Many of its funds have been so successful that they have been soft-closed to protect existing investors.
However, the funds can still be accessed through platforms, and FE rankings show why investors may want to take that route.
First State Global Emerging Markets Sustainability
- FE Crown Fund Rating: 5
- FE Alpha Manager rating
- AFI constituent: Aggressive, Balanced
First State Global Emerging Markets Sustainability is marginally the better performer, according to FE data, making 105.08 per cent since launch in 2009, in which time the Leaders fund has made 91.73 per cent.
Performance of funds over 3-yrs
Source: FE Analytics
Richard Troue, investment analyst at Hargreaves Lansdown, says: "First State Global Emerging Markets Sustainability has been marginally better but they have both performed similarly."
"It has a sustainability basis, looking for companies with good governance and which take into account environmental considerations, but on the whole it isn’t very different from the other emerging markets portfolios in terms of what it looks for in a company: businesses that can generate good cash-flows year on year."
The fund is managed by David Gait and Millar Mathieson, both FE Alpha Managers, and has the freedom to stray from its MSCI Emerging markets benchmark.
A 5.7 per cent position in Nigeria – which does not appear on the index – is among the most striking holdings.
The fund has almost double the index's weighting to India. An overweight position in this country is common to many of First State's funds.
Although the fund has been soft-closed, it remains available through platforms: Troue says there is a full discount on the 4 per cent initial charge through Hargreaves Lansdown.
The total expense ratio (TER) on the fund is 1.74 per cent.
First State Greater China Growth
- FE Crown Fund Rating: 5
- FE Alpha Manager rating
- AFI constituent: Aggressive
China funds have not experienced huge inflows of late, with the market’s returns disappointing since 2007.
However, Troue says now could be the perfect time to invest.
"I would suggest that because China has come off the boil in the last couple of years, now could be the time to get some exposure."
"They have a lot of work to do in the economy to rebalance it towards consumption rather than exports, so it will be a multi-year process, but I would be confident that First State would be able to catch the benefit of that as they have done before."
Data from FE Analytics shows that the fund has massively outperformed both its benchmark and sector average, making 50.98 per cent over the past five years while the MSCI Golden Dragon index has risen by 17.93 per cent and the IMA China/Greater China sector has made 6.17 per cent.
One of the advantages the fund has is that it invests in Greater China rather than just the mainland. It currently has 27.6 per cent in Hong Kong, 19.7 per cent in Taiwan and 5.3 per cent in Singapore.
Performance of fund vs sector and indices over 5-yrs
Source: FE Analytics
Troue says: "If someone is looking to just tip their toe in the water, they are probably better off in a broader fund, and afterwards can top that up with bolt-on holdings in single countries. I would suggest this is a good fund to use for that."
The fund is available with a minimum initial investment of £1,000 and has a TER of 1.84 per cent.
First State Asia Pacific Leaders
- FE Crown Fund Rating: 5
- FE Alpha Manager rating
- AFI constituent: Aggressive, Balanced, Cautious
The fund is a top-decile performer over three and five years, according to FE Analytics data, and its returns of 59.99 per cent are almost treble the 21.49 per cent made by the average fund in the sector.
Since launch in 2003 it has made 300.38 per cent, while the average fund in the sector is up 186.89 per cent.
Performance of fund vs sector since launch
Source: FE Analytics
Troue said: "Over the longer term, First State has been incredibly strong in the Asian region. We did some research on their record and we think they have the best track record of any house in Asia."
"Historically Aberdeen have been perhaps slightly stronger in the emerging markets as a whole, but First State have been better in the Asian region."
"This fund has a lot of exposure to Australia and South Korea, countries that have done well while China hasn’t."
The fund has just 8.9 per cent in China rather than the 18.1 per cent of the index.
It is available through platforms with a full discount of the initial charge, and the TER is 1.56 per cent.
Aberdeen Emerging Markets, which Troue mentions, also appears on the Balanced and Aggressive indices and has five FE crowns, but due to Aberdeen’s team management style it does not have an FE Alpha Manager rating.
Over 10 years it has substantially beaten the First State Global Emerging Markets fund, making 544.46 per cent against 428.03 per cent.
Performance of funds vs sector over 15-yrs
Source: FE Analytics
However, the performance is closer over 15 years, with the Aberdeen fund making 527.62 per cent and the First State fund 508.3 per cent.