Angus Tulloch’s Scottish Oriental Smaller Companies investment trust is looking to broaden its remit to invest in larger companies.
The trust currently invests in companies based in Asia with a market capitalisation of less than $1bn (£644m), but an investor meeting has been scheduled for September 20 to authorise raising this limit.
A statement from the trust’s board said its investment objective would not change but it was seeking permission from investors to alter the capitalisation limit “in order to facilitate [the] achievement” of the objective.
First State star manager Mr Tulloch runs the Scottish Oriental trust alongside Wee-Li Hee and Scott McNab, and took on the role in April following the retirement of previous manager Susie Rippingall.
Mr Tulloch also runs the First State Asia Pacific and First State Asia Pacific Leaders funds. The Asia Pacific fund was soft-closed in 2004 and the Leaders fund is to soft-close next month.
The Scottish Oriental trust’s share price has risen 208.2 per cent in five years, while its portfolio of assets has risen in value by 179.2 per cent. It is currently trading at a 5.3 per cent discount to its net asset value, however, after a sharp fall in its share price since the middle of May.