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FSSA Investment Managers 首域盈信
19
Benchmark Awards
Fund Name | Member Access | Award | Category | Award Status | ESG Score | GC Score | Temperature Alignment | 3 Yr Return | 3 Yr Sortino |
---|---|---|---|---|---|---|---|---|---|
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | House Awards | Asia Equity | Best-in-Class | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Manager of the Year Awards | Asia Equity | Manager of the Year | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
First State Asian Bridge Fund Units | ![]() | House Awards | Balanced Mixed Asset | Outstanding Achiever | 58.83 | 59.82 | Overheated | 30.8% | 0.56 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Sustainability Awards | ESG Integration | Outstanding Achiever | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Greater China Growth Fund Accum I USD | ![]() | House Awards | Greater China Equity | Outstanding Achiever | 55.66 | 54.83 | Overheated | 51.19% | 0.6 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Hong Kong Growth Fund Acuum I USD | ![]() | House Awards | Hong Kong Equity | Outstanding Achiever | 57.28 | 58.18 | Overheated | 26.95% | 0.26 |
First State Global Umbrella Fund PLC - First State Japan Equity Fund Accum-III- USD | ![]() | House Awards | Japan Equity | Best-in-Class | 58.14 | 51.3 | Overheated | 50.67% | 0.5 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Sustainability Awards | Stewardship | Best-in-Class | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
Fund Name | Member Access | Award | Category | Award Status | ESG Score | GC Score | Temperature Alignment | 3 Yr Return | 3 Yr Sortino |
---|---|---|---|---|---|---|---|---|---|
First Sentier Investors Global Growth Funds-FSSA Dividend Advantage Fund Units A | ![]() | House Awards | Asia Equity | Best-in-Class | - | - | - | 38.2% | 0.51 |
First Sentier Investors Global Umbrella Fund PLC- First Sentier Asian Quality Bond Fund I | ![]() | House Awards | Asia Fixed Income | Outstanding Achiever | 54.69 | 60.71 | Overheated | 17.59% | 0.4 |
First Sentier Bridge Fund Class A Units | ![]() | House Awards | Balanced Mixed Asset | Best-in-Class | - | - | - | 26.96% | 0.47 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Sustainability Awards | ESG Integration | Outstanding Achiever | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
First State Global Umbrella Fund PLC - First State Japan Equity Fund Accum-III- USD | ![]() | House Awards | Japan Equity | Best-in-Class | 58.14 | 51.3 | Overheated | 50.67% | 0.5 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Sustainability Awards | Stewardship | Best-in-Class | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
Fund Name | Member Access | Award | Category | Award Status | ESG Score | GC Score | Temperature Alignment | 3 Yr Return | 3 Yr Sortino |
---|---|---|---|---|---|---|---|---|---|
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Growth Fund Accum-IV- USD | ![]() | House Awards | Asia Equity | Outstanding Achiever | 58.82 | 57.25 | Overheated | 34.06% | 0.39 |
First Sentier Investors Global Umbrella Fund PLC- First Sentier Asian Quality Bond Fund I | ![]() | House Awards | Asia Fixed Income | Outstanding Achiever | 54.69 | 60.71 | Overheated | 17.59% | 0.4 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Sustainability Awards | ESG Integration | Outstanding Achiever | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
First State Global Umbrella Fund PLC - First State Japan Equity Fund Accum-III- USD | ![]() | House Awards | Japan Equity | Best-in-Class | 58.14 | 51.3 | Overheated | 50.67% | 0.5 |
First Sentier Investors Global Umbrella Fund PLC - FSSA Asian Equity Plus Fund I | ![]() | Sustainability Awards | Stewardship | Best-in-Class | 58.34 | 57.98 | Overheated | 40.62% | 0.52 |
- Fireside Chat with FSSA at the Benchmark Sustainable Wealth Forum
- Why Japan now?
- Management Quality
- ESG Trumps Short-term Earnings
- Downside Protection
- On Governance
- Blog
Asia Equity:
Why Invest in Japan and What to Consider
This week’s BENCHMARK Sustainable Wealth Forum featured Sophia Li, Portfolio Manager of FSSA Investment Managers. With a master’s degree in statistics under her belt—from Harvard, no less—Sophia delved into the world of fund management under the tutelage of Martin Lau. “… investment is more like art than science, and the qualitative factors of the companies are more important than their financial metrics.”
WHY JAPAN, WHY NOW?
![](https://www.benchmark.today/wp-content/uploads/2021/07/202106_WA_fbFSSA_v1-03.jpg)
Just when most investors have given up on Japan, FSSA has decided to focus on Japan.
“In my view, there are three keywords to describe the Japan equity market: misunderstood, underestimated, and under-researched,” Sophia explained.
There are many misperceptions about Japan. For example, investors seem to believe the aging population in Japan means lack of growth and that its export economy means it’s very cyclical.
“All these misperceptions lead to massive mispricing opportunities … Japan has a vast investment universe. Many industries in Japan are under-penetrated—from e-commerce to digital payment and software-as-a-service (SaaS).”
“Last but not least, it’s very much under-researched. More than 70% of the companies in Japan have either one or no analyst to cover them compared to 17% in the US and 40% in Asia. So in my view, Japan has a very strong investment case for the bottom-up active investors.” Sophia stated.
MANAGEMENT QUALITY
FSSA looks beyond the usual liquidity, valuation, risk, and return profile when it comes to investment and divestment processes. During site visits, Sophia considers the company’s management quality, its sustainable growth, and corporate governance more than anything else.
“For example, in Japan, I visited a company called SMC Corp. And most of the corridors were very dark with only one lamp, and that suggests the very cost-conscious culture of this company,” Sophia elaborated.
ESG TRUMPS SHORT-TERM EARNINGS
![](https://www.benchmark.today/wp-content/uploads/2021/07/202106_WA_fbFSSA_v1-04.jpg)
“We believe that the market in the short term is a voting machine, but it is a weighing machine in the long term. We don’t care about the short-term earnings or price momentum. ESG is much more important than these factors,” Sophia continued.
Indeed, a company’s ESG standards play a pivotal role in FSSA’s investment decisions.
” … we don’t invest in companies with poor ESG standards or are unwilling to change. We invest in high-quality companies and then grow with them and help them to improve,” Sophia explained, adding that they prefer companies that can either contribute positively to society or transform ESG risks into opportunities.
DOWNSIDE PROTECTION
![](https://www.benchmark.today/wp-content/uploads/2021/07/202106_WA_fbFSSA_v1-02.jpg)
FSSA impressed this year’s judges the most with its downside protection. So how does FSSA balance its risk and return?
“It all starts with the quality assessment framework with our companies. I disagree that to generate higher returns, we need to take higher risks. It’s lower-risk companies that generate higher returns. We focus on companies’ quality of franchise, management, and the sustainability of the growth, and we only invest in companies with very strong pricing power.”
“Secondly, they deliver a very high return on invested capital without relying on leverage, and growth should be uncorrelated with the macro environment. So these are the types of companies we invest in. That also suggests why the fund is resilient during down markets like 2020.”
This episode is hosted by Elsa Pau, CEO of WealthAsia Group, with her co-hosts,
Agnes Tai, Director of Great Glory Investment Corporation,
Arjan de Boer, Head of Markets, Investment and Structuring, Asia, Indosuez Wealth Management,
Catherine Chen, Principal of AvantFaire Investment Management.