Interim Management Statement

RNS Number : 3110P

Schroder AsiaPacific Fund PLC

15 August 2014

 



SCHRODER ASIAPACIFIC FUND PLC

Interim Management Statement for the Quarter Ended 30 June 2014

The Board of Schroder AsiaPacific Fund plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 April 2014 to 30 June 2014.

Investment Objective

The Company's investment objective is to achieve capital growth through investment primarily in equities of companies located in the continent of Asia (excluding the Middle East and Japan), together with the Far Eastern countries bordering the Pacific Ocean, with the aim of achieving growth in excess of the MSCI All Countries Asia excluding Japan Index in sterling terms (Benchmark Index) over the longer term.

Company Statistics as at 30 June 2014

Net assets	£467.5 million
Net Asset Value per Ordinary share	276.28p
Ordinary Share Price	247.75p
Discount	10.33%
Number of Portfolio Holdings	80
Net cash	0.1%

Cumulative Performance to 30 June 2014 (Total Return Basis)*

Performance over	3 months	6 months	1 year
Share price	3.88%	5.65%	1.12%
Net Asset Value	3.47%	5.20%	0.26%
MSCI AC Asia (ex Japan) Index	4.56%	3.17%	3.43%

*Source: Morningstar.

Material Events or Transactions

Directorate Change

Mr James Williams was appointed as a non-executive Director of the Company with effect from 11 August 2014.

Mr Williams is currently co managing director of a private Hong Kong based investment company.  He is also a director of Global Resources Investment Trust plc.  He worked for 18 years in the investment banking industry for ING Barings, ABN AMRO and Commerzbank Securities including senior roles in Hong Kong, Bangkok and London.  After leaving Commerzbank Securities in 2005 he became a partner at Saginaw Capital LLP until 2008.

Appointment of Alternative Investment Fund Manager and Depositary

Following the period end, the Company has appointed Schroder Unit Trusts Limited ("SUTL") as its Alternative Investment Fund Manager pursuant to the Alternative Investment Fund Managers Directive ("AIFMD"), to provide portfolio management, risk management and company secretarial services to the Company. Under these new arrangements, investment management and company secretarial services have been delegated by SUTL to Schroder Investment Management Limited.

Appointment of Depositary

Following the period end, pursuant to the AIFMD, the Company appointed HSBC Bank plc as its Depositary, responsible for, inter alia, cash monitoring and custody of financial instruments.

No other material events or transactions have taken place between 1 April 2014 and the date of publication of this Statement.

Portfolio Information as at 30 June 2014

Ten Largest Holdings

Stock Name	Country	Market Value (£)	Percentage of         NAV
Taiwan Semiconductor	Taiwan	31,636,093	6.8
Jardine Strategic	Singapore	21,893,476	4.7
Samsung Electronics	Korea	18,891,541	4.0
Hyundai Motor	Korea	17,441,461	3.7
Fortune Real Estate Investment Trust	Singapore	14,767,172	3.2
AIA	Hong Kong	13,929,648	3.0
China Petroleum and Chemical	China	13,829,557	3.0
Tencent	China	11,707,757	2.5
Techtronic Industries	Hong Kong	10,524,477	2.3
Hankook Tire	Korea	10,513,370	2.2

Country Allocation

Country	Percentage of NAV
Hong Kong	21.1
India	14.3
China	13.2
Singapore	12.6
Taiwan	12.5
Korea	11.1
Thailand	7.4
Philippines	2.4
Indonesia	1.7
Australia	1.4
United States	0.9
Sri Lanka	0.9
Net current assets	0.5

Changes to Share Capital during the quarter ended 30 June 2014

	Issued Ordinary shares of 10p each
As at 1 April 2014	169,325,716
Shares issued during the period Shares bought back and cancelled during the period Shares in issue as at 30 June 2014	Nil 100,000 169,225,716

Company Information as at 30 June 2014

Sedol Code                                         0791887

Sector                                                 Equity Investment Instruments

Launch Date                                       November 1995

Financial Year End                              30 September

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

15 August 2014

 

END

 

 

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