Search Results

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.

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).

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.

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.

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.

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.

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.

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.

This is a sitemap HTML page.

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. Indian corporates are being forced to reckon with sharp increases in input costs for the first time in almost a decade.

50x P/E! 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.

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.

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

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.

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.

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.

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.

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.

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

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

With global markets declining, led by rising inflation and interest rates, how has Japan fared? Whilst not immune to higher food and energy costs, core inflation in Japan actually remains anaemic.

In the most recent data, Japan’s economy shrank less than forecasted during the first quarter of the year. With the vaccination program on high gear, are we finally seeing light at the end of the tunnel for Japan?

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

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

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.