SCHRODER INVESTMENT MANAGEMENT
$10.4bn in Asia (ex-Japan) equities
Flagship product:
Approximately 70 per cent of Asia ex-Japan equities assets under management are in
segregated institutional accounts. Schroders consider its Global Investment Performance Standards composite for the MSCI AC Pacific ex-Japan benchmark as representative.
The asset allocation of a representative institutional portfolio within this composite
is provided below.
Investment and risk management process:
Bottom-up stock research. Nineteen equity analysts carry out fundamental research, which includes over 1000 company contacts in the region each year.
The Asia ex-Japan equity portfolio management team stocks which are expected to outperform investment benchmarks, primarily relying on internal research inputs and stock gradings from the analysts. Portfolios are constructed using proprietary models.
Risk is monitored and managed using an internally developed risk analysis and
reporting tool that identifies active risk, size exposure, beta, non-index positions and sources of risk by decomposing portfolios into stock specific, sector, country and
characteristic exposures.
Team composition
- Leong Wah Kheong, is chief investment officer, Pacific ex Japan equity (Singapore).
Mr Wah Kheong joined Schroders in 1983 and worked initially within Corporate Finance before moving to the investment department in 1986.
He took over the fund management of the Schroder Pacific Growth Fund in 1993 and has been the portfolio manager for the Schroder International Selection Fund - Pacific Equity, since the Fund’s launch in 1993. He was appointed chief investment officer of Pacific ex-Japan Equity in 1996.
- Robin Parbrook is deputy chief investment officer, Pacific ex Japan Equity (Hong Kong). He joined Schroders as an analyst for the Far East Team in London.
He was seconded to Hong Kong in 1992 where he worked for six years as an Asian fund manager managing a mixture of institutional funds and unit trusts. He returned to London in 1998 to manage specialist Asian portfolios investing in the Pacific ex-Japan region.
He transferred to Singapore in 2001 to become deputy chief investment officer of Pacific ex-Japan Equity. In August 2002, he transferred to the Hong Kong office as head of equities to head up the greater China team and integrate the Hong Kong fund manager and analysts into the Pacific ex-Japan team
- Millicent Lai is regional portfolio manager (Singapore). She joined Schroders as an investment analyst and commenced portfolio management responsibilities in 2000. She is a country specialist for Taiwan and India markets and regional technology trends.
- Lee King Fuei is regional portfolio manager (Singapore). He joined Schroders in 1999 as a junior portfolio manager with the global equity team based in London.
In December 2001, he was transferred to Singapore to join the Asia Pacific ex Japan equity team.
- Louisa Lo is greater China portfolio manager (Hong Kong). She joined Schroders in 1996 as an investment analyst and is currently the specialist fund manager for the Greater China stock market.
Ms Lo previously specialised in the Korean and Thai stock markets. She is the fund manager of Schroder Taiwan fund and also manages institutional Hong Kong and Asian mandates.
- Laura Luo is China portfolio manager (Hong Kong). She joined Schroders in 2001 as a research analyst responsible for utilities, consumer, transportation, conglomerates/ industrials in North Asia. She moved to fund management responsibilities for Asia ex-Japan equities in September 2004.
Management style
Schroders employs a GARP [growth at a reasonable price] style to managing Asian equity portfolios, focusing on growth in shareholder value. The firm believes that companies whose return on equity is greater than their cost of equity will outperform their peers over the medium to longer term.
Future trends
Schroders expects Asia to continue to outperform developed markets given it is both a faster growing and more volatile region com
|
