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Stewart Investors Asia Pacific Leaders

Elite Rated by FundCalibre

The boutique Stewart Investors Asia Pacific Leaders team have reaped enormous rewards for their investors over the past ten years by investing in sustainable, high quality companies for the long term.

Company Description

Stewart Investors, awarded the Elite Provider for Equities Rating in both 2016 and 2017, is a subsidiary of the larger First State group and is essentially autonomous. The fund name was changed from First State Asia Pacific Leaders to Stewart Investors Asia Pacific Leaders in 2015, to better reflect this autonomy of the investment team.


Fund Manager

Stewart Investors has a strong team-based process. David Gait, who began co-managing the fund in July 2015, is extremely experienced, having been part of the Stewart team since 1997. He has managed the Elite Rated Asia Pacific Sustainability fund since inception in 2005 and generates investment ideas across all sectors in emerging and developed markets.

Sashi Reddy has co-managed the fund since January 2016, having joined the Asia Pacific team in July 2008. Sashi achieved an MBA from the Toronto-based Schulich School of Business, and previously worked with Credit Suisse First Boston.


In theory the financial sector should support the real economy's long-term growth. In practice, it's become so detached from the real world that it is more akin to a fantasy land inhabited by a growing number of peculiar characters undertaking nonsensical tasks. Lewis Carroll’s Alice would be very much at home.

David Gait - Fund Manager

The Investment Process

The team believe in backing their best ideas with a concentrated approach. Around 40% of the fund’s value is in its top 10 holdings. The fund invests in quality sustainable companies over a long period. It has a strong valuation discipline and typically gets most of its outperformance in a falling market.


The fund is mostly invested in the more liquid large and medium-sized companies. Because these companies tend to be higher quality in nature, it helps mitigate risk. The fund is managed with a ‘stewardship’ mindset. As a result, historically it has had much lower volatility than other Asian equity funds. Investors should also be aware of the currency risk.

Our Opinion

Stewart Investors has a strong team style and an excellent boutique culture. The fund’s well defined process has consistently been able to beat the market over a very long period. David has shown considerable manager skill with the Sustainability fund and we feel this skill is transferable to Asia Pacific Leaders.

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