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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Specialists in equity portfolios in Asia Pacific, emerging markets, global and sustainable investment strategies

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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.
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.
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.
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.
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.
This has been an unprecedented time which continues to evolve from a markets and covid-19 perspective. please tune in to a panel discussion with fssa’s lead portfolio managers: alistair thompson, director; martin lau, managing partner andvinay agarwal, director.
We consider ESG risks to be factors that may place business value at risk. Companies at risk are identified using both external providers and our own internally driven research, which is based on a systematic and extensive company meeting program.
This has been an unprecedented time which continues to evolve from a markets and covid-19 perspective. please tune in to a panel discussion with fssa’s lead portfolio managers: alistair thompson, director; martin lau, managing partner andvinay agarwal, director.
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?
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.
fssa india webcast focus on the india subcontinent markets and asia pacific equities
fssa investment managers asia pacific webcast: positioning for reflation
The pandemic has accelerated certain long-term shifts in consumer behaviour, such as using more online orders for everything from clothing to food. The latest battleground appears to be groceries, but the disrupter emerged from a not-so-new technology — WeChat groups.
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), stron...
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...
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 excellent capital grow...
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. T...
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...
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 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 by eag...
What are your thoughts on the increasing regulation risk of investing in china? firstly, regulations are nothing new — it has always been a part of the investment equation. if we look at hong kong or singapore for example, the government would introduce new regulations on the property mark...
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.
fssa investment managers - india equities
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 ...
China’s e-commerce and online services were among the few bright spots against the dismal economic backdrop this year. Many companies reported a surge in online sales during Covid that has remained elevated even as the number of cases fell and lockdown measures eased. While sales at China’s brick...
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 forced to ...
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.
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).
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 offering (IPO) rus...
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 ...
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...
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...
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.
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 trave...
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 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 companies...
fssa india webcast focus on the india subcontinent markets and asia pacific equities
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...
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...
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...
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...
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 ...
At fssa, we seek to invest in quality companies, as defined by the strength of their management, financials and franchise. our investment approach remains the same, irrespective of which market we look at. however, japanese management philosophy is quite different to the western sty...
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...
This letter forms the first in a series designed to introduce and explain our approach to sustainability, and the lessons learned so far. We hope that these reflections, drawing on the team’s combined experience, will provide a useful insight.