Interim Management Statement

RNS Number : 8536M

Aberdeen Asian Smaller Co's Inv Tst

01 June 2010

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2010

To the members of Aberdeen Asian Smaller Companies Investment Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 February 2010 to 30 April 2010, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To maximise total return to shareholders over the long term from a portfolio of smaller quoted companies (with a market capitalisation of up to approximately US$750m at time of investment) in the economies of Asia and Australasia, excluding Japan. 

Benchmark

There is no meaningful smaller companies index against which to compare the performance of the Company. Accordingly, the Manager utilises two general regional indices, the MSCI AC Asia Pacific ex Japan (currency adjusted) and the MSCI AC Asia Pacific Small Cap ex Japan (currency adjusted), as well as peer group comparisons for Board reporting. It is likely that performance will diverge, possibly quite dramatically in either direction, from these or any other indices.

Material events

The borrowings at the period end represented USD8,800,000.  Subsequent to the period end, the gearing was rolled forward at an all in rate of 0.6976% to 14 June 2010.

On 19 March 2010 the Company released its Half Yearly Report announcement and on 1 April 2010 the Company posted its Half Yearly Report for the six months ended 31 January 2010.

In the period to 30 April 2010 the Company purchased in the market for treasury a total of 342,069 Ordinary shares at a discount to the underlying net asset value per Ordinary share.  Subsequent to the period end a further 25,000 Ordinary shares have been purchased for treasury.

Ten largest equity holdings at 30 April 2010

	%
Bukit Sembawang Estates	4.5
Bank OCBC NISP	3.4
LPI Capital	3.3
Multi Bintang	2.9
Giordano International	2.8
Godrej Consumer Products	2.7
WBL	2.7
AEON Co.	2.6
Hana Microelectronics	2.5
Wheelock Properties	2.5
Total	29.9

Country allocation as at 30 April 2010

Country	%
Hong Kong	16.5
Malaysia	15.7
Singapore	15.1
India	13.5
Indonesia	9.6
Thailand	9.3
Philippines	5.7
Sri Lanka	5.4
Cash	2.3
Pakistan	1.6
Other Asia	1.6
Korea	1.4
New Zealand	1.2
Australia	1.1
Total	100.0

General description of Company's financial position and performance as at 30 April 2010

	£m
Gross Assets	188.1
Debt	5.7
Actual gearing	3.1%

Cumulative Performance
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/04/2010
Share Price	441.5	0.6	16.2	28.7	79.3	47.9	128.7
Diluted NAV	526.6	7.1	20.8	31.5	87.5	61.3	170.6
Undiluted NAV	578.9	6.3	20.9	31.2	89.3	59.3	159.0
Warrant 2010 Price	337.5	3.2	23.1	36.4	130.4	58.8	200.0
MSCI AC Asia Pacific ex Japan		0.4	15.6	18.6	50.9	43.2	139.1
MSCI AC Asia Pacific ex Japan Small Cap		1.7	17.7	25.9	75.5	42.7	159.6

Discrete Performance
	30/04/2010	30/04/2009	30/04/2008	30/04/2007	30/04/2006
Share Price	79.3	-16.3	-1.5	1.5	52.4
Diluted NAV	87.5	-18.8	5.9	14.8	46.1
Undiluted NAV	89.3	-20.1	5.2	14.1	42.5
Warrant 2010 Price	130.4	-26.2	-6.6	-1.4	91.6
MSCI AC Asia Pacific ex Japan	50.9	-20.3	19.1	13.2	47.5
MSCI AC Asia Pacific ex Japan Small Cap	75.5	-27.0	11.3	19.6	52.1
Total Return; NAV-to-NAV, Net Income Reinvested, GBP Source: Aberdeen Asset Managers Limited, Factset and Morningstar NAV returns based on NAVs excluding income and with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 1 February 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.asian-smaller.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Aberdeen Asian Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

1 June 2010

 

END

 

 

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