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Asia Pacific Leaders

Asia Pacific Leaders

The Asia Pacific Leaders strategy invests in large and mid-sized companies which generally have a total stock market value of at least US$1 billion. 

The Asia Pacific Leaders strategy was originally launched in December 2003 and invests in large and mid-sized companies which generally have a total stock market value of at least US$1 billion (hence ‘Leaders’).

This equity-only strategy seeks to invest in between 30 to 60 high-quality businesses in the Asia Pacific region (including Australia and New Zealand, but excluding Japan) that are helping bring about a more sustainable future.

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

Latest insights

  • Asia Pacific Leaders: Thoughts

    Analyst and Senior Portfolio Manager David Gait gives his thoughts on the Asia Pacific Leaders strategy highlighting investment ideas and portfolio activity.

    15 Mar 2025
    Image for: Asia Pacific Leaders: Thoughts

  • Client letter: Why change a name?

    We have decided to remove the word ‘Sustainability’ from the Stewart Investors fund names. Why? Three and a half slow-burning thoughts have combined to make it the right time.

    23 Sep 2024
    Image for: Client letter: Why change a name?

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Quarterly updates

Strategy update: Q1 2025

Asia Pacific Leaders strategy update: 1 January - 31 March 2025

While broad Asia Pacific market indices edged slightly higher in both US dollar and Australian dollar terms, they moved slightly lower in euro and sterling terms. Perhaps of greater significance was that political turbulence resulted in a wide divergence of returns on a country level. Market indices in China, South Korea and Singapore moved higher but fell across the rest of the region, with some markets suffering double-digit falls.

Most notable was the extent of the divergence in returns between markets in India (down) and China (up). Investors’ enthusiasm for Chinese equities was, in part, a response to DeepSeek’s impressive demonstration of the progress the country is making in AI. Market-friendly rhetoric from the government in Beijing and hopes that the United States’ trade tariffs might not prove too onerous also helped to underpin the gains. In contrast, while there was relatively little news from India, share prices fell back from elevated levels, as they did in many other parts of the world; returns from the Indian market over the quarter were broadly in-line with those from markets in the United States.

During the quarter, we added new positions in S.F. Holding (China: Industrials), Mindray (China: Health Care) and Alibaba (China: Consumer Discretionary). We believe all three companies have the potential to benefit from China’s new emphasis on national self-reliance. Over the last five years, the stewards of Chinese companies have, often for the first time, been tested by genuine economic and political adversity. They have applied the lessons learned during this period of adversity, strengthening their franchises and balance sheets. This, in combination with valuations that appear modest by global standards, means we have been identifying a greater number of new investment ideas in China.

We are also finding quality companies at attractive valuations in the Philippines and India. The competition between new ideas for a place in the portfolio has rarely been this intense. The result was a busier-than-normal quarter. As part of this, and in addition to the Chinese names mentioned above, we added Bank of the Philippine Islands (Philippines: Financials) and BDO Unibank (Philippines: Financials). Both banks are family owned and professionally managed. They complement our existing investment in Ayala (Philippines: Industrials), to which we also added over the quarter. In India, we added a new holding in Bajaj Auto (India: Consumer Discretionary), a leading manufacturer of motorcycles, scooters and auto rickshaws backed by a high-quality steward. 

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To finance these additions, we trimmed our holdings in companies whose cashflows we believe are at greatest risk from the imposition of new tariffs by the Trump administration, such as Cochlear (Australia: Health Care), CSL (Australia: Health Care), Fisher & Paykel Healthcare (New Zealand: Health Care) and Dr. Reddy’s Laboratories (India: Health Care). All of these businesses import products into the United States from manufacturing plants overseas. We sold out of ResMed (Australia: Health Care), partly for valuation reasons and partly in view of its susceptibility to potential changes in US tariff policy. In a similar vein, we continued to reduce the holding in TSMC (Taiwan: Information Technology) as evidence continued to mount that it is losing control of capital expenditure.

Elsewhere, we reduced our holding in Mahindra & Mahindra (India: Consumer Discretionary) to control the size of our position. We also pared back holdings in Godrej Consumer Products (India: Consumer Staples), Marico (India: Consumer Staples), and Tech Mahindra (India: Information Technology) partly for valuation reasons but also to help finance the new investments mentioned above. A similar logic informed our complete sale of Tata Consumer Products (India: Consumer Staples).

As the long period of US exceptionalism draws to an end, we hope investors will begin to pay attention to the abundance of attractively valued companies to be found in the Asia Pacific region. Clearly, if the US economy falters and global demand falls, then economies across Asia will be impacted, albeit to differing degrees. We are also conscious that political risks appear to be rising in many Asian countries. Those risks, however, are far from uniform. The region’s technology complex, centred around Taiwan, South Korea and China, would appear to be particularly vulnerable to a global slowdown. India, by contrast, remains a domestically driven growth story and, as such, is somewhat isolated from the tumult in the global economy. The Philippines, meanwhile, could receive a significant economic boost if a global slowdown results in a meaningful fall in oil prices.

Predicting how any of today’s economic and geopolitical challenges will play out lies beyond our remit and our skillset. Fortunately, the Asian companies we invest in tend to have long memories; they still have the scar tissue formed during previous crises. These businesses have been forced to learn, to adapt and to become resilient. As a result, we believe they are set up not only to perform when conditions are fair but to navigate through whatever political and economic turbulence lies ahead. 

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 Q1 2025

1 January - 31 March 2025

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.

No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material.

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.

Selling restrictions

Not all First Sentier Investors products are available in all jurisdictions.

This material is neither directed at nor intended to be accessed by persons resident in, or citizens of any country, 

or types or categories of individual where to allow such access would be unlawful or where it would require any registration, filing, application for any licence or approval or other steps to be taken by First Sentier Investors in order to  comply with local laws or regulatory requirements in such country.

About First Sentier Investors

References to ‘we’, ‘us’ or ‘our’ are references to First Sentier Investors, a global asset management business which 

is ultimately owned by Mitsubishi UFJ Financial Group (MUFG). Certain of our investment teams operate under the trading names FSSA Investment Managers, Stewart Investors and Realindex Investments, all of which are part of the First Sentier Investors Group.

This material may not be copied or reproduced in whole or in part, and in any form or by any means circulated without the prior written consent of First Sentier Investors.

We communicate and conduct business through different legal entities in different locations. This material is communicated in:

  • United Kingdom by First Sentier Investors (UK) Funds Limited, authorised and regulated by the Financial Conduct Authority (reg. no. 2294743; reg office Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB).
  • European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson’s Quay, Dublin 2, Ireland; reg company no. 629188).
  • Other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (reg. no. 122512; reg office 23 St. Andrew Square, Edinburgh, EH2 1BB; regcompany no. SC079063).

To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products 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.

© First Sentier Investors Group

Full Quarterly client update >>

Strategy update: Q4 2024

Asia Pacific Leaders 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 Naver (South Korea: Communication Services), South Korea’s dominant internet search engine which has significantly improved its capital allocation in recent years. We also bought Wesfarmers (Australia: Consumer Discretionary), an Australian conglomerate managing an evolving portfolio of retail and healthcare assets, and Tube Investments (India: Consumer Discretionary), a conglomerate of industrial businesses stewarded by the high-quality Murugappa family.

To control position sizes, we trimmed Mahindra & Mahindra (India: Consumer Discretionary), Kotak Mahindra Bank (India: Financials), Tata Consumer Products (India: Consumer Staples), Marico (India: Consumer Staples), Godrej Consumer Products (India: Consumer Staples), HDFC Bank (India: Financials), Tech Mahindra (India: Information Technology), Fisher & Paykel Healthcare (New Zealand: Health Care), OCBC (Singapore: Financials), Hoya (Japan: Health Care), CSL (Australia: Health Care).

During the quarter, we sold our position in Samsung C&T (South Korea: Industrials) to fund better ideas elsewhere.

Views on investment opportunities in Asia have not changed; the strategy continues to look to invest in high-quality companies that are aligned with sustainable development. We look for stewards who are low profile, competent, long-term decision makers, franchises free from political agendas and financials that are resilient, not frail. Our focus is on quality, and we remain indifferent to many of the large, well-known companies, regardless of lower valuations.

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: Q3 2024

Asia Pacific Leaders strategy update: 1 July - 30 September 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.

During the last few days of the quarter the Chinese central bank and government announced monetary and fiscal stimulus measures for the economy, causing Chinese stocks to rally significantly. Whilst it is heartening to see the Chinese authorities attempting to address the problems within the economy it remains unclear whether this stimulus will adequately address broader structural issues like the lack of consumer demand.

The portfolio initiated a position in ICICI Lombard (India: Financials), a conservatively run insurer set to potentially benefit from rising insurance penetration in India. We also purchased a new position in Ayala (Philippines: Industrials), a 190-year-old Filipino conglomerate stewarded by the Ayala family who in recent years have appointed the first ever non-family CEO.

During the quarter we continued to add to Techtronic Industries (Hong Kong: Industrials) and increased our position in Kasikornbank (Thailand: Financials) and Dabur (India: Consumer Staples).

We trimmed our position size in Midea (China: Consumer Discretionary). Whilst we continue to be impressed by Midea’s management team, the efficiency of their production base and their capital allocation, we are wary of the risk US and European tariffs may pose to the 40% of the business which exports goods.1 We also trimmed HDFC Bank (India: Financials), Kotak Mahindra Bank (India: Financials), and Fisher & Paykel Healthcare (New Zealand: Health Care) to fund better ideas elsewhere.

We sold Vitasoy (Hong Kong: Consumer Staples) for liquidity reasons and to fund better ideas elsewhere.

Views on investment opportunities in Asia have not changed; the strategy continues to look to invest in high-quality companies that are aligned with sustainable development. We look for stewards who are low profile, competent, long-term decision makers, franchises free from political agendas and financials that are resilient, not frail. Our focus is on quality, and we remain indifferent to many of the large, well-known companies, regardless of lower valuations.

1 Source: S&P Capital IQ. Calendar year 2023

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

Asia Pacific Leaders strategy update: 1 April - 30 June 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.

During the quarter, extremely short-term volatility spiked in the immediate days before and after the election in India. Sober reflection on the increased accountability of the Bharatiya Janata Party (BJP) and the victory for democracy meant Indian equities quickly resumed a more positive direction. At Stewart Investors we studiously avoid companies that are influenced or impacted by politics.

There were no new investments added to the portfolio this quarter. However, we took advantage of lower valuations in China to add to Shenzhen Inovance (China: Industrials) and Techtronic Industries (Hong Kong: Industrials). We also continued to build the position size in Samsung Electronics (South Korea: Information Technology) and Samsung Biologics (South Korea: Health Care).

We also controlled the size of largest position Mahindra & Mahindra (India: Consumer Discretionary) as well as Tech Mahindra (India: Information Technology), Kotak Mahindra Bank (India: Financials) and HDFC Bank (India: Financials). We reduced OCBC Bank (Singapore: Financials) as we believe we have better ideas elsewhere.

In terms of complete divestments, we sold WuXi Biologics (China: Health Care) after a proposed bill in the United States Congress aimed to restrict some Chinese biotech business tie-ups with United States companies due to national security concerns. It was a mistake to invest in WuXi Biologics given the geopolitical risk to which it is exposed. We sold Kingmed Diagnostics (China: Health Care) due to the company’s regulatory exposure. Despite the value provided to customers, it is difficult for us to assess the risk of forced pricing cuts for these Chinese companies amidst reductions to government healthcare spending and we have therefore exited our position. We reappraised franchise development and quality at Pigeon (Japan: Consumer Staples), Infineon Technologies (Germany: Information Technology) and Telkom Indonesia (Indonesia: Communication Services). This resulted in complete divestments from these positions. 

Views on investment opportunities in Asia have not changed; the strategy continues to look to invest in high-quality companies that are aligned with sustainable development. We look for stewards who are low profile, competent, long-term decision makers, franchises free from political agendas and financials that are resilient, not frail. Our focus is on quality, and we remain indifferent to many of the large, well-known companies, regardless of lower valuations.

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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Proxy voting

Proxy voting: Q1 2025

Asia Pacific Leaders proxy voting: 1 January - 31 March 2025

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 62 resolutions from 12 companies to vote on. On behalf of clients, we voted against five resolutions.

We voted against executive remuneration at Bank Central Asia because we believed it was excessive. (one resolution)

We voted against the election of two directors and an audit committee member at Samsung Electronics as we do not believe them to be truly independent. (three resolutions)

We voted against the election of the audit committee chair at Unicharm as we do not believe they are independent. (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: Q4 2024

Asia Pacific Leaders proxy voting: 1 October - 31 December 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 52 resolutions from eight companies to vote on. On behalf of clients, we voted against eight resolutions. 

At ResMed, we voted against the Board re-election of Peter C. Farrell who retired from the company over 10 years ago and believe should step down from the Board. We also voted against the re-election of Richard Sulpizio as Chair of the nominating and governance committee, due to the decreasing gender diversity on the Board. We voted against the company’s executive remuneration and payment terms, as we have concerns around the complexity and use of many adjusted metrics. We also voted against the re-appointment of the auditor as they have been in place for 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 financial accounts. (eight 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: Q3 2024

Asia Pacific Leaders proxy voting: 1 July - 30 September 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 126 resolutions from 16 companies to vote on. On behalf of clients, we voted against one resolution. 

We voted against the appointment of the auditor at Vitasoy 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. (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: Q2 2024

Asia Pacific Leaders proxy voting: 1 April - 30 June 2024

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 225 resolutions from 23 companies to vote on. On behalf of clients, we voted against six resolutions.

We voted against the appointment of the auditor at Glodon and Yifeng Pharmacy Chain 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. (two resolutions)

We voted against a proposal regarding transaction of business at Kasikornbank as the company provided insufficient detail on the proposal and we wish to avoid unfettered discretion. (one resolution)

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

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Portfolio Explorer

If you are unable to view the portfolio explorer, please re-open in Google Chrome, Edge, Firefox, Safari or Opera. IE11 is not supported.

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 March 2025. *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).

Investment terms

View our list of investment terms to help you understand the terminology within this website.

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Fund data and information

Key documents

Fund prices and details

Click on the links below to access key facts, literature, performance and portfolio information for the funds and share classes available in this jurisdiction:

FUND SHARE CLASS ISIN SEDOL DEALING DATE CURRENCY NAV
Stewart Investors Asia Pacific Leaders Fund 2,3 Class I (Acc) IE00BFY85L07 BFY85L0 29 Apr 2025 EUR 3.2031
Stewart Investors Asia Pacific Leaders Fund 2,3 Class I (H Dist) IE00BFY85N21 BFY85N2 29 Apr 2025 EUR 2.9295
Stewart Investors Asia Pacific Leaders Fund 2,3 Class I (Acc) IE000AHU5WZ4 BP83061 29 Apr 2025 USD 9.2781
Stewart Investors Asia Pacific Leaders Fund 2,3 Class I (Acc) IE000DK39VY7 BQXP672 29 Apr 2025 SGD 9.7530
Stewart Investors Asia Pacific Leaders Fund 2,3 Class I (H Dist) IE000LN3UTM5 BQXP683 29 Apr 2025 SGD 9.7349
Stewart Investors Asia Pacific Leaders Fund 2,3 Class I (H Dist) IE0002CHQF44 BQXP694 29 Apr 2025 USD 10.0834

2 The Fund is classified as an ESG fund in Singapore. For more information please refer to the additional ESG funds information.

3 As of end of 2024, please note that Stewart Investors strategies and the Funds within the First Sentier Investors Global Umbrella Fund plc (Irish VCC) and First Sentier Investors Global Growth Funds (Singapore Unit Trust) have been renamed. Please refer to this note for further information.

The Fund is a sub fund of Ireland domiciled First Sentier Investors Global Umbrella Fund plc. First Sentier Investors Global Umbrella Fund plc, being the responsible person of the Fund, has appointed First Sentier Investors (Singapore) (“FSIS”) as its Singapore representative.

Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future distribution. Any distributions is expected to result in an immediate reduction of the Net Asset Value per unit.

Source: Lipper, Nav-Nav (with dividend reinvested where applicable)

Acc represents share class with dividends accumulated. M Dist represents share class with monthly distribution of dividends. H Dist represents share class with half-yearly distribution of dividends. Q Dist represents share class with quarterly distribution of dividends. Dividends are not guaranteed and may be paid out of capital. All prices are for indication only. For detail, please refer to the Fund’s factsheet for further details including investment objective & strategy, asset allocation, top 10 holdings, comparison with benchmark (if any) and disclosure.

Fund performance data is sourced from First Sentier Investors. Single pricing basis with net income reinvested. The above performance data is provided for information only and does not contain or constitute investment advice. A copy of the Prospectus is available and may be obtained from the Manager, First Sentier Investors (Singapore), or any of our distributors. Investors should read the Prospectus and consult a financial adviser before deciding to make any investment. In the event of discrepancies between the marketing materials and the Prospectus, the Prospectus shall prevail. The value of the Fund and the income from them, if any, may fall or rise. Past performance of the Fund or the Manager and any economic and market trends or forecast, is not indicative of the future or likely performance of the Fund or the Manager. Neither the Manager, nor any of its associates, nor any director, or employee accepts any liability for any loss arising directly or indirectly from any use of this information. Units are not available to U.S. persons.

Strategy and fund name changes

As of end of 2024, please note that Stewart Investors strategies and the Funds within the UK First Sentier Investors ICVC, First Sentier Investors Global Umbrella Fund plc (Irish VCC) and First Sentier Investors Global Growth Funds (Singapore Unit Trust) have been renamed. Please refer to our note via the link below for further information.

Read the client letter

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Investment involves risks. This website is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D and has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Stewart Investors (registration number 53310114W) are the business divisions of First Sentier Investors (Singapore).

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