Scottish Oriental Smaller Companies Trust – Annual Report for Year Ended Aug 31, 2022

• Scottish Oriental continued its positive performance over the last 12 months. Its net asset value rose by 10% for the year ended 31 August 2022, compared to a decline of 0.9% for the MSCI AC Asia ex-Japan Small Cap Index and a decline of 7.1% for the MSCI AC Asia Ex Japan Index. The largest contributors to performance were the holdings in India and Indonesia. The biggest detractors from performance were the portfolio’s holdings in South Korea and the Philippines.

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