11th Jun 2018 11:32
LONDON (Alliance News) - Schroder AsiaPacific Fund PLC on Monday said it outperformed its benchmark in the first financial half helped by an increase in net asset value per share.
The company said its NAV total return was 5.9% in the six months to the end of March. Meanwhile, its benchmark, sterling adjusted, the MSCI All Countries Asia ex Japan Index, returned 4.2%.
Schroder AsiaPacific Fund's positive performance over the period was primarily due to stock selection, most notably in China where the consumer cyclical, information technology and energy holdings were particularly strong.
Net asset value per share grew in half year to 499.53 pence from 477.38p as at the end of September.
The stock was trading 0.2% lower at 478.10p per share on Monday.
Over the period, the average discount of the company's shares to NAV was 10.8%, wider than the longer-term maximum 10% target adopted by the board.
Looking ahead, Schroder AsiaPacific Fund said the second half has continued in similar vein to the close of the first six months. However, the company expressed concerns regarding US-China trade tensions, political uncertainty in Europe, and Russian sanctions.
"Asia has changed so much since the company's launch," said Chairman Nicholas Smith, "and I believe this is a fascinating time to be invested in Asia."
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Schroder AsiaPacific Fund