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At AlbaCore, we focus on the long-term. As one of Europe’s leading alternative credit specialists, we invest in private capital solutions, opportunistic and dislocated credit, and structured products.
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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 active quantitative equities across Australian equities, global equities, emerging markets and global small companies.
Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.
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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies
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FSSA Investment Managers (FSSA) are specialists in Asia Pacific and Global Emerging Markets equity strategies. We operate as an autonomous investment team within First Sentier Investors with a team of dedicated investment professionals based in Hong Kong, London and Singapore.
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Our Core Beliefs
FSSA Investment Managers India equity strategies investing in one of the worlds largest and most diverse economies, carefully seeking quality companies with long term growth.
FSSA Investment Managers Asia Pacific equity strategies offer long term investment opportunities in some of the world's most dynamic markets.
FSSA Investment Managers Greater China equity strategies invest in quality companies in the rapidly developing Chinese market and Greater China region.
FSSA Investment Managers global emerging markets equity strategies invest in some of the world's most dynamic and diversified markets looking for growth sectors and individual companies with stable management and solid development opportunities.
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.
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.
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.
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.
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.
China made headlines for watering down coal reduction targets during COP261, 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 faster economic growth compared to developed countries.
Nos principes d’investissement consistent à soutenir les propriétaires et les gestionnaires de sociétés avec lesquels nous nous sentons fortement alignés.
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. This has added to the persistent challenges faced by the industry over the last few years.
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.
What are your thoughts on the increasing regulation risk of investing in China? 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 new regulations for banks and insurance companies over the years.
First Sentier Investors, un gestionnaire d'investissement mondial de premier plan, annonce aujourd'hui qu'il fixe ses premiers objectifs en matière de nature en tant qu'adopteur de la Taskforce on Nature-related Financial Disclosures (TNFD), à l'approche du sommet inaugural Global Nature Positive Summit organisé à Sydney cette semaine.
50x P/E !1 70x P/E ! 100x P/E ! Des valorisations considérées comme scandaleuses il y a seulement quelques années sont aujourd’hui couramment évoquées par la plupart des investisseurs. Mais interrogez n’importe quel propriétaire d’entreprise qui se respecte : il ou elle secouera la tête d’un air incrédule. La différence de perspective est fondamentale.
Concentration in equity markets has reached unprecedented levels. While this has driven remarkable returns for a narrow slice of the market, it raises critical questions about diversification, valuation, and risk for equity investors.
First Sentier Investors, a leading global investment manager, is pleased to announce the appointment of Jamie Downing as the new Head of Distribution in EMEA, as the business continues to strengthen its global distribution team.
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.
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.
FSSA India webcast focus on the India Subcontinent Markets and Asia Pacific equities
Leveraging our recent paper, ‘Reducing carbon intensity in portfolios: Better news than you think’, which analysed the investment impact of reducing carbon exposure versus the benchmark; we turn our attention to how we can reduce carbon risk in our Value strategies. This aligns with our commitment to reducing carbon exposure across our strategies.
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.
Our recent paper on Extreme Concentration focussed on the US (and so Developed Markets). This was the natural as the central issue of concentration was among the top 10 stocks in the US, among them, the “Magnificent 7”.
What if we could find investment opportunities based on how people say things, as much as what they say?
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.
In September 2023, I met more than 30 global listed infrastructure companies and stakeholders from the UK, Europe and China. The following travel diary summarises my impressions and findings from these meetings.
Dialling down carbon intensity in portfolios could have less of an impact on risk and return than some might think, but the impact will vary depending on the sectors, styles and regions investors are weighted towards. Globally oriented investors can potentially reduce carbon intensity with a small addition of tracking error, but those wanting to address carbon intensity with a high exposure to Australian stocks might find it more difficult.
Head of Asian Fixed Income, Nigel Foo provides an outlook into 2025 for the strategy.
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 — especially in China-related companies — has been notable. Yet, from a market perspective, a sense of normality is finally starting to emerge after the more speculative phases over the past 12-18 months.
Recently I attended the largest US utility conference, the 2024 Edison Electric Institute (EEI) Financial Conference, in Hollywood, Florida. I met with management teams from 26 regulated electric and gas utility companies.
Allen a acquis plus de 20 ans d'expérience dans la gestion d'actifs au niveau mondial, où il s'est spécialisé dans la création de sociétés d'investissement et la direction d'équipes d'investissement.
Last quarter I visited infrastructure companies in Tokyo, Osaka and Nagoya. The trip included visits to ten corporate head offices and three site tours. This paper seeks to share some of the key findings from my meetings with Japanese passenger rail and utility companies.
First Sentier Investors (FSI), gestionnaire d’investissement international de premier ordre, a annoncé aujourd’hui le résultat d’un examen de ses capacités d’investissement existantes par rapport à sa stratégie.
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’s travel sector declined by 99.9% last year so there really isn’t much room left to decline.
There were a number of structural trends leading up to the Covid pandemic that were all very well understood. And the pandemic has given rise to some newer emerging trends. And what is central to the majority of these trends is the rapid advancement and continued adoption of technology which is driving societal change.
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.
Global Listed Infrastructure delivered strongly positive returns during the September quarter, aided by robust quarterly earnings numbers and the US Federal Reserve’s first interest rate cut since 2020.
This paper asserts that macro towers will remain at the heart of a modern, mobile data communications network despite the continual development of new technologies.
Global Listed Infrastructure delivered positive returns during the June quarter, reflecting positive investor sentiment and generally robust fundamentals.
In order to fully understand why Kaisa defaulted on its bonds, we first need to get a good grasp on the deleveraging policy called the three red lines. Following years of debt-fueled growth in the property sector during which home prices surged six-fold over the past 15 years, the Chinese government decided to rein in excessive credit took on by property developers to avoid Japan’s mistake in the 1990s, which eventually led to long-term damage to growth.
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.
Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture.
After decades of flat electricity demand for US utilities, the industry is now seeing unprecedented demand as growth in data centers / AI, electrification, onshoring and electric vehicles outweighs energy efficiency gains. One utility executive stated: “Seeing all these customers wanting 24/7 load and willing to pay for it – it is every utility’s dream”.
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
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