Schroder Oriental Income Fund Limited (SOI) has published its annual results for the year ended 31 August 2026, reporting a share price total return of 56.9% and a net asset value total return of 51.7%, both outperforming the MSCI AC Pacific ex Japan Index return of 43.9%. The Asia Pacific-focused investment trust has achieved its 20th consecutive annual dividend increase since launch, becoming the first Asia-focused investment trust to attain Dividend Hero status from the Association of Investment Companies. Total dividends for the year rose to 12.80 pence per share, a 4.9% increase on the prior year's 12.20 pence per share.

Key Points

  • Schroder Oriental Income Fund Limited (SOI) — Asia Pacific ex Japan equity income investment trust managed by Schroder Investment Management Limited
  • Share price total return of 56.9% and NAV total return of 51.7% for the year ended 31 August 2026, outperforming the MSCI AC Pacific ex Japan Index return of 43.9%
  • Total dividends of 12.80 pence per share declared for the year; fourth interim dividend of 5.80 pence per share payable 4 December 2026 to shareholders on register 20 November 2026
  • Investors may watch how the removal of the performance fee from 31 August 2026 affects ongoing costs and whether the discount narrows further from its year-end level of 2.1%

SOI Becomes First Asia-Focused Investment Trust to Achieve AIC Dividend Hero Status After 20 Consecutive Annual Dividend Increases

The trust's 20th consecutive annual dividend increase since launch has earned it recognition as a Dividend Hero by the Association of Investment Companies — a distinction the announcement states no other Asia-focused investment trust has previously achieved. Revenue return for the year increased to 11.76 pence per share from 11.59 pence per share in 2025. The first three interim dividends totalled 7.00 pence per share, comprising payments of 2.00 pence, 2.50 pence, and 2.50 pence respectively, with the fourth interim dividend of 5.80 pence per share to be paid on 4 December 2026 to shareholders on the register on 20 November 2026.

Stock Selection in Australia, Taiwan and Singapore Drove Outperformance Against MSCI AC Pacific ex Japan Index

Portfolio Manager Richard Sennitt attributed outperformance primarily to disciplined stock selection, maintaining a significant underweight to China and an increased allocation to Australia during the year. The announcement identifies holdings including Rio Tinto, Woolworths, semiconductor packager ASE Technology, chip designer MediaTek, and Singapore banks DBS and OCBC as notable contributors. The technology sector shifted from a small overweight to the trust's largest sector underweight as the manager took profits following strong gains, while financials remained the second-largest sector allocation. The trust's NAV outperformed the Reference Index by 7.8 percentage points over the period.

Performance Fee Removed with Effect from 31 August 2026 as Schroders Completes Nuveen Combination

Following a review, the Board confirmed that the performance fee payable to Schroders has been removed with effect from 31 August 2026. The announcement states this is expected to deliver meaningful recurring savings for shareholders and simplify the trust's fee structure. Separately, the announcement discloses that Schroders plc completed its combination with Nuveen on 1 October 2026 following receipt of all antitrust and regulatory approvals. The trust's £75 million secured revolving credit facility with Scotiabank was renewed during the year, with net gearing reducing to 2.7% at 31 August 2026 from 3.9% at the previous year end.

Discount Narrows to 2.1% as 7.56 Million Shares Bought Back and Winterflood Appointed as Corporate Broker

The trust's discount to NAV narrowed from 5.0% at the end of the prior financial year to 2.1% at 31 August 2026, with an average discount of 4.5% across the year. A total of 7,562,037 shares were bought back into treasury during the year, with a further 721,208 shares repurchased since the year end. The Board appointed Winterflood, a division of Marex Financial, as sole corporate broker and financial adviser on 2 September 2026. The annual general meeting is scheduled for 1 December 2026 at Schroders' offices at 1 London Wall Place, London.