The FSA Spy market buzz – 11 April 2025
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HEAD-TO-HEAD: Aberdeen Standard versus Schroders
FSA compares two Asia-Pacific (ex-Japan) equity funds: the Aberdeen Standard Sicav I – Asia-Pacific Equity Fund and the Schroder ISF Asian Total Return Fund.
Manager review
The ASI fund is managed by a 40-member Asia-Pacific (ex-Japan) equities team, led by Flavia Cheong. Cheong has been with Aberdeen since 1996 and was appointed to head the team in 2015, according to Daniels.
Daniel believes that there have been positive changes in the team after the merger of Aberdeen and Standard Life in 2017, which include assigning sector coverage responsibilities.
However, he noted that there has been significant turnover in the team after the merger, including eight combined departures in Kuala Lumpur and Hong Kong.
Turning to the Schroders product, Daniels said that it is co-managed by London-based Robin Parbrook and Singapore-based King Fuei Lee. Both have been co-managing the fund since its inception in 2007.
They are supported by 37 Asia-Pacific (ex-Japan) analysts. However, like the ASI team, Daniels said that there has been significant turnover, which includes 13 departures since 2017.
“But they were able to replace [some] of the departures,” he noted.
Comparing both teams, Daniels believes that the insights that the Schroders managers give is better than those provided by the ASI fund.
“The ASI manager delivers above-average insights, but Parbrook and Lee’s insights have better differentiated views and you can have a clear sense that they have a firm grasp of the underlying portfolio,” he said.
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