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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, 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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The health of corporate balance sheets and anticipation of resilient earnings are among factors potentially benefiting global credit this year.
Recognising the growing appetite for sustainable products among responsible investors worldwide, we are excited to launch the First Sentier Global Credit Sustainable Climate Strategy. The Strategy invests primarily in a diversified portfolio of global credit securities, while additionally seeking to make a positive contribution to climate change.
AlbaCore Capital Group is one of Europe’s leading alternative credit specialists, investing in private capital solutions, opportunistic and dislocated credit, CLOs, and structured products.
Many investors are questioning how rising interest rates will affect corporate borrowers. Will their financing costs rise significantly and, from a credit investors’ perspective, do higher rates elevate default risk?
Leading global investment manager, First Sentier Investors, and boutique European alternative credit manager, AlbaCore Capital Group Limited (AlbaCore) have received all regulatory approvals pertaining to their strategic partnership.
Leading global investment manager, First Sentier Investors (FSI), has entered into a strategic partnership with a leading European credit manager, AlbaCore Capital Group (AlbaCore), making a majority investment in the business.
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.
Learn about investing in fixed income today. First Sentier Investors' on-the-ground teams share investment ideas uncovered in developed & emerging markets.
Check the latest First Sentier Investors fund price and fund performance, keep track of funds performance and trends to help investment selections.
A new study has found that on average people could be ingesting approximately 5 grams of plastic every week, which is the equivalent weight of a credit card.
As COVID-19 wreaks havoc on lived and financial markets, we check in with our veteran High Yield Fixed Income team to learn which industries are being most affected, where there are opportunities and why High Yield may be considered 'cheap' right now.
Following the economic and market malaise in February and March, high yield and risk assets generally experienced five straight months of strong performance, only to pull back in September. With a coordinated push from central banks in the form of zero rates and $3 trillion in QE the markets rebounded sharply from their lows in March with the equity markets, as measured by the S&P 500, posting a second quarter return of +20.54%, followed by a +8.93% return in the third quarter. The renewed confidence in the US economy because of Fed stimulus and general improved understanding and combating of COVID-19 helped to propel risk assets higher. In September that sentiment reversed course. Growing concerns surrounding a second COVID-19 wave in the US combined with the upcoming flu season, questions about when another US stimulus deal is approved, and the uncertainty around the US election outcome all added to uncertainty that weighed on the markets as the third quarter closed.
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 government decided to rein in excessive credit took on by property developers to avoid Japan’s mistake in the 1990s, which eventually led to long-term damage to growth.
The first quarter was extreme in the scale and magnitude of financial market volatility, particularly over the last six weeks of 1Q’20. A dramatic, global economic slowdown resulted from the unprecedented global quarantine of entire populations, in most developed countries, in response to the COVID-19 disease, which is widely deemed a deadly, viral pandemic.
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.
Global Listed Infrastructure dipped in the June quarter as investors focused on higher beta segments of the market.
We crossed six US states meeting over 70 infrastructure management teams as well as customers and suppliers at three conferences. We visited three corporate head offices, several regulators and toured the country’s largest nuclear power plant.
First Sentier Investors, a leading global investment manager, is pleased to announce the appointment of Amanda Gazal as the new Chief Operating Officer (COO). In this role, Gazal who will be based in the Sydney office, will be responsible for overseeing the company's day-to-day operations and driving operational excellence to support the organisation’s growth strategy.
First Sentier Investors and MUFG appoint head of First Sentier MUFG Sustainable Investment Institute
Velina Karadzhova will be responsible for developing the institute’s research programme which will include macro-level research on sustainable investment topics, market trends and industry practices
First Sentier Investors (FSI), a leading global investment manager, today announced the appointment of Sudip Hazra as Director of the First Sentier MUFG Sustainable Investment Institute (the Institute), effective 6 June.
As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.
First State Investments’ High Yield Group recently passed the 3-year performance anniversary. Our current High Yield Strategies are long-only corporate credit, with no leverage and no derivatives.
Leading global investment manager, First Sentier Investors (FSI), today announced the appointment of Yoshiki Ueno to the role of Deputy Chief Executive Officer
In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income Strategies.
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. This has added to the persistent challenges faced by the industry over the last few years.
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.
Global Listed Infrastructure fell in the September quarter as market expectations that interest rates were likely to remain “higher for longer” were priced into valuations.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
A growing consensus that interest rate cuts were likely in 2024 drove a strong quarter for Global Listed Infrastructure, with gains for every infrastructure sector and region.
Leading global investment manager, First Sentier Investors (FSI), has appointed Kate Turner as Global Head of Responsible Investment (RI) and bolstered its RI team with four new appointments.
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.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
Leading global investment manager, First Sentier Investors (FSI), today announced the outcome of a review of its existing investment capabilities against its strategy.
Since our last update, global markets have not been short of action and the manic behaviour characterising today’s markets has taken investors on another rollercoaster ride. While not quite comparable to the market movements seen during the dark days of March 2020, the recent correction — especially in China-related companies — has been notable. Yet, from a market perspective, a sense of normality is finally starting to emerge after the more speculative phases over the past 12-18 months.
Credit portfolios with genuine Environmental Social and Governance (ESG) integration could be a canary in the coal mine for potentially difficult-to-quantify risks and opportunities, including those likely to stem from climate change and the energy transition. While governments globally move at different speeds to put in place net zero policies, ESG-focused credit investors are taking decisive, early action to reflect these factors in their portfolio allocations.
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.
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.
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 driving societal change.
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +2.6% Q4’19 total return (‘TR’), and a +14.4% total return for the full-year 2019. The strong 2019 represented the fourth best annual return since the post-GFC recovery in 2009; modestly trailing the +17.5%, +15.6% and +15.1% total returns of 2016, 2012 and 2010, respectively.
While the pandemic is still far from over, a number of key leading indicators point to a healthy and broad-based recovery in China. Industrial production, trade activity and retail sales have been strong; and in stark contrast to the lockdowns and travel restrictions in early 2020, domestic travel, tourism and the leisure sectors in China have sprung back to life.
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.
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.
The energy crisis in Europe has boosted global demand for LNG. Global listed infrastructure companies pioneered the US LNG industry, investing US$50 billion since 2010. The energy crisis is providing an opportunity for LNG to secure its role as a transition fuel. With reliability and security of supply increasingly front of mind, US LNG exporters stand to gain market share, underpinning a further US$50 billion of investment over the next decade. An increased need for natural gas infrastructure will also benefit the broader North American midstream sector.
We recently spent a couple of weeks in the US and Canada, meeting with management teams from the railroads, utilities and energy midstream sectors, as well as with regulators. Below are some of our findings. We hope you find them interesting.
The COVID-19 pandemic had a dramatic effect on the market in early 2020. Within days of US stocks hitting an all-time high in February, US equity indices began a one-month, 30-40% sell-off, US high grade corporate spreads tripled, and high yield spreads briefly pierced +1000 bp spread-to-worst (STW). In response, the Fed slashed rates to zero, and the Fed’s latest $3 trillion of Quantitative Easing (QE) resulted in an adrenalin shot increase in Fed Credit of $2.5 trillion. This rush of new money led US stocks to recoup most of their losses, or in the case of the Nasdaq 100, hit new highs. However, the global economy remains at a point of heightened/unchartered economic uncertainty. COVID-19 remains a significant unknown, social unrest and political uncertainty are high and the restart of the global economy a wholly new phenomenon.
The First Sentier MUFG Sustainable Investment Institute, a joint venture initiative between First Sentier Investors and Mitsubishi UFJ Trust and Banking Corporation, has published new research on the growing issue of microfibre pollution.
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.
FSSA Investment Managers, Asia-Pacific, Asian equities
After decades of flat electricity demand for US utilities, the industry is now seeing unprecedented demand as growth in data centers / AI, electrification, onshoring and electric vehicles outweighs energy efficiency gains. One utility executive stated: “Seeing all these customers wanting 24/7 load and willing to pay for it – it is every utility’s dream”.
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