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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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Insights
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global credit team
Corporate credit remains attractive to investors seeking a higher yield than cash and government bonds while retaining more defensive characteristics compared to equities.
First state investments - first insights october 2016: this edition begins by analyzing the current economic landscape. since the global financial crisis in 2008, many of the major global economies have experienced recession and despite the extraordinary amount of policy easing, eco...
Our on-the-ground teams of fixed income specialists systematically share investment ideas uncovered across developed and emerging markets
‘the great transition’ is a research series written by the economic and market research team at colonial first state global asset management (known internationally as first state investments), that examines the rise of the information economy in the context of the industrial economy’s decl...
In this publication, we review our recent consultant roundtable in leeds on the impact of the law commission’s guidance on fiduciary duty and whether this has shifted the perception of embedding esg factors. in addition, we have articles on implementing whether smart beta global credit<...
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.
Read regular news updates, research papers, investment strategy updates & thought pieces from some of First State Investments leading experts.
Fear can often be an extremely powerful motivator, particularly in the investing world. the secular trends of falling yields combined with increasing interest rate risk, or duration, have certainly struck fear into the hearts of fixed income investors around the world (see below).the first chart ...
Following the economic and market malaise in February and March, high yield and risk assets generally experienced five straight months of strong performance, only to pull back in September.
This article provides a review of the current markets as well as views on what the fourth quarter could hold. portfolio performance details are also highlighted, including interest rates and fx, inflation markets, securitized sectors and corporate markets. bond markets experienced several trend r...
This article provides a review of the current markets as well as views on what the fourth quarter could hold. portfolio performance details are also highlighted, including interest rates and fx, inflation markets, securitized sectors and corporate markets. bond markets experienced several trend r...
First Sentier Investors and MUFG appoint head of First Sentier MUFG Sustainable Investment Institute
Velina Karadzhova will be responsible for developing the institute’s research programme which will include macro-level research on sustainable investment topics, market trends and industry practices
global yields moved higher in january while yield curves steepened. the us ten year yield peaked at 2.95% in late february, up 0.55% from 2.40% at the start of the quarter. european and australian yields followed a similar pattern, with 10yr bunds topping out at 0.74% and australian 10yr y...
global yields moved higher in january while yield curves steepened. the us ten year yield peaked at 2.95% in late february, up 0.55% from 2.40% at the start of the quarter. european and australian yields followed a similar pattern, with 10yr bunds topping out at 0.74% and australian 10yr y...
credit portfolios with genuine environmental social and governance (esg) integration could be a canary in the coal mine for potentially difficult-to-quantify risks and opportunities, including those likely to stem from climate change and the energy transition. while governments globa...
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 pr...
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.
The first quarter was extreme in the scale and magnitude of financial market volatility, particularly over the last six weeks of 1q’20. a dramatic, global economic slowdown resulted from the unprecedented global quarantine of entire populations, in most developed countries, in respo...
The American Listed Infrastructure (ALI) asset class increased 24% in 2021. The following article provides a review of investment performance and events that impacted the asset class in 2021. It then provides an outlook into the key themes we expect will impact the asset class in 2022.
Leading global investment manager, first sentier investors (fsi), today announced the outcome of a review of its existing investment capabilities against its strategy.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
Us interest rates moved higher early in q4, with the 10yr peaking at 3.24%. at that point, weakening global growth, trade concerns, and a sharp decline in oil and stock prices caused global interest rates to plummet.
Us interest rates moved higher early in q4, with the 10yr peaking at 3.24%. at that point, weakening global growth, trade concerns, and a sharp decline in oil and stock prices caused global interest rates to plummet.
First state investments high yield group passed the 3-year performance anniversary at the end of april. current high yield strategies are long-only corporate credit, with no leverage and no derivatives.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November, 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
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.
Vaccine rollouts and government stimulus have led to expectations of higher economic growth, inflation and interest rates. this has put pressure on listed infrastructure returns with the asset class significantly underperforming global equities over the past 12 months. but with over 70% of...
Leading global investment manager, first sentier investors (fsi), today announced the appointment of yoshiki ueno to the role of deputy chief executive officer
The Novel Coronavirus (COVID-19) pandemic has seen most financial assets sell-off across the board, including securities in the traditionally defensive listed property sector. How will landlords fare?
I recently returned from a two-week, coast-to-coast trip across the United States, talking to institutional clients, pension funds and investment consultants. The mood on the ground is one of caution. Rising inflation and interest rates are on everybody’s mind. A war in Europe and spiking oil pri...
Covid-19 has sent shockwaves through capital markets, and property securities have been no exception. the crisis has plunged the global economy into recession and has given rise to the remote work and learning thematic, while seemingly fast-tracking the rise of e-commerce.
Our high yield team focuses on the diligent implementation of our disciplined investment process. Our security selection is driven by bottom-up, value-based fundamental research; top-down analysis plays a secondary role.
In this paper we explore why judging a manager on their underlying skill is a better measure than purely focussing on their past investment returns.
American Listed Infrastructure (ALI) has seen a significant increase in Merger and Acquisition (M&A) activity. Private market and foreign corporate buyers are paying premiums of 25% to listed markets, often for non-controlling stakes. This M&A illustrates the intrinsic value available to investor...
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +2.6% Q4’19 total return (‘TR’), and a +14.4% total return for the full-year 2019. The strong 2019 represented the fourth best annual return since the post-GFC recovery in 2009; modestly t...
Looking back the past two decades
As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.
In parts of the world where COVID-19 is more under control, activity is returning to normal, particularly in toll roads and freight rail. Work-from-home is happening but with limited impact on road traffic. Airport passenger numbers are climbing especially as vaccines are delivered.
The ongoing global outbreak of the coronavirus (covid-19) pandemic has seen an extensive sell off permeate financial markets as investors grapple with concerns around how the drastic government and central bank responses to the outbreak will augur for global economic growth. the dra...
global listed infrastructure declined in the september quarter as a combination of rising interest rates, political interference and equity issuance dampened returns..
In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income...
Liquid real asset strategies seek to provide investors with high income, low volatility, reduced correlations and improved diversification. American Listed Infrastructure (ALI) is a new, regionally focused liquid real asset strategy. The following research paper examines ALI’s attributes relative...
The First Sentier MUFG Sustainable Investment Institute, a joint venture initiative between First Sentier Investors and Mitsubishi UFJ Trust and Banking Corporation, has published new research on the growing issue of microfibre pollution.
global interest rates ended the quarter fairly close to where they began with a large change of direction in between.
global interest rates ended the quarter fairly close to where they began with a large change of direction in between.
It seems to us that global central banks (“gcbs”) have repeatedly made it clear that “sooner or later” is meant to encapsulate “being early.” while the wisdom and efficacy of nearly two decades of unprecedented monetary stimulus by the gcbs is open to debate, its effect on financial asset ...
FSSA Investment Managers, Indian equities, Road to Recovery
Leading global investment manager, first state investments today announced the completion of its sale from commonwealth bank of australia to mitsubishi ufj trust and banking corporation, a wholly-owned subsidiary of mitsubishi ufj financial group, inc. (mufg), for us$2.7 billion.
