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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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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?
fssa investment managers japan equity strategies cover the japanese market for growing sectors and strong businesses with long term stable growth.
End of Year Review
End of Year Review
End of Year Review
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 sustaina...
What are some of the biggest misconceptions about japan? strategists often argue that japan is perhaps the most cyclical market amongst the major global economies, with profits highly correlated to global trade.
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
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 excellen...
Check the latest First Sentier Investors fund price and fund performance, keep track of funds performance and trends to help investment selections.
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.
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 t...
In our last client update in February 2021, we discussed the reasons we resisted the temptation to switch into pure cyclicals and so-called “value” stocks1 — even though we had anticipated a sector rotation in the market (the TOPIX subsequently peaked in March 2021).
Looking back over 2020, a challenging year for many reasons, there were two key investment decisions that helped the performance of the fssa japan equity strategy. firstly, in the early days of the pandemic we started to identify companies that might benefit from the acceleration of...
Asia Pacific Equities Strategy Client Update
Learn about investing in asia pacific equities with fssa im today. our apac funds invest in quality companies with the potential to outperform over the long term.
The japan equity market underwent significant volatility in the first quarter due to the coronavirus pandemic and concerns about its impact on the global economy. the sell-off was indiscriminate and across all sectors, with little differentiation between the higher quality, well-managed co...
The slow pace of change in japan and the meagre improvements made so far have been a difficult pill to swallow for abenomics supporters.
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...
Once again, 2021 was a year full of surprises and challenges, with ongoing Covid disruptions and China turning from a global outperformer to underperformer. The Chinese government’s policy crackdowns, especially in the internet, education and property sectors, were sudden and dramatic.
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.
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...
fssa investment managers, asia-pacific, asian equities
fssa investment managers asia pacific webcast: positioning for reflation
Mutations, it would seem, are not unique to the virus. Starting with some housekeeping, we always end our letters seeking feedback from our regular readers.
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 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...
The Sustainable Finance Disclosure Regulation (SFDR) for the European Union Mandates the disclosure of the Principal Adverse Impacts (PAI) that investment decisions have on sustainability factors.
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 ...
Last quarter i visited infrastructure companies in tokyo, osaka and nagoya. the trip included visits to ten corporate head offices and three site tours. this paper seeks to share some of the key findings from my meetings with japanese passenger rail and utility companies.
2021 will be a year of recovery. This is not surprising given last year’s economic downturn. If vaccines are being rolled out gradually during the year, we believe the economy will recover, especially those sectors that have been hit hard like travel. Hong Kong’s travel sector declined by 99.9% l...
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 ...
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...
Though Covid hasn’t yet finished with us, the markets have finished with Covid. In real life, there is still plenty of misery to go around, but things have seldom been better for investors. Optimism has served us well, as the money printing presses have rolled to counter the “unprecedented” threa...
Each year around the Lunar New Year, factories in China switch off production and close up shop for the Spring Festival period. Factory workers who had left their rural hometowns in search of better wages in cities travel home en masse for the celebrations. With three billion trips expected to be...
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.
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 ...
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.
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...
The cascading impacts of climate change and society’s overexploitation of the land and sea is giving rise to unprecedented devastation of nature and biodiversity. In the last 50 years, there has been a devastating 69% drop in wildlife populations[1]. The unfolding crisis is risking the very found...
Leveraging our recent paper, ‘Reducing carbon intensity in portfolios: Better news than you think’, which analysed the investment impact of reducing carbon exposure versus the benchmark; we turn our attention to how we can reduce carbon risk in our Value strategies. This aligns with our commitmen...
There were a number of structural trends leading up to the Covid pandemic that were all very well understood. And the pandemic has given rise to some newer emerging trends. And what is central to the majority of these trends is the rapid advancement and continued adoption of technology which is d...
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 you have...
In September 2023, I met more than 30 global listed infrastructure companies and stakeholders from the UK, Europe and China. The following travel diary summarises my impressions and findings from these meetings.
The advent of Artificial Intelligence (AI) is affecting ever expanding fields of human activity. And the way we invest is no exception. It’s never been more timely for investors, advisors and investment managers to take deep stock of the impacts, real and potential, of AI, so we can better prepar...
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...
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.
This paper asserts that macro towers will remain at the heart of a modern, mobile data communications network despite the continual development of new technologies.
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.
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...
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