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The Japan equity market underwent significant volatility in the first quarter due to the coronavirus pandemic and concerns about its impact on the global economy. The sell-off was indiscriminate and across all sectors, with little differentiation between the higher quality, well-managed companies...
Coronavirus has impacted every sector of the share market, but some stand to benefit where others have struggled. Find out how two listed infrastructure assets - towers and airports - compare for long term investors with Portfolio Manager Ed Leung.
With the potential for long term growth prospects and a track record of resilience through economic downturns, this increasingly institutionalised property sector can be a defensive play for investors.
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...
The first quarter was extreme in the scale and magnitude of financial market volatility, particularly over the last six weeks of 1Q’20. A dramatic, global economic slowdown resulted from the unprecedented global quarantine of entire populations, in most developed countries, in response to the COV...
Unlike the GFC, the global listed infrastructure sector has gone into the COVID-19 crisis with strong balance sheets and high debt serviceability. But while safe havens like utilities and mobile towers have held their ground in most markets, not all infrastructure has been immune to the impacts o...
This has been an unprecedented time which continues to evolve from a markets and Covid-19 perspective. Please tune in to a panel discussion with FSSA’s lead portfolio managers: Alistair Thompson, Director; Martin Lau, Managing Partner andVinay Agarwal, Director.
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...
This has been an unprecedented time which continues to evolve from a markets and Covid-19 perspective. Please tune in to a panel discussion with FSSA’s lead portfolio managers: Alistair Thompson, Director; Martin Lau, Managing Partner andVinay Agarwal, Director.
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...
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...
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...
Investing in emerging markets debt and Asian fixed income offers the potential for strong returns, an attractive income stream and diversification benefits versus developed markets.
The Multi-Asset Solutions team provides a range of services to institutional clients around the world in the fields of portfolio management, asset allocation, asset liability management, portfolio construction and risk management.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
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.
US interest rates moved higher early in Q4, with the 10YR peaking at 3.24%. At that point, weakening global growth, trade concerns, and a sharp decline in oil and stock prices caused global interest rates to plummet.
US interest rates moved higher early in Q4, with the 10YR peaking at 3.24%. At that point, weakening global growth, trade concerns, and a sharp decline in oil and stock prices caused global interest rates to plummet.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
It seems to us that global central banks (“GCBs”) have repeatedly made it clear that “sooner or later” is meant to encapsulate “being early.” While the wisdom and efficacy of nearly two decades of unprecedented monetary stimulus by the GCBs is open to debate, its effect on financial asset prices ...
The Core Plus strategy returned 3.19%, outperforming the BB US Aggregate Index by 0.11% during the quarter. Interest rate positioning outperformed, primarily due to long positions in global rates. A steeper US curve and favorable country spread positions also contributed.
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...
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.
The Core Plus strategy returned 2.12%, underperforming the BB US Aggregate Index by 0.15% during the quarter. Interest rate positioning underperformed overall. Losing positions in US breakeven inflation rates and the US yield curve shape were partially offset by successful long rate positions in...
The Absolute Return strategy returned 0.61% during the quarter. Interest rate positioning underperformed overall. Losing positions in US breakeven inflation rates and the US yield curve shape were partially offset by successful long rate positions in the US, Europe, and Australia.
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.
Our high yield team focuses on the diligent implementation of our disciplined investment process. Our security selection is driven by bottom-up, value-based fundamental research; top-down analysis plays a secondary role.
Global yields moved higher in January while yield curves steepened. The US ten year yield peaked at 2.95% in late February, up 0.55% from 2.40% at the start of the quarter. European and Australian yields followed a similar pattern, with 10YR bunds topping out at 0.74% and Australian 10YR yields r...
Global yields moved higher in January while yield curves steepened. The US ten year yield peaked at 2.95% in late February, up 0.55% from 2.40% at the start of the quarter. European and Australian yields followed a similar pattern, with 10YR bunds topping out at 0.74% and Australian 10YR yields r...
Barely one week into the new year, two of the most respected investors of investment grade “plus” fixed income publicly singled out high yield corporate bonds as a particularly poor investment. When respected peers make it a point to bash our entire asset class it would be worthy of reflection…if...
As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.
Global interest rates ended the quarter fairly close to where they began with a large change of direction in between.
Global interest rates ended the quarter fairly close to where they began with a large change of direction in between.
Global interest rates rose during the quarter, led by the US. The US ten year yield climbed from 2.86% to 3.06%.
Global interest rates rose during the quarter, led by the US. The US ten year yield climbed from 2.86% to 3.06
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November, 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
This is the third investor letter for the FSSA 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 questions...
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.
Leading global investment manager First State Investments today announced the completion of its sale from Commonwealth Bank of Australia to Mitsubishi UFJ Trust and Banking Corporation, a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), for US$2.7 billion.
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.
The listed infrastructure sector in North America contains many world leading assets, operated by world class companies. This is captured in our Investment Process, with higher Quality scores for North American firms.
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 t...