Manager firm
FSSA Investment Managers
Manager(s)
Sree Agarwal
Structure
Asia Pacific Smaller Companies
AIC sector
Asia Pacific Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
1995-03-29
Latest factsheet
2026-05-31
Snapshot date
2025-08-31
Share price
248.84p
NAV / share
279.07p2026-03-30
Premium / discount
-10.83%
Fund size
£344m
OCF
0.99%
Performance fee
—
Gearing
-8.70%
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3m | -4.6% | 4.9% | -9.5pp |
| 6m | -2.8% | 16.3% | -19.1pp |
| 1y | -6.2% | 35.0% | -41.2pp |
| 3y | 14.1% | 59.4% | -45.3pp |
| 5y |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Hansol Chemical | — | — | 5.2% |
| 2 | Silergy | — | — | 4.9% |
| 3 | Sunny Opticals | — | — | 4.0% |
| 4 | Liteon Tech | — | — | 3.6% |
| Industrials | 27.9% | |
| Information Technology | 27.3% | |
| Financials | 15.9% | |
| Consumer Staples | 12.4% | |
| Consumer Discretionary | 10.1% | |
| Healthcare | 7.0% | |
| Materials |
| Portfolio yield | 3.00% |
| Unlisted holdings | — |
| Cash & equivalents | 0.56% |
| Total assets | £411.9m |
| Revenue reserves | £0 |
| Net gearing | 7.30% |
Key contributors to performance included Sunny Optical, which announced strong earnings results. The company has benefited from rising demand for high-end smartphone camera components; its automotive business is also performing well as new car models incorporate more camera content. Lite-On Technology rose despite its most recent earnings results showing weaker profitability. Revenue growth is expected to improve as demand for its power-management and energy-storage solutions increases amid the AI data-centre buildout. On the negative side, Century Pacific Food fell. Although its latest earnings results showed strong sales growth for its branded goods, the company's margins contracted due to higher input costs. Uncertainty surrounding the outlook for consumer spending in the Philippines amid rising inflation also weighed on sentiment. Park Systems declined after its earnings results showed a fall in sales, which management attributed to shipments of its industrial atomic force microscopes (AFM) being pushed to the second half of the year. On a country level, Taiwan and India added to performance, while South Korea and Vietnam detracted.
Manager firm
FSSA Investment Managers
Manager(s)
Sree Agarwal
Structure
Asia Pacific Smaller Companies
AIC sector
Asia Pacific Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
1995-03-29
Latest factsheet
2026-05-31
Snapshot date
2025-08-31
Share price
248.84p
NAV / share
279.07p2026-03-30
Premium / discount
-10.83%
Fund size
£344m
OCF
0.99%
Performance fee
—
Gearing
-8.70%
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3m | -4.6% | 4.9% | -9.5pp |
| 6m | -2.8% | 16.3% | -19.1pp |
| 1y | -6.2% | 35.0% | -41.2pp |
| 3y | 14.1% | 59.4% | -45.3pp |
| 5y |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Hansol Chemical | — | — | 5.2% |
| 2 | Silergy | — | — | 4.9% |
| 3 | Sunny Opticals | — | — | 4.0% |
| 4 | Liteon Tech | — | — | 3.6% |
| Industrials | 27.9% | |
| Information Technology | 27.3% | |
| Financials | 15.9% | |
| Consumer Staples | 12.4% | |
| Consumer Discretionary | 10.1% | |
| Healthcare | 7.0% | |
| Materials |
| Portfolio yield | 3.00% |
| Unlisted holdings | — |
| Cash & equivalents | 0.56% |
| Total assets | £411.9m |
| Revenue reserves | £0 |
| Net gearing | 7.30% |
Key contributors to performance included Sunny Optical, which announced strong earnings results. The company has benefited from rising demand for high-end smartphone camera components; its automotive business is also performing well as new car models incorporate more camera content. Lite-On Technology rose despite its most recent earnings results showing weaker profitability. Revenue growth is expected to improve as demand for its power-management and energy-storage solutions increases amid the AI data-centre buildout. On the negative side, Century Pacific Food fell. Although its latest earnings results showed strong sales growth for its branded goods, the company's margins contracted due to higher input costs. Uncertainty surrounding the outlook for consumer spending in the Philippines amid rising inflation also weighed on sentiment. Park Systems declined after its earnings results showed a fall in sales, which management attributed to shipments of its industrial atomic force microscopes (AFM) being pushed to the second half of the year. On a country level, Taiwan and India added to performance, while South Korea and Vietnam detracted.
| 36.4% |
| 59.3% |
| -22.9pp |
| 10y | 94.0% | 186.5% | -92.5pp |
| 5 |
| Airtac International |
| — |
| — |
| 3.5% |
| 6 | Century Pacific Food | — | — | 3.4% |
| 7 | Atour Lifestyle | — | — | 3.4% |
| 8 | KEI Industries | — | — | 3.3% |
| 9 | ASMPT | — | — | 3.3% |
| 10 | Tripod Tech | — | — | 3.3% |
| 4.3% |
| Real Estate | 2.5% |
| Cash | 1.3% |
| Logistics | 0.0% |
| Utilities | 0.0% |
| Communication Services | 0.0% |
| Energy | 0.0% |
| Gearing | -8.7% |
| India | 29.2% | |
| Taiwan | 24.2% | |
| South Korea | 9.7% | |
| Hong Kong | 9.5% | |
| Philippines | 9.2% | |
| China | 9.1% | |
| Indonesia | 7.4% | |
| Singapore | 4.6% | |
| Vietnam | 3.2% | |
| Australia | 0.8% | |
| Malaysia | 0.5% |
| Gross gearing | 7.90% |
| Net cash | £0 |
| Gearing range (from) | 0.00% |
| Gearing range (to) | 10.00% |
| Shares in issue | 115,116,330 |
| Shares issued | 0 |
| Shares purchased | 0 |
| Treasury shares | 41,951,985 |
| 36.4% |
| 59.3% |
| -22.9pp |
| 10y | 94.0% | 186.5% | -92.5pp |
| 5 |
| Airtac International |
| — |
| — |
| 3.5% |
| 6 | Century Pacific Food | — | — | 3.4% |
| 7 | Atour Lifestyle | — | — | 3.4% |
| 8 | KEI Industries | — | — | 3.3% |
| 9 | ASMPT | — | — | 3.3% |
| 10 | Tripod Tech | — | — | 3.3% |
| 4.3% |
| Real Estate | 2.5% |
| Cash | 1.3% |
| Logistics | 0.0% |
| Utilities | 0.0% |
| Communication Services | 0.0% |
| Energy | 0.0% |
| Gearing | -8.7% |
| India | 29.2% | |
| Taiwan | 24.2% | |
| South Korea | 9.7% | |
| Hong Kong | 9.5% | |
| Philippines | 9.2% | |
| China | 9.1% | |
| Indonesia | 7.4% | |
| Singapore | 4.6% | |
| Vietnam | 3.2% | |
| Australia | 0.8% | |
| Malaysia | 0.5% |
| Gross gearing | 7.90% |
| Net cash | £0 |
| Gearing range (from) | 0.00% |
| Gearing range (to) | 10.00% |
| Shares in issue | 115,116,330 |
| Shares issued | 0 |
| Shares purchased | 0 |
| Treasury shares | 41,951,985 |
