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In the past 12 months, global investors have worried about a “regime change” in the long-term inflation outlook, as well as the heavy rotation away from technology companies after the Covid optimism reversed.

India - Monthly Manager Views - June 2021

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.

Given its size and influence, China remains a key investment destination despite ongoing trade disputes and diplomatic tensions with the US and Australia. With a GDP equivalent to around 70% of the United States, many global portfolios continue to feature Chinese equities.

While the pandemic is still far from over, a number of key leading indicators point to a healthy and broad-based recovery in China. Industrial production, trade activity and retail sales have been strong; and in stark contrast to the lockdowns and travel restrictions in early 2020, domestic travel, tourism and the leisure sectors in China have sprung back to life.

Albert Einstein famously said, “Not everything that can be counted counts and not everything that counts can be counted.” This holds true in many situations, but we think it is especially true when it comes to risk management.

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.

Asia Pacific webcast: Positioning for Reflation

Video : Asia Pacific Equities Strategy Client Update

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” threat.

Land, Labour, Capital and Entrepreneurship. These are the well-known “Factors of Production” as defined by classical economists. The Entrepreneur (or Company) is the one that combines these factors to earn a profit.

Every company we speak to these days tells us about the cost pressure that they are facing, emanating from rising global commodity prices. Domestic steel prices have risen by 35% y/y, copper by over 50% y/y and palm oil by over 60% y/y through February 2021.

FSSA India webcast focus on the India Subcontinent Markets and Asia Pacific equities

50x P/E!1 70x P/E! 100x P/E! Valuations that were outrageous just a few years ago are commonly bandied about by most of the investment community these days. But, ask any respected business owner and they would shake their head in disbelief.

In our last client update in February 2021, we discussed the reasons we resisted the temptation to switch into pure cyclicals and so-called “value” stocks1 — even though we had anticipated a sector rotation in the market (the TOPIX subsequently peaked in March 2021).

What are some of the biggest misconceptions about Japan? Strategists often argue that Japan is perhaps the most cyclical market amongst the major global economies, with profits highly correlated to global trade.

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 investment trends.

The performance of the FSSA Japan Equity strategy has been under pressure year to date, driven by a violent style and sector rotation from quality growth to financials and cyclical companies.

There are fundamental differences in Japan’s economy to explain this. First, underlying consumption has stood still in the past decade or so.

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

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.

FSSA Investment Managers is delighted to announce the appointment of two new investment analysts to join the FSSA investment team

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

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.

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

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.

For centuries, Chinese ingenuity reshaped the world. Inventions such as paper, gunpowder, silk, porcelain and the magnetic compass transformed global trade, science and culture. Today, that spirit of innovation is evident in China’s rapid progress in next-generation technologies, from autonomous vehicles to renewable energy and artificial intelligence (AI).

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.

Important information on one fund range for sale in the European Union / EEA: the First Sentier Investors Global Umbrella Fund plc.

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Despite China being the first country to face the challenges of Covid, early optimism around its control over the virus seems to have waned.

With one of the oldest populations in the world, Japan has been planning for a future with fewer workers and more retirees for sometime.

The FSSA Investment Management investment approach focuses on identifying high-quality companies with strong management teams, dominant franchises and conservative financials. Additionally, we seek to invest in companies that have high return on invested capital (ROIC), strong and sustainable growth, and high earnings visibility.

At FSSA, our investment approach focuses on identifying high-quality companies with strong management teams, dominant franchises and conservative financials.

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 favours a more patient, long-term approach, only investing in companies where we have high conviction in their prospects.

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.

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.

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.

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.

Investors sometimes fixate on 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.

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.