In results for the 12 months ended 30 September 2025, the board of Schroder AsiaPacific (SDP) observes that the trust has delivered average annual NAV returns of 1.5% over the past 10 years – well ahead of the average 9.8% return on its benchmark. More recently, NAV returns have been marginally behind the index (+15.7% versus +16.8% over the 12 months to the end of September 2025) but the share price has done better, helped by a narrowing of the discount, with a return of 19.8%.

The trust has been very active in buying back stock, with 12.6m shares repurchased at a cost of £70.5m over the 12-month period. The company has now bought back over 27% of its issued share capital over the past five years.

The trust faces a continuation vote at this year’s AGM. Ahead of this, the board has decided to introduce a conditional tender at NAV less costs if the trust underperforms its benchmark over the five-year period ending 30 September 2030. That tender offer would occur around the same time as its next five-yearly continuation vote.

QuotedData’s James Carthew said: “I am not convinced that this conditional tender offer is either necessary or useful. If performance is so bad that investors want out in five years’ time, and they haven’t sold in the market to the buyback anyway, that would show up in the continuation vote. The board could then decide what to do based on the results of that and market conditions at the time. Aside from which, the trust’s track record might suggest that this will not be triggered. It was interesting that at Capital Gearing Trust’s recent capital markets day, Peter Spiller made a similar point. He doesn’t think these achieve much.“