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

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Markets will always do their best to push us to act in a short-term and emotional manner, particularly at times when events become somewhat extreme. These days all of us, market participants or not, seem almost entirely focused on uncertainty rather than promise. This is why having a strong philosophy and process is crucial.
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In our last update, we touched on the idea of high-quality companies hiding in small market capitalisations in ASEAN . This, in our view, is due to years of declining foreign-investor interest in the region. These companies are usually not covered in great detail or indeed at all by sell-side research analysts.
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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.
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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.
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