17th Dec 2015 18:20
LONDON (Alliance News) - Schroder AsiaPacific Fund PLC on Thursday said its net asset value produced a negative total return of 3.3% in the year ended September 30, outperforming its benchmark, the MSCI All Countries Asia ex. Japan Index, which produced a negative total return of 6.0% over the same period.
"The second half of the year witnessed significant declines in Asian stock markets with China the major focus," Chairman Rupert Carington said.
Carington, who has been the trust's chairman since its launch in 1995, said he will retire from the role at its upcoming annual meeting of shareholders on January 28, 2016. Nicholas Smith, a fellow board director, will succeed Carington.
Shareholders are due to vote as to whether the trust should continue for a further five year. The vote will take place at the annual meeting.
The trust recommended that shareholders vote in favour of continuation.
"November 17 was the twentieth anniversary of the company's launch. The journey from 1995 has not always been a smooth one in Asia, but it is good to look back and see not only that GBP1,000 invested at the launch would, after reinvesting dividends, now be worth GBP3,147, but also that the company's net asset value has risen materially more than its benchmark. The launch prospectus set your company's primary investment objective as capital growth and benchmark outperformance, and I am pleased to write that both these objectives have been achieved," Carington said.
Shares in Schroder AsiaPacific closed up 1.7% at 266.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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