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Asia Pacific Leaders
The strategy was launched in December 2003. It invests in the shares of between 30-60 companies in the Asia Pacific region.
A Leaders strategy generally invests in market leading companies which means, for this strategy, that they are valued at over US$1 billion.
You can see all of the companies that this strategy invests in by filtering on our Portfolio Explorer tool.
- 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
Quarterly updates
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 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 made 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 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 bought Wesfarmers (Australia: Consumer Discretionary), an Australian business group (conglomerate) with retail and healthcare assets, and Tube Investments (India: Consumer Discretionary), a conglomerate of industrial businesses led and stewarded by the high-quality Murugappa family.
To control company 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 Samsung C&T (South Korea: Industrials) to fund better ideas elsewhere.