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Imperfect companies in India - we find faults in our portfolio holdings and explain why we still consider them to be good investments.
In this update, we look at several companies where we have seen a number of positive changes and have initiated a small stake in.
Learn about investing in Indian equities with FSSA IM today. Our India funds invest in high quality companies that outperform over the long term.
In this second episode, we continue our conversation with Vinay Agarwal, Director of FSSA Investment Managers.
With almost two decades of experience researching Indian equities, Vinay Agarwal, Director, has witnessed how the Indian market has evolved over the years.
The attributes we like in a company are a strong management team, an effective board, strong alignment with its majority owners and management, a conservative and introspective culture, a franchise which has pricing power and generates superior returns on capital employed, and the potential to become a bigger business over time.
Learn about investing in global emerging market equities with FSSA IM. Our GEM funds invest in high quality companies that outperform over the long term.
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.
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 the long-term investment case for Indian equities.
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 any questions or feedback, we would appreciate hearing from you.
“Freedom is always the freedom to think otherwise.” Rosa Luxemburg
In 2020, one group of companies has done particularly well – the popular digital technology companies focused on e-commerce, delivery and entertainment, to name a few industries. In emerging markets, they dominate the Chinese market; but they can also be found in Korea, Southeast Asia, Eastern Europe and Latin America. We do not own many of these in the strategy; and as such, we are often asked: What holds us back? After all, they have performed well and – at least on paper – should have the prerequisite to generate strong returns and free cash flow, given their often high gross margins, negative working capital profiles and asset light nature. While we are not disputing the potential for this in the future, we would argue for cautiousness on most of these projections.
“Industry is best at the intersection of science and art.” Edwin Land, co-founder of Polaroid
“To infinity...and beyond!” Buzz Lightyear, Toy Story
First Sentier Investors are the world-leading provider of specialist investment capabilities. Discover how we provide research-led active investment management.
“ Failure is so important. We speak about success all the time. It is the ability to resist failure or use failure that often leads to greater success. ” J.K. Rowling
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Global Listed Infrastructure sector.
2023 has not been for the faint-hearted. The euphoric mood from China’s post-Covid reopening that highlighted the start of 2023 revealed its alter ego as the year progressed with a slew of turbulent events, such as the regional banking crisis and Israel Hamas war.
A monthly review and outlook of the Global Listed Infrastructure sector.
Global/US US economic data prints from the last couple of months have affirmed our bearish view of the US economy. In the days leading up to the Fed’s recent policy action, markets grew increasingly divided in views of how aggressive the Fed would be in its policy trajectory, and sentiments seemed a bit more skewed towards a more bearish outcome in the real economy.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
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.
A monthly review and outlook of the Asian Quality Bond market.
Asian Quality Bond Monthly Review and Outlook - as at August 2020
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
A monthly review and outlook of the Asian Quality Bond market.
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