This is a financial promotion for The First Sentier India Strategy. This information is for professional clients only in the UK and EEA and elsewhere where lawful. Investing involves certain risks including:
- The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
- Currency risk: the strategy invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the strategy and could create losses. Currency control decisions made by governments could affect the value of the strategy's investments and could cause the strategy to defer or suspend redemptions of its shares.
- Indian subcontinent risk: although India has seen rapid economic and structural development, investing there may still involve increased risks of political and governmental intervention, potentially limitations on the allocation of the strategy's capital, and legal, regulatory, economic and other risks including greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
- Single country / specific region risk: investing in a single country or specific region may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk.
- Smaller companies risk: Investments in smaller companies may be riskier and more difficult to buy and sell than investments in larger companies.
For details of the firms issuing this information and any strategies referred to, please see Terms and Conditions and Important Information.
For a full description of the terms of investment and the risks please see the Prospectus and Key Investor Information Document for each strategy.
If you are in any doubt as to the suitability of our funds for your investment needs, please seek investment advice.
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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.
FSSA’s Indian Subcontinent 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. With low penetration rates for goods and services, and barriers to entry which protect profits and cash flow, the leading companies in the region have a good track record of compounding earnings and creating long-term value for stakeholders
The key investment themes for our Indian Subcontinent strategies
Dominant consumer franchises
With favourable demographics and populations that are still growing, we believe dominant consumer franchises can offer good growth potential over the long term.
High quality financials
Well-managed private banks should continue to benefit from greater financial inclusion across India; and they have been gaining market share from the state-owned banks.
We believe that the number of people wanting to live, work and shop in a more urban setting will only increase. Recent changes in regulations should lead to greater market share for high quality property developers.
Consolidation in fragmented markets
High quality and reputable companies should continue to gain market share in fragmented industries, as small and unorganised players (“mom and pop” businesses) are consolidated.
Godrej Consumer Products Limited
Godrej Consumer Products Limited (GCPL) is a leading FMCG (fast-moving consumer goods) company, based in India and operating in global emerging markets. It's 63% owned by the Godrej family, one of the oldest business houses in India, with a strong reputation for ethical business practices.
FSSA Investment Managers has been a shareholder of GCPL for many years and has met with its management on numerous occasions. Chairperson Nisa Godrej is the sustainability champion, and she is driving diversity and inclusion efforts. There is an executive Corporate Social Responsibility committee, which reports to the board, and a green sub-committee.
Projects such as plastic reduction are coordinated across the business, from design to procurement, and all through the supply chain. GCPL has published its sustainable packaging targets and to help it achieve these goals, we introduced GCPL to Polymateria, a UK-based biodegradable plastics company, to discuss possible alternatives to plastic packaging.
Godrej and Polymateria have since identified a shortlist of solutions and are also working collaboratively to help develop and improve India's biodegradable ISO standards.
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.
The FSSA investment team consists of more than 20 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.
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