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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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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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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Important information

Important information

Important information

First State offers two fund ranges ("the Funds") for sale: the First State Investments ICVC and the First State Global Umbrella Fund plc.

First State Investments ICVC

First State Investments ICVC ('FSI') is an investment company with variable capital incorporated in England and Wales with registered number IC000023. FSI is structured as an umbrella company. Funds may be established from time to time with the approval of the Financial Conduct Authority ('FCA') and the agreement of the Depositary ('funds', and each of them a 'fund'). Each fund may issue different classes of share and within each class there may be different types of share.

The Authorised Corporate Director ('ACD') of FSI is First State Investments (UK) Limited. The ACD is responsible for managing and administering the affairs of FSI in compliance with the handbook and guidance published by the FCA from time to time ('FCA Rules').

The Depositary of FSI is the Royal Bank of Scotland plc. The Depositary is responsible for the safekeeping of all the scheme property of FSI and has a duty to take reasonable care to ensure that FSI is managed in accordance with the provisions of the FCA Rules relating to the pricing of, and dealing in, shares and relating to the income of the funds.

The ACD has appointed First State Investment Management (UK) Limited ('Investment Manager') under an investment management agreement ('IMA') to provide investment management and advisory services to the ACD. The Investment Manager has full power and authority under the IMA to delegate any and all of its discretions and powers to any other person, provided that the Investment Manager shall remain fully responsible to the ACD for the acts and omissions of any such person.

First State Global Umbrella Fund plc

First State Global Umbrella Fund plc (FSGU) is an open-ended investment company with variable capital established under the laws of Ireland pursuant to the Companies Acts, 1963 to 2003 and incorporated on 18 June 1998, under registration number 288284. FSGU is regulated by the Irish Financial Services Regulatory Authority (‘IFSRA’) pursuant to the European Communities (Undertakings in Collective Investments in Transferable Securities) Regulations 2003 and was authorised on 23 June 1998. FSGU is a scheme recognised in the United Kingdom under section 264 of the Financial Services and Markets Act, therefore is an authorised person and as such is regulated by the Financial Conduct Authority. Each fund may issue different classes of share and within each class there may be different types of share.

FSGU has delegated the powers of determining investment policy and investment management of each fund to First State Investments (Hong Kong) Limited the 'FSGU Investment Manager' pursuant to an Investment Management Agreement. The FSGU Investment Manager may appoint one or more Sub-Investment Managers to manage the assets of a fund pursuant to a Sub-Investment Management Agreement. The FSGU Investment Manager remains responsible for the acts and omissions of the Sub-Investment Managers and any other delegate as if such acts or omissions were its own.

HSBC Institutional Trust Services (Ireland) Limited (the “Custodian”) was appointed as custodian of FSGU pursuant to a Custodian Agreement. The main activity of the Custodian is to act as trustee and custodian of the assets of collective investment schemes.

HSBC Securities Services (Ireland) Limited (the “Administrator”) was appointed as administrator of FSGU pursuant to an Administration Agreement. The Administrator is a limited liability company incorporated under the laws of Ireland on the 29 November 1991. It is part of the HSBC Group and specialises in the administration of investment funds.


The Funds may be also registered in various European jurisdictions and may therefore be subject to local requirements.

The shares in the Funds have not been and will not be registered under the United States Securities Act 1933. The information in this website is not intended for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of any United States persons being residents in the United States of America.


First State recommends that investors should seek independent financial advice before investing in the funds. Potential investors should consider the following risk factors before investing.


Investments in the Funds are subject to normal market fluctuations and other risks inherent in investing in securities. There can be no assurance that any appreciation in value of investments will occur. The value of investments and the income derived from them may fall as well as rise and investors may not recoup the original amount invested in the Funds. The Funds should be considered long-term investments. There is no assurance that the investment objectives of any sub fund of the Funds (a 'Sub Fund') will actually be achieved. It is important to note that past performance is not necessarily a guide to future returns or growth.

Currency exchange rates

Depending on an investor's currency of reference, currency fluctuations may adversely affect the value of an investment. Investments for some sub funds will be made in assets denominated in various currencies and exchange rate movements may affect the value of an investment favourably or unfavourably, separately from the gains or losses otherwise made by such investments.

Single sector

Investments in single sector funds offer the possibility of higher returns but may involve a higher degree of risk compared to investments which spread investment risk through a variety of sectors. Hence share price movements may have a greater effect on the overall value of these funds.

Liquidity risk

Not all securities invested in by a sub fund will be listed or rated and consequently liquidity may be low and in certain cases, it may not be possible to sell securities at the last market price quoted or at a value considered fair.

Emerging markets

Investment in emerging markets may involve a higher risk than investment in more developed markets due to greater volatility due to increased uncertainty as to how these markets operate. Investors should consider whether or not an investment in sub funds which invest in such markets is either suitable for or should constitute a substantial part of an investor's portfolio.

China market risk

The value of a sub fund's assets may be affected by uncertainties such as political developments, changes in government policies, taxation, currency repatriation restrictions, and restrictions on foreign investment in China. Accounting, auditing and reporting standards in China may not provide the same degree of investor protection or information to investors as would generally apply in more established securities markets. Furthermore, the legislative framework in China for the purchase and sale of investments and in relation to beneficial interests in those investments is relatively new and untested.

Smaller companies

Funds investing in smaller companies invest in securities which may be less liquid and more unpredictable than the securities of larger companies, as a result of inadequate trading volume or restrictions on trading. Securities in smaller companies may possess greater potential for capital appreciation, but also involve risks, such as limited product lines, markets and financial or managerial resources and trading in such securities may be subject to more abrupt price movements than trading in the securities of larger companies.


Sub funds which invest in a concentrated portfolio of securities may be more volatile than funds invested in a larger variety of investments and the impact of movement in the value of the investments may affect the fund value to a greater degree.

Interest rate risk

Sub funds which invest primarily in fixed income securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as a coupon) are exposed to changes in interest rates which will affect the value of any securities held. If rates go up, the value of fixed income securities fall; if rates go down, the value of fixed income securities rise.

High yield risk

Sub funds which invest in companies who issue higher yielding bonds typically have an increased risk of defaulting on repayments. In the event of default, the value of your investment may reduce. Economic conditions and interest rate levels may also impact the values of high yield bonds.

Inflation risk

Inflation may affect the future buying power of an investment in the Funds. Therefore if the returns on an investment made have not beaten the rate of inflation it will have less buying power in the future.

Charges against capital

Fees and expenses are charged against the capital of certain Funds. Deducting expenses from capital reduces the potential for capital growth and on any redemption. Shareholders may not receive back the full amount invested.

Property funds

Past performance of property funds are not indicative of the performance of the property market as a whole. Certain Funds invest in property securities and are subject to adverse changes in economic conditions, adverse local market conditions and risks associated with the acquisition, financing and ownership and operation and disposal of real property.

Single country risk

Funds which invest primarily in a single country may be subject to greater risk and above average market volatility than an investment in a broader range of securities covering multiple countries.

Investment in agriculture and related sectors

The specialist nature of the Fund exposes it to particular environmental, economic, legislative and regulatory factors which may adversely affect the value of these investments.

Global resources sector risk

Funds which invest in shares in the natural resources and energy sectors can typically experience above average volatility compared to other investments. Trends which occur within the general equity market may not be mirrored by the natural resources sector.

Infrastructure risk

Companies in the infrastructure sector (utilities, transportation and energy industries) are subject to a variety of factors which may adversely affect their business or operations. Adverse developments within these industries may affect the value of the underlying securities of the Fund. Companies involved in these industries are subject to environmental considerations, taxes, government regulation, price and supply considerations and competition.


Investment in Indian securities involves risks such as legal, regulatory, political and economic. The securities markets in India are relatively underdeveloped and may subject the fund to higher transaction costs or greater uncertainty than investments in more developed countries. Additionally, Indian subcontinent is economically sensitive to environmental events and has experienced acts of terrorism. Such risks may adversely affect the value of your investments.

Hedged share class

Hedging transactions are designed to reduce, as much as possible, the currency risk for investors. However, there is no guarantee that the hedging will be totally successful and no hedging strategy can eliminate currency risk entirely.

Derivative risk

The value of derivatives can be highly sensitive to changes in market values and may cause a loss greater than the amount invested on individual derivative investments. The total losses cannot be more than the net asset value of the Fund.

Credit risk

Funds can take on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. Most of the Fund’s investments are in listed securities where settlement is on a delivery-versus-payment basis; however there may still be circumstances where the fund would incur a loss if a counterparty failed to perform its contractual obligations

Sovereign debt

Certain developing countries are especially large debtors to commercial banks and foreign governments. Investment in debt obligations (sovereign debt) issued or guaranteed by developing governments or their agencies involve a high degree of risk.

Below investment-grade debt

Funds may invest in securities whereby the issuing company has a high risk of defaulting on their interest payments, capital repayment or both. In the event of default, the value of the investment may reduce.

Reference to specific stocks

Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.


The way your investments are treated for tax purposes and in particular, the tax thresholds which apply are dependent upon your personal circumstances and the tax treatment of funds can be changed by future legislation.

Liabilities of FSI

Although each fund so far as possible will be treated as bearing the liabilities, expenses, costs and charges attributable to it, if its assets are not sufficient to cover all or any such liabilities, the Authorised Corporate Director (ACD) may re-allocate assets, liabilities, expenses, costs and charges between the funds in a manner which is fair to the Shareholders of FSI generally. The ACD would normally expect any such re-allocation to be effected on a pro rata basis having regard to the Net Asset Values of the relevant funds.

Liabilities of FSGU

With effect from 31 May 2007, following the approval by the shareholders FSGU of a resolution at the Annual General Meeting held on that day, amendments were made to the Articles of Association of FSGU. The amendments to the Articles of Association were made to avail of a facilitative provision in the Investment Funds, Companies and Miscellaneous Provisions Act 2005 (the “Act”) which provides for segregated liability between funds. As a consequence of this change, investors in a particular sub fund of FSGU will only be subject to the investment risks, costs and liabilities incurred in the pursuance of the investment strategy attributable to the sub fund in which they have invested.

Aggregation of orders

In managing the Funds, the relevant investment manager may combine orders for the Funds with those of other clients. This procedure may operate on some occasions to the disadvantage of the Funds and on others to the advantage of the Funds.

Swiss regulations (applicable to FSI only)

Only investment funds of First State Investments ICVC have been authorised by the Swiss Federal Banking Commission as foreign investment funds pursuant to Article 45 of the Swiss Investment Funds Act of 18 March 1994: Accordingly, the other investment products mentioned on this website may not be offered or distributed in or from Switzerland on the basis of a public solicitation, as such term is defined under the current practice of the Swiss Federal Banking Commission. Furthermore, the attention of the investors is drawn to the fact that products presented here are not subject to the supervision of the Swiss Federal Banking Commission and investors cannot invoke the protection conferred under the Investment Funds Act.