Fact sheet: Scottish Oriental Smaller Companies IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
IT Asia Pacific - Excluding Japan
Fund type
Investment Trust
Primary aim
Why Money Observer Rates Scottish Oriental Smaller Companies IT

Rated Fund 2013-2018. Focuses on small companies and capital preservation

This trust won Money Observer's Best Asia Pacific Trust award in 2014. Although some of its management team has since changed, we believe it will continue to deliver good long-term results. The advantage of investing in smaller companies in Asia is that they offer exposure to domestic consumption, which is growing strongly given the region's superior demographic profile and developing middle class.

The lead manager is Vinay Agarwal, a Singapore-based director of First State Stewart Asia. He is supported by Wee-Li Hee, an Edinburgh-based portfolio manager. They focus on capital preservation in both absolute and real terms. They favour small businesses with defensible franchises that should be long-term winners no matter what the economic and monetary backdrop. In this regard, the fund offers something different from those that have been riding the tech wave, and if there is a market sell-off it should provide some relative capital protection. In selecting investments, they look for businesses with strong cash flow generation and good balance sheets that have the potential to double in size over the next five years. The portfolio has become more concentrated under Agarwal and had around 60 holdings at the end of 2017. Currently, the managers are placing a significant emphasis on Indian companies, where they have more than a quarter of assets, and are finding both growth and some of the best management teams in Asia there. They have also found pockets of value in the Philippines and Taiwan.

Shares in the trust generally trade at a discount to net asset value and at the end of 2017 could be bought on an 11 per cent discount.<\p>

3 Year Performance
Fund Performance18.6%
Average of Rated Funds Group39.7%
Sector Performance34.5%
Fund information
Fund name
Scottish Oriental Smaller Companies Ord
Fund manager company
First State Investments IT
Fund type
Investment Trust
Fund managers
  • Wee Li Heesince 01/06/2017
  • Vinay Agarwalsince 01/07/2016
Winner - Best Asia Pacific ex Japan Trust
Fund objective
To achieve long term capital growth by investing mainly in smaller Asian quoted companies with market capitalisations under US$1,500m at the time of investment, or the equivalent. Asia is deemed to include the Indian subcontinent but excludes Japan and Australasia.
  • MSCI AC Asia ex Japan
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
1 Year rank in sector
IT Asia Pacific - Excluding Japan
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
Fund size
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
Mid price
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
Top in this sector
Fund name1 Year
Pac Hrzn IT PLC47.1%
JP Morgan Asian IT plc21%
Schroder Asia Pacific20.2%
Edbrgh Drgn Tst plc12.3%
...more in IT Asia Pacific - Excluding Japan

Performance snapshot

Holdings snapshot

  • India24.2%
    Money Market8.9%
  • Industrials19.4%
    Consumer Discretionary17.4%
    Consumer Staples13.6%
    Information Technology9.1%
    Health Care8.9%
  • Indian Equities24.2%
    Taiwanese Equities11.6%
    Chinese Equities10.7%
    Philippine Equities9.9%
    Money Market8.9%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Rank within sector2 / 1514 / 1515 / 1515 / 1514 / 1513 / 15
Calendar performance
 YTD - 20182017201620152014
Rank within sector15 / 1510 / 1514 / 1510 / 1514 / 15
Risk statistics
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
Price movement
52 week high1095
52 week low940
Current bid price982
Current offer price990
Current mid price986
5Money Market8.9%
7Hong Kong5.2%
9Sri Lanka4.8%
Industry sector
2Consumer Discretionary17.4%
3Consumer Staples13.6%
4Information Technology9.1%
5Health Care8.9%
6Money Market8.9%
Asset type
1Indian Equities24.2%
2Taiwanese Equities11.6%
3Chinese Equities10.7%
4Philippine Equities9.9%
5Money Market8.9%
6Asia Pacific Emerging Equities8.1%
7Indonesian Equities7.8%
8Hong Kong Equities5.2%
9Singapore Equities5.1%
Individual holdings
Fund manager group
First State
Fund manager company
First State Investments IT
Fund type
Investment Trust
Fund objective
To achieve long term capital growth by investing mainly in smaller Asian quoted companies with market capitalisations under US$1,500m at the time of investment, or the equivalent. Asia is deemed to include the Indian subcontinent but excludes Japan and Australasia.
  • MSCI AC Asia ex Japan
Investment style
No data available.
Investment method
No data available.
Fund managers
Wee Li Hee01/06/2017Wee-Li Hee is a Portfolio Manager at First State Stewart Asia. Wee-Li has more than 15 years of investment experience, with a focus on Asia Pacific equities. She joined the FSSA team in April 2002 and is based in Edinburgh. Wee-Li is the co-manager of the Scottish Oriental Smaller Companies Trust. Wee-Li graduated from the University of Leeds in 2000 with a Bachelor of Science (Hons) in Accounting with Information Systems and gained a Masters Degree in Law and Accounting from the London School of Economics and Political Science in 2001. She is also a CFA charterholder.
Vinay Agarwal01/07/2016Vinay Agarwal is a Director of First State Stewart Asia (FSSA), part of First State Investments. Vinay has more than 15 years of investment management experience, with a focus on Indian Equities. He joined the FSSA team in July 2011, and is based in Singapore. Vinay is the lead manager of the Scottish Oriental Smaller Companies investment trust and lead manager of the First State Indian Subcontinent Fund. He is also responsible for managing a number of Far East Leaders and Indian equity portfolios on behalf of key client segregated accounts. Vinay graduated in 2002 with a management degree with a major in Finance from the Indian Institute of Management Calcutta. He also holds a Bachelor of Commerce (Hons) degree with a major in Accountancy from Calcutta University.
AIC Member, UCIS
No data available.
Fund for sale in
United Kingdom
Scottish Oriental Smaller Companies Ord
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1130.54
Price updated23/04/2018
Institutional or retail classRetail
Citi codeNJFZ
Data provided by

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