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The objective of the fund is to produce capital growth by investing in companies in Asia (excluding Japan and Australasia). The fund adopts more of an emphasis on preservation of capital compared to the peer group. The manager employs a fundamental bottom up approach to stockpicking, targeting good quality companies that are positively engaged on environmental, social and governance issues. The fund is likely to underperform its benchmark in strongly rising markets.
|Sector||Asia Pacific ex Japan|
|Charging basis||75% Capital, 25% Income|
|Standard initial charge||–|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.75%|
|Ongoing charges figure||1.25%|
AMC is 0.75% of net assets + 0.20% of market cap. Management contract is terminable on 6 months notice.
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.
David Gait is an experienced manager who aims to invest in good quality companies with strong balance sheets and sustainable cashflow generation in line with other Stewart Investors funds. Gait is supported by the Stewart Investment team. The fund's sustainability theme means the investment trust will be similar to the Stewart Investors Asia Pacific Sustainability fund, though the green/ethical criteria are less restrictive. The nature of the investment process means this fund has a larger allocation to smaller companies than Stewart Investors Asia Pacific leaders.
|High yield bonds||0|
The fund's universe is the Asia Pacific region excluding Japan but unlike the Asian Sustainability OEIC this investment trust does not include 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 team have an absolute return mindset with a key focus on capital preservation and will not be looking to use gearing to a large extent.
|Fund data updated on||15/02/19|
|High yield bonds||0|
As at: 31/10/2018
7.1% Vitasoy International Holdings
6.2% Tech Mahindra
2.9% Unicharm Corp
2.7% Delta Electronics Inc
2.6% Manila Water Co Inc
2.5% Housing Development Finance Corporation Limited
2.2% Kotak Mahindra Bank
2.2% Mahindra & Mahindra
2.1% Dr Reddys Laboratories
|Cash & Cash Equivalents||11%|
- The fund holds 40-60 stocks. - Benchmark agnostic
- Maximum limits of: 50% per country; 30% per sector; 7.5% per investment; 20% gearing (though unlikely to use any gearing).
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|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
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.
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)|
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.