Key Takeaways
- • Schroder AsiaPacific Fund delivered a 3.7% total return for the half-year ended March 31, 2026, underperforming its MSCI All Countries Asia excluding Japan benchmark by 1.5 percentage points (5.2% benchmark return).
- • Net asset value per share reached 724.26p at end-March 2026, representing 1.9% growth from September 2025 and 22% growth year-over-year; NAV further appreciated to 820.20p by April 30, 2026.
- • The fund maintained its interim dividend policy with no interim payout declared, consistent with prior-year practice, while final dividends increased to 13.00p for financial year 2025 from 12.50p in 2024.
- • Stock price stood at 878.71p on the reporting date, up 1.0% intraday on London markets with a 12-month gain of 66%, despite the fund trailing its benchmark in the reported half-year period.
- • Schroders PLC, the fund's manager, faces acquisition by Chicago-based Nuveen LLC (expected completion Q4 2026), with Nuveen committing to maintain investment function continuity post-acquisition.
Summary
Schroder AsiaPacific Fund PLC, which manages a portfolio of 60 "best quality but undervalued" companies across Asia and Australia, reported underperformance against its stated benchmark in the half-year period ending March 31, 2026. The fund generated a 3.7% total return compared to a 5.2% return delivered by the MSCI All Countries Asia excluding Japan index (measured in sterling terms), representing a 150 basis-point performance shortfall.
Net asset value metrics showed meaningful appreciation across multiple time horizons. NAV per share increased to 724.26p at end-March 2026 from 711.01p as of September 30, 2025 (a 1.9% half-year gain) and from 594.52p one year prior (a 22% year-over-year increase). This upward trajectory continued into April, with NAV rising further to 820.20p by April 30, 2026. The fund's ordinary share price appreciated to 878.71p by the reporting date, representing a 1.0% daily gain and a 12-month return of 66%.
On the dividend front, the fund declared no interim dividend for the half-year, maintaining consistency with prior-year policy. However, final dividends increased modestly, with the fund paying 13.00p for financial year 2025 compared to 12.50p in 2024. The investment trust continues to execute a share buyback programme alongside its dividend distribution strategy.
Chair Nicky Richards attributed market dynamics to elevated valuations across Asian markets, which she noted are above long-term averages, reflecting improved regional sentiment and confidence in Asia's economic outlook. This environment, she indicated, supports a broadening earnings recovery, with portfolio companies demonstrating resilience despite energy-related headwinds.
A significant corporate development affecting the fund involves the pending acquisition of parent company Schroders PLC by U.S.-based asset manager Nuveen LLC, with completion targeted for Q4 2026. Nuveen has publicly committed to maintaining continuity across Schroders' investment functions following deal completion, providing assurance to the fund's shareholders regarding operational stability during the transition.
Net asset value metrics showed meaningful appreciation across multiple time horizons. NAV per share increased to 724.26p at end-March 2026 from 711.01p as of September 30, 2025 (a 1.9% half-year gain) and from 594.52p one year prior (a 22% year-over-year increase). This upward trajectory continued into April, with NAV rising further to 820.20p by April 30, 2026. The fund's ordinary share price appreciated to 878.71p by the reporting date, representing a 1.0% daily gain and a 12-month return of 66%.
On the dividend front, the fund declared no interim dividend for the half-year, maintaining consistency with prior-year policy. However, final dividends increased modestly, with the fund paying 13.00p for financial year 2025 compared to 12.50p in 2024. The investment trust continues to execute a share buyback programme alongside its dividend distribution strategy.
Chair Nicky Richards attributed market dynamics to elevated valuations across Asian markets, which she noted are above long-term averages, reflecting improved regional sentiment and confidence in Asia's economic outlook. This environment, she indicated, supports a broadening earnings recovery, with portfolio companies demonstrating resilience despite energy-related headwinds.
A significant corporate development affecting the fund involves the pending acquisition of parent company Schroders PLC by U.S.-based asset manager Nuveen LLC, with completion targeted for Q4 2026. Nuveen has publicly committed to maintaining continuity across Schroders' investment functions following deal completion, providing assurance to the fund's shareholders regarding operational stability during the transition.
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