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Bestinvest rating
STEWART INVESTORS ASIA PACIFIC LEADERS B

STEWART INVESTORS ASIA PACIFIC LEADERS B - Overview

Overview of STEWART INVESTORS ASIA PACIFIC LEADERS B Buy in ISA Buy in Investment Account

The objective of the fund is to grow capital by investing in companies in the Asia Pacific region (excluding Japan). These include large and mid-sized companies with a total stock market value of at least US$1 billion, based in or having significant operations in the Asia Pacific region including Australia and New Zealand.

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

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched December, 2003
Size £9,291m
Yield 0.9%
Charging basis Income
Dividends paid 31 Mar, 30 Sep

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 0.90%

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 is run by David Gait, with an absolute return objective in mind. He tends to be bearish and believes attempts to time market investment to be folly. Consequently, Gait likes to play it safe with his investors' money, investing in large companies with sustainable cashflows and robust balance sheets. Prioritising capital preservation higher than most of his peers, the manager tends to outperform in falling markets, but lag when they rise strongly. Engagement with management of the companies where the fund invests is key: the team makes sure that senior managers’ interests are aligned with the shareholders’ ones. The conservative investment style has resulted in the fund’s long-term outperformance.

Portfolio

Allocation Proportion(%)
Equity 94
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 6
Allocation Proportion(%)
UK 0
Europe 0
North America 4
Japan 7
Pacific 48
Emerging Markets 41
Allocation Proportion(%)
Large Caps 94
Mid Caps 4
Small Caps 2
View all performance data for this fund

Investment process

The manager employs a fundamental bottom up investment approach targeting companies that have strong balance sheets, are cash generative, shareholder friendly and are able to grow their revenues and profits sustainably and predictably. Investment horizon is generally medium to long term and Gait avoids 'momentum' type stocks. Stock research is conducted by a large and well-resourced team based in Edinburgh, Hong Kong and Singapore. They are focused on their own proprietary research tools and prefer to meet management of businesses before and when they invest. In addition, the team benefits from the house's parent company's resources, Commonwealth Bank of Australia, based in Australia.

Live feed

Bid price(inc) 220.33p
Accum units 686.45p
Fund commentary 14/10/14
Fund data updated on 21/07/17

Asset allocation

Allocation Proportion(%)
Equity 94
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 6

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 4
Japan 7
Pacific 48
Emerging Markets 41

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 94
Mid Caps 4
Small Caps 2

Top 10 holdings

As at: 31/05/2017
6.1% Oversea-Chinese Banking Corp
5.8% Unicharm Corp
5.1% Tata Consultancy Services
4.3% Taiwan Semiconductor Co
4.1% Kotak Mahindra Bank
3.5% Asustek Computer Inc
3.5% Hong Kong & China Gas Co
3.2% Csl Limited (Aud)
3.1% Ck Hutchison Hldgs Ltd
3.1% Housing Development Finance Corporation Limited
Source: Trustnet

Sector breakdown

Information Technology 23%
Financials 22%
Consumer Staples 17%
Health Care 11%
Industrials 8%
Cash & Cash Equivalents 7%
Consumer Discretionary 6%
Utilities 4%
Telecommunications Utilities 1%
Materials 1%

Portfolio details

Typically 30-60 stocks, depending on the level of conviction. - The fund’s structural underweight in China might help performance if the Chinese market remains subdued

Constraints

Portfolio is relatively unconstrained with CIO limits of a maximum of 30% in any sector. Some limits also apply to country weights. Max 10% in companies under US$1bn market value.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
0.59% 0.35% 0.71% 0.69% -0.97%   0.14% 0.27% 0.32% 71.20% 91.20% 98.90%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

David Gait

Manager. Gait is a senior portfolio manager with First State’s Global Emerging Markets/Asia Pacific (ex-Japan) team having joined the company in 1997. In early 1999, he joined the Asia Pacific (ex-Japan) desk as an analyst, covering Korea, Taiwan and the Indian subcontinent. After a period of subsequent research focusing on China, South-East Asia and non-Asian emerging markets, he now covers all Asian-ex Japan and Emerging Markets, with a specific emphasis on sustainable investment within these asset classes. Gait holds an MA with honours in Economics from Cambridge University, and an MSc in Investment Analysis from Stirling University. He is an Associate member of the UK Society of Investment Professionals.

Track record

David Gait has 11.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.32%. During the worst period of relative performance (from May 2016 - June 2017) there was a decline of 13% relative to the index. The worst absolute loss has been 30%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 99%.

Periods of worst performance
Absolute -30% (December 2007 - October 2008)
Relative -13% (May 2016 - June 2017)

Sector record since January 2006 (12 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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