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FIRST STATE ASIA FOCUS B GBP

FIRST STATE ASIA FOCUS B GBP - Overview

Overview of FIRST STATE ASIA FOCUS B GBP Buy in ISA Buy in Investment Account

The fund aims to achieve capital growth, targeting outperformance of the benchmark of 3% p.a. over the long-term. The fund invests with a bias towards large and mid-capitalisation equities with the manager taking a medium to long term view on profitability. It invests at least 80% in companies in the Asia Pacific region (which excludes Japan and includes Australasia) however having the flexibility to invest up to 20% outside of the region.

  • Standard Initial Charge
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched August, 2015
Size £86m
Yield 0.6%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 0.97%

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

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 only, 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.

Portfolio

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4
Allocation Proportion(%)
UK 0
Europe 0
North America 2
Japan 5
Pacific 50
Emerging Markets 43
Allocation Proportion(%)
Large Caps 92
Mid Caps 7
Small Caps 1
View all performance data for this fund

Investment process

Stock selection forms the foundation of the investment process. The team identifies companies with sustainable long-term earnings per share growth prospects with a strong valuation discipline, not wanting to diminish the upside and increase the downside risk by over paying for a company. There is an initial watch list of companies driven by a combination of using the international comparisons that are already performed within the process for investments into Asia Pacific portfolios, additional insights from the stock selection in the portfolios as the generation of ideas from other sources, including fresh research by team analysts. Company visits are considered paramount, and the team undertakes approximately 2000 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.

Live feed

Bid price(inc) 169.01p
Accum units 169.01p
Fund commentary 24/09/15
Fund data updated on 20/10/17

Asset allocation

Allocation Proportion(%)
Equity 96
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 4

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 2
Japan 5
Pacific 50
Emerging Markets 43

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 92
Mid Caps 7
Small Caps 1

Top 10 holdings

As at: 31/08/2017
6.1% Taiwan Semiconductor Manufacturing
5% Hdfc Bank Ltd
4.7% First State Indian Subcontinent Iii Acc Usd
3.7% Csl Limited (Aud)
3.3% Ck Hutchison Hldgs Ltd
2.8% Samsung Electronics Co Gdr Each Rep 1/2 N/Vtg Pfd 144a/Reg`S
2.6% Housing Development Finance Corporation Limited
2.4% Media Corp Plc
2.2% Aac Technologies Hldgs Inc
2.2% Dairy Farm International Hldgs
Source: Trustnet

Sector breakdown

Information Technology 21%
Financials 19%
Consumer Staples 15%
Industrials 13%
Consumer Discretionary 10%
Health Care 8%
Money Market 6%
Utilities 3%
Materials 2%
Real Estate 2%

Portfolio details

While the aim for the portfolio to be reasonably concentrated, it has a flexibility to diversify, containing 40 - 100 securities.

Constraints

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.
- Capital preservation focus and absolute return mindset - 20% cap on investment outside the Asia Pac region

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
0.32% 0.06% -0.28% 0.15% -0.38%   -0.17% -0.03% 0.56% 38.60% 65.50% 99.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Martin Lau

Manager. 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.

Track record

Martin Lau has 19.6 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)

Sector record since January 1998 (20 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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