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We are a small team of passionate investors managing, on behalf of our clients, investment funds with a focus on high-quality companies that are well positioned to contribute to, and benefit from, sustainable development.
Political turmoil, currency fluctuations, and poor governance are common themes amongst headlines about emerging markets investing. It is in the context of these hazards that, in our decades of allocating clients’ capital in this universe of companies, we have looked to find high-quality family owners who act as stewards of businesses over generations, protecting and growing sound franchises that thrive despite the uncertainties that surround them.
Millions of people in the developing world are just one broken rickshaw or bad harvest away from the breadline. These are the people that need insurance the most – but they often struggle to get it. In the Sustainable Funds Group at the Stewart Investors team within First Sentier Investors, we’ve been leading an industry initiative to engage with major insurers with the goal of making coverage widely available to people on low incomes. We believe that this is an opportunity for these firms to build their customer base and generate profit both in the short and long term, and meaningfully contribute to the wellbeing of the societies in which they do business.
The emerging markets asset class is extremely varied. It includes democracies and dictatorships, economies reliant on manufacturing and those that export commodities, and – most importantly – some of the very best companies in the world alongside some of the very worst. If the last ten years investing in emerging markets has taught us anything it is that in the long run, quality wins.
Over the last decade, the role and prominence of technology companies in emerging markets has increased markedly. Emerging markets economies have proven themselves capable of producing truly world-leading tech firms. And as smartphone penetration has surged, the positive impact of technology on daily life in emerging markets has been very significant. At one point in the past, ‘technology’ in emerging markets meant hardware assembly in Taiwanese factories and the outsourcing of repetitive data entry to India. It was a paradigm based mostly on wage arbitrage, in which technology leadership sat firmly in developed markets. That world has been turned on its head.
The Sustainable Development Goals (SDGs) have been broadly embraced by financial institutions. This is a positive move, and timely too. The 2019 Edelman Trust Barometer indicates that the finance industry remains the least trusted business sector and is often, quite rightly, blamed for failing to address the great social and environmental challenges of our time.
In a recent essay, Santa Fe economist Brian Arthur challenges economists to describe the world in more than algebraic terms. He believes they should extend their vocabulary (and minds) to include verbs, alongside their highly prized nouns, to allow the underlying processes, context and organic nature of complex systems to be described in full technicolour.
Emerging markets are usually seen as a risky asset class. Recent headlines of protests, currency devaluations and governance blow-ups have done little to dispel these impressions.
Leading global investment manager, First Sentier Investors (FSI), today announced the outcome of a review of its existing investment capabilities against its strategy.
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.
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.
From report writing and gathering information to the more technical side of pattern recognition and natural language processing, David Walsh, Head of Investment at RQI Investors recently joined Ausbiz to highlight how AI will affect wealth and investment management.
First Sentier Investors, a leading global investment manager is pleased to announce the appointment of Adele Swan as the new Chief People and Culture Officer, effective 24 June. Ms Swan is based in Edinburgh, reporting to the CEO, Mark Steinberg.
This article focuses on three of the PAIs related to Biodiversity Areas, Emissions to Water, and Hazardous and Radioactive Waste. Each PAI provides details about the measures, some of the challenges related to them, and how investors may use the information they provide.
We examine the characteristics and trend of a well-known measure of quality - Profitability. Firstly, we discuss some of the reasons why it is a useful measure and why it might be persistent through time. It is a strong contributor to alpha, both on the long and short sides.
The Sustainable Finance Disclosure Regulation (SFDR) for the European Union Mandates the disclosure of the Principal Adverse Impacts (PAI) that investment decisions have on sustainability factors.
The Sustainable Finance Disclosure Regulation (SFDR) requires asset managers to report on up to 20 Principal Adverse Impact (PAI) indicators. PAIs are the negative impacts caused by a firm or an asset on the environment and society.
First Sentier Investors, a leading global investment manager, today announces that it is setting its first nature targets as a Taskforce on Nature-related Financial Disclosures (TNFD) Adopter, in the lead up to the inaugural Global Nature Positive Summit hosted in Sydney this week.
Paying a fair rate of corporate tax is an important contribution that companies make to society. If companies are proactively seeking to minimize their tax payments, this should be seen as a red flag. Economists at the International Monetary Fund estimate that global corporate tax avoidance costs governments between US$500 and US$600bn every year.1 This includes $200bn in revenues being channelled away from low-income economies, which is more than these countries receive in foreign aid each year.2 These vital resources could be spent on improving education, health and social services, as well as supporting sustainable development and contributing to a fairer and more equal society.
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 September 2019, where it was earlier known as Colonial First State Global Asset Management.
People are are at the heart of our success as a leading global asset manager
The proposed new national industry body would lead projects on behalf of members, including working together on a national strategy and targets, providing a strong voice with government, and educating consumers about appropriate disposal and recycling.
Global investment manager, First Sentier Investors, today announced changes to its investment capabilities within Australia.
2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.
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 analysis that follows.
First Sentier Investors is pleased to announce two key leadership appointments, effective 1 January 2025. Harry Moore is appointed to the newly created role of Chief Commercial Officer; and Lauren Prendiville is appointed as the new Global Head of Distribution and Marketing.
We believe financial markets, critical to society’s ability to function, are under threat. For too long, it has been widely accepted that short-term performance, growth, risks and financial returns should be maximised at the expense of environmental and social outcomes.
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.
As long-term investors, we know that the investment decisions we make today affect communities in the future. Investment decisions can have implications for the environment and a very tangible human impact. We believe that engaging with companies on issues such as climate change, diversity, modern slavery and biodiversity has the power to change people’s quality of life all over the world.
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 prices by their channel partners and customers and strong demand before localised lockdowns were introduced in April. The company had reported a 24% growth in sales and more than doubling of its operating profit in the quarter ended March 2021, compared to the same period last year. He was optimistic about an improvement in their profitability despite a significant increase in raw material costs and was continuing their investments in expanding capacity.
Leading global investment manager, Colonial First State Global Asset Management today announced the rebrand of its business to First Sentier Investors (First Sentier).
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 discount rates, have fallen. The most speculative, Covid-bolstered, technological and crowded end of the market have been hit the hardest. Against this backdrop, many investors are considering how to position their portfolio for the post-pandemic world. In our view, the key is to remain focused on our investment philosophy, which is to seek high-quality companies to invest in for the long term.
Leading global investment manager, Colonial First State Global Asset Management (CFSGAM) today announced the completion of its sale from Commonwealth Bank of Australia to Mitsubishi UFJ Trust and Banking Corporation
In April 2019, we published an article titled ‘China’s Inclusion in the Bloomberg Barclay’s Global Aggregate Index’ where we discussed the implications of such a move. Just a year later and a lot has changed in the world and some of the points made in the research piece last year are worth revisiting.
In the following video, Head of Australian Equity Growth Dushko Bajic discusses the impact of rising rates on company valuations and the economy.
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 rollout of EV charging infrastructure around the world, and considers practical ideas for investors to super-charge the uptake of EV.
The cascading impacts of climate change and society’s overexploitation of the land and sea is giving rise to unprecedented devastation of nature and biodiversity. In the last 50 years, there has been a devastating 69% drop in wildlife populations[1]. The unfolding crisis is risking the very foundations of our economy, society and life itself, impacting humankind’s food security and access to clean water and air.
Video: A land of economic stagnation and rising opportunities
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 background, Martin Lau, Managing Partner at FSSA Investment Managers, provides five insights into the current and future trends shaping the Chinese economy.
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 last 18 months or so, India has witnessed more than 120 IPOs and follow-on offerings. This may seem like a maniacal pace, and indeed it is. However, this statistic absolutely pales in comparison to the five-year period from March 1992 to March 1997, during which an astounding 4,712 listings occurred – equivalent to nearly three IPOs every single day for five years!
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 past 20-30 years and everything has become secondary to “profit” (to be used interchangeably with “market capitalisation”, albeit the link between the two has grown tenuous in recent years). The chart below, which shows how corporate profits have grown in relation to GDP in the US, captures the trend well — the ratio has more than doubled over 30 years. In other words, the pendulum has perhaps swung too far in favour of capital market participants.
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 adjoining room. Saying, “Sorry we are a bit late, the traffic was quite bad,” face-to-face is so much more satisfying! Readers familiar with our team will know that assessing organisational culture is at the heart of our investment process. In that context, the comparison between meeting the CEO and the senior management team in his or her office versus a zoom call is like chalk and cheese. We can pick up several cues about culture before we even start the meeting. For example, in the composition of the car park, how bureaucratic the visitor check-in process is, whether there is segregation between management layers — right from the elevators they are allowed to use (yes, this is a thing!) — or if there are pictures of the CEO/owner with famous personalities in the boardrooms and so much more. When a new CEO of a company tells us that capital allocation is going to change for the better, we need to see the look in his or her eye and the body language and the mood in the office to believe it. For our team, a return to ‘normal’ feels like a major handicap has been lifted.
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 salesmanship, which is what seems to pass for Fundamental Equity Research these days. The difference between making forecasts and predictions is the difference between a rational investor and a soothsayer. Today, there are a number of companies and analysts who desperately pretend that a different set of rules apply to them. To that end, they have even invented a new jargon-littered language that has been enthusiastically adopted by the investing community. Some of the words and phrases being used (and over-used) these days make us wince. Let’s look at a few.
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.
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 giants such as Meituan and Pinduoduo are now taking market share from the traditional grocers via community group buying (CGB), which began only four years ago and went mainstream during Covid-19. In this form of e-commerce, leaders of WeChat — or other platforms which recently entered the market — collect orders and have the goods delivered the next day to pick-up spots in their members’ communities. In between, the orders are aggregated by the platforms and transmitted to the upstream suppliers which deliver the goods.
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 pursuit of growth. In India, we typically find these traits in family-owned companies (commonly referred to as “promoter groups”). Families are able to take a multi-decade view of their business and act counter-cyclically to create value for all shareholders. Our favoured promoter groups are those who recognise the advantages of introducing professionally-run management teams, high-quality boards and other best practices with respect to governance. We follow such changes closely to identify the cultural markers of families which are likely to succeed over time, and others that may be left behind.
Investors, regulators and markets have an obligation to address modern slavery risks as a key aspect of their ESG obligations.
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 view, Japan offers a deep investment universe of high quality companies that generate sustainable growth. Find out more in this interview with Sophia Li, the portfolio manager who launched FSSA IM’s dedicated Japan strategy in 2015.
The ongoing global outbreak of the Coronavirus (COVID-19) pandemic has seen an extensive sell off permeate financial markets as investors grapple with concerns around how the drastic government and central bank responses to the outbreak will augur for global economic growth. The dramatic sell off in equities across the board has included property securities markets.
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