Stewart Investors Asia Pacific and Japan Sustainability A

An Asian/Australasian equity fund with an emphasis on capital preservation.

  • 248.72p
    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.

  • 1401.39p
    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?

  • 4.00% 0.85%

    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).

  • 1.79%
    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.

  • 0.40%
    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 October 2020, fund data last updated 13 September 2019

The objective of the fund is to produce defensible capital growth through investing in a multi-cap portfolio of companies in Asia (excluding Japan) and Australasia. The manager Ashish Swarup employs a fundamental bottom-up approach to stockpicking, targeting companies that offer sustainable and predictable growth with an emphasis on quality management. The fund is run with an absolute return mindset and a focus on both business and valuation risk as the manager defines risk as the permanent loss of capital.

Fund summary

Sector Asia Pacific Including Japan
Structure OEIC
Launched June, 1988
Size £535m
Yield 0.40%
Charging basis Income
Dividends paid Feb, Aug

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.85%
Additional bid/offer spread 0.00%
Annual management charge 1.75%
Ongoing charges figure 1.79%

Allocation

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Investment process

The manager employs a fundamental, bottom-up investment approach, targeting companies deemed to have quality in either financials, management and/or franchise. Stock research is conducted by a well-resourced team based in London and Edinburgh. Investment ideas are primarily sourced from company visits, research trips, industry contacts and third party research and typically the team conduct over 1300 company meetings per year. Portfolio holdings typically have strong balance sheets, are cash generative, shareholder friendly and are able to grow their revenues and profits sustainably and predictably. The investment horizon is generally medium to long term and the manager avoids 'momentum' type stocks. The team uses its own proprietary research tools and prefers to meet management of businesses before and when it invests. Decision-making takes into account factors such as quality of research, team decisions and views, and the manager's own knowledge of the companies. Final stock decisions and portfolio construction are the responsibility of the portfolio manager.

Ashish Swarup has been at Stewart Investors for over five years and has proven his stock selection matches the defensive characteristics targeted by the firm. This fund aims to achieve capital growth over the long-term with capital preservation characteristics, which make it likely to lag strongly rising markets but protect when it matters. Whilst we like the disciplined approach this fund is closed to new investors and takes an identical approach to investing as close peers such as Stewart Investors Asia Pacific Sustainability.

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

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -1.04%
  • 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.

Doug Ledingham

Track record

The track record of Doug Ledingham in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -19.00% (October 2019 - March 2020)
Relative -9.00% (October 2019 - December 2019)

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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Top 10 holdings

Data accurate as at 31 July 2020

5.1% Vitasoy International Holdings
4.7% Tata Consultancy Services
4.6% Tata Consumer Products Ltd
4.3% Unicharm Corp
4.2% Hoya Corp
3.7% Marico
3.7% Mahindra & Mahindra
3.4% Voltronic Power Technology Corp
3.1% Csl
3.1% Housing Development Finance Corporation Limited
Source: Trustnet

Sector breakdown

Consumer Staples 29.00%
Information Technology 21.00%
Health Care 16.00%
Financials 12.00%
Industrials 8.00%
Consumer Discretionary 5.00%
Cash & Cash Equivalents 5.00%
Communications 2.00%
Materials 2.00%

Portfolio

c. 45 stocks

Constraints

Portfolio is unconstrained. Max 50% in any country and max 30% in any sector. Max 25% in companies under $500m market cap.

Key Investor Information - Income

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Key Investor Information - Accumulation

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