in financial markets and quantitative investing.
Better profit margins, higher return on equity and superior share market returns are hallmarks of listed companies with more diverse executive teams, new research shows.
“in some of our index focused strategies we can’t divest – so we need to let companies know which issues are important to shareholders.” find out how investors can enact change from the top down with realindex portfolio manager joanna nash.
Systematic equity investing across Australian and global market cap weighted indices, smart beta and active quantitative strategies.
Systematic investor Joanna Nash discusses ways to reduce carbon emissions in portfolios.
Late in 2021 we published a Realinsights paper on the long term relationship between inflation and Value style investing. In that paper, we focused especially on whether the recent (and forecast) inflation spike we were seeing on the back of the COVID lockdown and stimulus packages would drive ou...
Stocks we view as expensive (based on Price to Book, Price to Sales, Price to Cash flow and Dividend Yield) such as Microsoft, Amazon and Tencent have run strongly in January as well. At the same time, stocks we view as cheap, based on the valuations mentioned above, have sold off somewhat, but t...
What are zombie firms? How can they affect Australian investors?
Just like momentum or quality, esg can be approached as a filterable factor. find out how it’s possible with realindex portfolio manager joanna nash.
This final paper is somewhat shorter than the first two, and simply aims to look a little deeper into whether zombie firms appear in realindex portfolios, and how a quality factor acts as a repellent for these stocks. this is more important in value-oriented portfolios as the potential app...
New data reveals stronger correlations between female executive participation and company performance/returns. investors could be overlooking gender diversity as a predictor of profitability and share market returns, a new study shows. while correlations between corporate female participation and...
Intangible assets are often overlooked in traditional valuation metrics despite being a meaningful measure of ‘firm footprint’. generally accepted accounting practices often expense rather than capitalise investments into research and development (r&d) and marketing.
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.
Following a long period of underperformance, the value style has finally started to deliver strong returns. The drought has broken; long may it continue. Since November 2020, we have seen a strong and consistent rebound of the value style, while growth and momentum styles have trailed behind.
The two papers we examine look into the historically strong performance (and recent weak performance) of what are known as “sin” stocks; typically those that produce alcohol, tobacco and weapons. “Sin” stocks are usually considered to be those whose activities are dominated by what would be consi...
There are two related themes currently emerging globally; COVID-19 and the oil supply dispute. They have serious knock-on effects to economic conditions and to financial markets.
On the surface Value underperformed throughout 2020, but once we remove technology stocks like Tesla and Amazon from the equation, we can see that Value kept up with the broader market. Entering 2021, we are witnessing a strong rebound in Value. How should investors be approaching tech companies?
Podcast: COVID-19 - The rise of value investing?
Most of us would have started 2021 with the hope that the worst of the covid crisis was behind us, and some return to normality was just around the corner. we were quickly dislodged from this hopeful place with new variants of the pandemic virus emerging, ongoing lockdowns and travel restrictions...
The explosion of COVID-19 cases in early 2020 saw economic uncertainty hit the markets. Volatility spiked and equity markets fell sharply – the S&P/ASX200 almost halved in value over the 22 trading days from February 21st.
On the 24th of February 2022, Russia invaded Ukraine. This has led to numerous sanctions being imposed upon the Russian regime by the international community. Sanctions are typically issued by governments targeting individuals, corporations or governments in order to force their compliance with l...
Equity markets are currently at all-time highs. This has generated returns which, we believe, are unlikely to continue, so we need to think about where returns are likely to come from over the next 10 years. We need to think about how investors can position themselves to take advantage of this. T...
Over the last 5 years, China has been on the rise within the Emerging Markets. We have all heard the story of the China Dragon and the impressive growth that the Chinese economy has been able to achieve relative to other large economies since the early 1990s. Even more recently as its growth has ...
Rather than being polar opposites, we argue that both value and growth dimensions compliment each other in the valuation process. Growth considerations can be incorporated into traditional value investing. In particular, this paper focuses on a novel method of incorporating growth considerations...
Sales is currently a factor in our Core footprint-weighted portfolio methodology. In this note, we compare Sales against Gross Profit, and discuss the rationale and historical back-test performance of each strategy. We argue Sales potentially provides a biased picture of a firm’s footprint as it ...
We pose the question – what if we could develop a way of predicting which companies are more likely to be suffering distress, and which were not? The idea contains three parts: A. Certain individual observations or metrics can separately tell us about stocks that might – in the near future – fin...
Updates and thought pieces from our leading investment experts
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...
Is there a problem with zombie firms today? david walsh, head of investments at realindex investments explores the effects of zombie firms on the market and the nuances of how we define and understand them.
Emerging Markets investors have been surprised by the growing dominance of China tech which has brought about increased imbalance. This trend will likely continue which will lead to growing concentration risk as well.
Conventional wisdom suggests that value-style investments (‘value’) outperform their growth-style (‘growth’) counterparts during periods of higher inflation . but in a period of growing inflation and unprecedented conditions, we believe it is useful to test this assumption. this article ou...
As part of the Treasury’s “Your Future, Your Super” reform initiative, the Federal Government aims to introduce a number of reforms to the MySuper regime, which accounts for more than $730 bn in Australian retirement saving assets . One element of these reforms will require APRA to conduct an an...
Under Executive Order 13959 (EO) , former US President Trump imposed sanctions against a number of communist Chinese military companies in response to perceived national security threats. The sanctions aim to ban US investment in companies developing technologies that will benefit the Chinese Mil...
Find out how the names of Colonial First State products we manage are changing to reflect our new name - First Sentier Investors.
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 the rol...
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.
Information on this site is provided by First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc MUFG.
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 since sep...
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.
Leading global investment manager, Colonial First State Global Asset Management today announced the rebrand of its business to First Sentier Investors (First Sentier).
Many asset owners take considerable time and effort in building lists of stocks which they wish to have excluded from their portfolios. investment managers (like realindex) implement their investment strategy using these lists as universe exclusions, position restrictions or exposure restr...
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 will be o...
Pricing power is now a major consideration with inflation is on the rise. Equal consideration needs to be given to the social license of companies to raise prices in line with community expectations.
This Rmarkdown workbook steps through some of the modeling we have done in relation to assessing some of aspects of the ‘Your Future Your Super’ (YFYS) proposal by the Treasury. It is intended to be illustrative. The assumptions are general, and can be adjusted by the user.
The Fund’s investable universe includes utilities, toll roads, railroads, airports, energy infrastructure, mobile towers and data centres. These assets have high barriers to entry, effective pricing power, sustainable growth and predictable cash flows. Within this space, we seek companies that ar...
We recently spent several weeks in the US visiting listed infrastructure management teams, regulators, politicians, industry associations and conducting asset tours. The following paper provides an overview of our findings.
Benefits of the rapid recovery of airport and toll road volumes far outweigh the operational issues they now face as a result. We expect higher load factors to compensate for airline capacity cuts, meaning traffic will continue to edge towards 2019 levels. European toll roads have a positiv...
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...
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.