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Schroder AsiaPacific Fund

Strong returns from established Asia specialist

Review | Investment Companies | 11 Aug 2017

Schroder AsiaPacific Fund (SDP) invests in markets across the Asia Pacific region (excluding Japan) with the aim of achieving capital growth. Managed by Matthew Dobbs since launch in 1995, the trust is the largest and among the most liquid in its peer group. It has produced top-quartile NAV total returns over one, three and five years, also beating its benchmark MSCI AC Asia ex-Japan index over one, three, five and 10 years in both NAV and share price terms. In spite of this, it trades at a wider discount than the peer group average. The manager focuses on companies with visible earnings growth, strong management, sustainable cash flows and valuation support. While sector and geographical weightings are an output of stock selection, there is a significant allocation towards Greater China and the information technology sector. Reflecting the growing level of dividends from Asian companies, SDP has a yield of just over 1%.

Schroder AsiaPacific Fund

Hand-picked best ideas for long-term growth

Review | Investment Companies | 05 Jan 2017

Schroder AsiaPacific Fund (SDP) seeks to deliver capital growth by investing in companies in Asia, excluding Japan. The portfolio is managed by experienced manager Matthew Dobbs, whose focus is on stock selection. He is supported by a large Asia-based research team. Since the trust's launch in 1995, Dobbs's aim has been to build, monitor and manage a diverse portfolio of companies that exhibit visible earnings growth potential, sustainable returns and valuation support. Over most time periods, performance versus the benchmark has been positive.

Schroder Global Real Estate Securities

Termination of coverage

Termination | Investment Companies | 02 Jun 2016

Edison Investment Research is terminating coverage on Schroder Global Real Estate Securities (SGRE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Schroder AsiaPacific Fund

Stock selection in a growth region

Update | Investment Companies | 18 Mar 2016

Schroder AsiaPacific Fund (SDP) seeks to deliver long-term capital growth by investing in companies in Asia, excluding Japan. Since launch in 1995, the portfolio has been managed by Matthew Dobbs, who focuses on individual stock selection, with an awareness of macroeconomic factors. He is supported by a large research team based in Asia. There is a focus on companies with visible earnings growth, sustainable returns and valuation support. Over most time periods, the performance of the fund versus the benchmark has been positive.

Schroder Global Real Estate Securities

Focused on total returns over the long term

Initiation | Investment Companies | 22 Jun 2015

Schroder Global Real Estate Securities (SGRE) is an actively managed closed-ended fund providing exposure to global real estate through investing in a concentrated but diverse portfolio of listed securities. Following the appointment of Schroders as investment manager in July 2014, a total return strategy was adopted, the portfolio repositioned and the dividend re-based to a sustainable level. Subsequent performance has been ahead of the FTSE EPRA/NAREIT Developed index and one-year performance is comparable to open-ended peers. The manager follows a disciplined approach, focusing on higher-quality assets, aiming to maintain a portfolio resilient to changes in the economic environment and capable of delivering sustainable returns over the long term.

Schroder AsiaPacific Fund

Selecting for value and growth in Asia

Review | Investment Companies | 29 Apr 2015

Schroder AsiaPacific Fund (SDP) aims to achieve long-term capital growth by investing in companies across Asia, excluding Japan. Matthew Dobbs has managed the portfolio since launch in 1995 focusing on individual stock selection supported by Schroders' considerable Asian research resource. A bias towards value can prompt some contrarian positions while ‘real' growth stocks such as Baidu also have a place in the fund. Performance has been ahead of the benchmark since inception and over most periods, with a notable pick-up in absolute and relative performance over the last year.

Schroder AsiaPacific Fund

Finding value in the Asian growth story

Initiation | Investment Companies | 09 Jul 2014

Schroder AsiaPacific Fund (SDP) aims to achieve long-term capital growth by investing in companies across Asia, excluding Japan. At the helm since launch in 1995, manager Matthew Dobbs has seen many market cycles in his 27 years as an Asian specialist with Schroders, and builds the portfolio with a value slant, focusing on stocks with strong competitive positions and those that will benefit from positive change. Performance has been above benchmark over most periods, and with Asian markets now performing better after being punished in the 2013 ‘taper tantrum', the c 10% discount may provide a favourable entry point for long-term investors.

Schroders

Premium value leaves little room for re-rating

Institutional Update | Financials | 11 Nov 2013

AUM reached a record £257bn (our forecast: £260bn) in September with the addition of Cazenove Capital (£20bn) and positive net new money inflows (£1bn). EBIT rose 38% to £117m in Q3. The release met with some profit taking, which does not surprise given its 20% FY14e EV/EBITDA premium rating versus peers. The shares are up c 60% over the last year and may be due a pause, notwithstanding the groups' diverse product portfolio, positive fund performance and strong distribution networks.

Schroders

Margins under pressure

Update | Financials | 08 Mar 2013

Schroders' PBT fell 12% to £360m during 2012, which was in line with our expectations and slightly ahead of consensus at £352m. Although AUM reached its highest level of £212bn, profits were affected by lower revenue and operating margins. Outflows from higher-margin products were replaced by inflows into lower-margin funds with an increase in lower margin, but higher-volume sub-advisory agreements weighed on revenue margins. Schroders' large surplus capital continues to dilute operational gearing and profitability, but supports the conservative nature of the brand and could be used for opportunistic, value-enhancing acquisitions. We favour Schroders' diverse product portfolio, positive fund performance and strong distribution networks, but remain cautious about the falling margins. Adjusting for FY13e investment capital of £1,098m, Schroders trades at a c 20% premium to the sector, reflecting its sizeable organic net new money flows.