Fact sheet: Schroder Small Cap Discovery

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EMERGING MARKETS
Sector
UT Specialist
Fund type
Unit Trust
Primary aim
GROWTH
Why Money Observer Rates Schroder Small Cap Discovery

Rated Fund 2015-2017. Finds early-stage companies with superior growth prospects

Most funds investing in emerging markets focus on larger, more-established businesses for greater security. However, this fund was launched in 2012 to invest purely in Asian smaller companies and other 'selected' emerging markets, which the fund's managers argue can produce better growth than larger rivals and are often overlooked by investors.

For the purposes of this fund, smaller companies are those that, at the time of purchase, are among the bottom 30 per cent of the relevant market by market capitalisation. The fund is managed by Matthew Dobbs, a highly experienced Asia specialist, and co-manager Richard Sennitt.

They point out that smaller companies can provide higher growth than larger companies over the longer term, due to the fact they are typically in the early stages of their development. Smaller companies are often less researched than larger ones.

The managers believe their focus on finding companies trading on compelling valuations that offer sustainable growth patterns, stronger-than-average balance sheets and good standards of corporate governance should reward investors in the long term.

Dobbs acknowledges the higher risks involved in investing in smaller companies in any type of market, as they tend to sell off more harshly during weak markets, although they recover more strongly as confidence returns. However, he says the fund seeks to minimise risk by favouring strong companies and adequate company (80 to 100 stocks) and country diversification across emerging markets.

3 Year Performance
Fund Performance27.9%
Average of Rated Funds Group44.8%
Sector Performance20.6%
Fund information
Fund name
Schroder Small Cap Discovery Z Acc
Fund manager company
Schroder UT Managers
Fund type
Unit Trust
Fund managers
  • Matthew Dobbssince 15/03/2012
  • Richard Sennittsince 15/03/2012
Accolades
Fund objective
The Fund aims to provide capital growth by investing in equity and equity related securities of Asian smaller companies (excluding Japan) and in global emerging market smaller companies.
Benchmark
  • MSCI Small Cap (Emerging Markets, Hong Kong, Singapore)
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
6.4%
1 Year rank in sector
34/105
Sector
UT Specialist
Yield
0.8%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.98%
Fund size
£237m (£153m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
93
Top in this sector
Fund name1 Year
VT Halo Gbl Asn Consumer19.8%
Baring German Gth19.3%
Fidelity EmEur Md Et Af16%
Jupiter Int Financials15.7%
Baring Korea Trust15.4%
...more in UT Specialist

Performance snapshot

Holdings snapshot

  • China15.9%
    Hong Kong14%
    Taiwan13.4%
    India12.5%
    Korea12.2%
  • Consumer Discretionary32.2%
    Industrials13.5%
    Information Technology10.8%
    Financials10%
    Health Care8.6%
  • Chinese Equities15.9%
    Hong Kong Equities14%
    Taiwanese Equities13.4%
    Indian Equities12.5%
    South Korean Equities12.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-4.7%-2.1%1.1%6.4%27.9%54.7%
Sector-3.3%-0.4%0.8%2%20.6%23.5%
Rank within sector78 / 11181 / 11153 / 11134 / 10539 / 10121 / 88
Quartile3rd3rd2nd2nd2nd1st
Calendar performance
 YTD - 20182017201620152014
Fund-4.2%17.2%19.4%-2.2%17.9%
Sector-2%8.2%22.7%-4.5%1.2%
Rank within sector84 / 11121 / 10555 / 10458 / 10011 / 95
Quartile4th1st3rd3rd1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
1.48
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.94
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.54
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
6.36
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.12
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.66
Price movement
52 week high94.79
52 week low83.66
Current bid price-
Current offer price-
Current mid price89.47
Region
1China15.92%
2Hong Kong13.99%
3Taiwan13.42%
4India12.5%
5Korea12.18%
6Philippines3.59%
7Mexico3.39%
8Brazil2.76%
9Peru2.09%
Industry sector
1Consumer Discretionary32.24%
2Industrials13.53%
3Information Technology10.8%
4Financials9.96%
5Health Care8.6%
6Consumer Staples8.12%
7Materials5.55%
8Real Estate3.73%
9Telecommunications Utilities2.13%
Asset type
1Chinese Equities15.92%
2Hong Kong Equities13.99%
3Taiwanese Equities13.42%
4Indian Equities12.5%
5South Korean Equities12.18%
6Philippine Equities3.59%
7Mexican Equities3.39%
8Brazilian Equities2.76%
9American Emerging Equities2.1%
Individual holdings
1GOURMET MASTER CO LTD2.34%
2DAH SING BANKING GROUP2.16%
3MANDO CORP2.12%
4ALICORP SA2.09%
5NETMARBLE GAMES CORP2.03%
6CHROMA ATE INC1.9%
7TCS GROUP HLDG PLC1.89%
8ASM PACIFIC TECHNOLOGY1.88%
9Dino Polska S.A. Inhaber-Aktien ZY -,101.86%
Management
Fund manager group
Schroders
Fund manager company
Schroder UT Managers
Fund type
Unit Trust
Fund objective
The Fund aims to provide capital growth by investing in equity and equity related securities of Asian smaller companies (excluding Japan) and in global emerging market smaller companies.
Benchmark
  • MSCI Small Cap (Emerging Markets, Hong Kong, Singapore)
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Matthew Dobbs15/03/2012Matthew Dobbs joined Schroders in 1981 as an equity analyst, with secondments to both New York and Singapore. He has managed Asian equity portfolios since 1985, and the Schroder AsiaPacific Fund since its launch in 1995. He is currently based in Schroders' London office, and is a Director of Schroder Investment Management Limited. Matthew has a Degree in History and Economics.
Richard Sennitt15/03/2012Richard Sennitt joined Schroders in 1993, initially as an Analyst on the Japanese Desk, before moving onto the Pacific Basin team at the start of 1997. Since then he has had a broad exposure to the emerging and developed Pacific markets as a regional Fund Manager managing money for UK and North American clients.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Schroder Small Cap Discovery A Acc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.73%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price85.59
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code0WO3
Schroder Small Cap Discovery A Inc
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.73%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price82.85
CurrencyGBX
Price updated20/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code0WO4
Schroder Small Cap Discovery L Acc
Initial charge-
Annual charge0.68%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price80.96
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJOVR
Schroder Small Cap Discovery L Inc
Initial charge-
Annual charge0.68%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price77.31
CurrencyGBX
Price updated20/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJOVS
Schroder Small Cap Discovery Z Acc
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.98%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price89.47
CurrencyGBX
Price updated20/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code0WO2
Schroder Small Cap Discovery Z Inc
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.98%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price83.64
CurrencyGBX
Price updated20/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code0WO1
Data provided by

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