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

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.

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.

View the latest price and performance of FSSA funds.

View the latest factsheets and documents for FSSA funds.

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.

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.

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.

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

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.

FSSA Investment Managers (“FSSA”), an affiliate of First Sentier Group, has today announced it will be rebranded as First State Investments (“First State”) on 24 November 2026, returning to its heritage name under which it has built its reputation as a leading investor in Asian and emerging markets equities.

View the latest price and performance of FSSA funds.

Investment strategy updates and insights from FSSA Investment Managers' leading investment experts.

Our investment strategies cover regional and single country portfolios across the universe of small-, mid- and large-cap stocks, including Asia Pacific, Global Emerging Markets, Greater China Region, China A-Shares and India.

FSSA Investment Managers are bottom-up investors, using fundamental research and analysis to construct high-conviction portfolios.

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.

This Privacy Notice relates to First Sentier Group. We believe protecting your personal information and being clear about what we do with it is a vital part of our relationship with you.

Contact the FSSA Investment Managers team for enquiries and further information.

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.

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.

There are people we would not invest with and some businesses that we would not own. In particular, this includes people with histories of corporate misdemeanours or businesses materially exposed to harmful products and services.

The FSSA Investment Managers team consists of investment professionals based in Hong Kong and Singapore. Our team members come from diverse backgrounds and speak 15 local languages and dialects, which contributes to the quality of research and analysis when meeting with 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.

Explore the FSSA Indian Subcontinent Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.

Explore the FSSA Indian Subcontinent Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.

Explore the FSSA Indian Subcontinent Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.

Explore the FSSA Indian Subcontinent Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.

Explore the FSSA Global Emerging Markets Focus Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.