Discerning value amid China’s macro noise

After China reopened at the end of 2022, the market’s optimism soon faded and turned into disappointment. But despite the various macro concerns, the picture is more mixed from our perspective. Some segments posted decent recoveries which were often overlooked amid the pessimism.

  • 8 mins

Read more

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.
  • Article
  • 5 mins
We have just returned from India – the first investment research trip in India for our entire team in over two years. It was a liberating break from constantly hearing “You’re on mute!” on video calls whilst simultaneously being forced to appreciate your kids’ music lessons in the adjoining room.
  • Article
  • 3 mins
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.
  • Article
  • 8 mins
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 difference in perspective is critical.
  • Article
  • 10 mins
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.
  • Article
  • 3 mins
Our investment philosophy is to back owners and managers with whom we feel strongly aligned, and track records of treating all stakeholders fairly.
  • Article
  • 8 mins
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.
  • Article
  • 8 mins
Year to date, 34 companies have listed on the Indian exchanges raising a total of USD7.2 billion, a figure which has been surpassed in India only twice before in the last 12 years on an annual basis.
  • Article
  • 5 mins
Corporate India’s resilience has been severely tested over the past decade. Since 2010, there has been a long, drawn-out downturn, caused by a series of corruption and scams, a banking and financial crisis, and now a devastating health pandemic.
  • Article
  • 6 mins