Interim Management Statement

RNS Number : 9719G

Aberdeen Asian Smaller Co's Inv Tst

13 June 2013

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2013

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 2013 to 30 April 2013, 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$1 billion at time of investment) in the economies of Asia and Australasia, excluding Japan.

Benchmark

There has not always been a 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 21 March 2013 the Company released its Half Yearly Report announcement and on 28 March 2013 the Company posted its Half Yearly Report for the six months ended 31 January 2013.

During the period under review 955,000 new Ordinary shares were issued for cash in the market at a premium to the prevailing net asset value per Ordinary 25p share.  Subsequent to the period end a further 15,000 Ordinary shares have been issued.

On 14 June 2013, 182,787 new Ordinary shares of 25p will be issued following the receipt of requests to convert £1,517,404 units of Convertible Unsecured Loan Stock 2019 in the period to 31 May 2013.

Ten largest equity holdings at 30 April 2013

	%
AEON Co	4.2
Bukit Sembawang Estates	3.4
AEON Thana Sinsap	3.3
Siam Makro	3.2
Multi Bintang	2.9
Giordano International	2.6
Bank OCBC NISP	2.6
Cebu Hldgs	2.4
Asian Terminals	2.4
Shangri-LA Hotels	2.4
Total	29.4

Country allocation as at 30 April 2013

Country	%
Malaysia	19.5
Thailand	16.0
Hong Kong	14.6
Singapore	11.3
India	9.4
Indonesia	7.2
Philippines	6.1
Sri Lanka	3.8
Australia	2.3
Pakistan	2.0
New Zealand	1.7
United Kingdom	1.6
Korea	0.6
Cash	3.9
Total	100.0

General description of Company's financial position and performance as at 30 April 2013

	£m
Gross Assets	430.5
Debt (CULS) at nominal value	34.8
Cash	18.9
Net gearing with debt at par*	4.0

* Net gearing is expressed as a percentage of gross assets (including current year revenue) less cash/cash equivalents, divided by shareholders' funds

Cumulative Performance (%)
	as at 30/04/13	1 month	3 months	6 months	1 year	3 years	5 years
Share Price	1089.0p	4.6	13.3	25.7	49.9	159.5	289.8
NAV*	1027.9p	3.3	13.6	26.1	44.6	105.5	213.2
MSCI AC Asia Pacific ex Japan		0.1	3.8	14.2	18.3	22.2	46.9
MSCI AC Asia Pacific ex Japan Small Cap		-1.0	5.4	17.3	18.5	13.3	45.2

Discrete Performance (%)
	30/04/2013	30/04/2012	30/04/2011	30/04/2010	30/04/2009
Share Price	49.9	18.9	45.6	79.3	-16.2
NAV*	44.6	16.2	22.3	87.7	-18.8
MSCI AC Asia Pacific ex Japan	18.3	-7.7	11.8	50.9	-20.3
MSCI AC Asia Pacific ex Japan Small Cap**	18.5	-13.6	10.7	75.5	-27.0
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par. * Excluding current year revenue. ** The MSCI AC Asia Pacific ex Japan Small Cap Index was first introduced by MSCI on 31 May 2007. However MSCI has subsequently gone back and created index values for this index dating back to 31 May 1994. Source: Aberdeen Asset Managers Limited, Factset and Morningstar Past performance is not a guide to future results.

The Board is not aware of any significant events or transactions which have occurred between 1 February 2013 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

13 June 2013

 

END

 

 

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