Speaker
Martin Lau
Managing Partner, FSSA Investment Managers
Martin has been with the team for more than 18 years, starting with the firm as director for Greater China equities in 2002.
Martin is the lead manager of a number of FSSA strategies: the FSSA Asian Equity Plus Strategy, the FSSA Asian Bridge Strategy, the FSSA Asia Pacific All Cap Strategy, the FSSA China Growth Strategy, the FSSA Greater China Growth Strategy and the FSSA Hong Kong Growth Strategy.
Martin has more than 24 years of investment experience and is based in Hong Kong.
He graduated from Cambridge University with a Bachelor of Arts degree and a Master’s degree in Engineering. He is also a CFA charterholder.
Alistair Thompson
Director, FSSA Investment Managers
Alistair has been managing Asia Pacific portfolios for more than 30 years. He joined FSSA Investment Managers in 2003, initially based in Edinburgh office. He subsequently moved to Singapore later that year and has been based in Asia since then.
Alistair is co-manager of the FSSA Asian Growth Strategy. He is also responsible for managing a number of Asia Pacific Select portfolios on behalf of key client segregated accounts.
Alistair holds a Diploma in Fund Management from the Securities Institute of London.
Company profile
FSSA Investment Managers is an autonomous investment management team within First Sentier Investors, with dedicated investment professionals based in Hong Kong, Singapore, Tokyo and Edinburgh. They are specialists in Asia Pacific and Global Emerging Markets equity strategies, managing US$35.3 billion* on behalf of clients globally.
They are bottom-up investors, using fundamental research and analysis to construct high-conviction portfolios. They conduct more than a thousand direct company meetings a year, seeking to identify high quality companies to invest in. They look for founders and management teams that act with integrity and risk awareness; and dominant franchises that have the ability to deliver sustainable and predictable returns over the long term. As responsible, long-term shareholders, they have integrated ESG analysis into their investment process and engage extensively on environmental, labour and governance issues.
*As of 31 December 2020.
Find out more:
SG
https://www.firstsentierinvestors.com/sg/en/retail/our-funds/fssa-investment-managers.html
HK
https://www.firstsentierinvestors.com/hk/en/retail/our-funds/fssa-investment-managers.html
VIRTUAL EVENT
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The Fund aims to achieve long term capital appreciation and invests primarily in equity or equity-related securities issued by companies with either assets in, or revenues derived from the People’s Republic of China that are listed, traded or dealt in on regulated markets in China, Hong Kong, Taiwan, the U.S. or in a member state of OECD.
- The Fund invests primarily in equity or equity-related securities issued by companies with either assets in, or revenues derived from China.
- The Fund invests in emerging markets which may have increased risks than developed markets including liquidity risk, currency risk/control, political and economic uncertainties, high degree of volatility, settlement risk and custody risk.
- Investing in securities of small /mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments.
- The Fund’s investments may be concentrated in China and single sector which may have higher volatility or greater loss of capital than more diversified portfolios.
- The Fund may expose to China market risk including repatriation risk, uncertainties to PRC taxation policies and risks associated with StockConnects, QFII/RQFII, SME board, the ChiNext market and/or the STAR board. The Fund may also expose to RMB currency and conversion risk
- The Fund may use FDIs for hedging and efficient portfolio management purposes, which may subject the Fund to additional liquidity, valuation, counterparty and over the counter transaction risks.
- It is possible that a part or entire value of your investment could be lost. You should not base your investment decision solely on this document. Please read the offering document including risk factors for details.
Strategy presentation
Alistair provides an overview of the team’s approach to sustainability and shares some examples of company engagements that they had and Martin discusses the long-term investment themes and key characteristics of the FSSA China Growth Fund.
Fund profile
The FSSA China Growth Fund aims to achieve long-term capital appreciation by investing in companies with assets or revenues derived from the People’s Republic of China.
The fund is built from the bottom up, with little regard for index positioning. The investment team is focused on growth in an absolute return sense and constructs a high-conviction portfolio with high quality companies with effective management teams, long-term, sustainable growth drivers and strong financials, combining fundamental research and proprietary analysis.
ESG analysis and active company engagements are fully integrated into the investment process, forming a core part of the process – not an overlay or add on. The team firmly believes that sustainability issues are also investment issues and can have an outsized impact on a company’s returns and could generate significant impact on investment outcomes.
Fund Size: $4.4b
Data as at 31/12/2020
Top 5 holdings with maturity and weighting
| Holding | Weighting |
| Tencent | 7.7% |
| Midea Group | 5.3% |
| China Mengniu Dairy | 4.4% |
| China Merchants Bank ‘H’ | 4.3% |
| Zhejiang Chint | 3.5% |
Data as at 31/12/2020
Data as at 31/12/2020
Disclaimers: Sector and Share class classifications provided by FactSet and First Sentier Investors. The Fund may hold multiple equity securities in the same company, which have been combined to provide the Fund’s total position in that company. Index weights, if any, typically include only the main domestic-listed security. The above Fund weightings may or may not include reference to multiple securities. Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100%. Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of FSSA Investment Managers’ portfolios at a certain point in time, and the holdings may change over time.
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc. First State Global Umbrella Fund Plc, being the responsible person of the Fund, has appointed First Sentier Investors (Singapore) (“FSIS”) as its Singapore representative.
The information contained within this document has been obtained from sources that First Sentier Investors (“FSI”) believes to be reliable and accurate at the time of issue but no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information. Neither FSI, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this. This document is intended solely for distribution to professional/institutional investors as may be defined in the relevant jurisdiction and is not intended for distribution to the public. The information herein is for information purposes only; it does not constitute investment advice and/or recommendation, and should not be used as the basis of any investment decision. Some of the funds mentioned herein are not authorised for offer/sale to the public in certain jurisdiction. The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance is not necessarily a guide to future performance. Please refer to the offering documents for details, including the risk factors. Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of FSI’s portfolios at a certain point in time, and the holdings may change over time. This document/the information may not be reproduced in whole or in part without the prior consent of FSI. This document shall only be used and/or received in accordance with the applicable laws in the relevant jurisdiction.
In Hong Kong, this document is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. In Singapore, this document is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors and FSSA Investment Managers are business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B) and FSSA Investment Managers (registration number 53314080C) are business divisions of First Sentier Investors (Singapore). The FSSA Investment Managers logo is a trademark of the MUFG (as defined below) or an affiliate thereof. First Sentier Investors (Hong Kong) Limited and First Sentier Investors (Singapore) are part of the investment management business of First Sentier Investors, which is ultimately owned by Mitsubishi UFJ Financial Group, Inc. (“MUFG”), a global financial group. First Sentier Investors includes a number of entities in different jurisdictions.
MUFG and its subsidiaries are not responsible for any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment or entity referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.
