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Our Asian equity strategies delivered reasonable returns in 2024, and our long-term track record remains solid. Despite the prevailing uncertainty and an uneven recovery across the region, our portfolio holdings were generally resilient.

The American economist Frank Knight once observed that uncertainty, unlike risk, cannot be quantified or predicted.

In an interview with Asset TV, Angus Sandison explains why emerging markets are far from irrelevant. Trading mostly with each other, they can foster resilience and homegrown success.

What can the Tour de France teach us about investing? We explore why patience, discipline and a long-term mindset remain essential in markets increasingly driven by momentum and leverage.

Investors started to turn more positive towards China after the government stepped up support for the economy last September. Domestic developments in artificial intelligence (AI) had also helped to boost market sentiment. But in recent weeks, global markets – including China equities – have been upended with chaotic announcements from the US about trade tariffs on goods imports from around the globe.

It has been a difficult period for the fund. At the time of writing, a number of our holdings are being challenged by an increasingly narrow view of where durable value creation will sit in an artificial intelligence (AI)-driven world.

Markets often seize on a dominant theme and apply it broadly, rewarding what fits the narrative and punishing what does not.

View the latest documents and factsheets for our funds.

Information on this site is provided by First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc MUFG.

News about US reciprocal tariffs have rocked global markets, as President Trump announced sweeping import taxes that were far higher and affected a much broader swathe of countries than expected.

As questions about the waning of US exceptionalism are taking hold, institutional investors are increasingly looking to diversify their equity holdings.

Many fund managers see high trading volumes and rapid portfolio turnover as evidence of constant re-evaluation and attention to detail. But the FSSA Global Emerging Markets (GEM) strategy favors a more patient, long-term approach, only investing in companies where we have high conviction in their prospects.

Investors sometimes fixate on macro movements such as short-term economic trends such as inflation paths and interest-rate movements, but this is not the FSSA Investment Managers way. Our strategy is driven by long-term growth trends in emerging markets and the investment opportunities they create.

In the 1960s, the average holding period for a stock was over eight years. Today, it’s less than six months. But with less time in the market, the narrow band of return dispersion means that many investors end up tracking the index, not beating it.

Extreme views dominate today’s market narrative - especially around AI. While some foresee an imminent singularity, others warn of a bubble. We believe both may be partially right. AI is real and will shape entire industries, but the investable outcomes are likely more modest and diffuse than headlines suggest.

Nimble challenger banks in developing economies are disrupting sleepy incumbents by offering superior service. In doing so, they are opening new markets and delivering benefits for citizens.

Asian equities have staged a robust rally in 2025. Yet beneath the headline figure lies a narrow driver of performance.

High-turnover, high-volume strategies might rely on algorithms and AI for their trading ideas. But at FSSA Investment Managers, we believe the key to building conviction in our investment ideas is having face-to-face conversations with the people and companies we invest in.

At FSSA Investment Managers, we invest in businesses we expect to be part of our portfolio for decades to come. That’s why we put such a premium on the quality of management teams, choosing leaders who we believe have the skills to build strong franchises and deliver long-term growth.

At FSSA Investment Managers, we take a patient, long-term approach when investing in global emerging markets, with a concentrated portfolio of high- quality companies. We examine why this philosophy has endured for the past quarter-century.

Southeast Asia has historically seen more than its fair share of crises. Recent months have brought fresh ones.

The post-Cold War order is fading, giving way to a more friction prone, multipolar world. We outline what this means for portfolios, our defence exclusions, and how we’re positioned for quality and resilience.

Rising household savings, digitalisation and financial literacy are driving rapid expansion of mutual funds in India, unlocking value across the investment ecosystem.

We explore how Shenzhen medical device companies such as Mindray are taking advantage of the city’s knowledge and manufacturing networks to compete on the global stage.

Much of the world has spent the past month watching twenty-two people contest a ball across pitches throughout the North American continent. We have been watching a different contest, played out in Icheon and Pyeongtaek in South Korea, where the field of play is three-quarters of a millimetre high and the trophy is a share of the fastest-growing large market in the world economy.

While value is likely being created amid the artificial intelligence (AI) boom, increasing market concentration highlights the importance of diversification and valuation discipline.

We are pleased to present FSSA Investment Managers’ Sustainability Report 2025, using case studies to highlight our ongoing engagement with companies.

Learn about FSSAIM fund prices and keep track of performance with our comprehensive document library.

Read the latest news and investment insights from FSSAIM's leading investment experts. We're specialists in APAC and Global Emerging Markets investments.

Discover our range of APAC & Emerging Markets (EM) funds today. FSSAIM are investment specialists for China, India and emerging market equities.

Operating as an autonomous investment team within First Sentier Investors group, we are a team of dedicated investment professionals based in Hong Kong and Singapore.

At FSSA, we have always believed that sustainability challenges and opportunities are a core part of investment fundamentals and can have an outsized impact on a company’s returns.

View the latest price and performance (%) of our funds.

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High-quality, durable businesses are often overlooked during thematic market rallies – but these are the companies that tend to compound value over the long term.

As allocators of capital and stewards of our clients’ assets, we recognise that the decisions we make as investors can influence the nature and speed of the transition to a low carbon global economy.

There are a number of industries that we either exclude in their entirety or where we apply thresholds. Applying thresholds affords us the opportunity to engage with the company on parts of their business that are less sustainable than others.

Sustainability analysis is simply the consideration of investment issues beyond the immediate term. Understanding and evaluating a company’s approach to sustainability is therefore part of our risk-mitigation approach.

We have a distinct culture and team structure, which has contributed to the stability of the team. Around half of our analysts joined as graduates; and the majority of our portfolio managers have been with us for most of their careers.

Join Angus Sandison from FSSA Investment Managers to discuss current opportunities in Emerging Markets, the outlook for growth, and why quality businesses and active management remain critical in navigating the regions.

We are looking for people who have a passion for business and investing to join the team and provide a different perspective on companies.

Our investment philosophy has remained broadly unchanged for more than thirty years. We focus on identifying quality companies, buying them at a sensible price and holding for the long term.