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Read regular news updates, research papers, investment strategy updates & thought pieces from some of First State Investments leading experts.

First Sentier Investors are the world-leading provider of specialist investment capabilities. Discover how we provide research-led active investment management.

Global asset management group focused on providing high quality, long-term investment capabilities to clients. We bring together independent teams of active, specialist investors who share a common commitment to responsible investment principles.

A diverse range of global, regional and sector-based equity, cash and fixed income, infrastructure, property and alternative credit investment strategies and funds.

Our 2026 outlook explores the trends driving progress and how First Sentier Group’s asset class specialists are thinking about where they can unlock opportunity in a changing world.

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 to existing United States-focused liquid real assets: MLPs, REITs and utility funds.

2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.

For over twenty years, the global listed infrastructure asset class (GLI) has consistently generated dividend yields in the 3%-4% range. As valuation multiples have declined in the past few years, dividend yields have expanded into the upper half of this range.

Learn how we are embedding a culture of responsible investment stewardship to ensure better outcomes both financially and for society in general.

Each investment team has developed a climate change statement and carbon footprint report. We provide a combined footprint for all listed equity portfolios and individual listed equity team carbon footprints.

2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.

Global listed infrastructure companies outperformed both global equities and bonds in 2022. We believe the financial and economic factors contributing to this outperformance may remain in play in 2023.

This paper asserts that macro towers will remain at the heart of a modern, mobile data communications network despite the continual development of new technologies.

Consider listing property as part of real asset portfolios for long-term returns, liquidity, and inflationary hedge. This article explores these factors and emphasizes the investment potential of listed property as a complement to real asset portfolios.

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.

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.

Last quarter I visited infrastructure companies in Tokyo, Osaka and Nagoya. The trip included visits to ten corporate head offices and three site tours. This paper seeks to share some of the key findings from my meetings with Japanese passenger rail and utility companies.

Concentration in equity markets has reached unprecedented levels, particularly in the United States. A select few mega-cap stocks, colloquially referred to as the "Magnificent 7," now dominate market indices, reflecting a convergence of technological innovation, speculative enthusiasm, and the allure of generative AI.