Schroder AsiaPacific (SDP) was launched in 1995 and was managed by Matthew Dobbs up until a few years ago, building up a steady record of outperforming using minimal gearing. In April 2021, the team of Richard Sennitt and Abbas Barkhordar took charge when Dobbs retired. Over the last 28 years, SDP's annualised NAV return has been 7.6% versus 5.2% for its benchmark. Its holdings have a bias towards large caps and its managers look for ‘quality growth at the right price’ based on the belief that Asian markets are less well-researched, short-term in focus, volatile and that Asian stocks have high...
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Schroder Asian Total Return (ticker: ATR) was launched in 1987. Until 2013, it was run by Henderson but it then switched management firm to Schroders with the pairing of Robin Parbook and King Fuei Lee taking on oversight of its portfolio. ATR typically has around 60 equity holdings with some derivative exposure designed to minimise volatility and provide some downside protection. The trust often has a low level of exposure to some Asian markets, such as China, that have historically delivered lower long-term returns due to factors such as regulatory issues, corruption, and inefficient state-o...
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Pacific Assets Trust (ticker: PAC) was launched in 1985 raising just £12m. It saw spectacular growth in its early years but its highly-geared strategy proved to be extremely volatile. Since 2010, the trust has been much more conservatively run by Stewart Investors. David Gait has looked after the portfolio since 2010 with Doug Ledingham joining him as co-manager in 2018. PAC has a concentrated portfolio of around 60 sustainability-focused businesses and is built from the bottom up, meaning that its country weightings are very different from its main MSCI Asia ex-Japan benchmark. Currently, it ...
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Pacific Horizon (ticker: PHI) was launched in 1989 by a small boutique called Tyndall Funds which was soon afterwards acquired by Jupiter. The trust had a poor first few years, resulting in Baillie Gifford being appointed as its investment manager in 1992. Baillie Gifford still runs the trust today with Roderick Snell as the lead manager. Pacific Horizon invests across the whole of Asia but, in common with its benchmark, it is heavily weighted towards China and India. While it invests across the market cap spectrum, there is a tilt towards smaller companies along with the usual growth bias fav...
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