Results analysis from Kepler Trust Intelligence
Summary by AI BETAClose X
Schroder AsiaPacific (SDP)
05/06/2026
Results analysis from Kepler Trust Intelligence
Schroder AsiaPacific (SDP) has released its half-year results ending 31/03/2026, delivering a NAV total return of 3.7%, a share price total return of 4.8% versus 5.2% for the trust's benchmark.
The period was marked by volatility, with the impact of the war in Iran undoing some of the strong gains achieved earlier. Despite this, the region outperformed global equities.
The standout sector was technology due to ongoing AI optimism, especially Taiwanese and Korean companies. Good stock selection here was a positive contributor to SDP, although an underweight to Korea offset some of these gains. Stock selection in Singapore and Australia also contributed positively, although China and India detracted. The impact of these latter two markets, were offset by underweight allocations, with both markets delivering negative returns in the period.
Abbas Barkhordar moved up to lead manager duties, with former co-manager Richard Sennitt becoming alternate manager. Abbas initiated five new positions, with disposals coming from changing backdrops and profit taking from good performers. China remains a key underweight allocation, albeit offset by Hong Kong. India is a notable underweight position. Abbas continues to have an overweight to technology but is zero weight in the consumer staples and utilities sectors.
The discount narrowed to 8.7% with share buybacks used to support this, with c. 6.1m shares bought back in the period, contributing 0.4% to NAV.
New Chair Nicky Richards commented on the region's appeal, which offers, "Access to a diverse set of high-quality companies across multiple markets and sectors, many of which trade at attractive valuations relative to their growth potential."
Kepler View
Newly promoted lead manager Abbas Barkhordar notes two defining features of these results: the technology sector, and Iran war disruption. On a longer-term view, the region's tech sector will likely continue to be a major driver of success due to the numerous world-leading firms being based in the region. With this in mind, Schroder AsiaPacific's (SDP) overweight continues to appeal, in our view.
Further supporting this view are the pragmatic changes made to the portfolio. Abbas has added a range of holdings, capitalising on the wide opportunity. More impressively, in our view, is the disposals made as a result of changing backdrops. Selling takes considerably more conviction, and Abbas' exits in changing backdrops demonstrate discipline.
Adding to the appeal is the current discount which has widened since publication. We believe this could offer a compelling entry point for long-term investors to access the growing economic might of the Asian region, including technology, whilst benefitting from active management.
Finally, we believe Abbas' promotion to lead manager is a natural step up and a demonstration of the strength-in-depth of Schroders. He will continue to work closely with former co-manager Richard Sennitt and the well-resourced Schroders team, which ensures further consistency of approach.
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