Interim Management Statement

RNS Number : 8395Q

Aberdeen New Dawn Invest Trust PLC

04 September 2014

 



Aberdeen New Dawn Investment Trust PLC

Unaudited Interim Management Statement - 3 months to 31 July 2014

To the members of Aberdeen New Dawn Investment Trust PLC

This unaudited 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 May 2014 to 31 July 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 provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries excluding Japan.

Benchmark

MSCI AC Asia Pacific ex Japan (Sterling adjusted).  This benchmark includes Australia and New Zealand.

Material events

On 2 September 2014, the Company held its Annual General Meeting at which all resolutions were passed.  The special business included resolutions to allow the Company to issue shares (up to 10% of the issued share capital without pre-emption) and to buy back shares (up to 14.99% of the issued share capital).

The Company's final dividend of 2.6p per Ordinary share was approved by shareholders and will be paid on 5 September 2014. 

The borrowings at the period end represented HKD154.1m (the equivalent of £11.8m) drawn in Hong Kong Dollars, US8.68m (the equivalent of £5.1m) and GBP £2.5m (total GBP equivalent £19.4m).

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

Ten largest equity holdings at 31 July 2014

	Country	%
Aberdeen Global-Indian Equity*	India	11.1
Samsung Electronics Pref	Korea	4.7
Jardine Strategic	Hong Kong	4.1
Oversea-Chinese Banking Corp.	Singapore	4.1
Rio Tinto	Australia	3.8
HSBC	Hong Kong	3.5
BHP Billiton	Australia	3.4
Taiwan Semiconductor	Taiwan	3.4
United Overseas Bank	Singapore	3.3
Ayala Land	Philippines	3.2
Total		44.6

Source: Aberdeen Asset Managers Limited

*excluded for the purposes of calculating the investment management fee.

Country allocation as at 31 July 2014

Country	%	Index %
Hong Kong	20.0	9.4
Singapore	19.8	4.7
India	12.4	6.4
Australia	11.8	25.0
China	6.0	18.6
Korea	5.6	14.9
United Kingdom	4.9	--
Taiwan	4.7	11.3
Thailand	3.8	2.1
Philippines	3.2	0.9
Sri Lanka	2.7	--
Malaysia	2.7	3.7
Indonesia	0.9	2.5
New Zealand	--	0.4
Cash	1.5	--
Total	100.0	100.0

Source: Aberdeen Asset Managers Ltd

General description of Company's financial position and performance as at 31 July 2014

	£m
Gross Assets	269.2
Debt	19.4
Cash	5.0
Gearing*	5.8%

Source: Aberdeen Asset Managers Ltd

*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 31/07/14	1 month	3 months	6 months	1 year	3 years	5 years
Share Price	182.5p	2.8	8.6	19.1	(3.5)	12.9	76.3
NAVA	200.6p	4.6	6.4	14.7	0.3	13.0	76.0
MSCI AC Asia Pacific ex Japan		4.9	8.8	13.9	7.3	13.4	61.2

Discrete Performance

Year to	31/07/2014	31/07/2013	31/07/2012	31/07/2011	31/07/2010
Share Price	(3.5)	21.1	(3.4)	16.0	34.6
NAVA	0.3	12.4	0.3	15.6	34.8
MSCI AC Asia Pacific ex Japan	7.3	11.4	(5.2)	15.7	22.9

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.

^A Including current year revenue.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

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 New Dawn Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

4 September 2014

 

END

 

 

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