Interim Management Statement

RNS Number : 8944Q

Schroder AsiaPacific Fund PLC

11 August 2010

 



SCHRODER ASIAPACIFIC FUND PLC

Interim Management Statement for the Quarter ended 30 June 2010

The Board of Schroder AsiaPacific Fund plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 April 2010 to 30 June 2010.

Investment Objective

The Company's 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 (excluding Australasia), with the aim of achieving growth in excess of the MSCI All Countries Far East excluding Japan Index in sterling (Benchmark Index) over the longer term.

Company Statistics as at 30 June 2010

Gross Assets	£350.9 million
Net Asset Value per Ordinary Share (ex income)	204.41p
Share Price	187.00p
Discount	8.52%
Number of Holdings	80
Net Effective Gearing	Nil
Yield	1.4%

Cumulative Performance to 30 June 2010 (%)

Performance over	3 months	6 months	1 year
Share Price (Total Return)	(3.9)	3.6	38.6
Net Asset Value (Total Return)	(2.5)	5.9	40.1
MSCI AC Far East Free (ex Japan) Index	(3.9)	3.2	33.5

Data Source: Fundamental Data.

Portfolio Information as at 30 June 2010

Ten Largest Holdings

Stock Name	Country	Market Value (£)	Percentage of NAV
Jardine Strategic	Singapore	19,670,523	5.77
Samsung Electronics	Korea	15,272,702	4.48
Jardine Matheson	Hong Kong	13,998,690	4.11
Swire Pacific 'A'	Hong Kong	12,798,686	3.75
Taiwan Semiconductor Manufacturing	Taiwan	10,824,425	3.18
Fortune Real Estate Investment Trust	Singapore	10,241,915	3.00
Niko Resources	India	9,516,813	2.79
Hang Lung Group	Hong Kong	9,461,218	2.78
Siliconware Precision	Taiwan	8,873,223	2.60
Ping An Insurance 'H'	China	8,434,284	2.47

Country Allocation

Country	Percentage of NAV
Hong Kong	21.35
Taiwan	17.09
China	15.50
Singapore	14.35
Korea	14.19
India	5.30
The Philippines	3.93
Indonesia	3.26
Australia	2.88
Thailand	1.82
Vietnam	0.33

Material Events or Transactions

Board Refreshment and Directorate Change

At the Annual General Meeting held in January 2010, the Board announced its refreshment policy in order to clarify its future intentions in this regard and indicated that, during the current calendar year and to coincide with the continuation vote early in 2011, the Board would amend its composition so that long-serving Directors do not constitute the majority of the Board. As part of that planned refreshment policy, the Board announced the appointment of a new Director of the Company, Mr Nicholas Smith, who was appointed with effect from 28 May 2010.

Mr Smith, aged 58, is a Chartered Accountant. He joined the Jardine Fleming Group in 1986 in Hong Kong serving, from 2003, as Chief Financial Officer and as a member of the Executive Committee. After returning to the UK, Mr Smith became a director of Robert Fleming International Ltd in 1998 and the Director of Origination - Investment Banking serving until 2000. Mr Smith currently serves as Chairman of privately-held Ophir Energy plc and as a non executive director of Asian Citrus Holdings Ltd, PLUS Markets Group plc, Sorbic International Ltd., and Japan Opportunities Fund II Limited.

Also as part of the refreshment of the Board, Mr Jan Kingzett, the Director nominated by Schroders to represent the Investment Manager, resigned as a Director of the Company with effect from 28 May 2010. Following this change, there will not be a representative of the Investment Manager on the Board. The Directors extend their gratitude for the invaluable contribution that Mr Kingzett has made to the success of the Company over the past decade and a half.

Conversion of Subscription Shares

On 13 July 2010, the Company issued 247,625 ordinary shares following the exercise of conversion rights by a number of subscription shareholders. The ordinary shares rank pari passu with the existing ordinary shares and commenced trading on 14 July 2010. Following this issue there are 167,737,237 ordinary shares and 32,890,180 subscription shares in issue.

There have been no other material events or transactions that have taken place between 1 April 2010 and the date of publication of this Statement. 

Changes to Share Capital during the quarter ended 30 June 2010

	Issued Ordinary shares of 10p each
As at 1 April 2010	167,237,148
Shares issued during the period Shares bought back and cancelled during the period	252,464 Nil
Shares remaining in issue as at 30 June 2010	167,489,612

Company Information as at 30 June 2010

SEDOL Code                                     0791887

Sector                                                 Equity Investment Instruments

Launch Date                                       November 2005

Financial Year End                             30 September

Last Dividend Payment                     29 January 2010

Last Ex Div Date                               23 December 2009

2010 AGM                                         27 January 2010          

11 August 2010

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

 

END

 

 

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