Worldwide Leaders

Worldwide Leaders

The Worldwide Leaders strategy launched in November 2013 and transitioned to become a dedicated sustainability strategy in October 2016. 

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The Worldwide Leaders strategy launched in November 2013 and transitioned to become a dedicated sustainability strategy in October 2016. The strategy invests in 30-60 high-quality global companies that are particularly well positioned to contribute to, and benefit from, sustainable development.

Leaders simply means that this strategy is focused on companies with a market cap value of at least USD5 billion. 

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 Worldwide Leaders Sustainability name will be updated to Worldwide Leaders. 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

Worldwide Leaders strategy update: 1 October - 31 December 2024

“We are allocating our own money, we act like owners.”1 It’s always pleasing to meet with a company that thinks similarly to us. We are stewards of our clients’ capital, and one key tenet of our Hippocratic Oath is “We will not forget in our search for returns that the primary risk faced by our clients is losing their capital”. The oath underpins our investment philosophy, which is based on identifying quality stewards of strong franchises with good long-term growth prospects.

During the quarter we bought five new companies and the quote above is from a meeting with the company management of the first of them. Brown & Brown (United States: Financials) was founded in 1939 and is still stewarded by the Brown family. Over the past 85 years, the competent, ambitious and long-term management team has enabled it to grow beyond its Florida base to become the sixth largest insurance broker2 in the United States. The company has also been expanding to Asia and Europe and given the fragmented nature of the insurance brokerage industry, there is plenty more room to grow in the decades ahead.

Carlisle Companies (United States: Industrials) make and sell construction materials, particularly the products needed to roof and waterproof buildings. Using high-quality products in houses leads to better ventilation and protection from weather as well as reducing energy usage and improving longevity. The high demand for new housing across America will provide strong long-term growth opportunities for this company as well as another new purchase, NVR (United States: Consumer Discretionary). Based in Virginia, NVR is the fourth largest homebuilder3 in the United States, focused on building high-quality homes for first-time owners. The long-tenured management team have a history of using industry slowdowns to expand their business in a controlled way, allowing them to benefit when housing demand increases.

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Wabtec (United States: Industrials) is a leading provider of components for rail transportation and can trace its roots back over 100 years. The rail industry is as important now as it was then, as it plays a crucial role in reducing global emissions through both freight and passenger transportation. Rising investment in rail infrastructure along with increasing market share and improving profit margins provide compelling growth drivers over the long term.

Synopsys (United States: Information Technology) is the market leader4 in software for the design of semiconductors, with their products being used by almost all major semiconductor designers and manufacturers. The founder continues to steward the company as Chairman of the Board, enabling them to make long-term investments in research & development (R&D). This ensures that their products remain relevant for decades and provides excellent growth potential.

The new positions were funded by selling Edwards Lifesciences (United States: Health Care) which manufacturers artificial heart valves, and Halma (United Kingdom: Information Technology) which holds a portfolio of companies targeting solutions for safety, health, environment and testing. In both cases, we felt that there were greater opportunities for growth in other companies.

In the past quarter the US election has taken place, sending Donald Trump back to the White House along with a Republican Party majority in the House of Representatives and the Senate. There have been many column inches written about taxes, tariffs and other general speculation about what the incoming administration might do. We don’t have any insights into the workings of a Trump presidency, instead, we focus on finding companies that are adept at navigating difficult situations and practised at generating growth from the opportunities in front of them. Another tenet of our Hippocratic Oath is “We will strive to achieve, through hard work, sober analysis and sound judgement, the best risk-adjusted returns possible for our clients.” This focus means we will continue to seek companies, like Brown & Brown, who we believe will be excellent stewards of our clients’ savings.

[1] Source: Stewart Investors company meeting with Brown & Brown, February 2024.

[2] Source: Brown & Brown website - https://www.bbrown.com/us/about/

[3] Source: Builder. https://www.builderonline.com/builder-100/builder-100-list/2023/

[4] Source: Synopsys company data - https://s201.q4cdn.com/778493406/files/doc_earnings/2024/q4/presentation/InvestorOverviewPresentationFinal-Q4.pdf

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

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Stewart Investors Quarterly Client Update Q4 2024

1 October - 31 December 2024

Quarter update

Risk factors

This material is a financial promotion for the Stewart Investors strategies – Asia Pacific and Japan All Cap, Asia Pacific Leaders, Asia Pacific All Cap, European All Cap, European (ex UK) All Cap, Global Emerging Markets All Cap, Global Emerging Markets Leaders, Indian Subcontinent All Cap, Worldwide All Cap and Worldwide Leaders – and is intended for professional clients only in the UK, Switzerland and EEA and professional clients elsewhere where lawful.

Within the EU/EEA and Switzerland, the European (ex UK) strategy is only available to investors via a segregated mandate account.

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.
  • 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.
  • Indian Subcontinent risk: although India has seen rapid economic and structural development, investing there may still involve increased risks of political and governmental intervention, potentially limitations on the allocation of the strategy’s capital, and legal, regulatory, economic and other risks including greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
  • Specific region risk: investing in a specific region  may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk.
  • Currency risk: the strategies invest in assets which are denominated in other currencies; changes in exchange rates will affect the value of the strategies and could create losses. Currency control decisions made by governments could affect the value of the strategies’ investments and could cause the strategies to defer or suspend redemptions of shares.
  • Concentration risk: the European Sustainability and Worldwide Leaders Sustainability strategies referred to in this material invest in a relatively small number of companies which may be riskier than a strategy that invests in a large number of companies.
  • Smaller companies risk: investments in smaller companies may be riskier and more difficult to buy and sell than investments in larger companies.

Where featured, specific securities or companies are intended as an illustration of investment strategy only, and should not be construed as investment advice or a recommendation to buy or sell any security.

If you are in any doubt as to the suitability of our strategies for your investment needs, please seek investment advice.

Investment philosophy

  • We are stewards: Our role is to allocate society’s capital to productive uses, in accordance with our Hippocratic Oath
  • We are long term: Our time horizon is measured in years, not weeks, and we value companies accordingly
  • We invest only in companies contributing to a more sustainable future: We engage constructively as owners to help companies on their sustainability journeys
  • We invest only in high-quality companies: We seek out companies with exceptional cultures, strong franchises and resilient financials
  • We believe capital preservation is important for capital growth: We define risk as the possibility of the permanent loss of client capital

Investment objective

To generate attractive long-term, risk-adjusted returns by investing in the shares of high-quality companies that are particularly well positioned to contribute to, and benefit from sustainable development.

Important information

This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should conduct your own due diligence and consider your individual investment needs, objectives and financial situation and read the relevant offering documents for details including the risk factors disclosure. Any person who acts upon, or changes their investment position in reliance on, the information contained in these materials does so entirely at their own risk.

We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication but the information contained in the material may be subject to change thereafter without notice.

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To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at First Sentier Investors.

Past performance is not indicative of future performance. All investment involves risks and 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. Actual outcomes or results may differ materially from those discussed. Readers must not place undue reliance on forward-looking statements as there is no certainty that conditions current at the time of publication will continue. 

References to specific securities (if any) are included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. Any securities referenced may or may not form part of the holdings of First Sentier Investors’ portfolios at a certain point in time, and the holdings may change over time.

References to comparative benchmarks or indices (if any) are for illustrative and comparison purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison or other purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the funds managed by First Sentier Investors.

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Strategy update: Q3 2024

Worldwide Leaders strategy update: 1 July - 30 September 2024

We initiated a position in one new company during the quarter. Rentokil Initial (United Kingdom: Industrials) is a global leader in pest control services, a necessary and critical health and hygiene service to secure homes, hospitals and businesses against disease and damage.

Its business model is fundamentally local in nature and generates lots of cash through resilient, recurring sales. The management team is focused on growth by increasing the density of its route network, and so driving improvements in profitability and earnings.

During the quarter we sold completely out of four companies as we grew concerned about their ability to grow their end customer markets. These include: Midea (China: Consumer Discretionary) which makes home appliances for the Chinese market; Infineon Technologies (Germany: Information Technology) which makes semiconductors for electric vehicle and renewable energy markets; Hamamatsu Photonics (Japan: Information Technology) which makes equipment to generate, detect and filter light for scanners, x-ray machines and automation devices such as barcode readers; and Graco (United States: Industrials) which specialises in paint sprayers and products that manage corrosive and other difficult-to-handle fluids.

We are always looking at new companies and recently visited Sweden to meet with some new and some old businesses, including Atlas Copco (Sweden: Industrials), the world's leading manufacturer of air compressors, which is held in the strategy. The opportunity to meet with company management on their ‘home turf’ is invaluable; it is much easier to get a sense of how culture and people have shaped a company and its future return profile when sitting within their offices; or, in the case of Atlas Copco, 20 metres below their office in a test mine. We continue to find excellent investment ideas by focussing on the impact that outstanding people can have on businesses with strong franchises and resilient financials.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Strategy update: Q2 2024

Worldwide Leaders strategy update: 1 April - 30 June 2024

“We know we’re not going to get our money out, so we’d rather burn it up in paying our employees1”.

For Lincoln Electric (United States: Industrials), getting out the Russian market was an easy decision, the only question was how. They stopped production in April 2022 and have focused on supporting their former employees as they look for options to divest their facility. Meeting with companies in person helps us to understand the quality of management through the decisions that they take.

We recently visited the United States to meet with a wide range of industrial and consumer companies across Chicago, Cincinnati, Columbus, Cleveland, Boston and New York. In total we met with 50 companies, many of them leaders in their industries. We highlight some of the companies we met with in more detail here along with the reasons why we believe they fit so well with our investment approach. The trip was a great reminder of the number of excellent companies out there with competent and ethical stewards that generate returns by focusing on building long-term franchises in profitable niches.

During the quarter we added a new position in Ashtead Group (United Kingdom: Industrials), an industrial and construction equipment rental company with a long-tenured leadership team. Despite being founded in the UK in 1947, Ashtead Group currently derives more than 80% of its revenues from the United States due to its acquisition of Sunbelt in the 1990s2. Renting equipment reduces the need for companies to own equipment that sits idle leading to improved resource efficiency and reduced environmental impact. It also provides for a franchise that generates high returns and opportunities for strong growth prospects given the current fragmented nature of the equipment rental market. We continued to add to our position in TSMC (Taiwan: Information Technology) reflecting our conviction in the long-term potential of its business. We also added to positions in MonotaRO (Japan: Industrials), Fortinet (United States: Information Technology) and Old Dominion Freight Line (United States: Industrials).

We divested completely from two companies, Samsung C&T (South Korea: Industrials) and EPAM Systems (United States: Information Technology), preferring to consolidate exposure in higher conviction ideas. We also trimmed exposure to Mahindra & Mahindra (India: Industrials), and Infineon Technologies (Germany: Information Technology).

During the quarter, one of our companies was targeted by an activist investor who was concerned that it was overbuilding manufacturing capacity. Their concerns were based on near-term revenue expectations in an industry that is expected to grow by multiples in the coming years. We disagreed as the company’s record of counter cyclical and industry leading investments has handsomely rewarded patient shareholders and we wrote to offer them our support.

The overall market continues to become increasingly concentrated in any company connected with building Artificial Intelligence (AI) infrastructure. We do not have any insight into how new technologies work through an economy nor where the revenues or profits will appear. Instead of allowing ourselves to be distracted by a single growth driver, we seek to build a portfolio of companies that can benefit from a wide range of diverse growth drivers, as we believe that this is the best way to protect and grow our clients’ capital over the long term.

1 Source: Stewart Investors investment team, June 2024

2 Source: Stewart Investors investment team and company data

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Strategy update: Q1 2024

Worldwide Leaders strategy update: 1 January - 31 March 2024

During the quarter we added a new position in TSMC (Taiwan: Information Technology) and added to Samsung Electronics (South Korea: Information Technology). Both companies are fabricating the chips that will be used by technology companies to drive innovative solutions to the world’s problems and are an essential part of the semiconductor value chain. In addition, both companies are well run with strong growth prospects and reasonable valuations.

We also entered a new position in Japanese diagnostics company Sysmex (Japan: Health Care). Sysmex play a key role in the early detection and prevention of diseases and are also driving accuracy, affordability and efficiency in surgery through investments in surgical robots.

Other new positions include Samsung C&T (South Korea: Industrials) and Techtronic Industries (Taiwan: Industrials) as we took advantage of attractive valuations to buy companies well set up to grow over the next decade. We also took the opportunity to add to several industrial companies that we already own at reasonable valuations including Lincoln Electric (United States: Industrials), Linde (United States: Industrials) and MonotaRO (Japan: Industrials).

These changes were funded by exiting companies where we have lost conviction in their opportunities for future growth. These include two Japanese companies, Unicharm (Japan: Consumer Staples) and Shimano (Japan: Industrials). They also include two developing market banks in Kotak Mahindra Bank (India: Financials) and OCBC Bank (Singapore: Financials). While these remain good companies, the increasingly competitive environment that they are facing and the opportunities to find growth elsewhere led us to divest.

Lastly, we divested from CSL (Australia: Health Care) as the stock had become fully valued and a range of more attractive opportunities were available. We also reduced our position in Costco (United States: Consumer Staples) due to concerns about valuations.

As we head further into 2024, there remains little consensus around whether inflation will continue to fall or rise further, whether interest rates will remain where they are or be cut, or whether we are heading into a stronger or weaker economy. However outside of the world of macro we are seeing some return to normality. Companies that we meet with are welcoming the end of a phase of de-stocking that was brought about by the supply chain issues and overstocking of 2022 and are looking forward to a return to more typical growth trends. We remain as reticent as ever to predict the path of macroeconomic variables, instead, focusing on finding high quality companies supported by a diverse range of structural growth drivers, with strong balance sheets and competent management.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Proxy voting

Proxy voting: Q4 2024

Worldwide Leaders proxy voting: 1 October - 31 December 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 25 resolutions from two companies to vote on. On behalf of clients, we voted against one resolution.

We voted against the re-appointment of the auditor at Copart as they have been in place for or over 10 years and the company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2024

Worldwide Leaders proxy voting: 1 July - 30 September 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 116 resolutions from six companies to vote on. On behalf of clients, we voted against four resolutions.

We voted against remuneration motions at Ashtead Group as we were concerned about excesses in CEO salary. (two resolutions)

We voted against the appointment of the auditor at Linde as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (two resolutions*)

*The same proposal was voted on different stock lines.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2024

Worldwide Leaders proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 332 resolutions from 26 companies to vote on. On behalf of clients, we voted against 23 resolutions.

We voted against the appointment of the auditor at Arista Networks, bioMérieux, Edwards Lifesciences, EPAM Systems, Expeditors, Fastenal, Fortinet, Graco, Lincoln Electric, Markel, Old Dominion Freight Line, Roper Technologies and Texas Instruments as they have been in place for over 10 years and the companies’ have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and follows best practice. (13 resolutions)

We voted against the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)

We voted against recasting and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of candidates. (three resolutions)

We abstained from voting on requests for a separate board election and the election of a Supervisory Council position at WEG due to insufficient information and our preference for the current family stewards to remain in place. (two resolutions)

We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (one resolution)

We voted for a shareholder proposal encouraging alignment with the Paris Agreement with regards to greenhouse gas (GHG) emissions targets and also voted against a shareholder proposal requesting a Diversity & Inclusion Report at Expeditors as we believe this issue requires a wider discussion and cannot be resolved through disclosure alone. (two resolutions)

We voted against a shareholder proposal regarding simple majority voting at Fastenal as this was covered by the company's own proposals. (one resolution)

We voted against a shareholder proposal regarding GHG emissions disclosure at Markel as the proposal called for disclosure of emissions from underwriting, insuring and investments, which is not yet widely or reliably reported in the industry, hence we would prefer to discuss the issue with the company. (one resolution)

We abstained from voting on a shareholder proposal regarding the adoption of greenhouse gas (GHG) emissions targets aligned with the Paris Agreement at Old Dominion Freight Line as we have previously engaged with the company on this issue and prefer to continue dialogue to better understand their plans. (one resolution)

We abstained from voting on a shareholder proposal to remove supermajority requirements for certain issues at Roper Technologies as the board didn't provide a recommendation. (one resolution)

We voted for shareholder proposals regarding the right to call a special meeting and requesting a report on customer due diligence at Texas Instruments as we found both to be sensible. (two resolutions)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2024

Worldwide Leaders proxy voting: 1 January - 31 March 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 96 resolutions from 9 companies to vote on. On behalf of clients, we voted against 3 resolutions.

We voted against a shareholder proposal for Costco to conduct a feasibility study of reaching net zero by 2050, as we believe the company is making progress with tangible near-term climate targets in place. Long-term projections with regards to the net zero transition are difficult and can be fraught with errors, hence we currently find the company's approach reasonable and sensible. (one resolution)

We voted against an adjustment of the Guarantee for Controlled Subsidiaries Assets Pool Business at Midea as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)

We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

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For illustrative purposes only. Reference to the names of example company names mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Companies mentioned herein may or may not form part of the holdings of Stewart Investors. Holdings are subject to change.

Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon Stewart Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will last, and Stewart Investors undertakes no obligation to correct, revise or update information herein, whether as a result of new information, future events or otherwise.

Source: Stewart Investors investment team and company data. Securities mentioned are all investee companies* from representative Asia Pacific All Cap Strategy, Asia Pacific & Japan All Cap Strategy, Asia Pacific Leaders Strategy, European All Cap Strategy, European (ex UK) All Cap Strategy, Global Emerging Markets (ex China) Leaders Strategy, Global Emerging Markets Leaders Strategy, Global Emerging Markets All Cap Strategy, Indian Subcontinent All Cap Strategy, Worldwide All Cap Strategy and Worldwide Leaders Strategy accounts as at 31 December 2024. *Assets that the strategies may hold which an active decision has not been made, and sustainability assessment does not apply, include cash, cash equivalents, short-term holdings for the purpose of efficient portfolio management and holdings received as a result of mandatory corporate actions. Holdings of such assets will not appear on Portfolio Explorer.

The Stewart Investors supports the Sustainable Development Goals (SDGs). The full list of SDGs can be found on the United Nations website.

Source for Climate Solutions and impact figures: © 2014–2025 Project Drawdown (drawdown.org). Source for Human Development Pillars: Stewart Investors investment team.

Source for climate solutions and human development analysis and mapping: Stewart Investors investment team. Contributions are defined by the team as demonstrable contributions to any solution, either direct (directly attributable to products, services or practices provided by that company), or enabling (supported or made possible by products or technologies provided by that company).

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