Steve Davis was far from the most popular snooker player of his era. He was widely perceived as unexciting, charisma-free and even robotic – the polar opposite of Alex Higgins, the flamboyant “people’s champion”.

Higgins was mercurial. His style of play was determinedly flashy and crowd-pleasing. He would puff on cigarettes and consume copious quantities of vodka and orange when not at the table. He also liked a fight.

By jarring contrast, Davis seldom betrayed any emotion. His play was characterised by a kind of wearisome excellence. He would dispassionately sip water on the rare occasions when his opponent got an extended turn.

The pair’s respective nicknames spoke volumes. Justifiably, Higgins was known as ‘Hurricane’. As if to underline his reputation for tedium, Davis eventually had an ironic epithet thrust on him: ‘Interesting’.

In the final reckoning, though, it is titles that count. Higgins won the World Championship twice, whereas Davis secured the crown six times – all of them in the 1980s, a period he utterly dominated.

The lesson? Even though we might find it fundamentally unappealing, “boring” can be good. There is often much to be said for consistency, reliability and even deadly-dull monotony.

This rule of thumb applies to investments. It can be notably useful in relation to emerging markets and smaller companies, both of which are routinely associated with the likelihood of rapid growth and, less enticingly, the risk of heightened volatility.

Here are three ostensibly uninspiring themes that could deliver Davis-like dependability for investors in Asian small-caps. As with the the multiple champ himself, prepare to be slightly jaded – but try to recognise the brilliance amid the banality.

Shipping

Assuming it involves no encounters with extreme weather events or pirates, transporting containers by sea is rarely thought of as unusually thrilling. Nonetheless, riding the ocean waves remains fundamental to the day-to-day functioning of international commerce.

Even in an age of tariffs and trade wars, someone has to maintain all those ships. As well as regular upkeep, vessels require repairs and, increasingly, the retrofitting of eco-friendly parts.

HD Hyundai Marine Solution – yes, with no S – operates a global network that accounts for around 50,000 purchase orders and 80,000 deliveries a year. Headquartered in South Korea, the company has distribution centres in Europe, the US and Singapore and is also working towards establishing a presence in the Middle East.

We like the company’s aftermarket business, given its recurring revenue stream in what is typically a cyclical industry. Unlike shipbuilding, it is also an asset-light operation, generating high returns and healthy cash flows. The company has an annual revenue growth target of 20%.

Banks

With many investors seeing them as cyclical, banks are not always regarded as a solid means of adding stability to a portfolio. However, we believe conservative lenders can offer good access to an economy’s growth.

Indonesia’s OCBC NISP ticks the box. It is not a market leader per se and has not grown as quickly as some of its peers, but the quality of its assets and its inherent steadiness have served it well over the course of many years.

It is worth remarking that Indonesia has experienced more than its fair share of market shocks in recent decades. They include the Asian financial crisis, terrorist attacks and the sporadic turmoil of President Suharto’s 31-year spell in office, which ended in 1998.

Operating under a number of names since its founding in the early 1940s, what is now OCBC NISP has safely navigated all of these flashpoints. In addition, Singapore’s OCBC Bank – itself renowned for its cautious outlook – has been the majority shareholder for more than 20 years.

Shopping centres

In many Western countries, not least the UK, shopping centres appear to be a fast-dying breed. Like High Streets before them, many are fading away in the face of online retail’s relentless rise, cost-of-living issues and an uncertain business environment.

The picture in many Asian economies is strikingly different. Particularly in densely populated cities and warmer climates, the best malls are still viewed as go-to destinations – not just for shops but for restaurants, cinemas, playgrounds, gardens and other amenities.

Well-diversified tenant bases and significant scope for further development are among the principal attractions from an investment perspective. So is the prospect of inflation-protected income, which is a common feature of infrastructure-related assets.

Phoenix Mills, which builds and operates malls across India, is one of our newer holdings. It has high-quality developments in numerous top-tier cities and state capitals, as well as an impressive pipeline of projects for the years to come. It might not set pulses racing, but we believe that – like Davis in his heyday – it has what it takes to be a serial winner.

Companies selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance.

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Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London EC2M 4AG. The company is authorised and regulated by the Financial Conduct Authority in the UK.

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