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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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stewart investors manage equity portfolios, on behalf of clients, in asia pacific, emerging markets, global and sustainable investment strategies.
First state investments has announced some changes to the structure of the first state stewart team which they intend will become effective on 1 july 2015.
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 approaches...
We flex our asset allocation with changing market conditions to stay positioned to deliver on objectives.
Access a global opportunity set with the on-the-ground research and skill of specialist emerging markets investors.
Learn about investing in Asian equities with FSSA Investment Managers today. Our Asia funds invest in high quality companies with potential to outperform over the long term.
Leading global investment manager, first sentier investors (fsi), today announced the outcome of a review of its existing investment capabilities against its strategy.
The proposed new national industry body would lead projects on behalf of members, including working together on a national strategy and targets, providing a strong voice with government, and educating consumers about appropriate disposal and recycling.
First state investments (‘first state’) announces the launch of the first state china a shares fund, a sub-fund of its dublin-domiciled ucits fund. the fund is designed to meet the growing demand from investors for exposure to companies in mainland china, through securities listed on the c...
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.
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.
David Allen brings with him more than 20 years of global asset management experience where he specialised in building investment businesses and leading investment teams.
First sentier investors are the world-leading provider of specialist investment capabilities. discover how we provide research-led active investment management.
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.
Our investment philosophy is to back owners and managers with whom we feel strongly aligned. These owners typically have track records of treating all stakeholders fairly, in both good and bad times.
Learn about investing in the world's fastest-growing markets with FSSA Investment Managers. We invest in high quality equities that can outperform over the long term.
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.
Over the past six months, global equity markets have remained weighed down by uncertainty. Meanwhile, in Japan, Prime Minister Abe’s announcement that consumption tax is set to rise from 8% to 10% this October has escalated fears of a pending recession.
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...
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.
It was John Templeton who famously skewered that old bull market hubris: “It’s different this time,” as the four most expensive words in the history of investment. But, it is different this time, isn’t it? Well, yes and no. The combination of all-time low interest rates, massive money printing an...
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 Shanghai and ...
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.
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 China’s brick...
Learn about investing in Asia Pacific equities with FSSA IM today. Our APAC funds invest in high quality companies with potential to outperform over the long term.
Learn about investing in global emerging market equities with FSSA IM. Our GEM funds invest in high quality companies with potential to outperform over the long term.
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 China’s...
Mutations, it would seem, are not unique to the virus. Starting with some housekeeping, we always end our letters seeking feedback from our regular readers.
Learn about investing in Japanese equities with FSSA IM today. Our Japan funds invest in high quality companies with potential to outperform over the long term.
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.
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.
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.
In the first three months of this year, 17 new companies have listed on the mainboard exchanges in india, more than in all of 2019 or 2020*. high levels of retail investor participation and continuing inflows for domestic mutual funds have meant that these new issuances have been lapped up by eag...
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.
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 co...
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...
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...
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...
Looking back over 2020, a challenging year for many reasons, there were two key investment decisions that helped the performance of the FSSA Japan Equity strategy. Firstly, in the early days of the pandemic we started to identify companies that might benefit from the acceleration of secular inves...
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 inves...
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% ...
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...
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 ...
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...
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...
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 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 ...