Comparative indices
Since 2003 the Directors have used the Morgan Stanley Capital International AC Asia ex Japan Index to measure the Company’s performance, which covers the same markets as the Company invests in, with the exception of Bangladesh, Sri Lanka, Vietnam, Australasia and Japan. This Index, which is dominated by larger companies than the Company invests in, is far from ideal as a comparison tool. It is, however, both the most widely recognised local index and also pre-dates the Company, which was formed in March 1995.
For comparison purposes, we are also displaying the Morgan Stanley Capital International AC Asia ex Japan Small Cap Index. This Index is made up of companies with a free float-adjusted market capitalisation of between US$19m and US$5,844m. The size of the companies in this index does not exactly match that of the Company, which has no lower limit and which invests mainly in companies with a value of under US$5,000m at the time the Company first invests in that company. Nevertheless, it gives a useful indication of the performance of smaller listed companies in Asia over recent years. As most investors in the Company are based in the United Kingdom, the Directors consider that it is also relevant to compare the Company’s performance to that of the FTSE All-Share Index.
* MSCI AC Asia (ex Japan) Index
** MSCI Asia (ex Japan) Small Cap Index
These figures refer to the past. The Company’s past performance is not a reliable indicator of how well the Company is likely to do in the future. For investors based in countries with currencies other than the share class currency, the return may increase or decrease as a result of changes in the exchange rate. Performance figures have been calculated since the Company was launched. Performance data is calculated on what we call a net basis by deducting fees incurred at fund level (e.g. the management and administration fee) and other costs charged to the fund (e.g. transaction and custody costs). Income reinvested is included after on a net of tax has been deducted. Source: First Sentier Investors (UK) Funds Limited.
The Company provides you with three ways of comparing how the money you invest in the Company would have performed if you had invested it in three other ways.
- The first is what is known as the MSCI AC Asia (ex Japan) Index. This is what is known as an index and it provides a way of allowing you to make a comparison of how your money may have performed if you invested in other ways in the same geographical region and with similar companies. These figures assume that any income that the Company has received is reinvested after tax has been deducted.
- The second is another index, the MSCI Asia (ex Japan) Small Cap Index which provides investors with a way of comparing how their money may have performed if invested in other ways in the same geographical region and with similar sized companies. These figures assume that any income that the Company has received is reinvested after tax has been deducted.
- The third shows how much the share price has increased over the relevant time frames shown.
* MSCI AC Asia (ex Japan) Index
** MSCI Asia (ex Japan) Small Cap Index
These figures refer to the past. The Company’s past performance is not a reliable indicator of how well the Company is likely to do in the future. For investors based in countries with currencies other than GBP, the return may increase or decrease as a result of changes in the exchange rate. Performance figures have been calculated since the date the Company was launched. Performance data is calculated on what we call a net basis, by deducting fees incurred at fund level (e.g. the management and administration fee) and other costs charged to the Company (e.g. transaction and custody costs). Income reinvested is included after tax has been deducted. Source: First Sentier Investors (UK) Funds Limited.
The Company provides you with three ways of comparing how the money you invest in the Company would have performed if you had invested it in three other ways.
- The first is what is known as the MSCI AC Asia (ex Japan) Index. This is what is known as an index and it provides a way of allowing you to make a comparison of how your money may have performed if you invested in other ways in the same geographical region and with similar companies. These figures assume that any income that the Company has received is reinvested after tax has been deducted.
- The second is another index, the MSCI Asia (ex Japan) Small Cap Index which provides investors with a way of comparing how their money may have performed if invested in other ways in the same geographical region and with similar sized companies. These figures assume that any income that the Company has received is reinvested after tax has been deducted.
- The third shows how much the share price has increased over the relevant time frames shown.