Interim Management Statement

RNS Number : 3224K

Edinburgh Dragon Trust plc

17 December 2008

 



Edinburgh Dragon Trust plc - Interim management statement

To the members of Edinburgh Dragon 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 September 2008 to 16 December 2008, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve long term capital growth through investment in the Far East. The Company's benchmark is the MSCI All Country Asia (ex Japan) Index. Investments are made in stockmarkets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns.

Benchmark

MSCI All Country Asia (ex Japan)

Material transactions and their impact on the Trust's financial position

Over the three month period to 30 November 2008 the Company's net asset value fell 23.7% on a total return basis compared to a fall of 29.1% in the MSCI AC Asia (ex Japan) Index. The Company did not buy back shares for the period from 1 September 2008 to 16 December 2008.  

For latest NAV and share price information, please refer to the Trust's website, www.edinburghdragon.co.uk.

Ten largest equity holdings as at 30 November 2008

Holding	%
China Mobile	3.8
Samsung Electronics pref	3.7
Oversea-Chinese Banking Corp	3.7
Singapore Telecommunications	3.6
Swire Pacific 'B'	3.5
Jardine Strategic	3.3
United Overseas Bank	3.2
Singapore Technologies	3.0
Taiwan Semiconductor	3.0
Public Bank	2.8
Total	33.6

Country allocation as at 30 November 2008

Country	Trust
Singapore	23.4
Hong Kong	14.7
India	11.1
South Korea	7.2
Taiwan	5.6
China	7.3
Malaysia	5.8
Thailand	3.8
Indonesia	2.5
Philippines	2.3
Sri Lanka	0.6
Cash	15.7
Total	100.0

Assets at 30 November 2008

Investments	£285.8m
Cash	£47.9m
Total gross assets	£333.7m
No of shares in issue	230,954,375
Net asset value	121.92p
Actual gearing	1.5%
Discount	11.4%

Cumulative performance (%)

	as at	3 months	6 months	1 year	3 years	5 years
	30/11/08
Share Price	108.0	-24.9	-30.1	-28.0	-1.6	47.3
NAV	121.9	-23.7	-29.8	-30.0	4.4	44.6
MSCI AC Asia ex Japan		-29.1	-37.5	-42.0	-2.2	40.7

Discrete performance (%)

	30/11/08	30/11/07	30/11/06	30/11/05	30/11/04
Share Price	-28.0	14.4	19.5	43.4	4.3
NAV	-30.0	26.0	18.2	35.7	2.1
MSCI AC Asia ex Japan	-42.0	40.7	19.8	32.1	8.9

Total Return; NAV to NAV, Net Income Reinvested, GBP

NAV returns based on NAVs excluding income and with debt valued at par

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

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 and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

For Edinburgh Dragon Trust plc

Edinburgh Fund Managers plc, Secretary

 

END

 

 

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