Specialist in Asia Pacific, Japan, 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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Global Property Securities Strategy - Monthly update

Our overarching objective is to deliver real estate-based returns through the cycle while preserving client capital. We invest into high quality urban infill assets in high barrier to entry markets in the world’s most bustling cities through a highly diversified portfolio of listed REITs and property focused companies.

First Sentier Investors

Global Property Securities

– Global asset manager with $177b* of AUM, including $1.6b invested into property securities strategies.

– Investment team includes 7 portfolio managers and 3 investment analysts, located in New York, London and Sydney.

– Average industry experience of 20 years across the team.

*Assets under management in USD terms as at 31 December 2020.

Foundational Strengths

– Strong performance track record.

– Geographically diverse team of experienced industry experts.

– Rigorous investment process underpinned by bottom-up research and stock selection.

– Active consideration of ESG risks.

– Extensive ‘on the ground’ research.

Senior Portfolio Managers

Continuity of 8+ years

Major Strategy* Exposures

Source: First Sentier Investors as at 31 December 2020. *Refers to the First Sentier Global Property Securities Fund (OEIC). The fund is not available for investment by US persons.

Insight of the Month

2020 was a turbulent year for real estate securities markets. COVID-19 related restrictions have disproportionately affected assets tied to non-essential communal interaction and tourism, including shopping malls, hotels and resorts, hospitality venues and office buildings to an extent.

Some of these sectors have experienced depressed rent collections and there was a large number of operator insolvencies during the year. On the other hand, data centres, logistical warehouses, self-storage facilities, healthcare facilities and residential assets have been largely insulated from COVID-19 and continued to benefit from strong ongoing structural tailwinds.

Overall, after clawing its way back from the March lows throughout the year, the property securities sector found itself down -9.0% for 2020 (as per the composite benchmark).1 However, there has been a growing bifurcation between asset types, resulting in a number of sectors, like logistics assets, single family housing and data centres, generally posting solid gains for the year, while other assets, like shopping malls and CBD office buildings, have fallen significantly overall.

By utilising our active investment process, which focusses on bottom-up research and stock selection, we were able to deliver excess returns during the year, with our global real estate composite outperforming its benchmark by +7.5%, and delivering only modest losses of -1.6% for the year.2

Looking ahead to 2021, we expect real estate securities markets to be supported by a global economic recovery, underpinned by extraordinarily low interest rates and accommodative central banks, globally coordinated fiscal stimulus and the normalisation  of economic activity as the world is progressively inoculated against COVID-19.

1 FTSE EPRA NAREIT Developed Index in USD terms

2 First Sentier Investors as for the 12 months to 31 December 2020

First Sentier Global Real Estate Strategy Performance (% p.a. in USD, gross of fees and expenses)

Source: First Sentier Investors as at 31 December 2020. First Sentier Global Property Securities Composite compared to FTSE EPRA NAREIT Developed Index. All data in USD terms. Inception date is 1 October 2006. Benchmark since inception to May 20 2013: UBS Global Real Estate Investors. From 1 June 2013: FTSE EPRA/NAREIT Developed Index. The funds within the composite are not available for investment by US persons. Composite information is being provided as an example of First Sentier Investors’ expertise in the strategy. Periods greater than 1 year are annualized returns. Past performance is not indicative of future performance. Performance figures do not reflect the deduction of investment advisory fees. A client’s return will be reduced by the investment fees. If a client placed $100,000 under management and a hypothetical gross return of 10% were achieved, the investment assets before fees would have grown to $259,374 in 10 years. However, if an advisory fee of 1% were charged, investment assets would have grown to $234,573, or an annual compounded rate of 8.9%.

Important Information

This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors who qualify as qualified purchasers under the Investment Company Act of 1940 and as accredited investors under Rule 501 of SEC Regulation D under the US Securities Act of 1933 (“1933 Act”). It is not to be distributed to the general public, private customers or retail investors in any jurisdiction whatsoever.

This presentation is issued by First Sentier Investors (US) LLC (“FSI” or “First Sentier Investors”), a member of Mitsubishi UFJ Financial Group, Inc. (”MUFG”), a global financial group. The information included within this presentation is furnished on a confidential basis and should not be copied, reproduced or redistributed without the prior written consent of FSI or any of its affiliates.

This document is not an offer for sale of funds to US persons (as such term is used in Regulation S promulgated under the 1933 Act). Fund-specific information has been provided to illustrate First Sentier Investors’ expertise in the strategy. Differences between fund-specific constraints or fees and those of a similarly managed mandate would affect performance results. This material is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, an advice or an invitation to purchase or sell any fund and should in no case be interpreted as such.

Any investment with First Sentier Investors should form part of a diversified portfolio and be considered a long term investment. Prospective investors should be aware that returns over the short term may not be indicative of potential long term returns. Investors should always seek independent financial advice before making any investment decision. The value of an investment and any income from it may go down as well as up. An investor may not get back the amount invested and past performance information is not a guide to future performance, which is not guaranteed.

Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon First Sentier Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Actual returns can be affected by many factors, including, but not limited to, inaccurate assumptioans, known or unknown risks and uncertainties and other factors that may cause actual results, performance, or achievements to be materially different. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will continue, and First Sentier Investors undertakes no obligation to publicly update any forward-looking statement.


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. Companies mentioned herein may or may not form part of the holdings of FSI.

The comparative benchmarks or indices referred to herein are for illustrative and comparison purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison or other purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the funds managed by First Sentier Investors.

Apart from First Sentier Investors, neither the MUFG nor any of its subsidiaries are responsible for any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any fund or the repayment of capital by any fund. Investments in a fund are not deposits or other liabilities of MUFG or its subsidiaries, and the fund is subject to investment risk, including loss of income and capital invested.

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