Interim Management Statement

RNS Number : 9129H

Aberdeen Asian Smaller Co's Inv Tst

06 June 2011

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2011

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 2011 to 30 April 2011, 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

On 28 March 2011 the Company released its Half Yearly Report announcement and on 7 April 2011 the Company posted its Half Yearly Report for the six months ended 31 January 2010.

On 3 June 2011 the Company's loan of USD8.8 million with Barclays Bank was repaid in full and the same amount was drawn down in USD under the terms of a new £20m multi currency three year revolving facility with The Royal Bank of Scotland plc.

Ten largest equity holdings at 30 April 2011

	%
Multi Bintang	4.2
Bank OCBC NISP	4.0
LPI Capital	3.8
Bukit Sembawang Estates	3.5
Giordano International	3.3
Siam Makro	3.0
AEON	2.9
Godrej Consumer Products	2.7
Hana Microelectronics	2.5
Asian Terminals	2.4
Total	32.3

Country allocation as at 30 April 2011

Country	%
Malaysia	17.3
Hong Kong	16.0
India	13.0
Thailand	11.8
Singapore	11.6
Indonesia	10.4
Philippines	6.0
Sri Lanka	5.8
Other Asia	2.1
Australia	1.7
Pakistan	1.4
Korea	1.3
New Zealand	1.0
Cash	0.5
Total	100.0

General description of Company's financial position and performance as at 30 April 2011

	£m
Gross Assets	229.6
Debt	5.3
Actual gearing	2.4%

Cumulative Performance (%)
		as at	1 month	3 months	6 months	1 year	3 years	5 years
		30/04/2011
	Share Price	632.5p	2.9	6.4	-0.1	45.6	118.7	118.6
	NAV	633.9p	-0.3	0.8	-0.7	22.3	86.4	126.7
	MSCI AC Asia Pacific ex Japan		0.3	3.6	6.9	11.8	34.5	81.3
	MSCI AC Asia Pacific ex Japan Small Cap		0.0	1.0	2.9	10.7	41.9	88.9

Discrete Performance (%)
	30/04/2011	30/04/2010	30/04/2009	30/04/2008	30/04/2007
Share Price	45.6	79.3	-16.3	-1.5	1.5
NAV	22.3	87.7	-18.8	5.9	14.8
MSCI AC Asia Pacific ex Japan	11.8	50.9	-20.3	19.1	13.2
MSCI AC Asia Pacific ex Japan Small Cap	10.7	75.5	-27.0	11.3	19.6
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 2011 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.

* Neither the Company's website nor the content of any website accessible from hyperlinks on the

Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Aberdeen Asian Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

6 June 2011

 

END

 

 

IMSUGUUPQUPGUBQ