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Stewart Investors Asia Pacific Leaders
Posted: 04 October 2017 10:04:17(UTC)

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So with the management changes at Stewart Investors Asia Pacific Leaders, is it time to reconsider investments there, or is the low performance over the last 12 months a coincidence.
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General Tapioca on 04/10/2017(UTC)
chubby bunny
Posted: 04 October 2017 10:26:45(UTC)

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Probably a good long term holding, but I sold it a while back because I buy funds on momentum these days. Gait and Reddy are good managers: both have outperformed their peer group 9 years out of 10. The low exposure to China in comparison to other funds in the Asia Pacific sector has probably held it back in recent years. Interestingly this fund, the Asia Pacific Sustainability fund and their three Emerging Markets funds all seem to have been moved to the IA Specialist sector on Trustnet.
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T.M on 04/10/2017(UTC), Tim D on 04/10/2017(UTC), General Tapioca on 04/10/2017(UTC), Careful Man on 05/10/2017(UTC)
Posted: 13 November 2017 07:37:30(UTC)

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It is 2.9% of my total portfolio. I am going to switch into another EM fund. Any suggestions ?
Posted: 13 November 2017 08:04:39(UTC)

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Shetland on 13/11/2017(UTC)
Posted: 13 November 2017 08:14:47(UTC)

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TJL;53204 wrote:

Already got that. I switched from PAC into PHI
Posted: 13 November 2017 08:49:48(UTC)

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I am probably going to do the same!
Posted: 13 November 2017 09:27:10(UTC)

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I have similar doubts re this holding (of last 12 months) but will probably sit tight given:

1) Track record
2) Holding intention is long term and a relatively small % of portfolio
3) Current short term underperformance might be followed by overperformance (or definitely will if I sell it) so not having bought 12 months ago would have been a better decision than selling now!
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Freddy4Skin on 13/11/2017(UTC), T.M on 13/11/2017(UTC)
Jim S
Posted: 13 November 2017 12:37:26(UTC)

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I have similar attitude to DJLW at the moment, both with this fund and also with First State Greater China Growth. I'm hoping the last year or two are blips in otherwise very good long term performance in Asia Pacific by First State/Stewart. I never really got why FSS seperated out their funds into First State and Stewart Investors.

Recently I have been investing in Kotak India Midcap for India and FCSS for China, rather than general AP.

One argument for APL I have seen on HL is that it won't grow as fast as others in an upturn, but should be a better defensively in a downturn.

Personally I donlt like chopping and changing too frequently so would probably hold on a bit, but if you're looking for a different general AP fund now then FAS might balance your PHI quite well.

A bit off topic, but there's a big difference between AP and EM. Many investments AP are in countries which have definitely emerged already. Also the EM universe includes a lot of areas not covered by AP (Russia, Brazil, Mexico, Turkey etc) as well as more 'Frontier' markets where arguably there might be more value to find. Hermes EM UT and Blackrock Frontiers IT have good track records. Utilico EM IT has an infrastructure bias so I would expect that to be quite resilient in a bear market.

Good luck whatever you decide!

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c brown on 14/11/2017(UTC)
Alan Selwood
Posted: 13 November 2017 17:37:19(UTC)

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I would doubt that it's the split that has caused performance to look less good than before. They do have experienced people there, with a good track record.

More, perhaps a question of short-term country allocations and risk levels adopted compared with other managers, and whether growth or value is what investors are buying (whether or not those decisions are going to be right in the future!).

Those who go directly into China more will probably increase their risk level compared with SIAPC, which is in a 'stable' where (like Aberdeen), the idea was to seek good levels of growth without betting the farm. The same would apply to PHI, I think : higher risk than SIAPC or PAC, but currently that's where people are keen to invest some of their money.

So it's a question of horses for courses - where do your priorities lie?
If you want the chance of doing extremely well or extremely badly, high risk profiles will no doubt give you what you want. If you prefer a good and fairly predictable result rather than a 'double or quits' result, then SIAPC will probably take you nearer to that objective.

We have had SIAPC in the past, but migrated more towards investment trusts.
I would not have any qualms about using them again if moving from ITs to funds.

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Jim S on 13/11/2017(UTC), Mickey on 13/11/2017(UTC), tinca tinca on 13/12/2017(UTC), T.M on 07/01/2018(UTC)
Thomas Smith II
Posted: 13 November 2017 20:50:07(UTC)

Joined: 13/11/2017(UTC)
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I had Stewart Asia Pacific Leaders and I got a bit disapointed by their performance. A couple of weeks ago I looked aroumd and my research yielded: PHI, ATR and Old Mutual Asia; and country specific: VEIL, JMC and FCSS.
Bob Foster
Posted: 25 February 2018 19:19:38(UTC)

Joined: 02/03/2013(UTC)
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I agree that this has been under performing, so I have switched to Baring Eastern and IP.
tinca tinca
Posted: 21 March 2018 20:45:14(UTC)

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For what it's worth, i've held a fairly healthy stake in SIAPL for a couple of years now and will continue to hold...

The fund holds a significant amount (some 30%) of Indian large-caps, with the remaining holdings spread throughout the region. It has indeed underperformed over the last 2-3 years, in part probably due to Modi's 2016 surprise 'illegal' cash crackdown as well as more endemic factors like corruption. China may be further advanced economically but there's no doubt that India's on the road to global economic powerhouse status.

I agree with Alan Selwood on this one. It's a slow-burn, one that won't blow the doors off but shouldn't disappoint in the long-term either....

Btw, not a personal recommendation. As ever, DYOR!
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