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  • China equities: Quality and patience go a long way
    In the second article of this three-part series, Martin Lau, managing partner and lead portfolio manager of the FSSA China Growth strategy, discusses the importance of keeping a long-term mindset and valuation discipline as the strategy celebrates its 30th anniversary this year.
  • China equities: Keeping a long-term view
    In the final article of this three-part series, Martin Lau, managing partner and lead portfolio manager of the FSSA China Growth strategy, discusses the importance of keeping a long-term mindset and valuation discipline as the strategy celebrates its 30th anniversary this year.
  • Discerning value amid China’s macro noise
    When China reopened at the end of 2022, domestic stocks had a V-shaped rebound, analysts raised their earnings forecasts, and companies prepared for a steep recovery in the economy. But the market’s optimism soon faded and turned into disappointment.
  • Travelling, rather than arriving, with companies in India
    Sree Agarwal and Shivika Srimal, investment analysts at FSSA Investment Managers, believe there are a number of reasons to be positive on India in the long run, and shared their rationale at the FSSA Forum 2023.
  • India Client Update - February 2023
  • Solara eclipse
    In our team, mistakes are teachable moments to be shared and learnt from. Thankfully, for us and our clients, in our history of investing in India we have managed to avoid the big ones.
  • Evaluating management teams in emerging markets
  • Investing in great businesses
    One of the true competitive advantages we believe we have at FSSA is a genuine long-term investment horizon. For us, investing is not about trying to predict which stocks will rise or fall next month or quarter; rather, it is a non-speculative activity aimed at participating in the long-term value creation we believe the best companies can generate.
  • Japan Equities Update - May 2023
    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.
  • Accessing India's growth: why you need more than a GEM strategy
    India's economic prowess has become a focal point for institutional investors eyeing long-term growth. Traditionally, investors lean towards Global Emerging Market (GEM) strategies to tap into this opportunity.
  • End of Year review - Martin Lau
    Martin Lau, Managing Partner FSSA Investment Managers, heads up the FSSA China strategies and looks back on 2021 in the video below.
  • Navigating the challenges and opportunities as China targets net zero
    China made headlines for watering down coal reduction targets during COP261, but we think the criticism is unfair.
  • Green shoots appearing but challenges remain
    In this China update for mid-2022, we discuss some recent topics of interest as highlighted by our clients.
  • China’s e-commerce companies are eating the big grocers’ lunch
  • China Equities Client Update
    While the pandemic is still far from over, a number of key leading indicators point to a healthy and broad-based recovery in China.
  • China's Tightening Regulations - Should Investors be Worried?
    What are your thoughts on the increasing regulation risk of investing in China? Firstly, regulations are nothing new — it has always been a part of the investment equation.
  • China Equities Update - Aug 2023
    After Chinese stocks rallied upon the abrupt end to pandemic lockdowns in late 2022, pessimism has taken hold of the markets again. This time, concerns include the uneven post-Covid recovery, the lack of stimulus and weak external demand.
  • Martin Lau: Revisiting the Case for Investing in Chinese Stocks
    In this podcast sponsored by Morningstar, our Managing Partner, Martin Lau, reflects on the state of China’s economy and market and what the future might hold.
  • China: what has changed... and what remains the same
    Most people in North America and Europe hold a negative view of China, according to a recent survey. This is hardly surprising given the portrayals in Western media.
  • Video - China: what has changed... and what remains the same
    While the media has been replete with negative headlines on China, Winston Ke and Helen Chen present a more balanced view. China still has many attractive features, including a large universe of quality companies with capable leaders, consistent earnings growth and increasing innovation.
  • End of Year review - Richard Jones
    Richard Jones, Director at FSSA Investment Managers, heads up the FSSA Asia-Pacific strategies and looks back on 2021 in the video below.
  • The evolution of Chinese & Asian markets – recent developments and implications for investors
    With over 20 years managing money in China I have seen significant changes both in the corporate and investment environment. One of the biggest shifts that has occurred is the fact that China is not short of investment capital.
  • Growing headwinds for Asian equities; but we see grounds for longer-term optimism
    Lee Kuan Yew, although somewhat a polarising figure, perhaps understood state power and the human condition better than anybody. Consequently, Singapore has often been criticised as much as it has been greatly admired. Irrespectively and without question though, the country has gone from strength to strength.
  • Back to reality for Asian markets?
    Looking back (though it’s not like we didn’t already know), it is clear that we have been living in an increasingly distorted world. Financially, for the last decade, it has been about interest rates falling to (and staying at) zero in a world of general money printing.
  • India - Monthly Manager Views - October 2021
    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.
  • India Monthly Manager Views
    We have written about the spate of Initial Public Offerings (IPOs) in India and our reasons for staying away from them, for the most part. This time, we want to talk about why new listings are important to keep the market vibrant and to keep the entrepreneurial spirit in the country alive.
  • India - Monthly Manager Views - August 2021
    As with global automotive manufacturers, several Indian automotive original equipment manufacturers (OEMs) have recently announced that the shortage of semiconductor supply has impacted their production schedules.
  • India - Monthly Manager Views - May 2021
    We had entered the meeting with a leading air-conditioner company in our portfolio worried about the risks to its growth and profitability, as the second wave of Covid-19 affected consumer demand and raw material costs rose sharply.
  • India Monthly Manager Views January 2022
    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.
  • India’s economic resurgence amidst the turbulence
    Over the last few years, we have been selling many companies which have become expensive. On the other hand, there are still companies that are attractively valued with robust growth ahead.
  • Quality at any price?
    Last year, we wrote about the bubble we were witnessing in the initial public offerings (IPOs) in India. Now, we see a different type of bubble forming – in these cases, the business is often a proven one, with a strong track record and high return profiles.
  • Road to Recovery: 2021 and Beyond
    FSSA India webcast focus on the India Subcontinent Markets and Asia Pacific equities
  • Mahindra & Mahindra: A rejuvenation in progress
    After a recent meeting in Mumbai with the top management of Mahindra & Mahindra we came back with a clear message – M&M’s commitment to its purpose does not mean that it will continue to operate loss-making businesses.
  • Fear of missing out
    That would perhaps be an accurate description of what drove some of my portfolio decisions as a young fund manager, roughly 15 years ago during the global financial crisis (GFC) meltdown.
  • An essay on not investing
    As the saying goes, those who stand for nothing, fall for everything. And so it is that we believe there isn’t a price for every business. Most are better left alone in the interests of sleeping better at night. Staying disciplined to our process means erring on the side of caution and avoiding companies where we have lingering suspicions about the governance practices.
  • Global Emerging Markets Equities - September 2021
    Since our last update, global markets have not been short of action and the manic behaviour characterising today’s markets has taken investors on another rollercoaster ride.
  • Global Emerging Markets Equities Focus - December 2021
    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.
  • End of Year review - Rasmus Nemmoe
    Rasmus Nemmoe, Portfolio Manager at FSSA Investment Managers manages the FSSA Global Emerging Markets strategies and looks back on 2021 in the video below.
  • Adhering to the Fundamentals of Investing in Global Emerging Markets
    Over the past few years, global emerging market (GEM) investors have dealt with a series of challenges, including a surging pandemic, local lockdowns and widespread travel restrictions. Now, an escalating conflict between Russia and Ukraine has raised fears that this could spill over into Europe and beyond.
  • FSSAIM - Global Emerging Markets Equities Focus - December 2022
    Investment management is an industry where in the short run there is usually little relationship between process and outcome. In the long run, however, the link is very strong.
  • FSSAIM - Global Emerging Markets Equities Focus - September 2022
    Since we last wrote, roughly three months ago, investors in emerging markets have had to reconcile themselves to a stream of disappointing headlines from several key countries. We are often asked about our own views on politics and macroeconomics, and how we incorporate them into our investment process.
  • Balance and behavioural biases
    As investors focused on quality, one can easily “fall in love” with an investment and be too forgiving in certain situations, potentially missing important warning signs or sell signals. One question that we frequently get relates to a common behavioural bias for quality investors: how do we balance admiration for a company without becoming too complacent?
  • Japan - Land of Hidden Gems
    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.
  • Japan - Client Update
    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).
  • Japan Equities February 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.
  • Maintaining conviction on Japan equities
    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.
  • Moving forward on ESG
    At FSSA, we are long-term, bottom-up investors with a focus on quality. This mind-set also applies to how we engage with companies on Environmental, Social and Governance (ESG) matters.
  • Positioning for resilience in volatile times
    FSSA Investment Managers has been investing in Asia and global emerging markets for three decades. We are conservative investors, and resilience during market sell-offs has underpinned our long-term performance.
  • Travelling with companies on their ESG journeys
    At FSSA, we are long-term, bottom-up investors with a focus on quality. This mind-set also applies to how we engage with companies on Environmental, Social and Governance (ESG) matters.
  • Riding out volatility with quality companies
    There are fundamental differences in Japan’s economy to explain this. First, underlying consumption has stood still in the past decade or so.