UPDATE (Nov 2026): IBT returned +15.9% versus +15.3% for its benchmark in the year to August 2024, followed by +0.7% versus -6.0% to August 2025, and +64.7% versus +52.3% to August 2026. The trust cut its management fee from 0.7% to 0.65% on its quoted portfolio with effect from 1 September 2025.
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 even...
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UPDATE (Nov 2026): SOI produced a total return of +14.9% in the year to August 2025, behind its benchmark's return of +21.1%. The half-year to February 2026 was very strong, with a return of +35.3% versus +30.7%. The trust is removing its performance fee, with effect from September 2026, and expects to become an AIC Dividend Hero with 20 years of consecutive dividend increases when it announces its results for the year to August 2026.
SOI 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...
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UPDATE (Oct 2026): SDP returned +16.5% versus +17.3% for its benchmark in the year to September 2024, followed by +15.7% versus +16.8% to September 2025, and +3.7% versus +5.2% in the six months to March 2026. It reduced the charge on its first £600m of assets from 0.75% to 0.65% with effect from April 2025. Over the last two years, buybacks have reduced its share count from 147m to 123m, gently narrowing its discount to around 10%.
Schroder AsiaPacific (SDP) was launched in 1995 and was managed by Matthew Dobbs from its IPO up until a few years ago, building up a steady record of outperformi...
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Update (Oct 2026): SCP held a 100% tender offer in June 2026, with 34.3% of shares validly tendered, allowing Saba to exit its shareholder register. This followed a range of initiatives announced in March 2025 that included a fee cut to 0.6% on the lower of NAV and market cap, a three-yearly continuation vote (with the first vote being held in 2028), and a more active buyback policy targeting a mid-single-digit discount level. SCP returned +17.3% versus +21.4% for its benchmark in the year to September 2024, followed by +10.8% versus +6.7% to September 2025, and -4.4% versus -2.9% in the six m...
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UPDATE (Oct 2026): Schroder Asian Total Return took on £380m of assets when it combined with Pacific Assets in September 2026, taking its market cap to just under £1bn. A 15% conditional tender offer has been put in place, covering the five years to December 2030, with fees cut to 0.65% up to £500m and 0.5% thereafter, based on the lower of NAV and market cap. ATR returned +8.8% versus +1.3% for its benchmark in the year to December 2023, followed by +13.0% versus +12.1% for 2024, +14.2% versus +20.6% for 2025, and +34.4% versus 25.6% in the first six months of 2026.
Schroder Asian Total Retu...
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UPDATE (Oct 2026): SJG returned +41.2% in the year ended July 2026 versus +29.3% for its benchmark. This followed a return of +6.8% versus +4.8% to July 2025.
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 ...
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