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(Alliance News) - Schroder Asian Total Return Investment Co PLC on Wednesday said it outperformed its reference index in 2019, though its net asset value per share has shrunk since then amidst the Covid-19 pandemic.
The investor reported a NAV total return of 15.7% for 2019 compared to the 14.6% return of its reference index, the the MSCI AC Asia Pacific ex-Japan Index sterling adjusted. This out-performance arose mainly from the firm avoiding or minimising its exposure to "sectors facing disruption due to technological change", including its minimal exposure to banks outside of India.
NAV increased to 365.57 pence per share as at December 31 from 321.43p a year before. However, following "the sharp fall in markets caused by Covid-19", NAV per share has fallen sharply and was at 323.70p on Tuesday last week.
The NAV per share drop has been recorded at a post-balance sheet event in the firm's annual report.
The company has recommended a final 6.50p per share dividend for 2019, up 4.8% over the final 2018 dividend of 6.20p per share.
Schroder Asian Total Return Investment will hold its annual general meeting on May 19, though shareholders have been asked not to attend given the pandemic and instead to vote by proxy.
Chair David Brief is to retire following the AGM, succeeded by Non-Executive Director Sarah MacAulay.
Brief said: "The sudden outbreak of Covid-19 has completely transformed the economic environment. Investors had been expecting another year of improving economic activity, few inflationary pressures, low interest rates and ample credit. Equity markets were selling on rich valuations reflecting this benign environment. They are now facing a range of outcomes where the extent of the disruption to the global economy is unknown. We can only hope for all our sakes that the most pessimistic predictions are wide of the mark.
"Meanwhile, our portfolio managers are not virologists and can only continue to concentrate on the longer term fundamentals of companies and seek opportunities that may present themselves during this period of market turbulence."
Shares in Schroder Asian Total Return were down 1.4% at 315.39 pence in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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