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SUT represents Singapore Unit Trust fund range
With effect from 22 September 2020, First State Investments was rebranded to First Sentier Investors. The names of the funds were also rebranded, please view the full list of the fund name changes: First Sentier Investors Global Growth Funds (Singapore Unit Trust / Authorized Scheme) / First Sentier Investors Global Umbrella Fund (IRISH VCC / Recognized Scheme).
Fund performance data is sourced from First Sentier Investors. Single pricing basis with net income reinvested. The above performance data is provided for information only and does not contain or constitute investment advice. A copy of the Prospectus is available and may be obtained from the Manager, First Sentier Investors (Singapore), or any of our distributors. Investors should read the Prospectus and consult a financial adviser before deciding to make any investment. In the event of discrepancies between the marketing materials and the Prospectus, the Prospectus shall prevail. The value of the Fund and the income from them, if any, may fall or rise. Past performance of the Fund or the Manager and any economic and market trends or forecast, is not indicative of the future or likely performance of the Fund or the Manager. Neither the Manager, nor any of its associates, nor any director, or employee accepts any liability for any loss arising directly or indirectly from any use of this information. Units are not available to U.S. persons.
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, Singapore and Edinburgh.
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.
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 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.
The FSSA investment team consists of more than 20 investment professionals based in Hong Kong, Singapore and Edinburgh.
We have a distinct culture and team structure, which has contributed to the stability of the team. Around half of our analysts joined as graduates; and the majority of our portfolio managers have been with us for most of their careers.
Our team members come from diverse backgrounds and speak 15 local languages and dialects, which contributes to the quality of research and analysis when meeting with companies. All portfolio managers are, first and foremost, also analysts; and the entire team contribute stock ideas to each of our client portfolios.