The trust’s share price is up 18 per cent and its discount has narrowed from 7 per cent to 2 per cent during this time.
"If looking to raise cash it can often make sense to sell into strength. That said, we remain positive on the Asian region and on the managers of both Aberdeen Asian Smaller and Scottish Oriental Smaller Companies," said Tom Tuite Dalton, investment trust analyst at Oriel.
The First State-run Scottish Oriental Smaller Companies is one of only two London-listed closed-ended funds focused on Asian smaller companies.
Performance of trusts vs sector over 10-yrs
Source: FE Analytics
Data from FE Analytics shows the funds consistently faring better than their peers; the Aberdeen vehicle has returned 657.4 per cent and the First State trust 501.5 per cent over 10 years.
Tuite Dalton added: "Our core mainstream Asian recommendations remain Edinburgh Dragon and Schroder Asia Pacific, trading on discounts of 8.4 and 8.2 per cent."
The analyst says the market downturn that started in the second half of last year saw Asian smaller companies in general fall by around 17 per cent from August to the end of October.
"This fall, together with the strong long-term record of Scottish Oriental Smaller Companies and the experience of its management team, led us to initiate coverage with a positive recommendation," he explained.
"At the time of the recommendation, the discount was 7 per cent, in the middle of its 12-month range of 11 per cent to 1 per cent, and also appeared cheap relative to its peer Aberdeen Asian Smaller, which at that time commanded a premium rating of 1 per cent."
Since 2 November, both funds have performed well. The Aberdeen trust has outperformed in NAV total return terms but has underperformed on a share price total return basis, moving from a 1 per cent premium to a 3 per cent discount.
"Scottish Oriental has been seeing strong demand and is now trading close to its all-time high on an estimated 2 per cent discount. In short, the value differential has been eliminated and Scottish is arguably due a pause for breath," Tuite Dalton continued.