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STEWART INVESTORS ASIA PACIFIC AND JAPAN SUSTAINABILITY B

STEWART INVESTORS ASIA PACIFIC AND JAPAN SUSTAINABILITY B - Overview

Overview of STEWART INVESTORS ASIA PACIFIC AND JAPAN SUSTAINABILITY B

The objective of the fund is to produce defensible capital growth by investing in a multi-cap portfolio of companies in Pan-Asia and Australasia that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Fund manager Doug Ledingham invests from the bottom up with an absolute return mindset and without any benchmark constraints, allowing him to buy any company that generates the majority of its revenue from the region. He favours high quality companies identified to be cash generative with strong balance sheets, franchises and management teams.

  • Standard Initial Charge 4.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Asia Pacific Including Japan
Structure OEIC
Launched February, 2001
Size £484m
Yield 0.0%
Charging basis Income
Dividends paid Feb, Aug

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.90%
Ongoing charges figure 0.95%

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

Although Doug Ledingham is a fairly junior portfolio manager, he is part of the Sustainable Funds Group at Stewart Investors and David Gait, a Stewart Investors veteran and portfolio manager of various other strategies, is both head of the team and named Co-PM on this strategy. This provides us with confidence in the approach and likely positioning from this strategy. At Stewart Investors their focus is on capital preservation, therefore you should expect this fund to be cautiously positioned in high quality businesses. As a result, the fund should outperform in falling markets, but lag when they rise strongly. Similarly to other funds in their suite, this portfolio has a structural bias to India and away from China.

Portfolio

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4
Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 13
Pacific 35
Emerging Markets 52
Allocation Proportion(%)
Large Caps 56
Mid Caps 33
Small Caps 11

View all performance data for this fund

Investment process

The manager employs a fundamental, bottom-up investment approach, targeting companies deemed to have quality in either financials, management and/or franchise. In addition to this he analyses the sustainability of each business with a focus on those that are positive to the social and economic aspects of the country in which they operate. Stock research is conducted by a well-resourced team based in Australia, Singapore, London and Edinburgh. Investment ideas are primarily sourced from company visits, research trips, industry contacts and third party research - typically the team conduct over 1300 company meetings per year. Portfolio holdings typically have strong balance sheets, are cash generative, shareholder friendly and are able to grow their revenues and profits sustainably and predictably. The investment horizon is generally medium to long term and the manager avoids 'momentum' type stocks. The team uses its own proprietary research tools and prefers to meet management of businesses before and when it invests. Decision-making takes into account factors such as quality of research, team decisions and views, and the manager's own knowledge of the companies. Final stock decisions and portfolio construction are the responsibility of the portfolio manager.

Live feed

Bid price(inc) (149.70p) 300.23p
Accum units 1,947.49p
Fund commentary 13/09/19
Fund data updated on 17/09/21

Asset allocation

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 13
Pacific 35
Emerging Markets 52

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 56
Mid Caps 33
Small Caps 11

Top 10 holdings

As at: 31/07/2020
5.1% Vitasoy International Holdings
4.7% Tata Consultancy Services
4.6% Tata Consumer Products Ltd
4.3% Unicharm Corp
4.2% Hoya Corp
3.7% Marico
3.7% Mahindra & Mahindra
3.4% Voltronic Power Technology Corp
3.1% Csl
3.1% Housing Development Finance Corporation Limited
Source: Trustnet

Sector breakdown

Consumer Staples 29%
Information Technology 21%
Health Care 16%
Financials 13%
Industrials 8%
Consumer Discretionary 5%
Cash & Cash Equivalents 5%
Communications 2%
Materials 2%

Portfolio details

c. 45 stocks

Constraints

Portfolio is 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
16/17 17/18 18/19 19/20 20/21   3 years 5 years Career 3 years 5 years Career
  -1.04%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Doug Ledingham

Manager. Ledingham joined the team in January 2016 and is responsible for generating investment ideas for the Stewart Investors Sustainable Funds Group across all sectors in emerging and developed markets. Prior to joining the team he worked as an analyst in the Stewart Investors Asia Pacific team for three years upon graduation from university. Ledingham holds an MA in Business Studies and Accountancy from the University of Edinburgh.

Track record

The track record of Doug Ledingham in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance
Absolute -19% (October 2019 - March 2020)
Relative -9% (October 2019 - December 2019)

Other funds managed

Sector record since October 2019 (1 yr)




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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