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STEWART INVESTORS ASIA PACIFIC A

STEWART INVESTORS ASIA PACIFIC A - Overview

Overview of STEWART INVESTORS ASIA PACIFIC A

The objective of the Fund is to produce capital growth by investing in companies in Asia (excluding Japan) and Australasia. The fund adopts more of an emphasis on preservation of capital compared to the peer group. The manager employs a fundamental bottom-up approach to stockpicking, targeting companies that offer sustainable and predictable growth with an emphasis on company cash flow and balance sheet strength.

  • Standard Initial Charge 4.00%
  • Initial charge via Bestinvest 0.85%

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched June, 1988
Size £674m
Yield 0.3%
Charging basis Income
Dividends paid Feb, Aug

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.85%
Additional bid/offer spread 0.00%
Annual management charge 1.75%
Ongoing charges figure 1.83%

Fund is soft closed.

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

This fund benefits from a team that has a strong performance record of investing in Asian markets. The fund typically provides a degree of protection in falling markets, but is likely to underperform its benchmark in strongly rising markets. Whilst we like the disciplined approach - the manager focuses on high quality, shareholder friendly companies - a few years ago this fund's charges were increased to dissuade new investors, due to the large size of the fund at the time. However, existing investors requiring a more cautious approach to the Asia Pacific region should continue to hold. New investors should consider the five star rated First State Asia Pacific Leaders, which is also managed by Angus Tulloch.

Portfolio

Allocation Proportion(%)
Equity 92
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 8
Allocation Proportion(%)
UK 0
Europe 0
North America 1
Japan 0
Pacific 48
Emerging Markets 51
Allocation Proportion(%)
Large Caps 52
Mid Caps 41
Small Caps 7

View all performance data for this fund

Investment process

This fund invests in companies in Asia (excluding Japan) and Australasia. It adopts more of an absolute return mindset compared to the peer group and defines risk as losing clients' money. Consequently, index outperformance is not a primary driver of investment decisions. The most significant source of ideas and research is country and company visits. The manager employs a fundamental bottom up (considers companies in their own right) approach to stock picking targeting companies that offer sustainable and predictable growth with an emphasis on company cash flow and balance sheet strength. The outlook is generally medium to long term and the team avoids 'momentum' type stocks. Stock research is conducted by a large and well-resourced team based in Edinburgh, Hong Kong and Singapore. This is supplemented through the resources made available by First State's parent company, Commonwealth Bank of Australia, which has offices in Australia.

Live feed

Bid price(inc) (95.86p) 245.38p
Accum units 1,362.54p
Fund commentary 15/04/14
Fund data updated on 24/06/19

Asset allocation

Allocation Proportion(%)
Equity 92
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 8

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 1
Japan 0
Pacific 48
Emerging Markets 51

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 52
Mid Caps 41
Small Caps 7

Top 10 holdings

As at: 31/05/2019
5% Tata Global Beverages Ltd
3.8% Delfi Ltd
3.8% Universal Robina Corp
3.8% Cyient Ltd
3.4% Haw Par Corp
3.3% Newcrest Mining
3% Dr Reddys Laboratories
3% Tata Power Co
3% Cipla
2.7% Raffles Medical Group
Source: Trustnet

Sector breakdown

Consumer Staples 24%
Information Technology 14%
Health Care 14%
Industrials 12%
Consumer Discretionary 9%
Cash & Cash Equivalents 9%
Materials 5%
Financials 5%
Communications 4%
Utilities 3%

Portfolio details

c.100 stocks.

Constraints

Portfolio is relatively unconstrained. Max 50% in any country and max 30% in any sector. Max 25% in companies under $500m market cap.
The portfolio usually has very little commonality with the Index and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
-0.51% -0.02%   -0.39% 18.90%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Ashish Swarup

Manager. Swarup joined the Stewart Investors team in June 2014 after a career of more than ten years in investment management and three years in information technology. Swarup has a Degree in Electronics Engineering from the Indian Institute of Technology, a Post Graduate Diploma in Management from the Indian Institute of Management and an MBA from INSEAD, France.

Track record

Ashish Swarup has 2.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.39%. During the worst period of relative performance (from July 2016 - April 2019) there was a decline of 17% relative to the index. The worst absolute loss has been 9%.

Periods of worst performance
Absolute -9% (December 2017 - October 2018)
Relative -17% (July 2016 - April 2019)

Sector record since July 2016 (3 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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