Investment Insights
FSSA Monthly Manager Views – India
June 2021
At a team discussion last month to track management and board changes across our investment universe, a notification on the stock exchanges piqued our interest. Mr Aditya Puri, who had only recently retired as the CEO of HDFC Bank, had joined the board of a small, unlisted pharmaceutical company, Stelis Biopharma.
FSSA Monthly Manager Views – India
May 2021
As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These Monthly Manager Views are based on the team’s discussions with company management and the in-depth analysis that follows.
FSSA Monthly Manager Views – India
April 2021
As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These Monthly Manager Views are based on the team’s discussions with company management and the in-depth analysis that follows.
FSSA Monthly Manager Views – India
March 2021
As bottom-up investors, the FSSA team carry out well over 1,500 meetings each year to assess company managements’ capabilities and the underlying strength of the franchises they run. These Monthly Manager Views are based on the team’s discussions with company management and the in-depth analysis that follows.
FSSA Investment Managers - India Equities Update
February 2020
The attributes we like in a company are a strong management team, an effective board, strong alignment with its majority owners and management, a conservative and introspective culture, a franchise which has pricing power and generates superior returns on capital employed, and the potential to become a bigger business over time.
FSSA Investment Managers - India Equities Update
May 2019
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 the long-term investment case for Indian equities.
FSSA Investment Managers - India Equities Update
July 2018
Over the last few years, valuations have generally become expensive in our universe of quality companies. Valuations reaching these levels remind me of the mistakes I made running into the 2008 crash.
FSSA Investment Managers - India Equities Update
October 2017
Household savings in India has always been a big number (~US$500 billion) and only a small part of it was in financial instruments, let alone equities. The demonetization exercise in November 2016 encouraged the shift of household savings into financial assets.
FSSA Investment Managers - India Equities Update
September 2016
In previous updates, we discussed the impact of generational changes amongst the owners of our holdings. We continue to monitor such developments very closely and, encouragingly, have encountered a number of positive changes in some of the companies that we have been watching. In this latest update on India, we highlight a few companies that we have taken stakes in as a result.
FSSA Investment Managers - India Equities Update
February 2016
Imperfect companies in India - we find faults in our portfolio holdings and explain why we still consider them to be good investments.