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The Great Transition Series
A blog series detailing the state of the US and Japanese economic landscape
Our investment capabilities span equities, fixed income, real assets and alternatives
Focused on hard currency sovereign and corporate debt and local currency markets
Manages highly diversified global corporate bond portfolios that capture the credit premium offered in the market.
Investments into fixed income allow investors to diversify and protect their portfolios.
Fixed income idea generation that operates free from traditional parameters such as region, sector, rating, and benchmark constituents
High Yield corporate bonds typically offer higher yields, with less duration than most fixed income alternatives.
Advising and designing bespoke investment solutions
A proven track record in managing cash funds
Two of the largest investment teams covering Australian equities
First State Stewart Asia manages Asia Pacific and Japanese equity strategies.
Combining infrastructure experience with investment management expertise
Global property securities specialists located in major property markets
Investing in equity portfolios covering hard commodities
Focused on partnering with clients to provide tailored Smart Beta solutions
Stewart Investors manage Asia Pacific (ex Japan), Global Emerging Markets, Worldwide and Sustainable Development equity strategies
Focused on core infrastructure and a highly active asset management approach
We aspire to be a global leader in responsible investment and continually strive for improved practices in Environmental, Social and Governance (ESG) integration
Each year we report on our progress, providing evidence of how we are delivering our RI objectives and the investment outcomes that flow from it
Read about our company, corporate vision and values, management team and related businesses
Latest press releases and company announcements
Information about the Foreign Account Tax Compliance (FATCA).
Stewardship: At the heart of our investment approach is the concept of stewardship. We believe our job is to allocate our clients’ capital to good quality companies with sound growth prospects and strong management teams, ensuring we pay sensible prices for these investments. Each investment is a decision to purchase, on behalf of our clients, not a piece of paper or an electronic ticker, but part of a real business with all the rights and responsibilities that go with this. We take these rights and responsibilities seriously. We also believe the way we behave as investment professionals and the role we play in the broader industry are important in this regard. Hippocratic Oath
Risk: We define risk as the risk of losing our clients’ money, rather than in terms of deviation from any benchmark index. We focus as much on the potential downside of each investment decision as on the anticipated upside. Long-term: We are long-term investors and strive to make investment decisions with a five year time horizon. We are incentivised accordingly. Bottom-up: We invest in companies, not sectors or countries. Our starting point is always to find good quality companies. Only then do we consider the political and economic environment in which they operate. Quality: We emphasise the importance of the quality of the management and spend a great deal of time focusing on areas such as management integrity, corporate governance and the historic ability to develop and execute successful long-term strategies. Quality of the business franchise and the financials are also critical. Growth: Our preference is to invest in companies able to generate a steady, predictable growth in cashflows over the long-term, recognising that companies growing too fast usually come unstuck. Valuation: We strive to ensure we pay sensible prices for our investments. We believe every company of sufficient quality has a fair value and that there is no single catch-all valuation methodology to assess this fair value.
Please note that on a number of funds we manage, the full initial charge of 4% is charged on all purchases to protect the interests of existing investors. This 4% charge is mandatory and non-reversible and applies to all lump sum investments both direct and via platforms.
The value of investments and any income from them may go down as well as up. Investors may get back less than the original amount invested and past performance information is not a guide to future performance.
Martin Lau, Managing Partner at First State Stewart Asia, talks about what he looks for in Chinese stocks and some of the challenges of being a long-term investor in the market.
After a very slow start to its monetary policy normalisation process, with only one rate hike in both 2015 and 2016, the US Federal Reserve (the Fed) today entered a new, more active phase for monetary policy.
As is the case each January, in this edition of First Insights, we discuss the key themes and risks for the year ahead. 2017 looks set to be dominated by President Trump and his plans for significant fiscal policy easing in the US.
Harry MooreHead of Distribution Australia and New Zealand