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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 fixed income today. first sentier investors' on-the-ground teams share investment ideas uncovered in developed & emerging markets.
As covid-19 wreaks havoc on lived and financial markets, we check in with our veteran high yield fixed income team to learn which industries are being most affected, where there are opportunities and why high yield may be considered 'cheap' right now.
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.
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.
Read regular news updates, research papers, investment strategy updates & thought pieces from some of First State Investments leading experts.
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.
Barely one week into the new year, two of the most respected investors of investment grade “plus” fixed income publicly singled out high yield corporate bonds as a particularly poor investment. when respected peers make it a point to bash our entire asset class it woul...
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 response to the COV...
The covid-19 pandemic had a dramatic effect on the market in early 2020. within days of u.s. stocks hitting an all-time high in february, u.s. equity indices began a one-month, 30-40% sell-off, u.s. high grade corporate spreads tripled, and high yield spreads briefly p...
The high yield markets have continued their very strong rally from their february 2016 lows. every market environment presents investors with somewhat unique market internals, opportunities and challenges.
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 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
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 ...
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 be...
Our Emerging Market Debt team provide a review of the first quarter of 2014, including an update on the global environment and market-drivers for Emerging market debt in 2014.
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 general, global corporate bonds posted positive total returns during the third quarter of 2018.
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 prices ...
First Sentier Investors are the world-leading provider of specialist investment capabilities. Discover how we provide research-led active investment management.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
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.
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.
With the united states just weeks away from a presidential election, the stakes are high for a country that has been grappling with the covid-19 pandemic, social unrest and an economic crisis.
The core plus strategy returned 2.12%, underperforming the bb us aggregate index by 0.15% during the quarter. interest rate positioning underperformed overall. losing positions in us breakeven inflation rates and the us yield curve shape were partially offset by successful long rate posit...
The absolute return strategy returned 0.61% during the quarter. interest rate positioning underperformed overall. losing positions in us breakeven inflation rates and the us yield curve shape were partially offset by successful long rate positions in the us, europe, and australia.
Emerging market (em) debt returned 0.5% (in us dollar terms) in july reflecting income. the risk premium on em debt increased over the month, with the spread on the index rising to 367 basis points (bps). the yield was virtually unchanged at 5.8%, while us 10-year treasury yield<...
The Core Plus strategy returned 3.19%, outperforming the BB US Aggregate Index by 0.11% during the quarter. Interest rate positioning outperformed, primarily due to long positions in global rates. A steeper US curve and favorable country spread positions also contributed.
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...
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...
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.
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 ...
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 ...
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 attri...
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.
Look at any investment document and you will see the caveat “Past performance is not a good predictor of future performance”. Regardless of the caveat, past performance continues to provide a comfort blanket for investors and as a result plays a larger part than it should when it comes to appoint...
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 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.
Important information two fund ranges ("the Funds") for sale: the First State Investments ICVC and the First State Global Umbrella Fund plc
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.
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.
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 polici...
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 ...
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...
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.
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