The ongoing global outbreak of the Coronavirus (COVID-19) pandemic has seen an extensive sell off permeate financial markets as investors grapple with concerns around how the drastic government and central bank responses to the outbreak will augur for global economic growth. The dramatic sell off...
Each year around the Lunar New Year, factories in China switch off production and close up shop for the Spring Festival period. Factory workers who had left their rural hometowns in search of better wages in cities travel home en masse for the celebrations. With three billion trips expected to be...
Global Listed Infrastructure fell in February on concerns that the spread of COVID-19 could weigh more heavily on economic activity levels than initially anticipated.
The attributes we like in a company are a strong management team, an effective board, strong alignment with its majority owners and management, a conservative and introspective culture, a franchise which has pricing power and generates superior returns on capital employed, and the potential to be...
Global Listed Infrastructure delivered steady gains through January as investors sought defensive assets.
Based on the fundamentals heading into 2020, Head of Global Property Securities, Stephen Hayes, expects listed property sector valuations to remain at current levels. Our strategy’s largest exposures are to residential, logistics and office assets.
Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social wellbeing and commerce levels. Government housing...
Global economic growth continues to grow at a moderating pace. We expect global GDP growth to continue to slow into 2020 along with the Chinese economy. High Chinese Local Government debt, moderating terms of trade and a sluggish domestic economy continue to weigh on growth.
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...
Japanese passenger rail volumes remain solid with the Rugby World Cup and Tokyo Olympics expected to provide continued support for the year ahead. Japan’s proposed 500km/h Maglev train between Tokyo and Osaka represents another example of the country’s world leading infrastructure.
Global Listed Infrastructure proved resilient during September against a backdrop of geopolitical tensions and softening economic data. The FTSE Global Core Infrastructure 50/50 index gained +1.8%, while the MSCI World index ended the month +2.1% higher.
The past decade has witnessed the birth of a new asset class: Global Listed Infrastructure Securities (GLIS). While investors have embraced infrastructure as an asset class since the 1990s, the idea of investing in infrastructure via listed securities was developed by a small number of Australian...
2018 outlook: moderately rising interest rates will not materially impact property valuations.
The growth in health care, e-tailing and omni-channel retailing has been a major driver of the increased demand for logistics distribution centres.
Globally, all major property markets rose in local currency terms in December except for Japan, which ended the month slightly lower. New Zealand was the strongest property market in GBP terms, returning 9.0%, followed by the UK, which rose 8.2%. The FTSE EPRA/NAREIT Developed Index (TR) rose 1.5...
Property markets fell consistently around the world in February. The FTSE EPRA/NAREIT Developed Index (TR) was down 6.3% in USD terms. In local currency terms, Canada was the strongest property market despite losing 1.1%, while the US (-7.4%) was the weakest property market.
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.
Listed infrastructure has historically offered investors risk-adjusted returns and lower correlations to traditional asset classes. This outcome has been achieved by delivering steady out-performance of other asset classes during periods of equity market weakness.
Global Listed Infrastructure gained in June, supported by increasingly dovish central bank rhetoric and persistently low bond yields. The FTSE Global Core Infrastructure 50/50 index rose +4.2%, while the MSCI World index^ ended the month +6.6% higher.
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...
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...
The third quarter of the year was a highly eventful one during which the trade war between the US and China took a turn for the worse.
Global GDP growth continues at long term trend levels, mainly driven by developed countries where economic growth remains broad based across the household, private and Government sectors.
This paper examines our investment teams’ approach to managing a global listed property portfolio and highlights how it aims to preserve clients’ capital in a climate of rising interest rates and/or softness in property prices.
Listed infrastructure has offered investors attractive risk-adjusted returns and lower correlations to traditional asset classes. This outcome has been achieved by delivering steady outperformance during periods of equity market weakness.
The past decade has witnessed the birth of a new asset class: Global Listed Infrastructure Securities (GLIS). While investors have embraced infrastructure as an asset class since the 1990s, the idea of investing in infrastructure via listed securities was developed by a small number of Australian...
The latest instalment of our Travel Diary series comes from Andrew Greenup, who recently spent time in Brazil visiting infrastructure companies, assets, regulators and government bodies.
It was an eventful quarter, though most factors were negative which lead to continuous spread widening for almost the entire period. Some of the notable events which kept the market jittery were, tighter monetary conditions in US and Europe, relentless emerging markets outflows amid the stronger ...
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.
The quarter started with an upbeat tone amid synchronised global growth, however that dissipated very quickly.