Fact sheet: Smith & Williamson Far Eastern Income And Growth

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.
ASIA EQUITIES
Sector
UT Asia Pacific Including Japan
Fund type
Unit Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Smith & Williamson Far Eastern Income And Growth

New for 2018. Targets growth and income

This fund is another newcomer for 2018, having replaced Baillie Gifford Developed Asia Pacific on account of its better recent performance. As its name suggests, it seeks both income and long-term capital growth by investing in the Far East and Pacific Basin region, including Japan, Australia and India. It pays income annually and has a yield of around 1.7 per cent.The fund was launched almost 30 years ago, yet remains a tiddler at around ᆪ40 million. However, it only started targeting income in 2013, when it changed its name from Smith & Williamson Far Eastern Growth Trust to reflect a change to the investment objective.Its manager, Jane Andrews, has been actively involved in investing since the 1980s. She has been this fund's manager since she joined Smith & Williamson in 1996 and launched the firm's Oriental Growth fund in 2009.Far Eastern Income and Growth typically has around 80 holdings. Andrews is a 'growth' investor, focusing on high-quality companies operating in niche markets with structural growth potential. She says these companies are more in charge of their own destinies than companies producing undifferentiated or commoditised products where there is regional and global oversupply.She has a bias towards medium-sized companies, which she expects to be an important driver of longer-term returns. At a country level, she favours India, Taiwan and Singapore. At a sector level, the fund is tilted away from banks as Andrews finds large Australian banks unattractive, although she has been adding to HSBC Holdings as it should benefit from rising US interest rates.<\p>

3 Year Performance
Fund Performance52.5%
Average of Rated Funds Group38%
Sector Performance36.5%
Fund information
Fund name
Smith & Williamson Far Eastern Income and Growth B Inc
Fund manager company
Smith & Williamson Investment
Fund type
Unit Trust
Fund managers
  • Jane Andrewssince 04/11/1996
Accolades
Fund objective
The objective of the Fund is to achieve both an income yield and long term growth of capital, primarily through investment in the Far East and Pacific Basin region, including Japan, Australia and India. The name of the Fund changed from Smith & Williamson Far Eastern Growth Trust to Smith & Williamson Far Eastern Income and Growth Trust on 1 July 2013 to reflect a change to the investment objective and policy of the Fund.
Benchmark
  • MSCI AC Pacific
Investment style
None
Investment method
Shares
Quick stats
1 Year return
16.9%
1 Year rank in sector
1/7
Sector
UT Asia Pacific Including Japan
Yield
2%
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.
0.76%
Fund size
£43m (£36m last year)
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.
110
Top in this sector
Fund name1 Year
Smith & Williamson FarEstnIandG16.9%
Threadneedle Asia Equity16%
Invesco Perp Pacific13.3%
Omnis Asia Pacific Equity12.1%
Baillie Gifford Devd Asia Pac11.9%
...more in UT Asia Pacific Including Japan

Performance snapshot

Holdings snapshot

  • Japan42.1%
    Hong Kong17.4%
    Australia10%
    Taiwan7.8%
    India5.7%
  • Others41.9%
    Banks9.4%
    Electronic & Electrical Equipment7.7%
    Semi Conductors5.9%
    Consumer Goods5.8%
  • Japanese Equities42.1%
    Hong Kong Equities17.4%
    Australian Equities10%
    Taiwanese Equities7.8%
    Indian Equities5.7%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-5.5%-5.4%1.7%16.9%52.5%73.5%
Sector-3.5%-4.4%0.9%11.9%36.5%59%
Rank within sector7 / 75 / 73 / 71 / 71 / 53 / 5
Quartile4th3rd2nd1st1st3rd
Calendar performance
 YTD - 20182017201620152014
Fund-3.8%31.9%23.3%13%1%
Sector-2.5%23.4%26.4%3.1%5.6%
Rank within sector5 / 71 / 75 / 52 / 55 / 5
Quartile3rd1st4th2nd4th
Risk statistics
Alpha
?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.
4.88
Beta
?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.
0.96
Sharpe
?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.
0.95
Volatility
?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%.
13.82
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.
5.85
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.
0.73
R-Squared
?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.
0.82
Price movement
52 week high202.2
52 week low157
Current bid price-
Current offer price-
Current mid price182.6
Region
1Japan42.1%
2Hong Kong17.4%
3Australia10%
4Taiwan7.8%
5India5.7%
6Korea4.9%
7Singapore4.3%
8Money Market3.5%
9USA3.5%
Industry sector
1Others41.9%
2Banks9.4%
3Electronic & Electrical Equipment7.7%
4Semi Conductors5.9%
5Consumer Goods5.8%
6Internet4.5%
7Machinery4.4%
8Media4.4%
9Services4.4%
Asset type
1Japanese Equities42.1%
2Hong Kong Equities17.4%
3Australian Equities10%
4Taiwanese Equities7.8%
5Indian Equities5.7%
6South Korean Equities4.9%
7Singapore Equities4.3%
8Money Market3.5%
9US Equities3.5%
Individual holdings
1CSL2.4%
2FANUC CORP2.4%
3REGIS RESOURCES LTD2.4%
4VENTURE LIFE GROUP PLC2.3%
5KEYENCE CORP2.2%
6CHALLENGER LTD2%
7D A CONSORTIUM HLDGS INC1.9%
8HSBC HOLDINGS1.9%
9INDIABULLS HOUSING FIN LTD1.9%
Management
Fund manager group
Smith & Williamson Invest Mgmt
Fund manager company
Smith & Williamson Investment
Fund type
Unit Trust
Fund objective
The objective of the Fund is to achieve both an income yield and long term growth of capital, primarily through investment in the Far East and Pacific Basin region, including Japan, Australia and India. The name of the Fund changed from Smith & Williamson Far Eastern Growth Trust to Smith & Williamson Far Eastern Income and Growth Trust on 1 July 2013 to reflect a change to the investment objective and policy of the Fund.
Benchmark
  • MSCI AC Pacific
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Jane Andrews04/11/1996Jane joined Smith & Williamson in 1996 and has managed the Smith & Williamson Far Eastern Growth Trust for over 16 years. She also manages the Smith & Williamson Oriental Growth Fund. Jane’s career began with Midland Bank working on Asian investments for an international pension fund. In 1987 she moved to John Govett to manage the Pacific Income Fund, winning a performance award in 1988. A tenure at CIM fund managers, where she ran dedicated Japanese & Asian pension funds, preceded her career at Smith & Williamson. Jane is also involved in the monthly strategy meetings advising on Far Eastern Markets.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Smith & Williamson Far Eastern Income and Growth A Inc
Initial charge5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISANo
Ongoing charge (OCF)1.61%
Total expense ratio (TER)1.61%
Bid price-
Offer price-
Mid price628.6
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeTT12
Smith & Williamson Far Eastern Income and Growth B Inc
Initial charge-
Annual charge0.65%
Min single investment£250,000
Min regular saving£500
Available in ISANo
Ongoing charge (OCF)0.76%
Total expense ratio (TER)0.76%
Bid price-
Offer price-
Mid price182.6
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeA1GG
Data provided by

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