Marketing material
Matthew Dobbs, Fund Manager
Schroder AsiaPacific Fund plc
January 2020
Schroders in the Far East
2
Strong regional presence
Source: Schroders, as at 31 December 2019.1December 2019. Includes a joint-venture team of Indian equity specialists at Axis Asset Management (Axis AMC) in Mumbai. The Axis AMC team is fully integrated and provides support and coverage for Indian stocks within our research universe.
Schroders office– Matthew Dobbs has over 38 years of investment experience with Schroders, 30 of which has been spent following Far Eastern markets
– Richard Sennitt has 26 years of investment experience all of which have been spent following the Far Eastern markets and all at Schroders
– 371 ex Japan analysts based in six offices across the region
2A joint venture fund management company with Axis Asset Management Company
Investment office
Representative office
TokyoOpened 1974SeoulOpened 1987BeijingOpened 1996Mumbai2
Opened 2012TaipeiOpened 1989ShanghaiOpened 1994
Hong KongOpened 1971SingaporeOpened 1977JakartaOpened 1991
SydneyOpened 1963MelbourneOpened 2007
Source: Schroders, as at December 2019.1Jay Luong also has fund management role. 2 Head of China-A shares Research and reports directly to Louisa Lo. 3Joint venture fund management company with Axis Asset Management Company. 4Head of Australian Equities.5Deputy Head of Australian Equities.6Head of Australian Research.
Asia Pacific ex Japan Equities research
3
Our research team
Depth of research, 37 career analysts in 6 offices
Analyst Location Coverage Years of Experience
Years with Schroders
Raymond MAGUIRE Hong Kong Head of Research 23 5Jay LUONG1 Hong Kong Regional Financials 20 12Sherry LIN Hong Kong Regional Financials 26 10Alice LIU Hong Kong China Equity 10 1Maggie LI, CFA Hong Kong China Equity 6 6Maurien YAU, CFA Hong Kong China Equity 28 15Ashley CHUNG Hong Kong China Equity 14 2Wei LI Hong Kong China Equity 9 2Jose PUN Hong Kong China Equity 9 1Sarah LIU Shanghai China Equity 14 6Candice CHEN Shanghai China Equity 6 2Kelly ZHANG, CFA Shanghai China Equity 8 4Nina YAN Shanghai China Equity 12 1Jingyi SONG Shanghai China Equity 3 1Jack LEE, CFA2 Shanghai China Equity 21 7Chen-Hsiu CHEN, CFA Taipei Regional Technology 22 20
Analyst Location Coverage Years of Experience
Years with
Schroders
Sameer KAKAKHEL, CFA Singapore Regional Energy and Materials 25 8
Jeonghoon (Matthew) YANG Hong Kong Korean Equity 12 6
Siok Mei LIM, CFA Singapore Philippines, Thailand and Vietnam Domestic 25 24
Siew Ling TAN, CFA Singapore Indonesian and Malaysia Domestic 11 6
Chuanyao LU, CFA Singapore Singapore Domestic 12 2Gina KIM, CFA Singapore Asian Small Caps 20 7Martin CONLON4 Sydney Australian Domestic 31 26Andrew FLEMING5 Sydney Australian Domestic 31 12Joseph KOH Sydney Australian Domestic 23 10Justin HALLIWELL6 Sydney Australian Domestic 23 23Ray DAVID Sydney Australian Domestic 18 7Daniel PETERS, CFA Sydney Australian Domestic 20 11Sally WARNEFORD Sydney Australian Domestic 26 2Joseph WRIGHT Sydney Australian Domestic 8 3Vana MAKARIC Sydney Australian Domestic 10 3Ashish NAIK Mumbai3 India Domestic 13 10Nitin ARORA Mumbai3 India Domestic 11 2Deepak AGRAWAL Mumbai3 India Domestic 13 5Hitesh DAS Mumbai3 India Domestic 9 5Mayank HYANKI Mumbai3 India Domestic 12 4Vinayak JAYANATH Mumbai3 India Domestic 5 3Average 16 7
Performance
Benchmark: MSCI AC Asia ex Japan Index1 (net dividends reinvested)Current value: £857,294,118Inception date: 20 November 1995
Schroder AsiaPacific Fund plc
5
NAV performance
Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed.
Source: Morningstar, Schroders. Source for ratings: Morningstar and Citywire, as at 31 December 2019. Please see Morningstar disclaimer at the end of the presentation. 1Prior to 28 February 2011 Benchmark was MSCI AC Far East ex Japan. 2Cum-income fair NAV Total Return (since inception Total Return NAV), net of fees, GBP.
Returns to 31 December 2019 (£)3 months
%1 year
%3 years
% p.a.5 years
% p.a.Since inception
% p.a.
Schroder AsiaPacific Fund plc2 4.1% 15.0% 12.1% 12.2% 8.2%
MSCI AC Asia ex Japan 4.0% 13.6% 10.2% 10.2% 5.6%
Relative performance 0.1% 1.4% 1.9% 2.0% 2.6%
Schroder AsiaPacific Fund plc
6
Calendar year returns (£)
NAV performance
Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed.
Source: Morningstar, Schroders. 1Prior to 31 January 2011 Benchmark was MSCI AC Far East ex Japan. 2Cum-income fair NAV Total Return, net of fees, GBP.
Q4 2018 – Q4 2019%
Q4 2017 – Q4 2018%
Q4 2016 – Q4 2017%
Q4 2015 – Q4 2016%
Q4 2014 – Q4 2015%
Schroder AsiaPacific Fund plc2 15.0% -11.7% 38.7% 27.6% -1.0%
MSCI AC Asia ex Japan1 13.6% -9.1% 29.5% 26.1% -3.6%
Relative performance 1.4% -2.6% 9.2% 1.5% 2.6%
Schroder AsiaPacific Fund plcPerformance – Since inception1 to December 31, 2019
050
100150200250300350400450500550600650700
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Schroder AsiaPacific Fund plc MSCI AC Asia ex Japan (NDR)
Index 100 = 20 November 1995
Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed.
1 20 November 19952 Total Return NAV, net of fees, GBP.3 Prior to 31/01/2011 Benchmark was MSCI AC Far East ex JapanSource: Morningstar, Schroders
+562%
+264%
7
2 3
Schroder AsiaPacific Fund plc
8
Risk factors
Source: Schroders.
– Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.
– Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk.
– The trust can be exposed to different currencies. Changes in foreign exchange rates could create losses.
– The trust may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the fund, both up or down, which may adversely impact the performance of thefund.
– The trust may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.
– Investments such as warrants, participation certificates, guaranteed bonds, etc will expose the fund to the risk of the issuer of these instruments defaulting on paying the capital back to the fund.
Outlook
Asian outlook
Global Manufacturing PMI*1
Global monetary easing point to better global growth – a positive for Asia
Source: 1Refinitiv Datastream, as at 31 December 2019. 2Credit Suisse November 2019. *PMI – Purchasing Managers Index
10
0.85
0.90
0.95
1.00
1.05
1.10
1.15
48
49
50
51
52
53
54
55
2012 2014 2016 2018
Global Manufacturing PMI New Order/Inventory (RHS)
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
43
45
47
49
51
53
55
57
59
61
63
Sep95
Sep97
Sep99
Sep01
Sep03
Sep05
Sep07
Sep09
Sep11
Sep13
Sep15
Sep17
Sep19
Global Manufacturing PMI new orders
% of Central Banks Cutting v Hiking, 8m lead, rhs
Central Bank cuts point to PMI improvement2
Asian OutlookHowever market already anticipating recovery
Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed. Source: 1Schroders,Bloomberg. December 31, 2019. Data is based on the MSCI AC Pacific ex Japan Index. 2FactSet Estimates, MSCI, as at December 31, 2019. *Earnings Per Share (EPS)
11
Changes in valuations have dominated1
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
2015 2016 2017 2018 20192021/2020 2020/2019 2019/20182018/2017 2017/2016 2016/2015
Therefore earnings need to grow2
Consensus EPS* growth for Pacific ex Japan
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2016 2017 2018 2019
Price Earnings Rerate EPS % Price return
Asian outlook
12
Price to book (x)
Valuations now at or above 10 year averages
Source: Citi Investment Research, as at 31 December 2019.
Historic price/earnings1 (x)
5
10
15
20
25
30
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
Asia Pacific ex Japan price / earnings ratio
Average
Average - 10 years December 31, 2019
0.9
1.2
1.5
1.8
2.1
2.4
2.7
3.0
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
Asia Pacific ex Japan price to book ratio
Average
Average - 10 years December 31, 2019
0
2
4
6
8
10
12
14
16
18
20
04A
05A
06A
07A
08A
09A
10A
11A
12A
13A
14A
15A
16A
17A
18A
19E
20F
21F
USA AC Europe Japan AC Pacific ex-JP
Asian Outlook
13
MSCI regions (incl-fin) – Return of Equity trends
Some positive factors for Asian markets
Source: Jefferies, FactSet, January 2020.Note: ROE and net gearing data is bottom up aggregated with freefloat adjustment based on current MSCI universe.The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation
MSCI regions (ex-fin) – net gearing trend
20
30
40
50
60
70
80
2004
A
2005
A
2006
A
2007
A
2008
A
2009
A
2010
A
2011
A
2012
A
2013
A
2014
A
2015
A
2016
A
2017
A
2018
A
USA AC Europe Japan AC Pacific ex-JP
Net debt to equity %% of companies with yield over 3%%
Asian Outlook
14
“De-globalisation” – nothing wildly new
Source: 1BofA Global Research, IMF. January 2020. 2BofA Global Research, IMF, Bloomberg. Based on MSCI AC World and MSCI Frontier Markets countries. January 2020. *Gross domestic product (GDP).
Global cross border lending1
20%
25%
30%
35%
40%
45%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Global Cross Border Bank Lending (% of GDP*)
Globalisation
De-globalisation
Asia its own trading bloc2
42%
35%
40%
45%
50%
55%
60%
65%
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
Proportion of Interregional-to-Total Goods Exports from the Region
Proportion of Interregional-to-Total Goods Imports to the Region
Globalisation
Regionalisation
Asian Outlook
15
North Asia – rising R&D and upskilling should help support growth. Brains vs. brawn
Source: 1World Bank, OECD, Macquarie Research, June 2019. 2Patsnap, February 2017. 3Gross domestic product (GDP). Regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. 3Latest data point is as of 2013. 4Latest data point is as of 2014. 5Latest data point is as of 2015. 6Latest data point is as of 2016.
R&D spending as a % of GDP1,3
2000 2008 2012 2017Korea 2.2% 3.1% 4.0% 4.6%Japan 2.9% 3.3% 3.2% 3.2%Taiwan 1.9% 2.7% 3.0% 3.3%US 2.6% 2.8% 2.7% 2.8%Germany 2.4% 2.6% 2.9% 3.0%France 2.1% 2.1% 2.2% 2.2%Singapore 1.8% 2.6% 2.0% 2.2%4
Australia 1.5% 2.2% 2.1% 1.9%5
China 0.9% 1.4% 1.9% 2.1%Canada 1.9% 1.9% 1.8% 1.6%UK 1.6% 1.6% 1.6% 1.7%Spain 0.9% 1.3% 1.3% 1.2%Italy 1.0% 1.2% 1.3% 1.4%Russia 1.0% 1.0% 1.0% 1.1%India 0.8% 0.9% 0.8% 0.6%5
Hong Kong 0.5% 0.7% 0.7% 0.8%South Africa 0.7% 0.9% 0.7% 0.8%5
Turkey 0.5% 0.7% 0.8% 1.0%Malaysia 0.5% 0.8% 1.1% 1.3%5
Mexico 0.3% 0.5% 0.5% 0.5%6
Thailand 0.2% 0.2% 0.4% 0.6%6
Egypt 0.2% 0.3% 0.5% 0.6%Philippines 0.1% 0.1% 0.1% 0.1%3
Indonesia 0.1% 0.1% 0.1% 0.1%3
Number of patents filed2 Share of global patents filed2
Thousands
0
50
100
150
200
250
300
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
Americas APAC ex. JapanEastern Europe EUJapan LATAMMiddle East and Africa
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
Americas APAC ex. JapanEastern Europe EUJapan LATAMMiddle East and Africa
Asian Outlook
16
China – slower but more sustainable growth – easing trade drag
Source: Goldman Sachs Global Investment Research, January 2020. The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation.
A slower but more balanced growth for 2020Effects of the trade war in China
2018 2019e 2020e 2021e
GDP by expenditure %YoY 6.6 6.1 5.8 5.7Domestic demand %YoY 7.4 5.4 5.6 5.5
Consumption %YoY 9.8 7.5 7.6 7.6Gross capital form. %YoY 4.4 2.9 3.0 2.8
Net exports PPT -0.6 0.7 0.3 0.2Exports %YoY 4.7 1.0 2.5 3.5Imports %YoY 8.6 -3.0 1.0 2.5
Fixed Asset Investment(FAI) forecastsHeadline FAI %YoY 5.9 4.8 4.6 4.4Manufacturing %YoY 9.5 2.5 5.0 6.0Infrastructure %YoY 3.5 5.0 5.0 5.0Real Estate %YoY 9.5 10.0 6.0 5.0Others %YoY 1.2 3.5 2.0 0.0
1 2 3 4 1 2 3 4 1 2 3 4 1 2
2018 2019 2020 2021
-0.7
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0.0
0.1
0.2
0.3
-0.7
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0.0
0.1
0.2
0.3
Total
Percentage points Percentage points
Effect of the Trade War on China Real
QoQ Annualized GDP Growth*
FCI
Trade Policy
Uncertainty
Net Trade
Real Income
*Assumes 25% tariff on List 1-3 remains and a rollback of 15% tariff on list 4A, no more escalation
Asian Outlook
17
Source: DSG Asia, January 2020.
China real wage growthChina Purchasing Managers’ Index (PMI)
42
44
46
48
50
52
54
56
58
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Caixin Manufacturing PMI (Seasonally adjusted)Caixin Services PMI (Seasonally adjusted)
YoY %
0%
2%
4%
6%
8%
10%
12%
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Disposable Income per Capita: Urban Wage and Salary
YoY %
China managing a tricky transition
e
Asian Outlook
18
China increasingly a credible and substantial end market
Source: 1HSBC. January 2019. 2Visualcapitalist.com, May 2019. Regions and countries shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation.
Chinese growth 'needed‘1 Domestic economy not to be underestimated2
0
2
4
6
8
10
12
14
16
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Real GDP growth What's needed'
(% y-o-y)
Asian Outlook
19
Source: Thomson Reuters Datastream, January 2020.
Hong Kong Visitor ArrivalsHong Kong Retail Sales
-40%
-30%
-20%
-10%
0%
10%
20%
30%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Hong Kong Retail Sales
YoY %
-40%
-30%
-20%
-10%
0%
10%
20%
30%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Hong Kong Visitor Numbers
YoY %
Hong Kong economy has been hit hard
% change year on year % change year on year
Asian Outlook
20
Source: Visual Capitalist, August 2018.
The future for Hong Kong as the mainland sees it – perhaps not so bad?
Investors
AnalystsESG specialists
ESG integration
21
Embedded in our culture and investment process
Source: Schroders.
Thematic research– Examines key sustainability trends and challenges current thinking – Focused on investment impacts
Proprietary ESG tools– ESG guidance document covering 170+ GICS sub-sectors– Investment-driven ESG tool, CONTEXT– Country Sustainability Dashboard– SustainEx
Training– ESG training for new joiners and existing analysts– Sector specific training– Investment desk training– Regular sector specific news and updates
Communication– ESG specialists sit amongst investment teams to facilitate
regular dialogue– Research and engagements shared on global research platform– Monthly Sustainability Investor Group meeting to discuss research
insights and upcoming agenda
Monitoring– Ongoing monitoring of companies to identify emerging issues and
candidates for engagement– Collaboration with Data Insights team to track sustainability trends and
negative events– Quarterly screening of desk portfolios to identify holdings with poor
ESG ratings
ESG Analysis – ESG specialists work with research analysts to understand key ESG issues and
evaluate impact on the investment case– ESG analysis included in research notes– ESG specialists periodically review to highlight best practice and
suggest improvements
ESG integration
22
Number of engagements
More than 2,200 engagements across 52 countries
Company engagements by region
Source: Schroders, as at 31 December 2018.
0
500
1,000
1,500
2,000
2,500
2014 2015 2016 2017 2018
Change facilitation Fact-finding
ESG integration
23
Source: Schroders, April 2019.
Ownership Structures in Asia are quite different from developed markets so a greater scrutiny of Governance is always the starting point in our work YoY %
Governance is key
Measure Emerging Asia All US UK
Family firm 360 1243 264 46Founder firm 256 1483 668 87State owned enterprise 336 624 6 5Any of the above 790 2914 847 123Total companies 983 7780 3002 536Family/founder/state owned as % of total 80% 37% 28% 23%
ESG integration
24
Source: 1CDIAC; Friedlingstein et al 2019; Global Carbon Budget 2019. 2CDIAC; Peters et al 2019; Friedlingstein et al 2019; Global Carbon Budget 2019. January 2020
Carbon Emissions1
YoY % YoY %
Asia’s environmental impact
Top Six Carbon Emitters2
ESG integration
25
Source: 1Asian Development Bank, World Bank, July 2017. 2Researchgate.net, October 2015.
Asia-Pacific coastal zones at risk1
YoY % YoY %
Environmental vulnerability of Asia
China has to face the challenge2
ESG integration
26
Battery capacity1
Asia is part of the solution
1Source: Bernstein, January 2020.2Source: McKinsey Global Institute, January 2020. *Electric Vehicles (EV), Energy Storage System (ESS)The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation
% (Capacity in GWh – 2023 estimates)
LG Chem
Panasonic/Tesla
CATL
Samsung SDI
BYD
Others
0
500
1,000
1,500
2,000
2,500
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Demand - Govt target Supply - Consolidation (Tier 1 only)Supply - Consolidation Supply - No consolidationTotal capcity (GWh)
EV+ESS* Battery Supply and Demand1
GWh
By 2023, tier 1 battery supply
is not enough to meet
government target
By 2026, total supply not
enough (assuming some
consolidation)
By 2029, total supply not
enough even without any
further consolidation
China technology producers market share2
95
80
100
Electric vehicles
Wind turbines
Solar panels
5
5
50
68
68
78
Market chare in China%
Market chare rest of world%
% of first tier components from Chinese suppliers
Positioning
4.7
2.9
5.3
1.7
0.7
50.3
0.0
0.0
1.4
0.2
8.6
0.0
0.9
11.6
9.6
2.1
4.7
2.9
1.7
1.7
0.7
0.2
0.0
0.0
-0.9
-0.9
-1.5
-2.1
-2.1
-2.2
-4.2
2.1
Other
Australia
Singapore
Vietnam
Japan
HK / China
Sri Lanka
Pakistan
Indonesia
Philippines
India
Malaysia
Thailand
Korea
Taiwan
Cash
Schroder AsiaPacific Fund plc
28
Overweight/underweight positions
Active country positions as at 31 December 2019
Source: Schroders. Fund position less benchmark weight. Based on unaudited data. Country examples are for illustrative purposes only and are not a recommendation to buy or sell.
% of portfolio Underweight Overweight
Schroder AsiaPacific Fund plc
29
Overweight/underweight positions
As at 31 December 2019
Source: Schroders. Fund position less benchmark weight. Based on unaudited data. Sector examples are for illustrative purposes only and are not a recommendation to buy or sell.
% of portfolio Underweight Overweight
20.8
22.3
26.2
6.4
6.7
2.1
3.2
1.2
8.6
0.0
0.3
2.1
6.1
3.6
3.2
0.6
0.0
-0.9
-1.1
-2.8
-2.9
-3.0
-4.8
2.1
Consumer Discretionary
Information Technology
Financials
Real Estate
Industrials
Health Care
Materials
Energy
Communication Services
Utilities
Consumer Staples
Cash
Schroder AsiaPacific Fund plc
30
Top 20 holdings
Top 20 holdings as at 31 December 2019
Source: Schroders. FactSet PA3. Based on unaudited data. Stock examples are for illustrative purposes only and are not a recommendation to buy or sell.
Company name Country % portfolio Company name Country % portfolio
Alibaba Group Hldg China 8.0 Ping An Insurance China 2.3
Samsung Electronic Korea 7.5 Hdfc Bank India 2.3
Taiwan Semicon Man Taiwan 7.2 Samsung Sdi Korea 2.2
Tencent Hldgs Ltd China 6.5 Kerry Properties Hong Kong 2.1
Aia Group Ltd Hong Kong 3.7 Oversea-Chinese Bk Singapore 2.0
Galaxy Entertainment Hong Kong 3.1 Hong Kong Exchange Hong Kong 2.0
Icici Bank India 3.0 Swire Pacific Hong Kong 1.9
Midea Group Co Ltd China 3.0 Hon Hai Precision Taiwan 1.9
Boc Hong Kong Hldg Hong Kong 2.7 Prada Spa Hong Kong 1.9
Bhp Billiton Australia 2.6 Keppel Corp Singapore 1.9
Total of top 20 67.8
Important information
Marketing material. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.Schroders has expressed its own views and opinions in this document and these may change. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Nothing in this material should be construed as advice or a recommendation to buy or sell. Information herein is believed to be reliable but we do not warrant its completeness or accuracy.Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.The material is not intended to provide, and should not be relied on for accounting, legal or tax advice. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. No responsibility can be accepted for error of fact or opinion.The forecasts included in this presentation should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external economic or other factors. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage. For your security, communications may be recorded or monitored.
31
Important information – Schroder AsiaPacific Fund plc
Risk Factors: Schroder AsiaPacific Fund plc: – Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk.– The trust can be exposed to different currencies. Changes in foreign exchange rates could create losses.– The trust may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large
changes in the value of the fund, both up or down, which may adversely impact the performance of the fund.– The trust may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments
purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so. – Investments such as warrants, participation certificates, guaranteed bonds, etc will expose the fund to the risk of the issuer of these instruments
defaulting on paying the capital back to the fund.
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Important information
Source for ratings: Morningstar, as at 31 December 2019. © 2019 Morningstar UK Ltd. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to:http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdfFor disclosure and detailed information about this fund please refer to full Morningstar Global Fund Report: http://essentials.morningstar.com/file/downloadEuAnalystRatingReport?IsUKCOUNTRY=false&univ=FO&isFullReport=true&msgType=514,639&MstarId=F0GBR04DLC&countryId=GBR&languageId=EN
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Subscriptions for fund units can only be made on the basis of its latest Key Investor Information Document and Prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies are available in English and can be obtained, free of charge, from Schroder Unit Trusts Limited.Issued in January 2020 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered No: 4191730 England. Authorised and regulated by the Financial Conduct Authority. GJE000032
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