London, UK, 23 July 2015
Edison issues research update on Aberdeen New Dawn Investment Trust
Aberdeen New Dawn Investment Trust (ABD) is a diversified Asia-Pacific fund investing in companies across the Asian region, including Australia but excluding Japan. The team-based, bottom-up approach looks to identify good quality companies with attractive valuations to buy and hold for the long-term. While aiming for capital growth, the quality bias results in the fund having an above-average yield relative to peers. Short term, it may suffer in more momentum driven markets but long-term relative performance remains strong.
The cum-income discount of 13.5% is at the upper end of its three-year range, perhaps in part reflecting China-related underperformance as that market ran up. Following the Chinese market's recent correction, improved relative performance could prompt some tightening of the discount.
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