Schroder AsiaPacific Fund PLC on Wednesday reported a rise in net asset value, buoyed by its stock selection in China, and left its final dividend unchanged.

The Asia-focused investment fund said net asset value at September 30 edged up to 547.92 pence per share from 546.13p a year before.

NAV total return was 2.3%, outperforming the benchmark of 1.5%. A year ago, total return was negative 15%.

Schroder AsiaPacific said performance was boosted by ‘strong stock selection’ in China, but said the ‘long-awaited post-Covid recovery’ has proved weaker than anticipated.

The firm declared a final dividend for the year ended September 30 of 12.00p per share, unchanged from the previous financial year.

Looking ahead, Chair James Williams said that despite ‘volatile’ market conditions, a ‘reversal of the upwards trajectory in interest rates could have significant positive implications for Asian assets.’

‘This is an ideal time for our Manager’s investment strategy which remains focused on companies with structural and sustainable competitive advantages trading at attractive valuations,’ he added.

Shares in Schroder AsiaPacific rose 0.8% to 481.69 pence each in London on Wednesday morning.

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