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30 Apr 2021

Scottish Oriental Smaller Companies

Company Notes

Cyclical positioning expected to aid performance

Scottish Oriental Smaller Companies Trust aims to provide long-term capital growth by investing principally in smaller listed companies in Asia, with a market cap below US$5bn at the time of investment. The fund has been managed by Vinay Agarwal of FSSA Investment Managers since 2016. The team’s bottom-up investment approach centres around identifying quality companies, buying them at a sensible price and holding for the long term. The process is benchmark-agnostic and the fund has significant active country and sector weights, which are likely to lead to periods of substantial deviation from the performance of the benchmark. These active allocations include a considerable overweight to India and underweight to China. Over the last ten years, the fund has generated a NAV total return of +107%, however, this represents an underperformance of both the MSCI AC Asia ex Japan benchmark and the Asia Pacific Smaller Companies peer group, which are up 127% and 151% respectively.