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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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asian fixed income is not just about the asset class, but the experience of the people investing in the asset class. being on the ground in asia since 1999, we believe we can deliver a more in-depth view of the many complexities of the region.
Our on-the-ground teams of fixed income specialists systematically share investment ideas uncovered across developed and emerging markets
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...
Podcast: coronavirus - asian markets corrections and resilience
Investing in asian fixed income offers the potential for strong returns, an attractive income stream and diversification benefits versus developed markets.
Persistent trade-related uncertainty and unrest in hong kong clouded the outlook for asian growth in 2019. bond yields were under downward pressure for much of the year and, in turn, fixed income markets in the region performed well.
We consider ESG risks to be factors that may place business value at risk. Companies at risk are identified using both external providers and our own internally driven research, which is based on a systematic and extensive company meeting program.
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.
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 rel...
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...
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, and outl...
Check the latest First Sentier Investors fund price and fund performance, keep track of funds performance and trends to help investment selections.
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 the stronger ...
Updates and thought pieces from our leading investment experts
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 order to fully understand why Kaisa defaulted on its bonds, we first need to get a good grasp on the deleveraging policy called the three red lines. Following years of debt-fueled growth in the property sector during which home prices surged six-fold over the past 15 years, the Chinese governm...
The quarter started with an upbeat tone amid synchronised global growth, however that dissipated very quickly.
Access a global opportunity set with the on-the-ground research and skill of specialist emerging markets investors.
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 borrowing needs will ensure...
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.
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...
Risky assets (equities, commodities) across the board were weak in the fourth quarter and emerging market (EM) debt (JPM EMBI global diversified in US$) lost 1.25% in the quarter as the EM risk premium (spread) rose from 3.35% to 4.15%.
2018 was a challenging year for all Emerging Markets (EM) assets and EM hard-currency debt was no exception: losses from higher US Treasury yields and higher EM risk premia outweighed the running yield and resulted in negative returns for the asset class.
Emerging market (EM) debt (JPM EMBI global diversified in US$) recorded a 3.5% loss in the second quarter as the global environment became more challenging for EM countries.
Emerging market (EM) debt (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%.
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.
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 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 by short-term ...
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 of mark...
In 2017, Emerging Markets (EM) hard currency debt (JPMorgan EMBI Global Diversified) delivered a 10.3% return.
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.
Emerging market (EM) debt returned positively in the third quarter, with EM high yield (HY) continuing to outperform EM investment grade.
Global asset management group focused on providing high quality, long-term investment capabilities to clients. We bring together independent teams of active, specialist investors who share a common commitment to responsible investment principles.
Theoretically, a fast-growing economy bodes well for corporate earnings and stock prices, and vice versa. Because of this, investors often cite Japan’s weak economy and deflationary environment as reasons they have been reluctant to invest in Japan. However, the data suggests that these concerns ...