Schroder Oriental Income (SOI) was launched in 2005 raising £150m. Matthew Dobbs was the lead manager until his retirement at the end of 2020 and since then Richard Sennitt, who worked closely with Dobbs for many years, has been in charge. SOI has built up a strong performance record with an annualised NAV return of 10.2% versus 7.8% for its benchmark and it has outperformed in each of the last four years. The trust's portfolio is dominated by Taiwan, Australia, Singapore, Korea, and China/Hong Kong and typically consists of 60-80 "best ideas" with a very modest level of gearing (India is not ...
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Schroder Japan (SJG) was listed in 1994 when it raised £120m at 100p per share. Although it was launched five years after the peak of the market, its shares effectively moved sideways for almost two decades as Japanese equities took a very long time to fully recover from the excesses of the 1980s. Since 2012, however, SJG's shares have roughly trebled and its market cap is now around £285m. Masaki Taketsume took over as lead manager in 2019 and he has outperformed the trust's benchmark for each of the last four years using a value-based approach to identify pricing inefficiencies in individual...
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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 UK Mid Cap (ticker: SCP) was founded in 1983. Schroders won the mandate to run the trust in 2003, taking over from Legg Mason. Andy Brough has been a co-manager for the last twenty years, initially alongside Rosemary Banyard. When Banyard left Schroders in 2016, Jean Roche was appointed as co-manager and she has since been promoted to lead manager. For the first several years with Schroders, SCP was invested in both small- and mid-caps before deciding in 2011 to concentrate on the latter to differentiate its strategy. Its portfolio now consists of around 50 FTSE 250 stocks with a rel...
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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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International Biotechnology (ticker: IBT) was launched in 1994 making it one of the oldest sector-specialised equity trusts. It was initially run by Rothschild Asset Management but after a turbulent few years, Schroders Ventures Life Sciences took over in 2000. Schroders Ventures Life Sciences eventually split from Schroders and set itself up as SV Health. IBT mostly invests in listed biotech stocks but has always had a significant percentage (currently around 10%) in unquoted companies. Although income from its portfolio is minimal, since 2016 it has adopted an enhanced dividend policy that p...
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