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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.
Learn about investing in indian equities with fssa im today. our india funds invest in high quality companies with potential to outperform over the long term.
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.
Our investment philosophy is to back owners and managers with whom we feel strongly aligned. These owners typically have track records of treating all stakeholders fairly, in both good and bad times.
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...
50x P/E!1 70x P/E! 100x P/E! Valuations that were outrageous just a few years ago are commonly bandied about by most of the investment community these days. But, ask any respected business owner and they would shake their head in disbelief
fssa india webcast focus on the india subcontinent markets and asia pacific equities
Learn about investing in asian equities with fssa investment managers today. our asia funds invest in high quality companies with potential to outperform over the long term.
Learn about investing in global emerging market equities with fssa im. our gem funds invest in high quality companies with potential to outperform over the long term.
Learn about investing in the world's fastest-growing markets with fssa investment managers. we invest in high quality equities that can outperform over the long term.
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 sched...
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.
Check the latest First Sentier Investors fund prices and fund performance, keep track of funds performance and trends to help investment selections.
Every company we speak to these days tells us about the cost pressure that they are facing, emanating from rising global commodity prices. domestic steel prices have risen by 35% y/y, copper by over 50% y/y and palm oil by over 60% y/y through february 2021. indian corporates are being for...
Learn about investing in japanese equities with fssa im today. our japan funds invest in high quality companies with potential to outperform over the long term.
Year to date, 34 companies have listed on the indian exchanges raising a total of usd7.2 billion1, a figure which has been surpassed in india only twice before in the last 12 years on an annual basis. in our monthly manager views in april 2021, we spoke about the initial public offe...
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 be...
Learn about investing in asia pacific equities with fssa im today. our apac funds invest in high quality companies with potential to outperform over the long term.
Learn about investing in greater china equities with fssa im today. our china funds invest in high quality companies with potential to outperform over the long term.
In the first three months of this year, 17 new companies have listed on the mainboard exchanges in india, more than in all of 2019 or 2020*. high levels of retail investor participation and continuing inflows for domestic mutual funds have meant that these new issuances have been lapped up...
fssa investment managers asia pacific webcast: positioning for reflation
We had entered the meeting with a leading air-conditioner company in our portfolio worried about the risks to its growth and profitability, as the second wave of Covid-19 affected consumer demand and raw material costs rose sharply. But the company’s CEO told us about the acceptance of increased ...
fssa investment managers - india equities
fssa india webcast focus on the india subcontinent markets and asia pacific equities
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.
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 bearin...
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.
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...
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 — especia...
2020 was indeed a very special year. The whole world was in a recession, due to the pandemic and strict lockdown measures imposed by governments all over the world. Yet, at the same time, all asset classes, including equities, had a very good year in terms of returns. This was due to the monetary...
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 ...
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.
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 Eu...
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.
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.
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...
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.
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...
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...