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Asia Pacific All Cap
The strategy was launched in December 2005. It invests in the shares of between 30-60 companies in the Asia Pacific region.
You can see all of the companies that this strategy invests in by filtering on our Portfolio Explorer tool.
- We define investment risk as losing clients’ money – this means we focus on looking after your money as well as growing it
- Companies must contribute to sustainable development and make a positive impact towards a more sustainable future. 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 >
Quarterly update
Strategy update: Q4 2024
Asia Pacific All Cap strategy update: 1 October - 31 December 2024
Over most three-month periods, there should be relatively little change to the investments in the portfolio. We aim to build resilient portfolios of high-quality companies with various ways of earning money that have the ability to grow in value over the long term.
Many Chinese stocks lost some of the performance gains that they saw in the third quarter of 2024 when the government announced positive economic events. 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 in the United States election in November also seemed to distract global investors from Asian equities. At Stewart Investors we continue to concentrate on companies rather than unpredictable economic and political news.
During the quarter we bought DFI Retail Group (Hong Kong: Consumer Staples), a pan-Asian retailer led and stewarded by the Keswick family. We also purchased MANI (Japan: Health Care), a Japanese medical device company, Wesfarmers (Australia: Consumer Discretionary), an Australian business group (conglomerate) with retail and healthcare assets and Naver (South Korea: Communication Services), South Korea’s dominant internet search engine which has significantly improved how it allocates and spends its financial resources in recent years.
We also took advantage of attractive valuations to increase the size of our positions in AirTAC International (Taiwan: Industrials) and Yiheda Automation (China: Industrials).
Due to lower confidence, 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 holdings in Mahindra & Mahindra (India: Consumer Discretionary), CG Power (India: Industrials), Marico (India: Consumer Staples), TSMC (Taiwan: Information Technology), Unicharm (Japan: Consumer Staples), Chroma ATE (Taiwan: Information Technology), CSL (Australia: Health Care) and Dr. Lal PathLabs (India: Health Care).