Fund Update: Schroder ISF Pacific Equity

Das folgende Fund Update bietet einen Rückblick auf die Performance des Fonds über die letzten fünf Kalenderjahre sowie über die aktuelle Entwicklung. Der Fondsmanager Robin Parbrook zeigt die wichtigsten Punkte des Investmentprozesses auf und gibt einen Ausblick. Funds | 26.01.2012 04:45 Uhr
Archiv-Beitrag: Dieser Artikel ist älter als ein Jahr.

Performance Review 2007

ISIN: LU0134341402

Robin Parbrook took over as manager in October 2010.

Performance Review 2008

Robin Parbrook took over as manager in October 2010.

Performance Review 2009

Robin Parbrook took over as manager in October 2010 but the fund had a difficult year as it was held too defensively during the market bounce back.

Performance Review 2010

Robin Parbrook took over as manager in October 2010 and changed the strategy of the fund to focus purely on the analysts ‘best ideas’ so the fund became more bottom up and concentrated.

Performance Review 2011

Robin took over the management of the fund from October 2010 and since then the fund has fund performance has benefited from:

  • High weighting in domestic focused names in Asia, particularly ASEAN consumer stocks
  • Low weighting in China financials where we are structurally very negative
  • Underweight position in India due to excessive valuations and high leverage in corporate sector

Performance since 2007

Robin took over the management of the fund from October 2010 and since then the fund has fund performance has benefited from:

  • High weighting in domestic focused names in Asia, particularly ASEAN consumer stocks
  • Low weighting in China financials where we are structurally very negative
  • Underweight position in India due to excessive valuations and high leverage in corporate sector

Investment Process and Strategy – How does the Fund Manager invest?

Robin Parbrook: "The fund is predominantly a bottom up best ideas fund. Schroders has one of the strongest in-house research teams in Asia with 29 career analysts with an average of 14 years experience. The research process the analyst’s undertake is based around the long-term analysis of industry and company fundamentals, with a strong focus on a disciplined valuation framework and a more judgemental focus on management quality and credibility. Businesses that do not meet our EVA framework are discarded, similarly businesses which are not clearly run in the long term interests of shareholders are deemed uninvestable. We therefore avoid companies with a high degree of state interference and those companies that do not have a clear and disciplined capital allocation policy. Instead the fund holds the research team’s top stocks picks (Buy graded stocks with most upside to our analyst’s Fair Values) and there is no requirement for the fund to hold positions just because a stock or sector is a large part of the index.

The fund does not target specific country and sector weightings but this is reviewed as part of the fund’s risk control. We expect the bulk of the fund’s Tracking Error to come from the stock positions, and whilst we do not specifically target the tracking error we expect it to be in the range of 3% to 8%."

Investment Outlook

Robin Parbrook: "The fund is predominantly a bottom up best ideas fund.  Schroders has one of the strongest in-house research teams in Asia with 29 career analysts with an average of 14 years experience. The research process the analyst’s undertake is based around the long-term analysis of industry and company fundamentals, with a strong focus on a disciplined valuation framework and a more judgemental focus on management quality and credibility. Businesses that do not meet our EVA framework are discarded, similarly businesses which are not clearly run in the long term interests of shareholders are deemed uninvestable.  We therefore avoid companies with a high degree of state interference and those companies that do not have a clear and disciplined capital allocation policy. Instead the fund holds the research team’s top stocks picks (Buy graded stocks with most upside to our analyst’s Fair Values) and there is no requirement for the fund to hold positions just because a stock or sector is a large part of the index.

The fund does not target specific country and sector weightings but this is reviewed as part of the fund’s risk control. We expect the bulk of the fund’s Tracking Error to come from the stock positions, and whilst we do not specifically target the tracking error we expect it to be in the range of 3% to 8%."

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