Stewart Investors Asia Pacific Leaders
Previously Stewart Investors Asia Pacific Leaders Sustainability
Stewart Investors Asia Pacific Leaders invests in the shares of large and medium-sized companies that are either based in, or have significant operations in the Asia Pacific region including Australia and New Zealand, but excluding Japan. Specific consideration is given to companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate.
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David is Head of the Sustainable Funds Group and a Portfolio Manager at Stewart Investors, where he has been since 1997. He manages the Asia Pacific Leaders Sustainability, Asia Pacific Sustainability strategies, and the Pacific Assets Investment Trust. David is also a member of the Stewart Investors Board. He holds an MA with honours in Economics from Cambridge University and a Master of Science in Investment Analysis from Stirling University.
Sashi Reddy joined Stewart Investors in August 2007, where he generates investment ideas for the Sustainable Funds group. With 15 years of experience, including 12 years in financial services, he previously worked at Irevna Research from 2005 to 2007. Sashi holds an engineering degree from the National Institute of Technology, Trichy, and an MBA from the Schulich School of Business, York University in Toronto.
David is Head of the Sustainable Funds Group and a Portfolio Manager at Stewart Investors, where he has been since 1997. He manages the Asia Pacific Leaders Sustainability, Asia Pacific Sustainability strategies, and the Pacific Assets Investment Trust. David is also a member of the Stewart Investors Board. He holds an MA with honours in Economics from Cambridge University and a Master of Science in Investment Analysis from Stirling University.
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Company Description
Stewart Investors, awarded the Elite Provider for Equities Rating in both 2016 and 2017, manages investment portfolios on behalf of clients over the long term and has held shares in some companies for over 20 years. It launched its first investment strategy in 1988. For over three decades it has applied the same investment philosophy consistently across all investment strategies. Stewart Investors is part of the First Sentier Investors group but operates with discrete investment autonomy, according to its investment philosophy.
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Quote from the Fund Manager
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
Co-Manager
Investment process
The team believes in backing its best ideas with a concentrated approach so the portfolio usually has less than 50 holdings and around 40% of its 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. David is responsible for ensuring the portfolio is well diversified. There are formal sector limits for geography and sectors; the fund’s exposure to any of Australia, China (via Hong Kong), Hong Kong, India, Singapore, South Korea or Taiwan must not exceed 50%. The managers are not required to own any sector or country if there are no good investment opportunities.
Risk
Stewart Investors Asia Pacific Leaders fund is heavily 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.
ESG
ESG - Explicit
Stewart Investors aims to invest in high-quality companies that contribute to and benefit from the sustainable development of the countries in which it operates. Its managers have been running sustainability investment strategies since 2005 and have a strong process. They believe that sustainable development is a key driver of investment performance and consider sustainability as integral to the investment process, using it as their starting point when analysing a company.
As part of their bottom-up investment process, managers do not invest in companies with material exposure to harmful products and services, or which fail to discharge their environmental stewardship and human rights responsibilities. For example, they will not invest in companies involved in fossil fuels, nuclear energy, alcohol production, tobacco production, gambling, pornography, armaments manufacturing and any with poor records in human rights standards.
The portfolios are reviewed by an external ESG research provider who reports on any company involved in harmful industries or which does not meet the principles which sit at the heart of the investment philosophy. The team will engage with management to resolve any issues, or divest if no change is forthcoming.
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