Global Emerging Markets Equities Focus - December 2021

Mutations, it would seem, are not unique to the virus. Starting with some housekeeping, we always end our letters seeking feedback from our regular readers.

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Latest Insights

China made headlines for watering down coal reduction targets during COP261, but we think the criticism is unfair.
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  • 7 mins
The country’s biggest bricks-and-mortar grocery chains are fighting back against online competition.
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Our investment philosophy is to back owners and managers with whom we feel strongly aligned. These owners typically have track records of treating all stakeholders fairly, in both good and bad times.
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In our last client update in February 2021, we discussed the reasons we resisted the temptation to switch into pure cyclicals and so-called “value” stocks1 — even though we had anticipated a sector rotation in the market (the TOPIX subsequently peaked in March 2021).
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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.
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Looking back over 2020, a challenging year for many reasons, there were two key investment decisions that helped the performance of the FSSA Japan Equity strategy.
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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.
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