Interim Management Statement

RNS Number : 8572I

Aberdeen Asian Smaller Co's Inv Tst

04 June 2014

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2014

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 2014 to 30 April 2014, 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 31 March 2014 the Company released its Half Yearly Report announcement and on 10 April 2014 the Company posted its Half Yearly Report for the six months ended 31 January 2014.

On 13 June 2014, 2,210 new Ordinary shares of 25p will be issued following the receipt of requests to convert £18,397 units of Convertible Unsecured Loan Stock 2019 in the period to 31 May 2014.

Ten largest equity holdings at 30 April 2014

	%
AEON Co	4.2
Shangri-La Hotels	3.1
Bank OCBC	3.1
Bukit Sembawang Estates	2.9
Multi Bintang	2.7
LPI Capital	2.6
AEON Thana Sinsap	2.6
Millennium & Copthorne Hotel	2.5
Hana Microelectronics	2.4
Godrej Consumer Products	2.1
Total	28.2

Country allocation as at 30 April 2014

Country	%
Malaysia	20.5
Hong Kong	14.1
Thailand	13.4
India	13.2
Singapore	10.8
Indonesia	7.4
Philippines	5.6
Sri Lanka	4.5
Australia	3.1
New Zealand	2.5
China	2.0
United Kingdom	1.7
Korea	0.7
Pakistan	0.2
Cash	0.3
Total	100.0

General description of Company's financial position and performance as at 30 April 2014

	£m
Gross Assets	372.4
Debt (CULS) at nominal value	33.1
Cash	2.7
Net gearing *	9.0

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

Cumulative Performance (%)
	As at 30/04/14	1 month	3 months	6 months	1 year	3 years	5 years
Share Price	844.5p	5.4	7.7	-12.7	-21.4	40.0	265.6
NAV*	886.1p	1.5	5.8	-6.3	-13.2	44.9	233.2
MSCI AC Asia Pacific ex Japan		-0.2	4.7	-5.1	-6.8	1.9	71.9
MSCI AC Asia Pacific ex Japan Small Cap		-1.1	3.8	-3.0	-7.4	-5.2	84.2

Discrete Performance
	30/04/2014	30/04/2013	30/04/2012	30/04/2011	30/04/2010
Share Price	-21.4	49.9	18.9	45.6	79.3
NAV*	-13.2	44.0	15.9	22.5	87.7
MSCI AC Asia Pacific ex Japan	-6.8	18.3	-7.7	11.8	50.9
MSCI AC Asia Pacific ex Japan Small Cap	-7.4	18.5	-13.6	10.7	75.5
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 fair value.
*Including current year revenue.
Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

The Board is not aware of any significant events or transactions which have occurred between 1 February 2014 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

4 June 2014

 

END

 

 

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