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  • The India “exposure”
    We often hear this comment from prospective clients who are considering an investment in the FSSA Indian Subcontinent strategy, but are not yet convinced that a dedicated allocation would indeed be worth it. Call us biased, but we have been arguing in favour of a standalone investment in India for many years.
  • India Monthly Manager Views - 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.
  • India Monthly Manager Views - as at February 2022
    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.
  • India’s economic resurgence amidst the turbulence
    Over the past decade, India has had its fair share of crises and reforms. Despite all that, India’s structural growth story remains unchanged, and it is now the fifth largest economy in the world. What does the next decade have in store for India?
  • Heroes and Villains – our views on India’s business families
    “For everything you say about India, the opposite is also equally true,” said a senior corporate executive, paraphrasing a quote from the British economist Joan Robinson, when we met him in India recently.
  • Is India still an attractive investment destination?
    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.
  • FSSA India Monthly Manager Views - July 2021
    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.
  • FSSA India Monthly Manager Views - May 2021
    We have closely followed earnings across our portfolio companies to assess how successfully they have emerged from the initial impact of the pandemic.
  • India Monthly Manager Views - April 2021
    In the first three months of this year, 17 new companies have listed on the mainboard exchanges in India, more than in all of 2019 or 2020.
  • India Monthly Manager Views - as at April 2022
    After a recent meeting in Mumbai with the top management of Mahindra & Mahindra (M&M), 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.
  • India Monthly Manager Views - as at December 2021
    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.
  • India Monthly Manager Views - October 2021
    Our investment philosophy is to back owners and managers with whom we feel strongly aligned, and track records of treating all stakeholders fairly.
  • India Monthly Manager Views - November 2021
    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 - September 2021
    As the saying goes, “There are two kinds of forecasters: those who don't know, and those who don't know they don't know.”
  • India Monthly Manager Views - as at 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.
  • Webcast: India - Road to Recovery: 2021 and Beyond
    What will the Indian economy look like in 2021? Will the government's slew of structural reforms unleash a strong and sustainable recovery?
  • Reflections on the past ten years of managing Indian equities
    Ten years ago last month, I assumed lead management responsibilities for the FSSA Indian Subcontinent strategy. How time has flown!
  • Rising incomes and under-penetrated categories in India
    As disposable incomes have grown, we find that Indian consumers are now moving up the ladder to buy more premium products, or buying discretionary products they could not previously afford.
  • India: Backing good people running good businesses is the key
    From our discussions with companies in the FSSA Indian Subcontinent equity strategy, it is clear that they are well-positioned to deal with the impact of the second wave of the virus on their 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.
  • India Monthly Manager Views - March 2021
    Every company we speak to these days tells us about the cost pressure that they are facing, emanating from rising global commodity prices.
  • 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.
  • 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.
  • India
    FSSA Indian Subcontinent strategies cover India, Pakistan, Bangladesh and Sri Lanka. We tend to favour dominant consumer franchises, high quality private banks and infrastructure companies.
  • 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.
  • Positioning for resilience in volatile times
    FSSA Investment Managers has been investing in Asia and global emerging markets for three decades.
  • How should investors position themselves during periods of market volatility?
    Market volatility has been a feature of Asian and GEM markets for quite some time. The reasons are well known and range from global issues such as the pandemic to region-specific events such as Evergrande and concerns around the Chinese property market.