Printable version: 
Fact sheet as of October 16, 2020
SEB Asia Small Caps ex. Japan Fund
The fund focuses on small-sized companies in Asia, excluding Japan. It is managed in association with Schroder Investment Management.
Fund manager:  Schroder Investment Management
Investment Philosophy

Small-cap companies tend to be less well-researched and exhibit a greater likelihood of pricing inefficiencies. The team takes an active bottom-up approach to stock selection, seeking to identify mispriced opportunities with positive transition or growth characteristics and exploit these inefficiencies through extensive, rigorous and proprietary research.

Key Facts
Base CurrencySEK
Share ClassC (SEK)
Bloomberg TickerABBASSC LX
BenchmarkMSCI AC Asia Ex...
Year of launch1998
Value at launch (SEK)10.00
Legal StructureUCITS
Fund Management CompanySEB Investment Management AB
Turnover Ratio*0.72
* 12 months rolling, last updated 30 Sep 2020
The share class does not pay dividends; the return is reinvested
Management Fee1.75
Ongoing Charges*1.84
Entry FeeMax 1%
* The ongoing charges includes the management fee and constitutes payment for fund management, including marketing and distribution. The ongoing charges does not include transaction costs such as brokerage commissions on securities transactions.
Risk Measures (SEK)
Standard Deviation (Fund)-
Standard Deviation (Index)-
Tracking Error-
Active share **103.1
Sharpe Ratio-
Information Ratio-
** Active share measures the difference between the fund’s and the benchmark’s holdings. From 30 Sep 2020
Investment Process

Investment universe

The fund focuses on small-sized companies in Asia, excluding Japan. The investment universe consists of over 2,000 stocks in more than 10 countries, and comprises small-cap Asian companies. Analysis indicates that stock-specific factors are the largest contributor to returns on small-cap stocks in Asia ex Japan. Derivatives may be used to achieve the investment objective.

Investment team

The small investment team is led by Paul Rathband. The team places primary emphasis on its capability to generate investment insight through bottom-up research with a top-down macroeconomic and risk-control overlay. It is integrated into a broader Asia ex Japan equity team.


Stocks are evaluated using an initial proprietary quantitative screen combined with different valuation metrics, such as enterprise value to sales ratio, price to earnings ratio, price to book ratio and dividend yield. Focus is set on the business model and management of the companies, as well as proper balance sheet analysis, which is critical to understanding any changes (positive and negative) that might be expected; this is an area where the team seeks to gain a competitive edge. In ordinary circumstances, no investment will be made without first meeting representatives of the company concerned.

Portfolio construction

The following factors influence the portfolio construction: 1) stock-specific risk; 2) country risk; 3) style risk; and 4) sector risk. A buy decision is primarily driven by a conviction that a stock is fundamentally undervalued and that there are catalysts that will narrow the gap between the currently traded price and fair value, leading to outperformance. A sell decision will be made when the stock either approaches or exceeds the target price or if something changes that makes our original investment rationale invalid. The fund is managed through an unconstrained approach, with an expected tracking error range of 3 – 16% and typically holds 50 – 80 stocks.

Performance (SEK)
Currency: SEK        |        NAV: 52.22 (2020-10-16)        |        AuM (M SEK) : 537.15 (2020-09-30)
 Fund SEKBenchmark
Return % SEKFundBenchmark
Accumulated since  
1 day1.0-0.5
1 month4.4-0.5
3 months11.48.2
6 months21.618.9
1 year2.03.2
3 years4.78.4
5 years12.048.7
Year to date--
Average annual growth  
3 years1.52.7
5 years2.38.3
CurrencyAdd benchmark
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Largest Positions*
% of Total  
 % of Total
iShares MSCI AC Far East ex-Japan Small Cap UCITS ETF9.5
Tencent Holdings4.6
Alibaba Group Holding4.5
Kerry Logistics Network Ltd4.1
Techtronic Industries Co Ltd3.7
Haitian International Holdings Ltd2.8
ASM Pacific Technology Ltd2.3
Hongfa Technology Co Ltd2.2
Hong Kong Television Network Ltd2.2
* Last updated 30 Sep 2020. Source: SEB
* Numbers are absolute, not relative
Geographic Allocation*
* Last updated 30 Sep 2020. Source: SEB
* Numbers are absolute, not relative
Other Information

As of 2 July 2018, the fund changed benchmark. As of 2 November 2016, the fund´s Management company is SEB Investment Management AB.

This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ), its subsidiaries and affiliated companies. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Information Document, fund regulations and prospectus. These are available on
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