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Schroder Asiapacific Fund Plc Half Year Report and Accounts

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Schroder Asiapacific Fund Plc Half Year Report and Accounts Schroder AsiaPacific Fund plc Half Year Report and Accounts For the six months ended 31 March 2019 Investment objective The Company’s principal investment objective is to achieve capital growth through investment primarily in equities of companies located in the continent of Asia (excluding the Middle East and Japan), together with the Far Eastern countries bordering the Pacific Ocean, with the aim of achieving growth in excess of the MSCI All Countries Asia excluding Japan Index in sterling terms over the longer term. Investment policy The Company principally invests in a diversified portfolio of companies located in the continent of Asia (excluding the Middle East and Japan) (for the purposes of this paragraph the “region”). Such countries include Hong Kong/China, Singapore, Taiwan, Malaysia, South Korea, Thailand, India, The Philippines, Indonesia, Pakistan, Vietnam and Sri Lanka and may include other countries in the region that permit foreign investors to participate in investing in equities, such as in their stock markets or other such investments in the future. Investments may be made in companies listed on the stock markets of countries located in the region and/or listed elsewhere but controlled from within the region and/or with a material exposure to the region. The portfolio is predominantly invested in equities, but may also be invested in other financial instruments such as put options on indices and equities in the region. The Company does not use derivative contracts for speculative purposes. The Company may invest up to 5% of its assets in securities which are not listed on any stock exchange but would normally not make such an investment except where the Manager expects that the securities will shortly become listed on a stock exchange. In order to maximise potential returns, gearing may be employed by the Company from time to time. Where appropriate the Directors may authorise the hedging of the Company’s currency exposure. Contents Financial Highlights 2 Interim Management Report 3 Income Statement 9 Statement of Changes in Equity 10 Statement of Financial Position 11 Notes to the Accounts 12 Half Year Report and Accounts for the six months ended 31 March 2019 1 Financial Highlights Total returns for the six months ended 31 March 20191 +2.2% +6.0% +1.9% Net asset value Share price Benchmark3 (“NAV”) per share total return2 total return2 1Total returns measure the combined effect of any dividends paid, together with the rise or fall in the share price or NAV per share. Total return statistics enable the investor to make performance comparisons between investment companies with different dividend policies. Any dividends received by a shareholder are assumed to have been reinvested in either additional shares of the Company at the time the shares were quoted ex-dividend (to calculate the share price total return) or in the assets of the Company at its NAV per share (to calculate the NAV per share total return). 2Source: Morningstar. 3Source: Thomson Reuters. The Company’s benchmark is the MSCI All Countries Asia excluding Japan Index (with net income reinvested), sterling adjusted. Other financial information 31 March 30 September 2019 2018 % Change Shareholders’ funds (£’000) 825,559 825,042 +0.1 Ordinary shares in issue 167,470,716 167,570,716 (0.1) NAV per share (pence) 492.96 492.35 +0.1 Share price (pence) 445.00 430.00 +3.5 Share price discount to NAV per share (%) 9.7 12.7 (Net cash)/gearing (%)1 (6.4) 2.6 1Borrowings used for investment purposes, less cash, expressed as a percentage of net assets. If the figure so calculated is negative, this is shown as a “net cash” position. Schroder AsiaPacific Fund plc 2 Interim Management Report – Chairman’s Statement The reduction in as a director of the Company will be proposed at the “the discount... 2020 Annual General Meeting. reflects a pick up in interest in the Gearing Company’s shares The Company was 2.6% geared at the beginning of the period, and as at 31 March 2019 the Company held 6.4% Performance ” net cash. Average gearing during the period was 2.3%. The level of gearing continues to operate within pre- During the six month agreed levels so that net gearing does not represent period ended 31 March more than 20% of shareholders’ funds. 2019, the Company’s net After the period end, on 24 April 2019 the Company asset value (“NAV”) renewed its loan facility, increasing the committed produced a total return of amount from £75 million to £100 million. This will allow 2.2% compared to a total the Company to continue to take advantage of attractive return of 1.9% for the benchmark. The marginal opportunities in the market as they arise. outperformance was driven by stock selection. Further analysis of performance may be found in the Change in independent auditor Manager’s Review. Following a competitive tender process which excluded Management fee the incumbent, PwC LLP, on the grounds of length of service, the board approved the appointment of Ernst & Following its annual review of management Young LLP as the Company’s auditor for the financial year arrangements, the board has agreed a reduction in ending 30 September 2019. management fee charged to shareholders. The first tier The appointment of Ernst & Young LLP as auditor for the will be removed and fees will be charged at the rate of financial year ending 30 September 2020 will be subject 0.80% per annum on the first £600 million of assets and to approval by shareholders at the Company’s next 0.75% per annum thereafter, compared to the current fee Annual General Meeting, to be held in January 2020. The of 0.90% per annum on the first £300 million, 0.80% on board would like to thank PwC LLP, which formally ceased £300 million - £600 million and 0.75% thereafter. The fee to hold office as the Company’s auditor on 31 May 2019, will continue to be charged on the value of the for its professional service to the Company during its Company’s assets under management, net of current tenure in office. In accordance with legislative liabilities other than short-term borrowings. requirements, a copy of PwC’s resignation letter, This will result in a saving for the Company of £300,000 including a statement of its reasons for ceasing to hold per annum and the change took effect from 1 April 2019. office, is being circulated to all shareholders. Discount management Outlook During the period, the board continued to monitor the There is a sense that the trade frictions between China discount and on 18 December 2018 repurchased 100,000 and the US are approaching a pivotal moment. While the shares for cancellation. Over the period, the discount outcome is hard to anticipate, and will remain a major reduced from 12.7% at the start of the period to 9.7%. influence on short-term market movements, we want the The reduction in the discount, and the share price total portfolio to stay true to what created its historic success: return of 6.0% reflects a pick up in interest in the finding Asia’s winners. Company’s shares. Asia is full of companies ideally placed to create or exploit the technologies of the future and the continued growth Board appointment of the local economies. Your Company will continue to provide investors with a carefully selected portfolio of the The board continues to review its ongoing composition in best of them. line with its succession policy. As outlined in my statement in the 2018 annual report, during the period, Nicholas Smith the nomination committee undertook a search for a new Chairman director. I am pleased to welcome Vivien Gould to the board following her appointment by the board, as 3 June 2019 announced on 21 May 2019. In accordance with the Company’s articles of association, a resolution to elect her Half Year Report and Accounts for the six months ended 31 March 2019 3 Interim Management Report – Manager’s Review Amid volatile market conditions, we have sought to build up oversold high conviction “holdings... The net asset value” per share of the Company recorded a Indonesia, the Philippines and Hong Kong have been the total return of +2.2% over the six months to end March outstanding performers. In the former, growing 2019. This was modestly ahead of the performance of the confidence over the Presidential election (which the more benchmark, which was up +1.9% over the same period. market friendly Jokowi indeed won) and stability in the (Source: Morningstar, net of fees). currency supported returns. The Philippines has proved a ‘safe haven’ amid global economic uncertainty, while a Benchmark performance – 30 September more dovish outlook for interest rates and liquidity aided 2018 to 31 March 2019 the asset heavy Hong Kong market. Weak performances in Korea and Taiwan reflected their trade sensitivity and, 105 more specifically, the downturn in the semiconductor 103 cycle. A combination of political uncertainty and weak 101 99 external balances undermined Pakistan. 97 95 93 Performance and portfolio activity 91 89 Stock selection in Korea added significant value, while the 87 Company benefitted from the overweight position in 85 Hong Kong despite stock selection slightly lagging in that Sept 18Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 market. Underweights in Taiwan and Malaysia, along with MSCI AC Asia ex Japan NDR USD MSCI AC Asia ex Japan NDR GBP the exposure to Australian resources also added value. Source: Thomson Datastream as at 31 March 2019. Net dividends Factors on the negative side included stock selection in reinvested.
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