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STEWART INVESTORS ASIA PACIFIC SUSTAINABILITY A

STEWART INVESTORS ASIA PACIFIC SUSTAINABILITY A - Overview

Overview of STEWART INVESTORS ASIA PACIFIC SUSTAINABILITY A Buy in ISA Buy in Investment Account

The fund aims to achieve long-term capital growth by investing in Asia Pacific companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Investment decisions around sustainability are based on three key points: identifying companies that manage sustainability risks and opportunities and those with a positive sustainability impact; inclusion of environmental, social and corporate governance matters in investment research; engaging with companies on identified sustainability issues. Like other Stewart Investors funds, the manager invests in quality companies with strong balance sheets and sustainable cashflow generation.

  • Standard Initial Charge 4.00%
  • Initial charge via Bestinvest 3.85%

Fund summary

Sector Specialist
Structure OEIC
Launched December, 2005
Size £263m
Yield 0.3%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 3.85%
Additional bid/offer spread 0.00%
Annual management charge 1.55%
Ongoing charges figure 1.66%

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 Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

David Gait is an experienced manager with a strong track record on this fund dating back to 2005 as well as on mainstream Stewart Investors funds.. The positive engagement tilt in this portfolio allows him to classify the fund as mid-green. Due to the cautious nature of the investment process this fund does tend to underperform in rising markets, but the fund has displayed downside protection characteristics in recent years. The fund was soft closed from 2012-18, but following its re-opening we added it to our buylist.

Portfolio

Allocation Proportion(%)
Equity 88
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 12
Allocation Proportion(%)
UK 0
Europe 0
North America 1
Japan 7
Pacific 29
Emerging Markets 63
Allocation Proportion(%)
Large Caps 71
Mid Caps 24
Small Caps 5
View all performance data for this fund

Investment process

The fund's universe is the Asia Pacific region excluding Japan but including Australasia. The investment process will take account of sustainability themes and issues and requires positive engagement with companies in respect of these. A fundamental bottom up approach is used to selecting stocks, targeting companies that offer sustainable and predictable growth with an emphasis on company cash flow and balance sheet strength. The investment outlook is generally medium to long term and avoids 'momentum' type stocks. The fund's mandate means that it will be restricted from investing in some companies, which could impact relative performance.

Live feed

Bid price(inc) 538.91p
Accum units 538.91p
Fund commentary 11/12/18
Fund data updated on 23/05/19

Asset allocation

Allocation Proportion(%)
Equity 88
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 12

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 1
Japan 7
Pacific 29
Emerging Markets 63

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 71
Mid Caps 24
Small Caps 5

Top 10 holdings

As at: 28/02/2019
7.6% Vitasoy International Holdings
6.1% Tech Mahindra
3.9% Tata Consultancy Services
3.4% Csl Limited (Aud)
3.2% Unicharm Corp
2.8% Marico
2.7% Delta Electronics Inc
2.5% Manila Water Co Inc
2.4% Housing Development Finance Corporation Limited
2.3% Kotak Mahindra Bank
Source: Trustnet

Sector breakdown

Consumer Staples 25%
Information Technology 20%
Financials 15%
Cash & Cash Equivalents 14%
Health Care 12%
Consumer Discretionary 5%
Industrials 5%
Utilities 3%
Materials 2%
Real Estate 0%

Portfolio details

The fund holds approximately 50-60 stocks.

Constraints

Portfolio is relatively unconstrained with CIO limits of a max. 50% in any country and max. 30% in any sector.
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
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
1.37% 0.45% -0.36% -0.70%   0.34% 99.50%
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 Stewart’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 12.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.34%. During the worst period of relative performance (from May 2016 - January 2018) there was a decline of 18% 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 more than 99%.

Periods of worst performance
Absolute -30% (December 2007 - October 2008)
Relative -18% (May 2016 - January 2018)

Sector record since January 2006 (13 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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