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

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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies

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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.

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Covid-19 has had widely-reported impacts on developed markets with arguably less attention given to emerging markets until now. in this short discussion, bilal khan and amalia nunez look at: how covid-19 is affecting em countries, and how their infrastructure setup and borrow...
In the second quarter COVID-19 will continue to hold everyone’s attention as the global economy contracts. Progress of annual trends will adjust, some of them will slow down or be on hold as governments try to adapt to a post-virus reality.
Our on-the-ground teams of fixed income specialists systematically share investment ideas uncovered across developed and emerging markets
emerging market (em) debt (jpm embi global diversified in us$) markets experienced a volatile third quarter but delivered a positive return of 2.3% over the period as the em risk premium (spread) fell from 3.69% to 3.35%.
2018 was a challenging year for all emerging markets (em) assets and em hard-currency debt was no exception: losses from higher us treasury yields and higher em risk premia outweighed the running yield and resulted in negative returns for the asset class.
emerging market (em) debt (jpm embi global diversified in us$) recorded a 3.5% loss in the second quarter as the global environment became more challenging for em countries.
emerging market (em) debt returned positively in the third quarter, with em high yield (hy) continuing to outperform em investment grade.
Check the latest First Sentier Investors fund prices and fund performance, keep track of funds performance and trends to help investment selections.
Risky assets (equities, commodities) across the board were weak in the fourth quarter and emerging market (em) debt (jpm embi global diversified in us$) lost 1.25% in the quarter as the em risk premium (spread) rose from 3.35% to 4.15%.
Podcast: coronavirus - asian markets corrections and resilience
In 2017, emerging markets (em) hard currency debt (jpmorgan embi global diversified) delivered a 10.3% return.
Asia is projected to become the oldest region in the world – by the 2030s, it will be home to around 60% of the world’s elderly. jamie grant, head of emerging markets debt and asian fixed income at first state investments, explains why these demographic shifts are expected to...
The emerging market (em) investment grade (ig) corporate bond market (usd) generated a 0.77% loss in the second quarter of 2018 based on the most widely tracked index, the jp morgan cembi broad diversified ig index.
We recently travelled to Sub-Saharan Africa to undertake bottom-up research on a number of high yield sovereign credits, namely: Kenya, Zambia and Angola. Research trips, such as these, form a vital part of our investment process; particularly for countries where idiosyncrasies are the dominant d...
In this article we look at how Lebanon’s bond default and potential restructure is becoming a challenge; a result of three “crises” overlapping, and how the complexity of the political circumstances make the situation all the more challenging.
Government fiscal and debt metrics are strong but pro-growth fiscal policy risks deterioration. at the point they are forced into using fiscal buffers, the market will have repriced the risk sharply.
In january, our asia fixed income team provided an outlook for the asset class in 2020. since then, developments associated with coronavirus have dominated attention and affected sentiment towards financial markets worldwide. in this update, jamie grant, head of emerging market and...
This timeline highlights some of the market events during the last few weeks and how our experienced team has navigated the market volatility. We also highlight what to look out for in the weeks ahead and highlight some positives amongst all the negative news.
It was an eventful quarter, though most factors were negative which lead to continuous spread widening for almost the entire period. some of the notable events which kept the market jittery were, tighter monetary conditions in us and europe, relentless emerging markets outflows amid...
It was recently the 10th anniversary of Lehman’s collapse; and in Hong Kong, warning signal ‘Typhoon No. 10’ had been hoisted, as the biggest hurricane-strength storm in recent history battered its way through the territory.
The third quarter of the year was a highly eventful one during which the trade war between the US and China took a turn for the worse.
In 2020, one group of companies has done particularly well – the popular digital technology companies focused on e-commerce, delivery and entertainment, to name a few industries. in emerging markets, they dominate the chinese market; but they can also be found in korea, southeast as...
Investing in asian fixed income offers the potential for strong returns, an attractive income stream and diversification benefits versus developed markets.
This is the third investor letter for the fssa global emerging markets focus strategy since its launch in november 2017. in this letter, we will discuss our investment approach, process, strategy, positioning, and other matters we think are relevant to investors. as always, should y...
Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social wellbeing and commerce levels. Government housing...
In july 2017, we published the “investment case for asian fixed income” (click here) where we presented our thoughts on why asia represented an opportunity for fixed income investors. in the paper, we assessed (among other things) the growth outlook for asia relative to other parts of the world, ...
Global credit markets have been challenged in 2018 and spreads have widened. asian issuers have not been immune from this volatility. following another default by a chinese issuer, we take stock of where markets are currently, what opportunities (if any) are present in the region, a...
Although financial types everywhere seem to believe that things are absolutely dire, world-ending and the sky is about to fall on our heads, most of humanity have better lives now than in all of history. That is certainly so in the developed world. Prosperity, in our time, has yet again been unde...
Global GDP growth continues at long term trend levels, mainly driven by developed countries where economic growth remains broad based across the household, private and Government sectors.
It was John Templeton who famously skewered that old bull market hubris: “It’s different this time,” as the four most expensive words in the history of investment.
The attributes we like in a company are a strong management team, an effective board, strong alignment with its majority owners and management, a conservative and introspective culture, a franchise which has pricing power and generates superior returns on capital employed, and the potential to be...
Global Listed Infrastructure fell in March as lockdown measures and rising unemployment rates triggered market volatility.
Corporate credit remains attractive to investors seeking a higher yield than cash and government bonds while retaining more defensive characteristics compared to equities.
This letter forms the first in a series designed to introduce and explain our approach to sustainability, and the lessons learned so far. We hope that these reflections, drawing on the team’s combined experience, will provide a useful insight.
The past decade has witnessed the birth of a new asset class: Global Listed Infrastructure Securities (GLIS). While investors have embraced infrastructure as an asset class since the 1990s, the idea of investing in infrastructure via listed securities was developed by a small number of Australian...
In our last client update, written through the depths of covid-despair, we observed that real life and the world of markets are seldom so intimately entwined. with markets swinging violently to the downside on a riptide of fear, it was clear even then that activity was being driven ...
All of us have been brutally confronted by a new reality in the last few months. it has certainly been crude, with financial markets swinging around on a riptide of greed and fear, as we the participants have vacillated between elation and despair. it is not surprising. life and the world ...
Risk assets fared well in April as investor sentiment was buoyed by the huge monetary and fiscal responses to the COVID-19 pandemic, as well as signs that social distancing measures have been effective in slowing the spread of the virus and hopes that a vaccine could be developed by year-end.
Risk assets fared well in April as investor sentiment was buoyed by the huge monetary and fiscal responses to the COVID-19 pandemic, as well as signs that social distancing measures have been effective in slowing the spread of the virus and hopes that a vaccine could be developed by year-end.
Global Listed Infrastructure shrugged off a backdrop of political and trade uncertainty and maintained its upward path in May.
Fssa india webcast focus on the india subcontinent markets and asia pacific equities
Fssa india webcast focus on the india subcontinent markets and asia pacific equities
Over the last few years, valuations have generally become expensive in our universe of quality companies. Valuations reaching these levels remind me of the mistakes I made running into the 2008 crash.