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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, 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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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.
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.
china made headlines for watering down coal reduction targets during cop261, but we think the criticism is unfair. the nation’s own targets set by president xi jinping last year — for peak emissions before 2030 and carbon neutrality by 2060 — are still ambitious and noteworthy considering ...
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.
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% ...
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 chi...
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 expecte...
Jamie damon will lead north american sales and client servicing for affiliate fssa investment managers, an active emerging markets and asia pacific equity specialist.
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 shangh...
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 ...
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...
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...
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.
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...
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 ...
Please find below our initial thoughts on President Biden's US infrastructure plan and its implications for the Global Listed Infrastructure (GLI) and American Listed Infrastructure (ALI) asset classes.
This is the third investor letter for the fssa 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 qu...
Theoretically, a fast-growing economy bodes well for corporate earnings and stock prices, and vice versa. Because of this, investors often cite Japan’s weak economy and deflationary environment as reasons they have been reluctant to invest in Japan. However, the data suggests that these concerns ...
In september 2023, i met more than 30 global listed infrastructure companies and stakeholders from the uk, europe and china. the following travel diary summarises my impressions and findings from these meetings.
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...
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 investment managers, indian equities, road to recovery
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.
The First State Japan Equity Fund invests in a concentrated portfolio of high-quality companies with strong management teams, dominant franchises and conservative financials. As long term, conservative investors, we seek to invest in companies that we believe will have high return on invested cap...
Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.