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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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Important Note Click to maximise

Please read the following important information for FSSA Asia Opportunities Fund

    •     The Fund invests primarily equity or equity-related securities in Asian Region (excluding Australia, New Zealand and Japan).

    •     The Fund’s investments may be concentrated in a single sector, country, specific region or small numbers of countries /companies which may have higher volatility or greater loss of capital than more diversified portfolios.

    •     The Fund invests in emerging markets which may have increased risks than developed markets including liquidity risk, currency risk/control, political and economic uncertainties, high degree of volatility, settlement risk and custody risk.

    •     The Fund may expose to China market risk including repatriation risk, uncertainties to PRC taxation policies and risks associated with StockConnects, RQFII, SME board, the ChiNext market and/or the STAR board. The Fund may also expose to RMB currency and conversion risk.

    •    Investing in securities of small/mid-capitalisation companies may have lower liquidity and more volatile prices to adverse economic developments.

    •    The Fund may use FDIs for hedging and efficient portfolio management purposes, which may subject the Fund to additional liquidity, valuation, counterparty and over the counter transaction risks.

    •   It is possible that a part or entire value of your investment could be lost. You should not base your investment decision solely on this document. Please read the offering document including risk factors for details.

FSSA Investment Managers Japan equity strategies

FSSA Investment Managers - Japan

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Strategy Overview

Key Facts

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Source: Lipper, Nav-Nav (with dividend reinvested where applicable)
Acc represents share class with dividends accumulated. M Dist represents share class with monthly distribution of dividends.  H Dist represents share class with half-yearly distribution of dividends.  Q Dist represents share class with quarterly distribution of dividends.  Dividends are not guaranteed and may be paid out of capital. All prices are for indication only. For detail, please refer to the Fund’s factsheet for further details including investment objective & strategy, asset allocation, top 10 holdings, comparison with benchmark (if any) and disclosure.

With effect from 22 September 2020, First State Investments was rebranded to First Sentier Investors. The names of the funds were also rebranded, please view the full list of the fund name changes: Hong Kong Unit Trust (HKUT) / First Sentier Investors Global Umbrella Fund (VCC).

Specialists in some of the world's fastest-growing markets

Driven by fundamental company research, FSSA Investment Managers delve deep into the Asia Pacific region and Global Emerging Markets to invest in high quality companies that can outperform over the long term. We are bottom-up investors and construct high-conviction portfolios that offer our clients exposure to some of the world’s fastest-growing markets. 

We are long-term, responsible investors and have fully integrated environmental, social and governance factors into the investment process. To us, sustainability is not just a label, but a set of values by which we operate. We consider it to be prudent risk management and a fundamental obligation to our clients. 

FSSA  Investment Managers is an autonomous team within the First Sentier Investors group, with dedicated investment professionals in Hong Kong, Singapore and Edinburgh. 

1988

Team established

Our history reflects our long-term approach; we look for quality companies that we can buy and hold over time.

1600

Company meetings

Every year, we conduct approximately 1,600 meetings to understand and engage with companies and their management.

20+

Investment professionals

Our team of specialists conduct fundamental analysis to find quality companies at sensible prices

Investment themes

FSSA’s Japan equity portfolios are built company by company and from the bottom up, with little regard for index positioning.  We are focused on growth in an absolute return sense and construct portfolios of high quality companies with effective management teams, long-term, sustainable growth drivers and strong financials. Despite the perception that there is no growth in Japan, our core portfolio holdings have been able to adapt and grow despite economic headwinds, and have delivered sustainable earnings growth and attractive shareholder returns. 

The key investment themes for our Japan strategies

  • “Hidden gems” that are able to grow despite the weak macro

    High-quality, dominant franchises can sustain strong and consistent earnings growth without relying on leverage or macro conditions. Often, these companies incorporate some combination of the following characteristics: innovation, disruption, overseas expansion and a strong focus on return on invested capital. 

  • Niche industries with few competitors

    In niche sectors with just one or two dominant companies, the leading franchises tend to maintain their market position as there are no significant rivals to compete with. This can lead to sustainably high returns for investors in those companies. 

  • Growing trend of automation

    In Japan, the proportion of older, retired people to those of working age is growing. As robots become smarter and less costly, manufacturers have started to automate their processes to address labour shortages and, at the same time, improve efficiencies in the long run.

  • Dominant consumer franchises

    Japanese consumer brands benefit from a strong following in the Asia Pacific region, with Chinese consumers in particular forming a large target market for “Made in Japan” products. 

Investment Team

The FSSA investment team consists of 21 investment professionals based in Hong Kong, Singapore and Edinburgh.

We have a distinct culture and team structure, which has contributed to the stability of the team. Around half of our analysts joined as graduates; and the majority of our portfolio managers have been with us for most of their careers.

Our team members come from diverse backgrounds and speak 15 local languages and dialects, which contributes to the quality of research and analysis when meeting with companies. All portfolio managers are, first and foremost, also analysts; and the entire team contribute stock ideas to each of our client portfolios. 

Insights from our team