170659 asia pacific cover - schroders · 40%. after ten years of inactivity, the philippine...

S C H R O D E R

A S I A PA C I F I C

F U N D p l c

I n t e r i m R e p o r t3 1 M a r c h 2 0 0 7

Schroders plc is a leading asset management group, the shares of which are listed on the

London Stock Exchange.

Schroders has been involved in investment management since 1922, and today is one

of the leading international investment management houses, providing investment

services, research and marketing functions from offices located in countries throughout

the world.

Worldwide, as at end March 2007, Group assets under management were valued at

£132.3 billion.

We manage funds across all asset categories, including equities, fixed income, cash and

property. Our clients include corporations, local and public authorities, pension funds,

insurance companies, charities and individuals.

Share price portfolio and other information on Schroder investment trusts is available on

the internet at

Schroder Investment Management Limited is authorised and regulated by the

Financial Services Authority.

http://www.schroders.co.uk

170659 Asia Pacific cover 8/6/07 17:13

INVESTMENT OBJECTIVE

The Company’s principal investment

objective is to achieve capital growth

through investment primarily in

equities of companies located in the

continent of Asia (excluding the

Middle East and Japan), together with

the Far Eastern countries bordering

the Pacific Ocean (excluding

Australasia), with the aim of achieving

growth in excess of the MSCI All

Countries Far East (Free) excluding

Japan Index in sterling (Benchmark

Index) over the longer term.

170659 Asia Pacific cover 8/6/07 17:13 Page 3

Schroder AsiaPacific Fund plc

Company Secretary andRegistered OfficeSchroder Investment Management Limited31 Gresham StreetLondon EC2V 7QATel: 020 7658 3206

Investment ManagerSchroder Investment Management Limited31 Gresham StreetLondon EC2V 7QA

CustodianJPMorgan Chase Bank1 ChasesideBournemouthDorset BH7 7DA

RegistrarLloyds TSB Registrars ScotlandPO Box 28448Finance HouseOrchard BraeEdinburgh EH4 1WQShareholder Helpline: 0870 601 5366Website: Shareview.co.uk

BankersSchroder & Co. Limited31 Gresham StreetLondon EC2V 7QA

ING Bank N.V.60 London WallLondon EC2M 5TQ

Independent AuditorsPricewaterhouseCoopers LLPSouthwark Towers32 London Bridge StreetLondon SE1 9SY

SolicitorsSlaughter and May1 Bunhill RowLondon EC1Y 8YY

BrokersDresdner Kleinwort30 Gresham StreetLondon EC2P 2XY

Directors

The Hon. Rupert Carington (Chairman)Robert BinyonThe Rt. Hon. the Earl of CromerAnthony FennJan Kingzett

1

Advisers

Financial Highlights

31 March 2007 30 September 2006 Change %

Net asset value per share 158.84p 139.59p +13.8Share price 143.25p 124.75p +14.8Share price discount to net asset value 9.8% 10.6%

Total assets (£’000)* 293,610 254,786 +15.2Total borrowings (£’000) 28,042 21,414 +31.0Shareholders’ funds (£’000) 265,568 233,372 +13.8Shares in issue (’000) 167,190 167,190

6 months ended Year ended31 March 2007 30 September 2006

NAV Total Return** 16.2% 19.11%

MSCI All Countries Far East (Free) Ex Japan Total Return 11.8% 15.05%Index in sterling terms***

* Calculated in accordance with AIC guidance. Comprises shareholders’ funds plus borrowings used for investment purposes.

**Source: Fundamental Data.

***Source: Datastream/Schroders.

170659 Asia Pacific 8/6/07 17:12 Page 1


2

During the six months to 31 March 2007, the total return on the Company’s net assets was 16.2%,

outperforming the benchmark index, which produced a total return of 11.8%.

Performance of the MSCI All Countries Far East (Free) ex Japan Index

(Net Dividends Reinvested) – 30 September 2006 to 31 March 2007

Source: Datastream.

The backdrop has continued to be generally supportive for the regional equity markets. While

global growth has slowed, this has been confined primarily to the United States and to Japan in

contrast to Europe and the emerging markets. The increased importance of the latter should not be

minimised, given that China contributed an estimated 12% of global economic growth in 2006. In

the face of growing evidence of weak housing and sub-prime mortgage defaults in the United

States, investors have shown a degree of confidence that Asia’s growth is now less dependent on

demand in the United States.

Monetary links to the dollar, however, remain important for the region. Although interest rates in

other OECD countries (Europe, Japan) have been rising, US rates were increasingly perceived as

having peaked. This has important implications for local liquidity conditions and has been a factor

in the strength of many regional markets, most notably Singapore, where real estate and banking

stocks have led the strong market rally.

While a similar trend was evident in Hong Kong, the domestic sectors were overshadowed by

more directly China-related stocks. These were buoyed by continued strong economic growth, a

rising renminbi, and the continuation of a spectacular rally (130% in 2006) in the domestic (or

“A”) share markets which are largely closed to foreign investors. Chinese stocks corrected sharply

in January, but still offered amongst the highest returns in the review period. Attempts by the PRC

authorities to restrain local equity markets have hitherto proved in vain.

Other areas of strength included some of the ASEAN markets, most notably Malaysia on hopes

for better corporate governance and lower inflation due to falling energy prices, and the

Philippines where interest rates fell below 4% and remittances from overseas nationals rose some

40%. After ten years of inactivity, the Philippine property market showed signs of recovery and

foreign direct investment is beginning to pick up on the back of a cheap, well-educated and

English-speaking workforce.

Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-0795

100

105

110

115

120

125

130

MSCI Index (£)MSCI Index (US$)

Investment Manager’s Review



3

MSCI Far East ex Japan Index Returns (%) in GBP (Net Dividends

Reinvested) – 30 September 2006 to 31 March 2007

Source: Factset.

In contrast, Thailand, Taiwan and Korea trailed the regional average. In Thailand, political

uncertainty and policy miscalculations (most notably a misguided imposition of capital controls in

December) have undermined what fragile confidence there was. Korea and Taiwan have suffered

from the high weightings in information technology which has exhibited generally dull trends in

the period, while domestic politics has been a dampener in both countries.

Performance and Portfolio Activity

Performance has been strong in absolute terms, and has also out-paced that of the benchmark

index. The main positive factors behind performance has been stock selection in Hong Kong,

where a number of the China-related holdings have performed very well over the period, with

smaller contributions from stock selection in Indonesia, the Philippines, Korea and Thailand. The

only country where stock selection lagged was in Singapore, where our portfolio was too

defensive. In terms of allocation, the gearing has had a favourable impact, partly offset by country

positioning, where our non-index position in India did not keep pace with the regional

benchmark, and we were overly cautious on Malaysia.

In terms of policy, key overweights in emerging ASEAN markets have remained in place,

augmented by additions to Malaysia, and more recently Thailand. We have also added to India

following the relative weakness, and have moved the aggregate Hong Kong/China weighting up

to near neutral. The emphasis here remains upon Hong Kong companies with significant mainland

China businesses which we continue to believe offer superior value. The additions above have

been accommodated by a modest increase in effective gearing, and reduction in Korea,

particularly of export-sensitive stocks. Sectoral bias continues to be upon sectors favoured by

stronger domestic growth such as financials, consumer cyclicals, and selected industrials.

China

Taiwan

Indonesia

Malaysia

Hong Kong

Thailand

Singapore

Philippines

Benchmark Index

Korea

0 5 10 15 20 25 30 35 40

Investment Manager’s Review continued



4

Investment Manager’s Review continued

Outlook and Policy

The bout of market volatility in late February was a reminder of the fragility of market

confidence. Although the ostensible reason (volatility in the domestic Chinese equity markets)

was widely cited, the underlying reason was fears that the US sub-prime and housing issues were

spilling over into the broader economy. Subsequent data have quietened these concerns as evident

in the ensuing rally in markets.

Whilst it is difficult to judge the outlook for the US economy, we believe that in any scenario

other than recession the outlook for Asian markets remains attractive. Export growth is obviously

important, but the domestically generated recovery in regional economies is looking more

resilient and convincing than at any time in the last ten years. Moreover, unlike the mid 1990s,

the growth looks much more securely based given continued current account surpluses round the

region, generally secure fiscal positions, and better corporate governance and balance sheets.

Valuations are not cheap by the standards of recent years, but continue to look attractive

compared to global peers. At a stock specific level we continue to see plenty of opportunities to

invest in soundly managed, soundly financed and growing companies. Our focus remains upon

companies benefiting from domestic demand trends; this sector bias in part explains the

underweight positions in Taiwan and Korea, balanced by overweights in emerging ASEAN.

Portfolio Asset Allocation

Source: Schroders.

Schroder Investment Management Limited

29 May 2007

Net Asset Value Weighting (%) Benchmark

Market Total Asset Value Index Weight (%)

30 September 2006 31 March 2007 31 March 2007

Hong Kong/China 25.0 35.0 34.4

Korea 26.7 19.5 25.3

Taiwan 13.0 12.3 20.3

Singapore 15.8 14.0 9.1

Malaysia 1.9 4.7 5.0

Indonesia 7.5 6.1 2.6

Thailand 3.2 3.5 2.4

India 4.4 5.2 –

Philippines 6.4 7.3 0.9

Other net liabilities (3.9) (7.6) –

Total 100 100 100



5

Income Statement unaudited

For the six months For the six months For the yearended 31 March 2007 ended 31 March 2006 ended 30 September 2006

Revenue Capital Revenue Capital Revenue CapitalReturn Return Total Return Return Total Return Return Total

Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains on investments held at fair value – 33,839 33,839 – 40,358 40,358 – 32,739 32,739

Exchange gains/(losses) held at par value – 968 968 – (381) (381) – 1,097 1,097

Income 2,829 – 2,829 2,641 – 2,641 7,533 – 7,533

Investment management fee (1,321) – (1,321) (1,113) – (1,113) (2,252) – (2,252)

Administrative expenses (183) – (183) (159) – (159) (361) – (361)

Net return on ordinary activities before finance

costs and taxation 1,325 34,807 36,132 1,369 39,977 41,346 4,920 33,836 38,756

Interest payable (676) – (676) (545) – (545) (1,155) – (1,155)

Net return on ordinary activities before taxation 649 34,807 35,456 824 39,977 40,801 3,765 33,836 37,601

Taxation on ordinary activities (418) – (418) (246) 645 399 (996) 645 (351)

Net return attributable to equity shareholders 231 34,807 35,038 578 40,622 41,200 2,769 34,481 37,250

Net Return per ordinary share 2 0.14p 20.82p 20.96p 0.39p 27.61p 28.00p 1.76p 21.93p 23.69p

The Total column of this statement is the profit and loss account of the Company. The Revenue Return and Capital Return columns are both

provided in accordance with guidance issued by the Association of Investment Companies. The Company has no recognised gains or losses other

than those disclosed in the Income Statement and the Reconciliation of Movements in Shareholders’ Funds. Accordingly no Statement of Total

Recognised Gains and Losses is presented.

All revenue and capital items in the above statement derive from continuing operations.

The notes on page 9 form an integral part of these accounts.



6

Reconciliation of Movements in Shareholders’ Funds unaudited

Capital Share WarrantShare Share redemption purchase Warrant exercise Capital Revenue

capital premium reserve reserve reserve reserve reserve reserve Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Balance at 30 September 2005 – restated(a) 13,922 25 81 110,529 8,695 9 34,462 3,153 170,876Less investment valuation changes – – – – – – (80) – (80)Net profit from operating activities – – – – – – 40,622 578 41,200Dividends paid in respect of the year ended

30 September 2005 – – – – – – – (2,645) (2,645)Conversion of warrants to ordinary shares 2,797 25,175 – – (8,695) 8,695 – – 27,972

Balance at 31 March 2006 16,719 25,200 81 110,529 – 8,704 75,004 1,086 237,323



Balance at 30 September 2005 – restated(a) 13,922 25 81 110,529 8,695 9 34,462 3,153 170,876Less investment valuation adjustment – – – – – – (80) – (80)Net profit from operating activities – – – – – – 34,481 2,769 37,250Dividends paid in respect of the year ended

30 September 2005 – – – – – – – (2,645) (2,645)Conversion of warrants to ordinary shares 2,797 25,174 – – (8,695) 8,695 – – 27,971

Balance at 30 September 2006 16,719 25,199 81 110,529 – 8,704 68,863 3,277 233,372



Balance at 30 September 2006 16,719 25,199 81 110,529 – 8,704 68,863 3,277 233,372Less investment valuation adjustment – – – – – – – – –Net profit from operating activities – – – – – – 34,807 231 35,038Dividends paid in respect of the year ended

30 September 2006 – – – – – – – (2,842) (2,842)Conversion of warrants to ordinary shares – – – – – – – – –

Balance at 31 March 2007 16,719 25,199 81 110,529 – 8,704 103,670 666 265,568

(a) The balance of revenue reserve at 30 September 2005 has increased by £2,645,000 being the final dividend accrued and now added back in

accordance with FRS 21.




7

Balance Sheet unaudited

At 31 March 2007 At 31 March 2006 At 30 September 2006Notes £’000 £’000 £’000

Fixed assets

Investments held at fair value through profit or loss 285,513 252,885 242,628

Current assets

Debtors 8,415 1,563 7,203

Cash at bank and short-term deposits 9,625 6,978 11,027

18,040 8,541 18,230

Current liabilities

Creditors: amounts falling due within one year 3 (37,976) (23,948) (27,428)

Net current liabilities (19,936) (15,407) (9,198)

Total assets less current liabilities 265,577 237,478 233,430

Provisions for liabilities and charges (9) (155) (58)

Net assets 265,568 237,323 233,372

Capital and reserves

Called up share capital 16,719 16,719 16,719

Capital redemption reserve 81 81 81

Share premium 25,199 25,200 25,199

Share purchase reserve 110,529 110,529 110,529

Warrant exercise reserve 8,704 8,704 8,704

Capital reserves 103,670 75,004 68,863

Revenue reserve 666 1,086 3,277

Total Equity shareholders’ funds 265,568 237,323 233,372

Net asset value per ordinary share 5 158.84p 141.95p 139.59p




8

For the six months For the six months For the year endedended 31 March 2007 ended 31 March 2006 30 September 2006

£’000 £’000 £’000 £’000 £’000 £’000

Operating activities

Dividends received 2,352 1,839 6,853

Interest received 199 155 312

Stocklending fee income – 76 84

Administrative expenses (276) (309) (357)

Investment management fee (1,235) (936) (2,089)

Net cash inflow from operating activities 1,040 825 4,803

Returns on investments and servicing of finance

Bank interest paid (636) (540) (1,120)

Net cash outflow from returns on investments and servicing

of finance (636) (540) (1,120)

Taxation

UK tax paid (248) (329) (636)

Overseas tax paid (197) (65) (499)

Total tax paid (445) (394) (1,135)

Financial investment

Purchase of investments (120,166) (93,960) (158,092)

Disposal of investments 114,051 57,532 123,219

Net cash outflow from financial investment (6,115) (36,428) (34,873)

Equity dividends paid (2,842) (2,645) (2,645)

Net cash outflow before financing (8,998) (39,182) (34,970)

Financing

Conversion of warrants to ordinary shares – 27,965 27,971

Bank loan raised 7,663 – –

Net cash inflow from financing 7,663 27,965 27,971

Net cash outflow (1,335) (11,217) (6,999)

Reconciliation of net cash outflow to movement in net debt

For the six months ended For the six months ended For the year ended31 March 2007 31 March 2006 30 September 2006

£’000 £’000 £’000

Net cash outflow (1,335) (11,217) (6,999)

Increase in bank loan (7,663) – –

Change in net debt due to cash flows (8,998) (11,217) (6,999)

Exchange profits/(losses) on revaluation of currency loans and cash balances 968 (381) 1,097

Change in net funds (8,030) (11,598) (5,902)

Net debt brought forward (10,387) (4,485) (4,485)

Net debt carried forward (18,417) (16,083) (10,387)


Cash Flow Statement unaudited



9

1. Accounting policiesThe interim financial statements have been prepared under the historical cost convention, modified to include the revaluation of investmentsand in accordance with the Companies Act 1985 and Generally Accepted Accounting Practice (UK GAAP) issued by the Accounting StandardsBoard (ASB) and the Statement of Recommended Practice Financial Statements of Investment Trust Companies (“SORP”) issued in January2003 and revised in December 2005. The same accounting policies used for the year ended 30 September 2006 have been applied.

2. Return per ordinary shareSix months ended Six months ended Year ended

31 March 2007 31 March 2006 30 September 2006(unaudited) (unaudited) (audited)

Revenue return (£’000) 231 578 2,769Capital return (£’000) 34,807 40,622 34,481

Total return (£’000) 35,038 41,200 37,250

Weighted average number of shares in issue during the period 167,189,762 147,152,533 157,198,596

Revenue return 0.14p 0.39p 1.76pCapital return 20.82p 27.61p 21.93p

Total 20.96p 28.00p 23.69p

3. The Company had in place a US$60m loan facility with ING Bank N.V. as at 31 March 2007 and at that date US$55m was drawn down. The

loan is unsecured and repayable within one year.31 March 2007 31 March 2006 30 September 2006

(unaudited) (unaudited) (audited)

Short-term loans US$55m US$40m US$40mSterling equivalent £28.0m £23.1m £21.4m

4. The Investment Manager is entitled to a fee at a rate of 1.00% per annum on assets up to and including £100m, and at a rate of 0.95% per

annum on assets above £100m, payable quarterly in arrears and calculated by reference to the value of the Company’s assets under management

(net of current liabilities other than short term borrowings) at the end of the preceding quarter.

5. Net Asset Value per ordinary shareSix months ended Six months ended Year ended

31 March 2007 31 March 2006 30 September 2006(unaudited) (unaudited) (audited)

Net asset value per ordinary share 158.84p 141.95p 139.59p

Ordinary shares in issue at the end of the period 167,189,762 167,189,762 167,189,762

6. Results

The results for the six months to 31 March 2007 and 31 March 2006, which are unaudited, constitute non-statutory accounts within the meaning

of Section 240 of the Companies Act 1985. The latest published accounts which have been delivered to the Registrar of Companies are for the

year ended 30 September 2006; the report of the auditors thereon was unqualified and did not contain a statement under Section 237 of the

Companies Act 1985. The abridged financial statements shown above for the year ended 30 September 2006 are an extract from those accounts.

Notes to the Accounts



10

At 31 March 2007Market Value Percentage of

of Holding Shareholders’Company and Activity £’000 Funds

Samsung Electronics 10,836 4.08Headquartered in Korea, Samsung Electronics is one of the largest and most cost effective producers of memorysemiconductors in the world. It is also a leading manufacturer of mobile handsets and TFT-LCD’s.

Taiwan Semiconductor Manufacturing 7,214 2.72Biggest independent foundry for integrated circuits. A major beneficiary of international trends towards outsourcing by USand Japanese companies.

Jardine Matheson 6,881 2.59Holding company with interests in property, retailing and hotels, principally in Asia.

Daewoo Shipbuilding & Marine Engineering 5,618 2.12Korean shipbuilding and engineering group.

Jardine Strategic Holdings 5,221 1.97Diversified holding company whose principle interests are in real estate, retailing and vehicle distribution in the region.

Bank of China 5,076 1.91State owned commercial bank involved in commercial banking, investment banking and other financial services.

Guoco Group 4,661 1.76Hong Kong holding company with interests in property, finance and insurance.

Singapore Telecommunications 4,626 1.74Provider of telecommunication services in Singapore and Australia, with interests in cellular service providers in Indonesia,India and The Philippines.

Genting Berhad 4,396 1.66Malaysian gaming company.

China Overseas Land & Investment 4,165 1.57Chinese property company with interests in residential and commercial developments.

Korea Exchange Bank 4,120 1.55Korean banking and financial services group.

Macquarie International Infrastructure 4,057 1.53Singapore based investment company.

Philippine Long Distance Telephone 4,002 1.51Provider of telecommunication services through wireless, fixed line and internet related areas.

Indocement Tunggal Prakarsa 3,989 1.50One of Indonesia’s major producers of cement products.

Kasikornbank Public Company 3,845 1.45Leading Thai bank.

Taiwan Semiconductor Manufacturing Warrants 17/01/08 3,709 1.40Biggest independent foundry for integrated circuits. A major beneficiary of international trends towards outsourcing by USand Japanese companies.

Singapore Airport Terminal Services 3,694 1.39The leading provider of integrated ground handling and inflight services at Singapore Changi airport.

China Everbright 3,654 1.38A Hong Kong listed company with stakes in a Chinese bank and a leading securities business.

Polytec Asset Holdings 3,536 1.33Hong Kong listed developer of Macau property.

China Mobile 3,477 1.31Largest telecoms carrier in Asia, operating basic mobile services with add-ons such as data, IP telephone and multimedia.

Total 96,777 36.47

Twenty Largest Investments



11

Company Summary

The Company

Schroder AsiaPacific Fund plc is an investment trust listed on the London Stock Exchange. It is

an independent investment trust managed and administered by Schroders. The Company measures

its performance on a total return basis in addition to a capital return basis in accordance with

guidance issued by the Association of Investment Companies.

It is not intended that the Company should have a limited life, but the Directors consider it

desirable that shareholders should have the opportunity to review the future of the Company at

appropriate intervals. In accordance with the Articles of Association a continuation vote will be

proposed at the 2011 Annual General Meeting and every five years thereafter.

The Company has ordinary shares in issue. The final opportunity to exercise warrants passed on

31 January 2006. Warrants previously in issue have now lapsed and have no value.

Information for Shareholders

The Company’s shares are listed on the London Stock Exchange (Stock Exchange code – SDP).

The price of the shares is quoted daily in the Financial Times, The Times and The Daily Telegraph.

The Company releases its net asset value to the market on a daily basis.

The Company also releases a list of investments with a value greater than 5% of gross assets and

at least the ten largest holdings to the market on a quarterly basis.

Share price information, subject to a twenty minute delay, is also available on the internet at:

The site also contains other information on the Company including a monthly update on the

diversification of the portfolio and the Company’s ten largest investments. A quarterly factsheet is

also published and is available to shareholders on request from the Secretary of the Company.

Capital Gains Tax Information

The acquisition costs of the shares for capital gains tax purposes based upon initial dealings on 20

November 1995 are as follows:

Each ordinary share of 10p 93.49p




12

Schroder Investment Trust Dealing Service

The Schroder Investment Trust Dealing Service provides a convenient and cost effective means of

investing in the ordinary shares of the Company. The Service offers investors:

– a regular investment option from a minimum of £50 per month

– a lump sum investment option from a minimum of £1,000

– daily dealing

– competitive charges

– the option to reinvest income

Other investment trusts which are available through this service are: Schroder Income Growth

Fund plc, Schroder Oriental Income Fund Limited, Schroder Japan Growth Fund plc, Schroder

Split Investment Fund plc, Schroder Split ZDP plc, Schroder UK Growth Fund plc, Schroder UK

Mid & Small Cap Fund plc, SVG Capital plc and International Biotechnology Trust plc.

Individual Savings Account – Schroders Maxi ISA Plan

Schroders are providing a non-CAT standard investment trust ISA, which includes Schroder

AsiaPacific Fund plc. The investment trust ISA is designed as a maxi account, made up entirely

of a stocks and shares component; a cash or insurance component is not offered.

The Schroder ISA offers investors:

– lump sum investments in the ordinary shares of the Company from a minimum of

£1,000 to a maximum of £7,000 in the current tax year

– a regular investment option from a minimum of £50 per month

– competitive charges

– the option to reinvest income

– the option to include other trusts.

If you would like further information about the Schroder Investment Trust Dealing Service or the

Schroder Maxi ISA, please contact the Secretary of the Company at 31 Gresham Street, London

EC2V 7QA or call Schroder Investor Services on freephone 0800 718 777.

Registrar Services

Communications with Shareholders are mailed to the address held on the register. Any

notifications and enquiries relating to Shareholders, including a change of address or other

amendment should be directed to Lloyds TSB Registrars Scotland at PO Box 28448, Finance

House, Orchard Brae, Edinburgh, Scotland EH4 1WQ. The helpline telephone number of Lloyds

TSB Registrars is 0870 601 5366.

Lloyds TSB Registrars Scotland maintain a web-based enquiry service for shareholders. Currently

the “Shareview” site (address below) contains information available on public registers.

Shareholders will be invited to enter their name, shareholder reference (account number) and post

code and will be able to view information on their own holding.

Visit www.shareview.co.uk for more details.

Company Summary continued

greenaways. 170659


INVESTMENT OBJECTIVE

The Company’s principal investment

objective is to achieve capital growth

through investment primarily in

equities of companies located in the

continent of Asia (excluding the

Middle East and Japan), together with

the Far Eastern countries bordering

the Pacific Ocean (excluding

Australasia), with the aim of achieving

growth in excess of the MSCI All

Countries Far East (Free) excluding

Japan Index in sterling (Benchmark

Index) over the longer term.


S C H R O D E R

A S I A PA C I F I C

F U N D p l c

I n t e r i m R e p o r t3 1 M a r c h 2 0 0 7

Schroders plc is a leading asset management group, the shares of which are listed on the

London Stock Exchange.

Schroders has been involved in investment management since 1922, and today is one

of the leading international investment management houses, providing investment

services, research and marketing functions from offices located in countries throughout

the world.

Worldwide, as at end March 2007, Group assets under management were valued at

£132.3 billion.

We manage funds across all asset categories, including equities, fixed income, cash and

property. Our clients include corporations, local and public authorities, pension funds,

insurance companies, charities and individuals.

Share price portfolio and other information on Schroder investment trusts is available on

the internet at

Schroder Investment Management Limited is authorised and regulated by the

Financial Services Authority.



170659 asia pacific cover - schroders · 40%. after ten years of inactivity, the philippine...

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