Tulloch and Lau bag £1.7m management fee as trust outperforms

Angus Tulloch and Martin Lau, managers of the Scottish Oriental Smaller Companies trust, have bagged a performance fee of £1.7m over the year to the end of August.

The £268m trust's net asset value has surged 20.1% in the twelve months, double the returns of the MSCI AC Asia ex Japan index, which is up 10.1% over the same period. The trust has also hiked its dividend by 4.5%, up to 11.5p, as earnings per share continued to increase during the reporting period. The strong performance of the trust was driven by its high exposure to Asian consumer stocks, in particular companies based in Thailand, Singapore, and Taiwan. The managers said China, Hong Kong, and Taiwan have all performed strongly this year, but cautioned against increased volatilit...