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Schroder Asian Total Return Investment Company

The following paragraph was edited out of the October 2021 issue for space reasons.

Robin Parbrook, the co-manager of Schroder Asian Total Return Investment Company (ATR, 494.5p), spoke on the weekly show hosted by QuotedData during the last month, delivering quite a bit of food for thought. He emphasised that this is not a China fund, with around 12% exposure there, but more in Taiwan. Robin said quite specifically that he would not want to own telecoms or banks in China and that he is wary of internet stocks there as well (although the trust does own Tencent), as these could de-rate if the government starts to take more control. This trust is very much about stockpicking, but with a quant model overlay that informs a put option policy, used to control risk and to reduce volatility. Over three and five years this trust is ranked second in its sector, behind Pacific Horizon Trust (PHI, 860.5p), and we do think this is a trust to consider in the region, particularly if PHI is too expensive (its premium to NAV did rise as high as 19.9% at one point in the last year). For now, we rate the shares as ones to watch.

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