Découvrez comment nos gestionnaires d'actions, qui ont l'un des plus longs palmarès d'Australie, assurent une croissance du capital et des revenus en investissant sur le marché des actions australien.
Mises à jour régulières des nouvelles, documents de recherche, mises à jour de la stratégie d'investissement et réflexions de certains des principaux experts en investissement de First Sentier Investors.
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.
In 2025, First Sentier Group published our inaugural integrated Climate and Nature Report — an important milestone in our responsible investment journey.
La diversité, l’équité et l’inclusion sont essentielles pour construire des organisations, des institutions et des communautés justes et équitables. L'intégration de personnes ayant des compétences, des expériences de vie et des opinions différentes présente de nombreux avantages pour les entreprises. Nous pensons également que la création d'organisations diversifiées et inclusives est la voie à suivre.
Head of Asian Fixed Income, Nigel Foo provides an outlook into 2025 for the strategy.
The global political economy is rapidly evolving. The rules, norms and institutions that govern interactions between nation states are being upended, and the nature of capitalism is changing again. Having evolved in the past from laissez‑faire to Keynesianism to free market neoliberalism, it is now turning to nationalism with more state intervention.
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.
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.
For over twenty years, the global listed infrastructure asset class (GLI) has consistently generated dividend yields in the 3%-4% range. As valuation multiples have declined in the past few years, dividend yields have expanded into the upper half of this range.
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.
Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue.
Global Listed Infrastructure delivered positive returns during the June quarter, reflecting positive investor sentiment and generally robust fundamentals.
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.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture.
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.
Airports have seen phenomenal traffic growth as people prioritise travel and experiences in the face of cost‑of‑living pressures.
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.
Global listed infrastructure gained during the March quarter as mounting tariff concerns drove a rotation into defensive assets. The Fund returned +2.5% after fees, compared with a +0.5% return from its benchmark index.
Global listed infrastructure gave up ground in the December quarter as a 78 basis-point increase in US 10-year bond yields weighed on interest rate-sensitive assets.
Global listed infrastructure gained during the June quarter as market sentiment remained positive, despite a backdrop of US tariff uncertainty and elevated geopolitical tension. The Fund returned +5.2% before fees, compared with a +4.3% return from its benchmark index.
We believe the US Federal Reserve (Fed) will not hike rates — and that it would be a mistake to do so. Despite market consensus pricing in two rate hikes, the U.S. economy is on a structurally weakening path. Unless the Fed is willing to amplify the very slowdown it is trying to avoid, rate cuts — not hikes — will be back on the agenda before long.
