Hong Kong-headquartered holding company Jardine Matheson Holdings (LSE:JAR, Financial) controls a diversified collection of business franchises predominantly across Greater China and Southeast Asia. The company’s stock price lagged in the third quarter as renewed Covid-related restrictions in markets like Indonesia and Thailand impacted sales volumes there. Further, the debt crisis at Chinese property developer Evergrande may have dented investor enthu-siasm for companies exposed to Asian real estate; in 2020, 38% of Jardine’s earnings were attributable to the property segment. Jardines has taken advantage of price weakness to buy back stock, and given its solid balance sheet and attractive franchises, we continue to believe it offers attractive value.
From First Eagle Investment (Trades, Portfolio) Global Income Builder Fund's third-quarter 2021 commentary.
