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The fund aims to achieve capital growth, targeting outperformance of the benchmark of 3% p.a. over the long-term. The manager Martin Lau invests with an absolute return mindset and aims to identify companies with strong corporate governance and balance sheets. He is prudent with risk/reward and avoids those that are too highly priced. The fund invests at least 80% in companies in the Asia Pacific region (which excludes Japan and includes Australasia) however has the flexibility to invest up to 20% outside of this region.
|Sector||Asia Pacific Excluding Japan|
|Dividends paid||Acc units only|
|Standard initial charge||–|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.85%|
|Ongoing charges figure||0.90%|
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.
Martin Lau is an experienced fund manager investing in the Asia Pacific ex Japan region and is supported by strong analytical resource with small team based in Asia, following First State Investment's split-up in 2015. The manager adopts a pragmatic medium to long term investment approach with a flexible style that will adapt to prevailing economic conditions. His focus is on absolute return with prudent risk/return balance. Capital preservation is considered to be the foundation for long-term capital gains.
|High yield bonds||0|
Bottom-up stock selection forms the foundation of the investment process. The team identifies companies with strong competitive advantages or franchise that have sustainable long-term earnings per share growth prospects. The team have a strong valuation discipline, not wanting to diminish the upside and increase the downside risk by over paying for a company. Company visits are considered paramount, and the team undertakes approximately 1000 one-to-one company meetings each year. Team's research analysts have significant input on stock ideas and recommendations for the portfolio. Team discussions around assumptions, potential risks and rewards, valuations and macro-overlays take place formally and informally. The manager is responsible for forming and managing the portfolio, deciding on price, quantity, timing of purchases and sales.
|Fund data updated on||11/12/18|
|High yield bonds||0|
As at: 31/10/2018
5.4% Taiwan Semiconductor Manufacturing
4.1% Hdfc Bank Ltd
3.6% Oversea-Chinese Banking Corp
3.4% Csl Limited (Aud)
3.2% Samsung Electronics Co
2.8% Housing Development Finance Corporation Limited
2.4% Midea Group Co Ltd
2.4% China Mengniu Dairy Co
2.3% Enn Energy Hldgs Ltd
2.1% Aia Group Ltd
While the aim for the portfolio to be reasonably concentrated, it has a flexibility to diversify, containing 40 - 100 securities.
At least 80% of the Fund will invest in large and mid-capitalisation equities with a minimum market capitalisation of US$1bn and a minimum free float of US$500m.
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|
|13/14||14/15||15/16||16/17||17/18||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
Lau joined First State in April 2002 as a Senior Portfolio Manager, he is responsible for Asia Focus, Greater China and regional funds- the former now officially separated from Tulloch’s Asia Pacific Leaders fund. He was appointed Director, Greater China Equities, in October 2003 following the merger of their Edinburgh-based Asia Pacific team with the Hong Kong and Singapore Asian teams. He started his investment career at Invesco in 1995 and assumed responsibility for their Greater China fund in 1998; other responsibilities included a smaller companies fund and regional portfolios. Lau graduated from Cambridge University with a BA and Masters in Engineering, and is also a Chartered Financial Analyst. Lau is based in Hong Kong.
Martin Lau has 20.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.56%. During the worst period of relative performance (from January 1998 - February 2000) there was a decline of 35% relative to the index. The worst absolute loss has been 54%. 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||-54% (February 1998 - August 1998)|
|Relative||-35% (January 1998 - February 2000)|
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.