At AlbaCore, we focus on the long-term. As one of Europe’s leading alternative credit specialists, we invest in private capital solutions, opportunistic and dislocated credit, and structured products.
Discover moreInvestment strategies
Insights
formerly Realindex Investments
Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.
Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.
Discover moreInvestment strategies
Insights
Specialists in Greater China, one of the world's fastest-growing markets
Driven by fundamental company research, FSSA Investment Managers delve deep into the Greater China markets to invest in high quality equities 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, London and Singapore.
Investment themes
FSSA’s Greater China (China, Hong Kong and Taiwan) and China A-Share 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.
The key investment themes for our China strategies
Dominant consumer franchises
We believe dominant consumer franchises and brands should benefit from rising incomes and the premiumisation trend, and can offer good growth potential over the long term.
High quality financials
Banks and high quality financials should benefit from similar drivers as consumer businesses: demographics, rising incomes and urbanisation.
Rising healthcare spending
China’s per capita spend on healthcare is still relatively low and has room to grow. We believe that companies providing drugs and medical services should benefit from an increased focus on healthcare spending and wellbeing.
Industrial innovation
We believe an increased focus on research and development should lead to technology champions in niche markets. Domestic component manufacturers could benefit from the trend towards localised production.
CSPC Pharmaceutical
CSPC Pharmaceutical is one of the largest drug companies in China. In 2007, a private equity buy-out effectively turned the company into a private enterprise with an ownership structure that aligns management and shareholders .
FSSA Investment Managers has been a long-term shareholder of CSPC and, over time, we have engaged with management on a variety of issues such as broader distribution of compensation and attracting talent.
We also highlighted the benefits of having someone with MNC experience on the board; subsequently the company appointed Mr Chen Chuan, an ex-VP of Johnson & Johnson China, as a director. Our engagement with the company highlighted that management is open-minded and willing to listen, which we see as a positive.
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.
Insights from our team
 |  |
|---|