Schroder Oriental Income Fund Limited (the “Company”)
Annual Results
The Company’s Annual Financial Report for the year ended 31 August 2024 is being published in hard copy format and an electronic copy will shortly be available to download from the Company’s website: www.schroders.co.uk/orientalincome. Please click on the following link to view the document: http://www.rns-pdf.londonstockexchange.com/rns/3881J_1-2024-10-23.pdf
Key highlights
· The Company is pleased to report another period of strong performance. The net asset value (NAV) total return per share for the financial year ended 31 August 2024 was 18.2%, with the share price total return a little lower at 15.3%. These returns compare very favourably with our reference index, the MSCI AC Pacific ex Japan Index in Sterling terms, which rose by just 8.6%.
· Our significant underweight allocation to and strong stock selection in China was a major positive contributor to relative performance, as was stock selection in Taiwan, Korea and Hong Kong.
· In respect of the financial year the Company declared dividends totalling 12.00 pence per share, an increase of 1.7% year on year. This represents a yield of 4.4% on the latest share price. This is the 19th year of unbroken dividend growth.
· Over the financial year, the Company repurchased 11,395,000 shares at an average discount of 6.1%. The Company remains committed to doing so in the future when it is in the best interests of shareholders.
· Following the AGM on 3 December 2024, Paul Meader will be succeeded by Nick Winsor as Chairman of the Company.
Investor presentation
Our portfolio manager, Richard Sennitt, alongside Abbas Barkhordar, will be giving presentations at an investor webinar on Wednesday 4 December 2024 at 2.00 pm, which can be signed up to via the following link: https://www.schroders.events/SOI24.
Paul Meader, Chairman of Schroder Oriental Income Fund Limited, commented:
“Asia remains a vibrant and growing region, largely unfettered by the headwinds, such as huge government debts and weak productivity growth, faced by Europe and North America. The region remains fertile territory for a disciplined stock picker such as Schroders and the Company remains as relevant for investors today as it was at inception.”
Enquiries:
Schroder Investment Management Limited
| Charlotte Banks/Kirsty Preston (Press) | 020 7658 2106 |
| Natalia de Sousa (Company Secretary) | 020 7658 6000 |