Benchmark and Comparative Indices

Since 2003 the Directors have used the Morgan Stanley Capital International AC Asia ex Japan Index as the Trust’s benchmark. 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 Trust in March 1995.

For comparative purposes we are also displaying the Morgan Stanley Capital International AC Asia ex Japan Small Cap Index, which covers the relevant markets with the exception of Pakistan and Sri Lanka. This Index is currently made up of companies with a market capitalisation of between US$0.01m and US$1,935m. The range does not exactly match that of the Trust, which has no lower limit and which invests mainly in companies with a market capitalisation of under US$1,500m. Nevertheless, it gives a useful indication of the performance of smaller companies in Asia over recent years.

As most investors in the Trust are based in the United Kingdom, the Directors consider that it is also relevant to compare the Trust’s performance to that of the FTSE All-Share Index.

 

Scottish Oriental Smaller Companies Trust as at October 31, 2018
Annual performance 1yr to
Oct 18
1yr to
Oct 17
1yr to
Oct 16
1yr to
Oct 15
1yr to
Oct 14
NAV %* -12.5 7.5 33.1 -6.7 8.0
Benchmark** % -10.0 20.3 35.2 -3.6 6.5
Small Cap Index*** % -14.8 11.7 28.3 -1.8 5.6
Share price % -15.3 4.8 31.8 -11.0 0.4
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: Lipper IM / First State Investments (UK) Limited.

* Capital only return
** MSCI AC Asia (ex Japan) Index
*** MSCI Asia (ex Japan) Small Cap Index

Benchmark and Comparative Indices

Since 2003 the Directors have used the Morgan Stanley Capital International AC Asia ex Japan Index as the Trust’s benchmark. 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 Trust in March 1995.

For comparative purposes we are also displaying the Morgan Stanley Capital International AC Asia ex Japan Small Cap Index, which covers the relevant markets with the exception of Pakistan and Sri Lanka. This Index is currently made up of companies with a market capitalisation of between US$0.01m and US$1,935m. The range does not exactly match that of the Trust, which has no lower limit and which invests mainly in companies with a market capitalisation of under US$1,500m. Nevertheless, it gives a useful indication of the performance of smaller companies in Asia over recent years.

As most investors in the Trust are based in the United Kingdom, the Directors consider that it is also relevant to compare the Trust’s performance to that of the FTSE All-Share Index.

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