RCS - Schroder AsianTR Inv - Results analysis from Kepler Trust Intelligence

Schroder Asian Total Return InvestmentAnnouncement

20/03/2026 16:45

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RNS Number : 5471X  Schroder Asian Total Retn InvCo PLC  20 March 2026

Schroder Asian Total Return (ATR)

20/03/2026

Results analysis from Kepler Trust Intelligence

Schroder Asian Total Return (ATR) has released its annual report for the year
ending 31/12/2025. Over the year, the trust saw a NAV per share increase of
14.2%, and a share price total return of 19.3%. This compares to a 20.6% total
return for the reference index. Good absolute performance continues to support
long-term returns, with ATR considerably outperforming the reference index
over five years, although this is not a consideration for the managers.
Furthermore, the trust was promoted to the FTSE 250 Index, which may broaden
its appeal to a wider group of investors.

Positive contributors to performance came from stock selection in Taiwan,
predominantly technology holdings, although this was offset in relative terms
by low exposure to Korean stocks and stock selection in China and Hong Kong.

The trust's discount narrowing notably throughout the year although there were
no share buybacks.

Managers Robin Parbrook and King Fuei Lee used gearing actively throughout the
year as part of their hedging strategies. This contributed positively to
performance although the managers have been reducing gearing into the year end
and post period.

Robin and King Fuei added selectively to China due to better capital return
policies, and taking profits from their technology holdings on valuation
ground. In exchange, they have added more defensive exposure, as well as to
India albeit remaining very selective given valuations.

Revenue increased slightly, leading to a maintained dividend, with the trust
having solid reserves.

Chair Sarah MacAulay reflected on the broader macro issues, noting the
managers' approach "helps to reduce downside and volatility  and  gives us
continued confidence in the strategy."

Kepler View

We believe Schroder Asian Total Return (ATR) is an attractive proposition in
the Asia Pacific sector due to the managers' process that incorporates
bottom-up and top-down factors which can mitigate some of the nearer term
challenges, whilst also capturing the long-term growth potential of the asset
class. In light of the current market volatility, this approach could be
particularly appealing, in our view.

With opportunities to invest in the managers' open-ended equivalent limited,
combined with the strong long-term performance track record, we believe the
discount, which narrowed in the year, is currently well supported at these
levels.

Whilst absolute performance has again been strong, relative returns are more
challenged, although we note this is not a consideration of the managers. This
has come from some challenging scenarios, although the managers have
subsequently reappraised the potential these, and added selectively where
their outlook has changed.

Elsewhere, the managers have added to more defensive markets as they have
identified better risk reward opportunities. This has been funded from profit
taking in the technology allocations. In our view, these changes reinforce the
notion that ATR provides long-term exposure to the region's potential, whilst
also mitigating some of the nearer term risks.

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