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 2013-2017. Focus on domestic consumption through small companies

This trust won Money Observer's Best Asia Pacific Trust award in 2014. Although its management team has changed somewhat since and it is now run by the First State Asian team based primarily in Hong Kong, most current managers have been involved with the trust for more than a decade, so we believe it will continue to deliver good long-term results. The lead manager is Wee-Li Hee, supported by Vinay Agarwal, Scott McNab and Martin Lau.

The trust invests mainly in companies capitalised at less than $1.5 billion (£1.2 million) at the time of first investment, but it has the flexibility to invest up to 20 per cent in companies valued at between $1.5 and $3 billion at the time of investment.

Investing in smaller companies in Asia offers exposure to domestic consumption there, which is growing strongly, given the region's demographic profile and developing middle class. This provides the structural growth missing in the developed world.

The managers focus on the preservation of capital in both absolute and real terms. To this end, the trust is heavily invested in businesses with defensible franchises that should be long-term winners, no matter what the economic and monetary backdrop.

Currently, the managers are placing an emphasis on Indian companies, where they find both growth and some of the best management teams in Asia. They have also found pockets of value in Taiwan and Indonesia recently, but continue to generate new investment ideas in India.

3 Year Performance
Fund Performance21.3%
Average of Rated Funds Group47.9%
Sector Performance45.7%
Fund information
Fund name
Scottish Oriental Smaller Companies Ord
Fund manager company
First State Investments IT
Fund type
Investment Trust
Fund managers
  • Vinay Agarwalsince 30/06/2016
  • Wee Li Heesince 31/05/2017
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 PLC46.2%
JP Morgan Asian IT plc31.9%
Schroder Asia Pacific28.6%
Invesco Asia Trust plc21.3%
...more in IT Asia Pacific - Excluding Japan

Performance snapshot

Holdings snapshot

  • India26%
    Money Market7%
  • Industrials19.8%
    Consumer Discretionary17.6%
    Consumer Staples11.8%
    Information Technology10%
    Health Care8.6%
  • Indian Equities26%
    Taiwanese Equities11.8%
    Philippine Equities10.3%
    Chinese Equities10%
    Asia Pacific Emerging Equities7.9%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Rank within sector15 / 1515 / 1513 / 1513 / 1514 / 1513 / 15
Calendar performance
 YTD - 20182017201620152014
Rank within sector14 / 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 low945
Current bid price1015
Current offer price1020
Current mid price1020
5Money Market7%
7Hong Kong5.5%
9Sri Lanka4.7%
Industry sector
2Consumer Discretionary17.6%
3Consumer Staples11.8%
4Information Technology10%
5Health Care8.6%
8Money Market7%
Asset type
1Indian Equities26%
2Taiwanese Equities11.8%
3Philippine Equities10.3%
4Chinese Equities10%
5Asia Pacific Emerging Equities7.9%
6Money Market7%
7Indonesian Equities6.8%
8Hong Kong Equities5.5%
9Singapore Equities4.8%
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
Vinay Agarwal30/06/2016Vinay Agarwal is a Director of First State Stewart Asia (FSSA), part of First State Investments. Vinay has more than 13 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 interim 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.
Wee Li Hee31/05/2017Wee-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.
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 price1124.59
Price updated15/02/2018
Institutional or retail classRetail
Citi codeNJFZ
Data provided by

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