Scottish Oriental Smaller Companies - Small-cap specialist, repositioned for growth
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth from investing in smaller Asia ex-Japan listed companies, typically with a market cap below US$1.5bn. The investment approach is bottom-up focused stock picking, unconstrained by benchmark considerations. Over the past 10 years, the trust has achieved an annualised NAV total return of 14.6% pa. Performance has been lower in more recent years, partly reflecting the relative underperformance of smaller companies versus large-cap companies, and quality versus momentum. The portfolio has been repositioned over the past two years and is now more concentrated and focused on higher-growth companies. A 14.8% discount to cum-income NAV has scope to narrow should small-cap Asian equities regain favour and the portfolio repositioning bears fruit.Scottish Oriental Smaller Companies Trust is an investment trust. Co. invests mainly in the shares of smaller Asian quoted companies. For investment purposes, the investment region includes China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. As of Aug 31 2017, Co.'s investment portfolio totaled £338.4 million.
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