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 relevant markets with the exception of Bangladesh, Sri Lanka, Vietnam, Australasia and Japan. This Index, being dominated by larger companies, is far from ideal as a performance measurement tool. It has, however, the dual merit of being the most widely recognised regional index and of pre-dating the inception of the Company 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 range does not exactly match that of the Company, which has no lower limit and which invests mainly in companies with a market capitalisation of under US$5,000m at the time of first investment.
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.
These figures refer to the past. Past performance is not a reliable indicator of future results. For investors based in countries with currencies other than the share class currency, the return may increase or decrease as a result of currency fluctuations. Performance figures have been calculated since the launch date. Performance data is calculated on 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), save that it does not take account of initial charges or switching fees (if any). Income reinvested is included on a net of tax basis. Source: First Sentier Investors (UK) Limited.
* MSCI AC Asia (ex Japan) Index
** MSCI Asia (ex Japan) Small Cap Index
These figures refer to the past. Past performance is not a reliable indicator of future results. For investors based in countries with currencies other than the share class currency, the return may increase or decrease as a result of currency fluctuations. Performance figures have been calculated since the launch date. Performance data is calculated on 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), save that it does not take account of initial charges or switching fees (if any). Income reinvested is included on a net of tax basis. Source: First Sentier Investors (UK) Limited.
* MSCI AC Asia (ex Japan) Index
** MSCI Asia (ex Japan) Small Cap Index
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 relevant markets with the exception of Bangladesh, Sri Lanka, Vietnam, Australasia and Japan. This Index, being dominated by larger companies, is far from ideal as a performance measurement tool. It has, however, the dual merit of being the most widely recognised regional index and of pre-dating the inception of the Company 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 range does not exactly match that of the Company, which has no lower limit and which invests mainly in companies with a market capitalisation of under US$5,000m at the time of first investment.
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.