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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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What should investors be focussing on within the global property sector, particularly in a post-covid world?
We believe that property fundamentals are largely driven by local property factors and have team members located in asia pacific, europe and the united states.
Investing with regard to environmental, social and governance considerations is not new to us. On environmental, it's imperative that real estate leads the way.
Our head of global property securities, stephen hayes, introduces the strategy and tells us more on how the strategy is predominantly invested in residential assets and logistics assets. both of those two asset types make up over 50% of the portfolio.
Watch our head of global property securities, stephen hayes, discuss the key characteristics of the strategy, characterised by investments in high quality real estate within the world’s most bustling cities.
Our head of global property securities, stephen hayes discusses how the team are positioning the portfolio post-covid.
The way we work, commute and shop is changing – and how well our cities adapt to these changes determines how fast land values can rise.
Investing in property securities provides investors with an opportunity to exploit trends in various property sectors through the listed property trust market, without the significant transaction costs that typically apply when investing in direct property.
There were a number of structural trends leading up to the Covid pandemic that were all very well understood. And the pandemic has given rise to some newer emerging trends. And what is central to the majority of these trends is the rapid advancement and continued adoption of technology which is d...
Based on the fundamentals heading into 2020, head of global property securities, stephen hayes, expects listed property sector valuations to remain at current levels. our strategy’s largest exposures are to residential, logistics and office assets.
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.
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.
Tap into a relatively stable investments in real assets, infrastructure, property and essential services we all rely upon
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 globally...
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
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...
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?
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 app...
Investor optimism permeated markets and supported most risk assets in may as the gradual easing of covid-19 related restrictions in a number of countries gave rise to hopes of an impending return to normality in the global economy.
Read regular news updates, research papers, investment strategy updates & thought pieces from some of First State Investments leading experts.
Welcome to First State Investments’ yield report, exploring the potential implications of interest rate increases for seven asset classes across our portfolio of investment capabilities.
Important information two fund ranges ("the funds") for sale: the first state investments icvc and the first state global umbrella fund plc
Covid-19 has created a challenging environment for income reliant investors, with interest rates near all-time lows and expected to remain there for the foreseeable future, while in equity markets, even the most reliable dividend payers are facing mounting pressure on their dividend policies over...
With the potential for long term growth prospects and a track record of resilience through economic downturns, this increasingly institutionalised property sector can be a defensive play for investors.
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.
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...
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...
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.
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.
First state investments has built an impressive track record in the global listed infrastructure asset class. despite the extraordinary events since its launch in june 2007 – including the great financial crisis, volatile commodity prices, and political upheaval in many parts of the world ...
The past decade has witnessed the birth of a new asset class: global listed infrastructure securities (glis). while investors have embraced infrastructure as an asset class since the 1990s, the idea of investing in infrastructure via listed securities was developed by a small...
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% ...
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...
FSSA Investment Managers, Indian equities, Road to Recovery
It was recently the 10th anniversary of Lehman’s collapse; and in Hong Kong, warning signal ‘Typhoon No. 10’ had been hoisted, as the biggest hurricane-strength storm in recent history battered its way through the territory.
The latest instalment of our Travel Diary series comes from Andrew Greenup, who recently spent time in Brazil visiting infrastructure companies, assets, regulators and government bodies. Brazil has many social, political and economic challenges. Infrastructure investment is viewed as part of the ...
Insulation from the effects of inflation is a key objective for many investors. Many pension and sovereign wealth funds specifically target long-term returns of CPI (Consumer Price Index) plus 5%.
A worried client asked us recently, “Will Mr. Modi be re-elected, or won’t he? How will the ongoing elections impact the investment case for Indian companies?” We don’t know whether Mr. Modi will be re-elected. But we strongly believe that the results of the election will have little bearing on t...
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...
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 ...
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 questions...
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.
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.
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...
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.
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