Smith & Williamson Far Eastern Income and Growth Fund B

Asia Equities

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 �40 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.

Narrative and ratings content all as of 01 January 2018.

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Smith & Williamson Far Eastern Income and Growth Fund B
Smith&Williamson Fund Administration Ltd
Unit Trust
Asia Pacific Including Japan
0.76 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2.1 %
The objective of the Trust 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. This will be achieved by investing, almost exclusively, in companies that are incorporated in or listed on exchanges in these regions. The Manager may also, from time to time, invest in transferable securities, money market instruments, warrants, collective investment schemes, deposits, cash and near cash, smaller companies and new issues, when market conditions dictate. In light of extreme market conditions, the Manager may raise or reduce the liquidity of the Trust from normal working levels. The Manager may use derivatives for efficient portfolio management.
Holding %
CSL Ltd 2.71 %
AIA Group Ltd 2.67 %
Housing Development Finance Corp Ltd 2.63 %
NWS Holdings Ltd 2.55 %
Sony Corp 2.48 %
MTR Corp Ltd 2.01 %
Trend Micro Inc 1.91 %
Daiichi Sankyo Co Ltd 1.90 %
Regis Resources Ltd 1.85 %
TCI Co Ltd 1.83 %
Region %
Japan 40.11 %
Asia - Developed 28.58 %
Asia - Emerging 16.51 %
Australasia 13.61 %
Sector %
Technology 21.65 %
Financial Services 19.88 %
Industrials 16.33 %
Consumer Defensive 10.88 %
Real Estate 9.20 %
Basic materials 6.44 %
Healthcare 6.29 %
Smith&Williamson Fund Administration Ltd
EC2R 6AY, London, United Kingdom
Legal Structure
Unit Trust


Jane Andrews
Joined 11/04/1996

Jane joined Smith & Williamson in 1996 and has managed the Smith & Williamson Far Eastern Growth Trust for over 15 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.

Data provided by Morningstar.

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