Aberdeen Standard SICAV Chinese Equity D2 GBP

A concentrated Chinese equity fund investing principally in Hong Kong listings.

  • 2781.39p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.25% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.97%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.30%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 25 September 2020, fund data last updated 06 July 2012

The fund aims to achieve a combination of income and growth by investing mostly in shares of companies based, or carrying out much of their business, in China. The fund invests mainly in large and mid cap equities, primarily those listed in Hong Kong. Aberdeen’s Asian team bring their standard process to the fund, looking for “quality” businesses at conservative valuations and holding them for the long term.

Fund summary

Sector
Structure OFFSHORE FUND
Launched March, 2006
Size £480m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.75%
Ongoing charges figure 1.97%

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Investment process

Aberdeen’s core Asia Pacific ex Japan team in Singapore have overall responsibility for the fund, supported by local research from Aberdeen’s analysts in Hong Kong. 90% of research is internal, and the team will never invest without meeting company management. The primary focus is on Hong Kong and Chinese listed equities. However, the theoretical universe also includes New York listed ADRs/GDRs, Singapore listed China stocks and Taiwan equities. The stock selection process contains two filters: Quality – the team looks for companies with straightforward businesses, recurring earnings growth, strong balance sheets that can support expansion, that are shareholder friendly.. Price - Aberdeen valuations are typically conservative, with a key discipline being to avoid overpaying. The team employ various metrics, with the most appropriate depending on the industry and the stage of the economic cycle. Stocks are sold when valuations become stretched, on changes of personnel or competition or loss of business direction.

Aberdeen’s Asian team has a strong track record in the continent generally and on Chinese mandates specifically, having run this fund and its predecessor since 1992. The team’s conservative approach means performance characteristics should be similar to those of other Aberdeen Asian funds, providing a degree of protection from falling markets but underperforming in strong market rises. However, investors should expect a higher degree of risk compared to a diversified Asian fund.

Manager research

Average monthly relative returns

  • 15/16 -0.59%
  • 16/17 -0.14%
  • 17/18 -0.12%
  • 18/19 0.40%
  • 19/20 0.12%

Bestinvest MRI

  • 3 years 0.13%
  • 5 years -0.07%
  • Career 0.27%
  • 3 years 92.20%
  • 5 years 57.50%
  • Career 100.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Aberdeen Asian Equities Team

Hugh Young is Managing Director of Aberdeen Asset Management Asia Limited, Group Head of Direct Investments as well as a member of the executive committee responsible for the Aberdeen Group's day-to-day running. Born in 1958, Young is a Politics graduate from Exeter University. He began his career in 1980 as an analyst with Henderson Crosthwaite, then moving to MGM where he ran money between 1981 and 1984. He joined Fidelity in 1984 but moved to Sentinel Insurance in 1985, where he was a Far East fund manager. Sentinel was acquired by Aberdeen in 1988 and he moved to Singapore in 1992 to set up Aberdeen’s Singapore arm. Young is also Head of Asian Equities, and his team of over 40 investment professionals works across six locations (Singapore, Sydney, Bangkok, Kuala Lumpur, Hong Kong and Tokyo) managing over US$120 billion of equities in the Asia region, including Japan.

Track record

Aberdeen Asian Equities Team has 32.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.27%. During the worst period of relative performance (from April 1990 - October 1991) there was a decline of 35% relative to the index. The worst absolute loss has been 63%. 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 -63.00% (April 1996 - August 1998)
Relative -35.00% (April 1990 - October 1991)

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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Portfolio

Around 40 stocks.

Key Investor Information

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