First State Asian Equity Plus III GBP

  • 1745.55p
    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.

  • 1745.55p
    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?

  • 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!

  • 1.00%
    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).

  • 1.04%
    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.

  • 1.90%
    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 28 May 2020, fund data last updated 08 April 2016

The fund aims to achieve capital growth whilst also paying a reasonable yield. 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. Though the mandate has a dividend requirement there is not a specific yield target, in particular Lau is wary of sacrificing quality for yield, thereby compromising his total return mindset.

Fund summary

Sector
Structure OFFSHORE FUND
Launched
Size £3,256m
Yield 1.90%
Charging basis Capital
Dividends paid Feb, Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.04%

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Investment process

Bottom-up stock selection forms the foundation of the investment process. The manager relies heavily on qualitative analysis and his team's own research and contact network to generate ideas. Sustainability of earnings and earnings growth are key considerations for potential investee companies. The team carries out over 1000 company meetings each year, assessing the company based on Quality, Growth and Price in an effort to identify good companies with growth potential that are being mis-priced by the market. Qualitative analysis is supported by quantitative analysis of the financial strength of each company. This research gives rise to a watchlist of around 350 stocks. These stocks will have a clear statement on entry prices as well as review prices to enable the construction of a portfolio of stocks which are trading below their fair value. There is no explicit dividend requirement, but the income mandate for this fund will naturally lead the manager to favour stocks with a strong dividend yield. As a result, the fund is likely to have a higher weighting to sectors such as telecoms than a pure growth mandate.

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.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

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  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Track record

Periods of worst performance

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Relative 0.00% ()

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.

Allocation

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Portfolio

The portfolio can be diversified as it holds 40-100 stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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