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Podcast: Coronavirus - Asian markets corrections and resilience
This timeline highlights some of the market events during the last few weeks and how our experienced team has navigated the market volatility. We also highlight what to look out for in the weeks ahead and highlight some positives amongst all the negative news.
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...
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +2.6% Q4’19 total return (‘TR’), and a +14.4% total return for the full-year 2019. The strong 2019 represented the fourth best annual return since the post-GFC recovery in 2009; modestly t...
In January, our Asia Fixed Income team provided an outlook for the asset class in 2020. Since then, developments associated with coronavirus have dominated attention and affected sentiment towards financial markets worldwide. In this update, Jamie Grant, Head of Emerging Market and Asia Fixed In...
We recently travelled to Sub-Saharan Africa to undertake bottom-up research on a number of high yield sovereign credits, namely: Kenya, Zambia and Angola. Research trips, such as these, form a vital part of our investment process; particularly for countries where idiosyncrasies are the dominant d...
We have recently updated economic climate assumptions for individual countries and, in turn, amended the Neutral Asset Allocation (NAA) for the First State Investments Diversified Growth Fund. It’s a process that we complete twice a year. This note summarises the key drivers of investment markets...
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.
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...
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income...
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...
We have recently reviewed the Neutral Asset Allocation (NAA) for the First State Investments Diversified Growth Fund; an exercise that’s undertaken twice a year. This note summarises the key drivers of investment markets over the last six months and outlines the changes made to NAA following the ...
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.
Risky assets (equities, commodities) across the board were weak in the fourth quarter and emerging market (EM) debt (JPM EMBI global diversified in US$) lost 1.25% in the quarter as the EM risk premium (spread) rose from 3.35% to 4.15%.
Asia is projected to become the oldest region in the world – by the 2030s, it will be home to around 60% of the world’s elderly. Jamie Grant, Head of Emerging Markets Debt and Asian Fixed Income at First State Investments, explains why these demographic shifts are expected to have a significant i...
2018 was a challenging year for all Emerging Markets (EM) assets and EM hard-currency debt was no exception: losses from higher US Treasury yields and higher EM risk premia outweighed the running yield and resulted in negative returns for the asset class.
We have recently updated economic climate assumptions for individual countries and, in turn, amended the Neutral Asset Allocation (NAA) for the Diversified Growth Fund. It’s a process that we complete twice a year.
The third quarter of the year was a highly eventful one during which the trade war between the US and China took a turn for the worse.
Emerging market (EM) debt (JPM EMBI global diversified in US$) markets experienced a volatile third quarter but delivered a positive return of 2.3% over the period as the EM risk premium (spread) fell from 3.69% to 3.35%.
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.
The emerging market (EM) investment grade (IG) corporate bond market (USD) generated a 0.77% loss in the second quarter of 2018 based on the most widely tracked index, the JP Morgan CEMBI Broad Diversified IG index.
Emerging market (EM) debt (JPM EMBI global diversified in US$) recorded a 3.5% loss in the second quarter as the global environment became more challenging for EM countries.
Government fiscal and debt metrics are strong but pro-growth fiscal policy risks deterioration. At the point they are forced into using fiscal buffers, the market will have repriced the risk sharply.
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 ...
Global credit markets have been challenged in 2018 and spreads have widened. Asian issuers have not been immune from this volatility. Following another default by a Chinese issuer, we take stock of where markets are currently, what opportunities (if any) are present in the region, and outline how...
In the first half of 2018, so far, we have seen volatility return to markets, a breach of the much anticipated 3% handle for 10 year US Treasuries, and an agreed summit between North and South Korea. As we continue to tread later into this cycle, investors seeking a consistent long-term real retu...
In 2017, Emerging Markets (EM) hard currency debt (JPMorgan EMBI Global Diversified) delivered a 10.3% return.
There has always been strong demand for investments that are able to generate reasonably high, sustainable returns and which exhibit low levels of volatility. Investment utopia, right?
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...
Emerging market (EM) debt returned positively in the third quarter, with EM high yield (HY) continuing to outperform EM investment grade.
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...
Emerging markets debt and Asian fixed income is not just about the asset class, but the experience of the people investing in the asset class. Being on the ground in Asia since 1999, we believe we can deliver a more in-depth view of the many complexities of the region.
Emerging markets in fixed income offer a variety of sub-asset classes that can be invested in a standalone or a combined way, including sovereigns or corporate bonds, local or hard currency (USD), investment grade or high yield bonds and foreign exchange.
Access the benefits of diverse sources of growth in emerging markets and Asian fixed income.
Our actively managed, disciplined investment process combines top-down and bottom-up research. Our strategies aim to generate returns and preserve capital over a market cycle.
Here at First State, we have applied our core strengths of active and responsible management by investing with purpose through a truly flexible and dynamic approach – a smart evolution from traditional balanced funds.
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.
The First State Diversified Growth Fund (DGF) returned -0.67% (net of fees and tax for the B GBP Accumulation share class) in the first quarter of 2018.
The First State Diversified Growth Fund (DGF) decreased by 0.6% (net of fees and tax for the B GBP Accumulation share class).
2017 has been a very good year for equity and credit markets.