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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. 

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

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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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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.

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

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first state investments (‘first state’) announces the launch of the first state china a shares fund, a sub-fund of its dublin-domiciled ucits fund. the fund is designed to meet the growing demand from investors for exposure to companies in mainland china,...
This has been an unprecedented time which continues to evolve from a markets and Covid-19 perspective. Please tune in to a panel discussion with FSSA’s lead portfolio managers: Alistair Thompson, Director; Martin Lau, Managing Partner andVinay Agarwal, Director.
This has been an unprecedented time which continues to evolve from a markets and Covid-19 perspective. Please tune in to a panel discussion with FSSA’s lead portfolio managers: Alistair Thompson, Director; Martin Lau, Managing Partner andVinay Agarwal, Director.
As recent volatility has demonstrated, the contradictions and instability of a system piled high with debt means that yet another loss of market confidence would not be so surprising. Just a short six months ago, everything was collapsing. Markets swiftly recovered, but economic indicators and co...
Leading global investment manager, first state investments today announced the completion of its sale from commonwealth bank of australia to mitsubishi ufj trust and banking corporation, a wholly-owned subsidiary of mitsubishi ufj financial group, inc. (mufg), for us$2.7 billion.
Trade tensions have continued to rattle the market, as negotiations between China and the US remain mired in strife. The bilateral trade account and the extent of China’s willingness to open up its domestic market are among the primary areas of contention, along with accusations of forced technol...
We have written about the spate of Initial Public Offerings (IPOs) in India and our reasons for staying away from them, for the most part. This time, we want to talk about why new listings are important to keep the market vibrant and to keep the entrepreneurial spirit in the country alive.
The 19th National Congress of the Communist Party, arguably the most important and widely anticipated event in China’s political diary, took place in mid-October.
With Initial Public Offerings in India consistently oversubscribed and valuations peaking, the team discuss their five largest holdings and why now is not the time to sell.
A worried client asked us recently, “Will Mr Modi be re-elected, or won’t he? How will the ongoing elections impact the investment case for Indian companies?” We don’t know whether Mr Modi will be re-elected. But we strongly believe that the results of the election will have little bearing on th...
In the most recent data, japan’s economy shrank less than forecasted during the first quarter of the year. with the vaccination program on high gear, are we finally seeing light at the end of the tunnel for japan?
Check the latest first sentier investors fund price and fund performance, keep track of funds performance and trends to help investment selections.
The slow pace of change in Japan and the meagre improvements made so far have been a difficult pill to swallow for Abenomics supporters.
It has been 40 years since Mr Deng Xiaoping embarked on his ambitious market-based reform program and began to open up China’s economy. Since then, China has been transformed; while there have been stops and starts on the way, China was one of the fastest-growing countries in the world over the p...
There is still significant uncertainty around Covid-19 and its potential impact globally. The situation could become worse before it gets better – and no one knows when the bottom will be. So far, China has borne the brunt of the epidemic, with parts of the country in lockdown and business activi...
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 FSSA Investment Management investment approach focuses on identifying high-quality companies with strong management teams, dominant franchises and conservative financials. Additionally, we seek to invest in companies that have high return on invested capital (ROIC), strong and sustainable gro...
Japan is among the leading countries for automation – Japanese companies make more than 50% of all industrial robots and computer-controlled systems globally. We own companies like Keyence, which makes sensors, laser markers and machine vision systems. Keyence has delivered excellent capital grow...
The pandemic has accelerated certain long-term shifts in consumer behaviour, such as using more online orders for everything from clothing to food. The latest battleground appears to be groceries, but the disrupter emerged from a not-so-new technology — WeChat groups.
Land, Labour, Capital and Entrepreneurship. These are the well-known “Factors of Production” as defined by classical economists. The Entrepreneur (or Company) is the one that combines these factors to earn a profit.
2018 was a challenging year for Japanese equities. While we usually prefer to talk about the companies we own rather than comment on the market or the economy, it was interesting to note that 85% of trades last year was on auto-pilot, controlled by machines, CTAs and quant funds.
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.
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.
Fssa investment managers (fssa) are specialists in asia pacific and global emerging markets equity strategies. we operate as an autonomous investment team within first sentier investors with a team of dedicated investment professionals based in hong kong, singapore and edinburgh
The China equity market includes a myriad of share classes, each with distinct characteristics. ‘Offshore’ Chinese equities are listed on overseas stock exchanges such as New York and Hong Kong and denominated in foreign currencies, while ‘onshore’ Chinese equities are listed on the Shanghai and ...
Fssa investment managers asia pacific webcast: positioning for reflation
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.
As the saying goes, “There are two kinds of forecasters: those who don't know, and those who don't know they don't know.” Recently, we have seen hordes of the latter kind, garbed as analysts, Unicorn founders, freshly-minted CEOs and so-called “experts”, as they engage in modern-day snake oil sal...
As with global automotive manufacturers, several Indian automotive original equipment manufacturers (OEMs) including Maruti Suzuki, Mahindra & Mahindra (M&M), Tata Motors and Eicher Motors have recently announced that the shortage of semiconductor supply has impacted their production schedules. T...
Year to date, 34 companies have listed on the Indian exchanges raising a total of USD7.2 billion1, a figure which has been surpassed in India only twice before in the last 12 years on an annual basis. In our Monthly Manager Views in April 2021, we spoke about the initial public offering (IPO) rus...
Over the past six months, global equity markets have remained weighed down by uncertainty. Meanwhile, in Japan, Prime Minister Abe’s announcement that consumption tax is set to rise from 8% to 10% this October has escalated fears of a pending recession.
Leading global investment manager, first sentier investors (fsi), today announced the outcome of a review of its existing investment capabilities against its strategy.
50x P/E!1 70x P/E! 100x P/E! Valuations that were outrageous just a few years ago are commonly bandied about by most of the investment community these days. But, ask any respected business owner and they would shake their head in disbelief
Our investment philosophy is to back owners and managers with whom we feel strongly aligned. These owners typically have track records of treating all stakeholders fairly, in both good and bad times.
Fssa india webcast focus on the india subcontinent markets and asia pacific equities
In boom times like today, when cash costs nothing and capitalisation rates are zero, everybody is focused on growth and the future. Revenue is vanity in the sense that entrepreneurs, thank goodness, dare to dream and build businesses. We too, spend much of our time looking for the next opportunit...
Modern life seems characterised by extremes, with division and discord the defining features. But, we are living in revolutionary times. Sweeping technological change impacts everything, everywhere. It is an age of accelerated disruption.
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...
Given its size and influence, china remains a key investment destination despite ongoing trade disputes and diplomatic tensions with the us and australia. with a gdp equivalent to around 70% of the united states, many global portfolios continue to feature chinese equities.
In almost every meeting that we have with management teams, we will ask about incentivisation. In our view, it is an important question and the answer can be highly revealing about an organisation’s culture and behaviour.