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Important Information This material has been prepared and issued by First Sentier Investors (Australia) IM Ltd (ABN 89 114 194 311, AFSL 289017) (FSI AIM), which forms part of First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc (MUFG), a global financial group. References to “we” or “us” are references to First Sentier Investors. Some of our investment teams use the trading names FSSA Investment Managers, Stewart Investors, Albacore Capital, Igneo Infrastructure Partners and RQI Investors. A copy of the Financial Services Guide for FSI AIM is available from First Sentier Investors on its Australian website.
This material is directed at persons who are wholesale investors or clients and is not intended for persons who are retail investors or clients. Any advice in this material is general advice only. It does not take into account your objectives, financial situation or needs. Before making an investment decision you should consider, with a financial advisor, whether this information is appropriate in light of your investment needs, objectives and financial situation. The information in the material does not constitute an offer of, or an invitation to purchase or subscribe for any securities.
The product disclosure statement (PDS) or Information Memorandum (IM) (as applicable) for the FSSA Global Emerging Markets Focus Fund ARSN 610 729 005 (Fund), issued by The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL 235150) (Perpetual), should be considered before deciding whether to acquire or hold units in the Fund(s). The PDS or IM are available from First Sentier Investors. The target market determination (TMD) for the Fund is available from First Sentier Investors on its website and should be considered by prospective investors before any investment decision to ensure that investors form part of the target market.
MUFG, FSI AIM, their respective affiliates and any service provider to the Fund do not guarantee the performance of the Fund or the repayment of capital by the Fund. Investments in the Fund are not deposits or other liabilities of MUFG, FSI AIM, their respective affiliates or any service providers to the Fund and investment-type products are subject to investment risk including loss of income and capital invested. Any opinions expressed in this material are the opinions of the individual author at the time of publication only and are subject to change without notice. Such opinions: (i) are not a recommendation to hold, purchase or sell a particular financial product; (ii) may not include all of the information needed to make an investment decision in relation to such a financial product; and (iii) may substantially differ from other individual authors within First Sentier Investors.
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 a First Sentier Investors portfolio at a certain point in time, and the holdings may change over time.
We have taken reasonable care to ensure that this material is accurate, current, complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change. No part of this material may be reproduced or transmitted in any form or by any means without the prior written consent of FSI AIM.
Any performance information has been calculated gross or net of management fees (where indicated) and net of transaction costs. No allowance has been made for taxation. Past performance is not indicative of future performance.
Copyright © First Sentier Investors, 2025 All rights reserved.
Built beyond the benchmark.
Global Emerging Markets
Our solution
Our insights
Portfolio construction
We’re seasoned investors, with three decades of direct experience in the regions with the biggest growth stories.
We’re committed – we make up our minds and stick with our decisions.
And we don't do long-distance – we're there, in person, holding conversations with thousands of businesses.
Source: First Sentier Investors, 31 December 2024
Our allocation
Contact us
We know emerging markets
We understand the value emerging markets can offer, irrespective of the current geopolitical mood or macro environment. While the future of US trade policy might look uncertain, not everything in the world revolves around it. The FSSA Global Emerging Markets Focus Fund invests in some of the world’s best companies in fast-growing economies – where the opportunity ahead looks bright.
Our Our fund’s equity allocation is entirely to emerging markets so there’s no risk of doubling up on developed-market exposure.
We are a pure GEM manager
FSSA Global Emerging Market Focus Fund’s country weightings in 2024
Click on a circle to discover a country’s percentage weighting in the portfolio and top holding, where applicable
Each one of our investments starts with a blank piece of paper. With an active share of over 81%* and no more than 45 carefully chosen holdings, our portfolio is anything but ordinary.
We look for companies with outstanding management teams, competitive advantages, and sustainable growth, regardless of their region or sector.
Every decision is conviction-driven. Every choice prioritises long-term quality over short-term conformity.
It’s focused, deliberate, and built to stand apart.
We are built beyond the benchmark
Our insights
TOP HOLDING COMPANY
TSMC
TAIWAN
12%
We believe the key to building conviction in our investment ideas is having face-to-face conversations with the people and companies we invest in.
AI can crunch numbers, but it won’t meet a CEO face to face. Screens can't read the room or delve deeper into intriguing questions, but we can. We believe boots on the ground beats bots every time. We call it human intelligence.
We rely on human intelligence
Discover how we focus on management quality, what we’ve learned from our decades of experience in emerging markets, and why we believe face-to-face beats AI, every time.
During periods of market turbulence, our long-term approach – and our focus on company fundamentals – stands out for its all-weather characteristics. Since inception, we have successfully navigated challenging market conditions to deliver positive returns.
We hold all-weather characteristics
Delivering returns in turbulent market conditions
Our approach
Contact us to hear more
Past performance is not a reliable indicator of future performance.
As at 31 March 2025 (Class A shares, % AUD net of fees) These figures refer to the past. Past performance is not a reliable indicator of future results. For investors based in countries with currencies other than the share class currency, the return may increase or decrease as a result of currency fluctuations. Source: First Sentier Investors. Since inception performance calculated from 30 September 2017.
Risk factors
Capital at risk. The value of investments and any income from them may go down as well as up and are note guaranteed. Investors may get back significantly less than the original amount invested.
Read full risk factors
Risk factors
Although all investments carry risk, the level of risk is dependent on the type of investment strategy and the underlying investments. Generally, the higher the potential return of an investment, the greater the risk.
The risks of investing in FSSA Investment Managers strategies include:
As with any investment, there are no guarantees on the value of the investment or the income generated from it. Investors may get back less than the original amount invested. For a full description of the terms of investment and the risks, please see the Product Disclosure Statement for each fund.
Strategy/index performance % (USD)
0
2
4
8
6
10
1 MTH
3MTHS
6MTHS
1YR
3YRS
5YRS
7YRS
Since inception
11/2024
FSSA Global Emerging Markets Focus Fund
MSCI Emerging Markets Net Index
Discover more about us
TOP HOLDING COMPANY
Despegar
ARGENTINA
4%
TOP HOLDING COMPANY
Alsea
MEXICO
9%
TOP HOLDING COMPANY
Totvs
BRAZIL
6%
TOP HOLDING COMPANY
Credicorp
PERU
4%
"We start with a blank piece of paper. It’s not important to us what region or sector a company is in. Or how big it is. Or whether it’s included in the benchmark. We’re simply looking for outstanding emerging-market businesses."
POLAND
2%
EGYPT
0.4%
TOP HOLDING COMPANY
Capitec
SOUTH AFRICA
3%
TOP HOLDING COMPANY
Bank BRI
indonesia
4%
SOUTH KOREA
1%
Vietnam
2%
TOP HOLDING COMPANY
HDFC Bank
INDIA
19%
TOP HOLDING COMPANY
Tencent
CHINA
32%
Why face-to-face beats AI:
the value of leaving
the desk
The key to success
in emerging markets: investing
in quality
Built beyond the benchmark: Why long-term trends are
more important than macro movements
Built beyond the benchmark: Why long-term trends are
more important than macro movements
Management quality:
how we identify the teams
built to last
Focusing on quality: the key
to our approach in global emerging markets
30th Nov 2017-2022
30th Nov
2018-2023
30th Nov 2019-2024
1MTH
0.3
0.4
3MTHS
1.2
2.3
1YR
15.2
13.2
5YRS
11.9
7.6
Annualised performance
FSSA Global Emerging
Markets Focus Fund
MSCI Emerging Markets Net Index
Risk factors
This is a financial promotion for FSSA Global Emerging Markets Strategies. This information is for professional clients only in the UK and EEA and elsewhere where lawful. Investing involves certain risks including:
The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund and could create losses. Currency control decisions made by governments could affect the value of the Fund's investments and could cause the Fund to defer or suspend redemptions of its shares.
Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
For details of the firms issuing this information and any funds referred to, please see Terms and Conditions and Important Information.
For a full description of the terms of investment and the risks please see the Prospectus and Key Investor Information Document for each Fund.
If you are in any doubt as to the suitability of our funds for your investment needs, please seek investment advice.
Keep up to date with our latest research and developments on social media
Important Information This document has been prepared for informational purposes only and is only intended to provide a summary of the subject matter covered. It does not purport to be comprehensive or to give advice. The views expressed are the views of the writer at the time of issue and may change over time. This is not an offer document and does not constitute an offer, invitation or investment recommendation to distribute or purchase securities, shares, units or other interests or to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this document.
This document is confidential and must not be copied, reproduced, circulated or transmitted, in whole or in part, and in any form or by any means without our prior written consent. The information contained within this document has been obtained from sources that we believe to be reliable and accurate at the time of issue but no representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information. We do not accept any liability whatsoever for any loss arising directly or indirectly from any use of this document.
References to "we" or "us" are references to First Sentier Investors a member of Mitsubishi UFJ Financial Group (MUFG), a global financial group. Certain of our investment teams operate under the trading names FSSA Investment Managers, Stewart Investors, Igneo Infrastructure Partners and RQI Investors, all of which are part of the First Sentier Investors group. MUFG and its subsidiaries do not 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.
If this document relates to an investment strategy which is available for investment via a UK UCITS but not an EU UCITS fund then that strategy will only be available to EU/EEA investors via a segregated mandate account.
In the United Kingdom, issued by First Sentier Investors (UK) Funds Limited which is authorised and regulated in the UK by the Financial Conduct Authority (registration number 143359). Registered office Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB number 2294743. In the EEA, issued by First Sentier Investors (Ireland) Limited which is authorised and regulated in Ireland by the Central Bank of Ireland (registered number C182306). Registered office: 70 Sir John Rogerson's Quay, Dublin 2, Ireland number 629188. Outside the UK and the EEA, issued by First Sentier Investors International IM Limited which is authorised and regulated in the UK by the Financial Conduct Authority (registered number 122512). Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB number SCO79063.
To the extent this material contains any measurements or data related to environmental, social and governance (ESG) factors, these measurements or data are estimates based on information sourced by the relevant investment team from third parties including portfolio companies and such information may ultimately prove to be inaccurate.
To the extent this material contains any ESG related commitments or targets, such commitments or targets are current as at the date of publication and have been formulated by the relevant investment team in accordance with either internally developed proprietary frameworks or are otherwise based on the Institutional Investors Group on Climate Change (IIGCC) Paris Aligned Investment Initiative framework or such other framework, goal or target as the relevant team considers appropriate. The commitments and targets are based on information and representations made to the relevant investment teams by third parties including portfolio companies (which may ultimately prove not be accurate), together with assumptions made by the relevant investment team in relation to future matters such as government policy implementation in ESG and other climate-related areas, enhanced future technology and the actions of portfolio companies (all of which are subject to change over time). As such, achievement of these commitments and targets depend on the ongoing accuracy of such information and representations as well as the realisation of such future matters. Any commitments and targets set out in this material may be subject to change without notice in the event of future review by the relevant team.
© First Sentier Investors Group
Contact us
Our solution
Our approach
Our insights
Portfolio construction
Our
allocation
Sign up to hear more
Discover more about us
Strategy/index performance % (USD)
11/2022
2/2023
5/2023
8/2023
11/2023
2/2024
5/2024
8/2024
11/2024
-10
0
10
20
30
40
30th Nov
2017-2022
30th Nov
2018-2023
30th Nov 2019-2024
Delivering positive returns in turbulent market conditions
FSSA GEM Focus:
rolling 5-year performance
(month by month, net of fees)
MSCI EM Index:
rolling 5-year performance
(month by month)
31 Dec 2020
-12.5
-18.7
31 Dec 2021
-2.3
-2.2
31 Dec 2022
-9.0
-19.7
31 Dec 2023
6.3
10.3
31 Dec 2024
10.7
8.1
12-month
rolling discrete periods to:
FSSA Global Emerging
Markets focus composite
MSCI EM Index
Past performance is not a reliable indicator of future performance.
Source: FSSA Global Emerging Markets Composite.
Source for composite performance: First Sentier Investors as at 31 December 2024. Composite performance is shown on a net of fees basis. Net performance figures are calculated by subtracting a model annual management fee of 0.85% from the gross performance figures. For investors based in countries with currencies other than USD, the return may increase or decrease as a result of currency fluctuations. No other expenses or costs have been taken into account when calculating the net performance. This information is provided for illustrative purposes to demonstrate our activity within the strategy for the periods shown. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between fund or client-specific constraints and those of a similarly managed mandate would affect results. Source for MSCI EM index: FactSet, total returns, gross of tax. Since launch performance calculated from 30/11/2017.
During periods of market turbulence, our long-term approach – and our focus on company fundamentals – stands out for its all-weather characteristics. Since inception, we have successfully navigated challenging market conditions to deliver positive returns over each rolling 5-year period – even when the index return is negative.
We hold all-weather characteristics
We believe the key to building conviction in our investment ideas is having face-to-face conversations with the people and companies we invest in.
AI can crunch numbers, but it won’t meet a CEO face to face. Screens can't read the room or delve deeper into intriguing questions, but we can. We believe boots on the ground beats bots every time. We call it human intelligence.
We rely on human intelligence
Discover how we focus on management quality, what we’ve learned from our decades of experience in emerging markets, and why we believe face-to-face beats AI, every time.
Our insights
Focusing on quality: the key
to our approach in global emerging markets
"We start with a blank piece of paper. It’s not important to us what region or sector a company is in. Or how big it is. Or whether it’s included in the benchmark. We’re simply looking for outstanding emerging-market businesses."
Each one of our investments starts with a blank piece of paper. With an active share of over 81% and no more than 45 carefully chosen holdings, our portfolio is anything but ordinary.
We identify the companies with competitive advantages and potential sustainable growth, regardless of their region or sector.
Every decision is conviction-driven. Every choice prioritises long-term quality over short-term conformity.
It’s focused, deliberate, and built to stand apart.
We are built beyond the benchmark
TOP HOLDING COMPANY
TSMC
TAIWAN
11.6%
TOP HOLDING COMPANY
Despegar
ARGENTINA
7.4%
TOP HOLDING COMPANY
Totvs
BRAZIL
2.9%
TOP HOLDING COMPANY
Credicorp
PERU
3.9%
POLAND
2.4%
EGYPT
0.4%
TOP HOLDING COMPANY
Alsea
MEXICO
9.5%
TOP HOLDING COMPANY
Capitec
SOUTH AFRICA
2.8%
TOP HOLDING COMPANY
Bank BRI
indonesia
4.4%
SOUTH KOREA
1.3%
Vietnam
1.4%
TOP HOLDING COMPANY
HDFC Bank
INDIA
19.4%
TOP HOLDING COMPANY
Tencent
CHINA
31.5%
Source: First Sentier Investors, 31 December 2024
FSSA GEM Focus fund’s country weightings in 2024
Click on a circle to discover a country’s percentage weighting in the portfolio and top holding, where applicable
We understand the value emerging markets can offer, irrespective of the current geopolitical mood or macro environment. While the future of US trade policy might look uncertain, not everything in the world revolves around it. The FSSA GEM strategy invests in some of the world’s best companies in fast-growing economies – where the opportunity ahead looks bright.
Our fund is 100% emerging markets so there’s no risk of doubling up on developed-market exposure.
We are a pure GEM manager
Focusing on quality: the key
to our approach in global emerging markets
Focusing on quality: the key
to our approach in global emerging markets
Built beyond the benchmark: Why long-term trends are more important than macro movements
The key to success
in emerging markets:
investing
in quality
We are a pure GEM manager
*First Sentier Investors, MSCI. As at 31 December 2024.
12
14
16
FSSA Global Emerging Market Focus Fund
Performance since inception
7 YRS
6.1
4.7
Since
inception
7.2
5.9
3YRS
11
8
6MTHS
6.9
5.4
Company risk
Investment in equities is exposed to risks due to changes in that company or its business environment.
Equities risk
Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.
Currency risk
For investments in international assets, which have currency exposure, there is potential for adverse movements in exchange rates to reduce their Australian dollar value.
Emerging market risk
Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
Source: First Sentier Investors, 31 December 2024
10
12
14
FSSA Global Emerging Market Focus Fund’s country weightings in 2024
Click on a circle to discover a country’s percentage weighting in the portfolio and top holding, where applicable
3YRS
11
8
5YRS
11.9
7.6
7YRS
6.1
4.7
*These videos are for institutional/adviser audiences only.
Source: First Sentier Investors, 31 December 2024