Specialist in Asia Pacific, 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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Please read the following important information for First Sentier Global Property Securities Fund
• The Fund invests primarily in equity securities or equity related securities issued by REITs or companies that own, develop or manage real property worldwide which may expose to risks similar to the direct ownership of real property and value of securities may fluctuate more than actual property. Operation and management of underlying properties and changes in economic conditions may impact its value.
• 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’s investments may be concentrated in a single and limited/specialist sector, small numbers of companies or fast growing economies which may have higher volatility or greater loss of capital than more diversified portfolios.
• Investing in securities of small/mid-capitalisation companies may have lower liquidity and their prices are more volatile 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.
• For certain share classes, the Fund may at its discretion pay dividend out of capital or pay fees and expenses out of capital to increase distributable income and effectively a distribution out of capital. This amounts to a return or withdrawal of your original investment or from any capital gains attributable to that, and may result in an immediate decrease of NAV per share.
• 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.
Prices & performance
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Strategy Overview
Key Facts
Strategy Overview
Key Facts
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).
Global property opportunities are built on solid ESG foundations
Confirming our portfolio net zero overlay intention has further deepened our understanding of the global property securities sector we invest in. Our continuous focus on in-depth, in-house research means we can see things differently, which has led to discoveries into new risks and opportunities. Our focus on capital preservation remains as strong as always with a preference for allocating capital to well managed assets in high barrier to entry markets in many of the world’s most bustling cities.
Current Estimated Portfolio Net Zero Date 2039 *
Embodied CO2 p.a
Operational CO2 p.a
Development
Embodied Carbon
Operational
Carbon Intensity *
Energy Intensity *
Solar Generation
to Energy *
Energy sourced from
Renewables *
Percentage Controlled Energy
Cogeneration Energy
Community charity foundation in place
charity foundation
Board independence
directors
Board diversity
are female
The measurements set out in this infographic are based on both reported and estimated data sourced by third parties or by the relevant First Sentier Investors (FSI) investment team and are current as at 30 June 2024. Where estimated data has been used FSI has taken reasonable care to ensure that these measurements are accurate proxies it notes that they are estimates based on information and representations made by portfolio companies, which may ultimately prove to be inaccurate. No assurance is given or liability accepted regarding the accuracy, validity or completeness of these measurements and no reliance should be placed upon these measurements in any decision making.
*All forecasts are derived from FSI’s proprietary carbon analysis. These forecasts are based on information and representations made to the relevant investment teams by portfolio companies (which may ultimately prove not be accurate), together with assumptions made by the relevant investment team in relation to future matters such as government policy implementation in ESG and other climate-related areas, enhanced future technology and the actions of portfolio companies (all of which are subject to change over time). As such, achievement of these forecasts depend on the ongoing accuracy of such information and representations as well as the realisation of such future matters. Any commitments and targets set out in this material are continuously reviewed by the relevant investment teams and subject to change without notice.
Data centres - tapping internet growth via listed property
Investing in listed property stocks that own data centres - the specialist buildings which house the infrastructure required to power modern internet usage – gives investors access to one of the greatest structural shifts of our time.
Reliable data centres are expensive to build which means that the supply of new centres is well controlled. A turn-key data centre in the US can cost twice as much as an office tower to build.
This cost reflects the highly specified plant and equipment required for the data centre to have virtually no risk of down time in operations.
Data centres have a wide range of business models appealing to a diverse range of customers - from governments to telecommunication companies to vast internet-centric firms.
With the industry thematic of a high rate of adoption of the internet, together with the large growth in cloud computing, data centres with the right business model can deliver high cash flows well into the future.
Data Centres - Total Operational Floorspace
Source: 451 Research and Digital Realty
Build to rent boom
With accelerating tenant demand now an established long-term trend, the supply of purpose-built rental accommodation has failed to keep up with vacancy rates that are very low in most global cities*.
Strong house price inflation has affected housing affordability. Purpose-built, professionally owned and managed residential rental properties are emerging, with luxury amenities like gyms, community facilities, parcel delivery and even child care being included.
Within the ‘residential for rent’ asset class, cash flows have proved stable through economic cycles, with occupancy levels typically remaining high through periods of economic slowdowns. Rents are correlated to employment and wages growth, demographic trends and supply levels. From an institutional investment perspective, we believe the returns have been competitive.
* The vacancy rates for residential real estate is 7.2 % in Paris as of December 2019 and 3.9% in New York as of June 2020. Over the past 3 years, house price inflation in London, Paris and New York has been 2.2% (to 31 March 2020), 17.3% (to 31 May 2020) and 8.7% respectively (31 March 2020). Source: The National Institute of Statistics and Economic Studies, U.S. Census Bureau, HM Land Registry, Federal Reserve Economic Data (S&P/Case-Shiller NY-New York Home Price Index).
U.S. Household Formation vs Total Housing Completions
Source: Government data as at March 2020
An eye on investment opportunities in student accommodation
While most sectors suffer in times of high unemployment, history has shown us the education sector attracts increasing enrolments as consumers look to bolster their employability. For property investors, this recession-proof demand combined with strong growth in student numbers makes student accommodation a defensive diversification play against the broader equity market. There were over 5.3 million international students in 2017, reflecting an uplift of more than 150% since 2000 (UNESCO 2019).
75% of the top 20 most highly rated universities are located in the United States and the United Kingdom (Source: QS 2020 World University Rankings). Unsurprisingly, demand for places is strongest at these highly rated institutions. Student accommodation in the United States and the United Kingdom remains a drawcard for international students.
Closing out strong gains for our portfolios, we have recently exited from our exposures to this sector. We are currently watching short term headwinds related to the COVID 19 pandemic, while evaluating the longer term implications of the potential shift towards remote learning by universities before considering re-establishing a position.
Disclaimer: Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of First Sentier Investors’ portfolios at a certain point in time, and the holdings may change over time.
Meet the investment team
Stephen Hayes
Andrew Schaffer
Dennis Maloney
Daniela Lungu
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Any targets (including, but not limited to, the net zero targets) on this webpage are based on (i) available information and representations made to First Sentier Investors by third parties, including, but not limited to, portfolio companies; and (ii) assumptions made in relation to future matters such as the implementation of government policy in climate-related areas, enhanced future technology and the actions of portfolio companies. Such information and representations may ultimately prove to be inaccurate and such future matters may not ultimately be realised. As such, First Sentier Investors cannot guarantee the achievement of these targets. These targets are subject to ongoing review and may change without notice.
Any ESG related commitments, are current as at the date of publication and have been formulated by the relevant investment team in accordance with either internally developed proprietary frameworks or are otherwise based on the Institutional Investors Group on Climate Change (IIGCC) Paris Aligned Investment Initiative framework. The commitments are based on information and representations made to the relevant investment teams by portfolio companies (which may ultimately prove not be accurate), together with assumptions made by the relevant investment team in relation to future matters such as government policy implementation in ESG and other climate-related areas, enhanced future technology and the actions of portfolio companies (all of which are subject to change over time). As such, achievement of these commitments depend on the ongoing accuracy of such information and representations as well as the realisation of such future matters. Any ESG related commitments are continuously reviewed by the relevant investment teams and subject to change without notice.
To the extent this material contains any measurements or data related to ESG factors, these measurements or data are estimates based on information sourced by the relevant investment team from third parties including portfolio companies and such information may ultimately prove to be inaccurate.
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