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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.
Read regular news updates, research papers, investment strategy updates and thought pieces from our leading investment experts.
Read regular news updates, research papers, investment strategy updates and thought pieces from our leading investment experts.
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.
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.
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 are the world-leading provider of specialist investment capabilities. Discover how we provide research-led active investment management.
In this video Rebecca Sherlock, Global Listed Infrastructure Portfolio Manager, outlines actions active managers can take to influence companies
Rebecca Sherlock, Global Listed Infrastructure Portfolio Manager, discusses the energy trilemma of trying to balance affordability, sustainability and reliability when we set energy policy.
Rebecca Sherlock, Global Listed Infrastructure Portfolio Manager, delves into the missing jigsaw piece in the transition to a clean energy economy.
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 2025, First Sentier Group published our inaugural integrated Climate and Nature Report — an important milestone in our responsible investment journey.
A monthly review and outlook of the Asian Quality Bond market.
Our team began the year with the thesis that inflation would remain stable and tariffs would hinder growth. We believed that the ongoing trade war would have a more severe impact on global growth than on inflation. As the effects of Trump's unexpectedly stringent Liberation Day announcements reverberate nearly halfway through the year, our views remain largely unchanged.
This paper outlines the responsible investing approach adopted by various First Sentier Investors investment teams across the globe. It involves a holistic way of thinking that addresses multiple impacts across multiple environmental, social and governance (ESG) measures. We believe it can lead to better long‑term financial and sustainability outcomes, across more measures, than more traditional frameworks.
With stubborn inflation in the United States, uncertainty in the Fed’s rate cut trajectory, as well as heightened geopolitical risks, the global economy is poised for a volatile year. As an investor, how can one navigate a difficult investment landscape?
The 10-year U.S. Treasury yield ended at 4.23% in June, just 2 basis points higher than the previous quarter.
Trump’s repeated threats of tariffs has led to investors worrying about higher prices, which potentially may derail the US Fed’s efforts in bringing interest rates lower to spur economic growth.
A monthly review and outlook of the Global Listed Infrastructure sector.
Our 2026 outlook explores the trends driving progress and how First Sentier Group’s asset class specialists are thinking about where they can unlock opportunity in a changing world.
The Federal Reserve (Fed)’s 25bps cut to the 4.00–4.25% target range was largely within expectations. Markets initially interpreted the move as dovish, but sentiment quickly turned hawkish following Chair Powell’s press conference, where he emphasized caution around inflation risks. This led to intraday whipsaw across asset classes, with Treasury yields ultimately trending almost flat by the end of the session.
A pivotal shift in the U.S. economic landscape is now visible in the hard data, and select market segments are beginning to reflect this transition.
While markets were distracted by political noise surrounding weak jobs data, we maintained that the U.S. economy was faltering—and that hard data, as usual, was slow to reveal the sobering reality.
With two consecutive Bureau of Labor Statistics employment reports missing, investors have turned to private-sector data and corporate announcements for guidance.
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.
Investors, regulators and markets have an obligation to address modern slavery risks as a key aspect of their ESG obligations.
The "Big Beautiful Bill, " aims to make Trump's 2017 tax cuts permanent and introduce additional pro-growth reforms, but faces criticism for potentially increasing the US deficit.
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.
A monthly review and outlook of the Asian Quality Bond market.
The Asian credit market has recently seen a surge in convertible bond issuance, accompanied by strong double-digit returns year-to-date. This trend has drawn attention from both institutional and retail investors. But what exactly are convertible bonds, and why are they gaining traction?
We are entering a new era. The year 2024 will be unpredictable and clouded by many uncertainties. It will be marked by geopolitical risks, the ongoing taming of the inflation beast, and how the US Presidential election will impact markets.
Consider listing property as part of real asset portfolios for long-term returns, liquidity, and inflationary hedge. This article explores these factors and emphasizes the investment potential of listed property as a complement to real asset portfolios.
Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue.
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.
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.
Nature and biodiversity are quickly becoming an important agenda item for policymakers, businesses and capital markets.
Rebecca Sherlock, Portfolio Manager Global Listed Infrastructure, sat down for a fireside chat with Brian Savoy, Chief Financial Officer of Duke Energy, one of the largest regulated utilities in the United States.
AI and data centres are reshaping electricity demand, creating both powerful growth opportunities and complex challenges for utilities. In this video interview, Rebecca Sherlock, Portfolio Manager Global Listed Infrastructure, speaks with Brian Van Abel, CFO of Xcel Energy, on how they are responding to this shift.
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.
With Trump starting his second-term, concerns are resurfacing about the trajectory of inflation. Trump’s key campaign promises—deregulation, tariffs, and tax reforms—all signal a potentially more inflationary future.
Building on Part 1: How Do Convertible Bonds Work?, where we explored the fundamental mechanics of convertible bonds, we now share how convertible bonds can be strategically deployed across different market cycles.
Japan’s volatility reflects Bank of Japan’s (BOJ) policy normalisation, not fiscal stress. Fundamentals remain solid, with strong external assets, contained deficits, and continued fiscal discipline. Market moves are being driven by technical flows as Japan exits yield suppression.
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.
Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture.
Global/US As we move into 2025, US growth and Trump’s policies upon his inauguration will be the key drivers of credit markets. We believe US growth will likely moderate as Biden’s government spending along with job creation will soon cease. In fact, our team has strong conviction that Trump would immediately undo many of Biden’s policies, sharply reduce spending in the government related sectors, before shifting the attention to boost the private sector. With other regions also slowing, especially in Europe, we could move into a period of slower global growth as Trump’s pro-business policies will take time to impact the real economy.
The 10-year U.S. Treasury yield ended at 4.15% in September, some 7 basis points lower than the previous quarter.
The 10-year U.S. Treasury yield closed December at 4.17%, only 2 basis points higher than the prior quarter.
The war involving Iran has raised concerns that Asia will be among the hardest‑hit regions, due to its dependence on imported energy. Consumers are already feeling the impact through higher fuel and electricity prices. Looking ahead, however, the economic fallout will vary sharply across countries, reflecting differences in energy security, policy tools, and underlying economic strength.
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.
