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In our last client update, written through the depths of Covid-despair, we observed that real life and the world of markets are seldom so intimately entwined.

Though Covid hasn’t yet finished with us, the markets have finished with Covid. In real life, there is still plenty of misery to go around, but things have seldom been better for investors.

In boom times like today, when cash costs nothing and capitalisation rates are zero, everybody is focused on growth and the future.

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.

Every company we speak to these days tells us about the cost pressure that they are facing, emanating from rising global commodity prices.

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.

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.

We have closely followed earnings across our portfolio companies to assess how successfully they have emerged from the initial impact of the pandemic.

Our investment philosophy is to back owners and managers with whom we feel strongly aligned, and track records of treating all stakeholders fairly.

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.

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.

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.”

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.

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.

The American economist Frank Knight once observed that uncertainty, unlike risk, cannot be quantified or predicted.

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.

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

As questions about the waning of US exceptionalism are taking hold, institutional investors are increasingly looking to diversify their equity holdings.

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).

Markets often seize on a dominant theme and apply it broadly, rewarding what fits the narrative and punishing what does not.

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.

View the latest prices and performance of FSSA funds.

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

Explore the FSSA ASEAN All Cap Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.

Explore the FSSA Asia Pacific Equity Fund, its investment strategy, performance, price, and key documents from FSSA Investment Managers.

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.

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.

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.

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.

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.

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.

Operating as an autonomous investment team within First Sentier Investors group, we are a team of dedicated investment professionals based in Hong Kong and Singapore.

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.

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