Stewart Investors APac All Cap Fund B (Acc) GBP


March 2026
 
  • Opinion
    Square Mile rating
  • Performance
    3 years annualised returns
    2.65%
    % of time met performance objective over 5 years
    90.6%
  • Risks
    Risk of asset class
    1 2 3 4 5 6 7 8 9 10
    Risk of fund within asset class
    1 2 3 4 5
  • Costs
    Ongoing charges
    0.93%
    Transaction costs
    0.18%
    Total cost of investment
    1.11%
  • Responsible
    What type of investor are you?

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 31st January 2026.

Overview

We believe this strategy with its focus on identifying high quality companies that are run in a responsible manner might appeal to long-term investors. The managers of this fund aim to deliver long-term capital accumulation through a portfolio of Asian companies. Investments will include large, medium and smaller sized companies. Although we would expect the fund to provide strong capital appreciation over the long term, it is exposed to movements in stock markets and may therefore experience both significant gains as well as substantial losses. Furthermore, we believe rolling five-year periods the minimum time frame to measure their performance versus the reference index.

 

Square Mile’s Expected Outcome

We believe the fund should be able to deliver capital growth over the long term and outperformance of the MSCI AC Asia Pacific ex Japan Net index +2% p.a. over rolling five-year periods, through investment in sustainable companies.

Square Mile’s Opinion

On the 2nd December, Stewart Investors have renamed their funds as well as removing the word “Sustainability” from the fund titles and for example this fund was previously named Stewart Investors Asia Pacific Sustainability. They are not intending to apply for the voluntary UK SDR sustainability labels to any of their funds at the present moment. Their investment philosophy and approach remains the same.

We like the strong investment culture of Stewart Investors, which has been in place since the late 1980s. The whole team adhere to a process that over time has advanced to include environmental, social and governance factors. Moreover, Mr Gait has long been involved in promoting responsible business practices and encouraging the development of sustainable businesses and has been managing the Sustainability strategies since 2005.

​​​​​​​We have a high regard for this fund's team. They seek to be long-term investors looking to invest in companies they believe have high quality characteristics with firms assessed on their own merits and not in comparison with other stocks listed on a stock market. We think this is a sensible approach to have when investing in a region that has a wide range of disclosures, transparency and corporate governance, but the strategy can lead to significant positioning and performance deviations both on an absolute and relative basis, for good or for ill. Since its inception the fund has delivered good returns for investors, and has tended to perform far better when markets have fallen, but the focus on quality is no guarantee to providing some downside protection during tough market conditions as it will depend on what are driving markets at the time, such as when investors are focusing on top-down headwinds away from company fundamentals.

Fund Manager’s Formal Objective

The Fund aims to grow your investment over the long term. The Fund invests in shares of companies based in or where the majority of their activities take place in the Asia Pacific region excluding Japan and that are listed on exchanges worldwide.The Fund invests in shares of high-quality companies which are positioned to contribute to, and benefit from, sustainable development. 

Capital Accumulation UK
Active MSCI AC Asia Pacific ex Japan Net index
Equity IA Asia Pacific Excluding Japan
0.95% £269M
David Gait, Sashi Reddy March, September
8.8 Pounds Semi-annual
GBP 19/12/2005
8.8 Pounds 31/07/2025
0.00% -
- -

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 31st January 2026
 
  PAGE 1 OF 6  
 
Stewart Investors APac All Cap Fund B (Acc) GBP
 
 

Asset Manager Overview

The fund is managed by Stewart Investors, an autonomous unit within First Sentier Investors (FSI), and which is responsible for its own investment decisions and recruitment. FSI was acquired by Mitsubishi UFJ Trust and Banking Corporation in August 2019, which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. 

Fund Manager/Team Overview

Whilst there were some departures within the wider Stewart Investors team during 2019, we believe the overall team is well resourced. It has analysts and fund managers in Edinburgh, London, Singapore and Sydney. There is interaction between its members and it is not unusual for staff to make internal transfers across the locations. Lead portfolio manager David Gait and co-manager Sashi Reddy joined the firm in 1997 and 2008, respectively. They have been working closely since then.

Investment Philosophy & Process Overview

Environmental, social and governance factors have been part of the team's research process since veteran investor, Angus Tulloch (now retired), set up the Asia Pacific and Global Emerging Markets capabilities in 1988.

At the heart of this philosophy and process is the responsible stewardship of capital. The team conducts in-depth stock analysis seeking only the highest quality companies with strong management teams and sound finances. Management integrity and their attitude to shareholders are critical, but so are their execution and interaction with employees, suppliers, and customers alike, as well as the impact of their business activities on the local community and environment. Direct company contact is therefore deemed critical and the team undertakes a significant number of company meetings every year.

​​​​​​​Around 40 to 60 stocks are chosen from across the market cap spectrum to populate the portfolio, however, gambling and tobacco-related stocks are actively excluded. Individual sector and country allocations, which can be quite meaningful, will typically be driven by the stock selection process.

 
 
  PAGE 2 OF 6  
 
Stewart Investors APac All Cap Fund B (Acc) GBP
 
 

ESG Integration

Fund ESG Integration

The team believes that the world faces substantial challenges, including population growth, land and water scarcity and resource constraints. Both developed and emerging countries will need to reassess their development and shift away from the current resource/consumption intensive, debt reliant models, towards long-term sustainable economic growth. As many Asian countries may not follow the same evolutionary path as their Western counterparts, the team therefore seek to invest in quality companies that are already thinking about sustainability. In other words, they are looking for quality companies that contribute to sustainable development and which they believe can make a positive impact to a better sustainable world. 

They particularly like firms with pricing power, defensible cash flows, and which have responsible business practices. Typically these are beneficiaries of shifting consumer preferences, regulatory headwinds, or that are involved in building infrastructure to support long-term sustainable development. They also look for opportunities in the financials sector, as it plays a vital role in building a sustainable future. The team do not screen companies on purely ethical or moral reasons, but they are unlikely to invest in companies operating in the gambling and tobacco industries because they consider the long-term sustainability positioning to be poor.

 
 
  PAGE 3 OF 6  
 
Stewart Investors APac All Cap Fund B (Acc) GBP
 
 

Responsible Investing Approach

The team considers corporate governance, social and environmental factors as crucial elements of its investment process - they believe that good companies are not just built on governance, but also on their social utility, such as their impact on society and the environment. As stewards of client capital, they do not believe that there is a price for everything, and so it does not invest in some companies and sectors for ethical reasons or due to poor culture or past conduct.

Risk Summary

The fund scores high in terms of its asset class risk as it is essentially exposed to developing markets and these can exhibit significant volatility as returns do not only rest on the performance of the underlying companies, but also the macroeconomic and political situations within the region. Pleasingly the fund's risk score is low relative to its peer group. A large body of assets follows this strategy although Stewart Investors' somewhat contrarian and low turnover approach should help mitigate the liquidity issues that this brings. Note that the team seek to be long-term investors and companies are assessed on their own merits and not in comparison with other stocks operating in the region. This is an asset class that can suffer severe drawdowns, and so the team think of risk as the risk of a permanent loss of capital, which can arise from investing in companies with a questionable track record in corporate governance, disclosure and transparency. We think that this is a sensible approach to have when investing in this region, but it can lead to significant positioning and performance deviations versus a regional index at times, for good or for ill.

 

Additional Information

2.65%
10.29%
-17.68%
7.06%
-9.14%
0.12
0.12

(3 years data to last month end unless otherwise stated)

Qualitative Risk Assessment

Significant Potentially Significant Not Significant

For the full summary of the risks, click here
 
  PAGE 4 OF 6  
 
Stewart Investors APac All Cap Fund B (Acc) GBP
 
 
 

Calendar Year Performance To Quarter End

Period Fund (%) Sector (%)
2025 -2.2 20.0
2024 6.0 10.4
2023 3.5 -0.1
2022 -4.4 -6.4
2021 15.2 1.9

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 30th March 2026

Value for Money

The fund has an attractive total cost of investment (TCI) relative to its peer group. We see this fund as good value for money largely because of the quality of the management team and their investment approach. Such attributes are difficult to find. Investors should note that the performance success of this (and other Stewart Investors products) has meant that it has attracted a considerable level of assets and the group have taken steps to restrict flows into some strategies, but this fund remains open to investors. We also like that in July 2015 Stewart Investors took the decision to absorb the costs associated with their research.

OCF v Peer Group

0.93%
Transaction Costs v Peer Group

0.18%
TCI v Peer Group

1.11%

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 31st January 2026.
 
  PAGE 5 OF 6  
 
Stewart Investors APac All Cap Fund B (Acc) GBP
 
 

Rating Changes

The Square Mile ratings are reviewed every 6 months. For full details on the methodologies, click here.
For a full list of all Square Mile rated funds, click here.

Rating Changes over last 12 months Time & Date rating changed
 

Disclaimer

This document is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

Unless otherwise agreed by Square Mile, this factsheet is only for internal use by the permitted recipients and shall not be published or be provided to any third parties. This factsheet is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this factsheet shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This factsheet shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Unless indicated, all figures are sourced by LSEG Lipper (all rights reserved). Past performance is not a guide to future returns.

  PAGE 6 OF 6