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Modern life seems characterised by extremes, with division and discord the defining features. But, we are living in revolutionary times. Sweeping technological change impacts everything, everywhere. It is an age of accelerated disruption.
This is the third investor letter for the FSSA Global Emerging Markets Focus Strategy since its launch in November 2017. In this letter, we will discuss our investment approach, process, strategy, positioning, and other matters we think are relevant to investors. As always, should you have any qu...
Over the past six months, global equity markets have remained weighed down by uncertainty. Meanwhile, in Japan, Prime Minister Abe’s announcement that consumption tax is set to rise from 8% to 10% this October has escalated fears of a pending recession.
Trade tensions have continued to rattle the market, as negotiations between China and the US remain mired in strife. The bilateral trade account and the extent of China’s willingness to open up its domestic market are among the primary areas of contention, along with accusations of forced technol...
This letter forms the first in a series designed to introduce and explain our approach to sustainability, and the lessons learned so far. We hope that these reflections, drawing on the team’s combined experience, will provide a useful insight.
A worried client asked us recently, “Will Mr Modi be re-elected, or won’t he? How will the ongoing elections impact the investment case for Indian companies?” We don’t know whether Mr Modi will be re-elected. But we strongly believe that the results of the election will have little bearing on th...
2018 was a challenging year for Japanese equities. While we usually prefer to talk about the companies we own rather than comment on the market or the economy, it was interesting to note that 85% of trades last year was on auto-pilot, controlled by machines, CTAs and quant funds.
The 19th National Congress of the Communist Party, arguably the most important and widely anticipated event in China’s political diary, took place in mid-October.
It was recently the 10th anniversary of Lehman’s collapse; and in Hong Kong, warning signal ‘Typhoon No. 10’ had been hoisted, as the biggest hurricane-strength storm in recent history battered its way through the territory.
Over the last few years, valuations have generally become expensive in our universe of quality companies. Valuations reaching these levels remind me of the mistakes I made running into the 2008 crash. Whilst it is hard to predict a market turn like that, some of the signs look eerily similar (as ...
The slow pace of change in Japan and the meagre improvements made so far have been a difficult pill to swallow for Abenomics supporters.