Interim Management Statement

RNS Number : 7637T

Aberdeen Asian Smaller Co's Inv Tst

11 June 2009

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2009

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 2009 to 30 April 2009, 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 £9.1 million drawn in US Dollars. Subsequent to the period end, the gearing was rolled forward at an all in rate of 0.75% to 10 July 2009.

On 27 March 2009 the Company released its Half Yearly Report announcement.

For latest NAV and share price information please refer to the trust's website, www.asian-smaller.co.uk.

Ten largest equity holdings at 30 April 2009

	%
Bukit Sembawang Estates	4.6
Bank NISP	4.6
WBL	3.6
LPI Capital	3.6
AEON Co.	3.4
United Plantations	2.8
AEON Stores	2.7
Godrej Consumer Products	2.7
Siam Makro	2.6
Castrol	2.6
Total	33.2

Country allocation as at 30 April 2009

Country	%
Malaysia	19.5
Hong Kong	17.6
Singapore	15.1
India	13.5
Thailand	9.7
Indonesia	9.5
Philippines	6.0
Sri Lanka	3.5
Other Asia	1.4
Korea	1.3
Pakistan	1.3
New Zealand	1.1
Cash	0.5
Total	100.0

  General description of Company's financial position and performance as at 30 April 2009

	£m
Gross Assets	106.6
Debt	9.1
Actual gearing	9.3

Cumulative Performance
	as at	1  month	3  months	6  months	1  year	3  years	5  years
	30/04/09
Share Price	249.5	11.9	2.5	21.7	-16.3	-16.3	55.9
Diluted NAV	284.1	6.9	2.6	19.6	-18.8	-1.2	66.5
Undiluted NAV	309.2	7.3	3.1	17.8	-21.5	-8.8	47.0
Warrant 2010 Price	146.5	19.6	2.1	35.6	-26.2	-32.0	57.1
MSCI AC Asia Pacific ex Japan		11.5	21.3	28.2	-20.3	7.4	79.4
MSCI AC Asia Pacific ex Japan Small Cap		16.8	30.7	42.4	-27.0	-2.8	68.1

Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par

Discrete Performance year to:
	30/04/2008	30/04/2007	30/04/2006	30/04/2005	30/04/2004
Share Price	-16.3	-1.5	1.5	52.4	22.3
Diluted NAV	-18.8	5.9	14.8	46.2	15.3
Undiluted NAV	-21.5	3.6	12.0	40.8	14.5
Warrant 2010 Price	-26.2	-6.6	-1.4	91.6	20.6
MSCI AC Asia Pacific ex Japan	-20.3	19.1	13.2	47.5	13.2
MSCI AC Asia Pacific ex Japan Small Cap	-27.0	11.3	19.6	52.1	13.6

Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 1 February 2009 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

11 June 2009

 

END

 

 

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