RCS - Schroder AsiaPacific - Results analysis from Kepler Trust Intelligence

Schroder Asiapacific FundAnnouncement

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RNS Number : 9024K  Schroder AsiaPacific Fund PLC  09 December 2025

Schroder AsiaPacific (SDP)

09/12/2025

Results analysis from Kepler Trust Intelligence

Schroder AsiaPacific (SDP) has released its annual results for the year ending
30/09/2025, with a NAV total return of 15.7%, versus 16.8% for its benchmark
and 12.3% for the peer group average. Over the longer term, the managers are
notably ahead of the benchmark, with a five-year NAV TR of 37.3%, versus 31.2%
for the index.

Share price returns were strong, leading to the discount to narrow over the
period. There were 12.6m shares bought back in the financial year, with a
further 2.7m in the period since.

Positive contributors came from stock selection. Examples include two Indian
banks which outperformed a challenging market. The managers' underweight
allocation to India also positively contributed. Singapore contributed
positively due to stock selection and an overweight allocation.

Overall, country allocations were a headwind, largely due to China which
rallied. The managers narrowed their underweight through selective additions
to China, plus further in Hong Kong. The managers also narrowed their India
underweight with two new holdings, as well as adding to Korea. To offset this,
they have trimmed several ASEAN holdings.

Whilst not a target, revenue per share increased modestly, enabling an
increase in the dividend.

Elsewhere, the board has introduced a performance-related tender offer, with
the first of these commencing after the trust's continuation vote, due at the
next AGM.

Outgoing Chairman James Williams commented on the region's, "strong and
encouraging background position" as a result of, "healthy sovereign balance
sheets and sustainable and responsible fiscal policies".

Kepler View

Managers Abbas Barkhourdar and Richard Sennitt have delivered back-to-back
double digit returns for the past two financial years. Whilst this year's
performance was slightly behind in relative terms, we are encouraged by the
managers' ongoing positive stock selection. Similarly, the largest detractor
to performance in this period has largely been a tailwind over the past five
years.

The portfolio changes are pragmatic too, in our view, having added to stocks
in both China and Hong Kong in response to economic stabilisation, albeit only
to the highest quality companies.

Furthermore, the managers have added two new India holdings, narrowing the
underweight allocation. This has capitalised on the country's period of
weakness and added exposure to the attractive growth qualities of the Indian
market at more compelling valuations.

Finally, the introduction of a conditional tender offer is a good
demonstration of shareholder consideration, in our view. The trust has one of
the widest discounts in the sector which arguably makes for an attractive
entry point for investors, although the board have taken the prudent step of
putting in a measure to address this. For the time being, the board has sought
to manage the discount through share buybacks, which have been considerable
over the past five years.

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