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Asia Pacific and Japan All Cap
The strategy was launched in June 1988, and since September 2019 has been a dedicated sustainability strategy.
The strategy was launched in June 1988, and since September 2019 has been a dedicated sustainability strategy. This equity-only strategy aims to achieve long-term capital growth by investing in a portfolio of between 30-60 companies in the Asia Pacific region, including Japan, that are helping to bring about a more sustainable future.
The ability to invest directly in Japan allows clients to own high-quality Japanese companies far earlier in their Asian growth journeys, as well as accessing a greater pool of domestic companies with attractive growth opportunities that are positioned to contribute to, and benefit from, sustainable development.
Strategy highlights: a focus on quality and sustainability
- Companies must contribute to sustainable development. Portfolio Explorer >
- We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >
- We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >
- Our approach is long-term, bottom-up, high conviction and benchmark agnostic
- We focus on capital preservation as well as capital growth – we define risk as the permanent loss of client capital
Strategy name change
Please note, from 21 November 2024 Stewart Investors Asia Pacific and Japan Sustainability name will be updated to Asia Pacific and Japan All Cap. By 30 June 2025, the Stewart Investors Australian Unit Trust Fund names will be updated to reflect these Strategy name changes. Please refer to this note for further information.
Latest insights
Quarterly updates
Strategy update: Q4 2024
Asia Pacific and Japan All Cap strategy update: 1 October - 31 December 2024
Over most three-month periods, there should be relatively little change in the portfolio. We aim to build resilient portfolios of high-quality companies with diversified streams of cash flows that have the ability to grow in value over the long term.
Chinese equities gave back some gains from the dramatic autumn stimulus which challenged comparative performance in the third quarter of 2024. The performance of the Indian market index struggled after some of the largest companies in India faced governance issues that became subject to enquiry by the regulator in the United States. The re-election of Mr Trump also seemed to distract global investors from Asian equities. At Stewart Investors we continue to concentrate on bottom-up stock selection rather than overly focus on unpredictable macro news flow.
The portfolio purchased DFI Retail Group (Hong Kong: Consumer Staples), a pan-Asian retailer stewarded by the Keswick family. We also bought Naver (South Korea: Communication Services), South Korea’s dominant internet search engine which has significantly improved its capital allocation in recent years.
During the quarter we took advantage of attractive valuations to add to our positions in AirTAC International (Taiwan: Industrials), Yiheda Automation (China: Industrials), Techtronic (Hong Kong: Industrials), Sysmex (Japan: Health Care), MANI (Japan: Health Care) and AS ONE (Japan: Health Care).
Due to waning conviction, high valuations, or finding better ideas elsewhere, we sold Pentamaster (Malaysia: Information Technology), Advanced Energy Solution (Taiwan: Industrials) and Samsung C&T (South Korea: Industrials).
To control position sizes, we trimmed Mahindra & Mahindra (India: Consumer Discretionary), CG Power (India: Industrials), CSL (Australia: Health Care), HDFC Bank (India: Financials), Syngene (India: Health Care) and Fisher & Paykel Healthcare (New Zealand: Health Care).