Interim Management Statement

RNS Number : 9672N

Edinburgh Dragon Trust plc

21 June 2010

 



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 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 March 2010 to 18 June 2010, 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 31 May 2010 the Company's net asset value rose 6.9% on a total return basis compared to a rise of 5.1% in the MSCI AC Asia (ex Japan) Index.  There were no buy-backs of shares for the period from 1 March 2010 to 18 June 2010. 

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

Ten largest equity holdings as at 31 May 2010

Holding	%
Jardine Strategic	4.8
Oversea-Chinese Banking Corp	4.1
Samsung Electronics pref	4.1
Swire Pacific 'B'	4.0
HDFC	3.7
Standard Chartered	3.7
Taiwan Semiconductor	3.5
PTT Exploration & Production	3.5
Infosys Technologies	3.4
Singapore Technologies Engineering	3.4
Total	38.2

Country allocation as at 31 May 2010

Country	Trust
Singapore	24.3
Hong Kong	17.8
India	16.2
China	8.0
South Korea	7.7
Thailand	6.5
Taiwan	6.0
Malaysia	5.1
Indonesia	2.8
Philippines	2.8
Sri Lanka	2.4
Cash	0.4
Total	100.0

Assets at 31 May 2010 Investments	£446.3m
Cash	(£0.6m)
Total gross assets*	£445.7m
No of shares in issue	196,311,219
Net asset value*	227.0p
Discount	10.9%

* excluding current year revenue

Cumulative performance (%)

	As at	3 months	6 months	1 year	3 years	5 years
	31/5/10
Share Price	202.3p	5.9	12.8	33.4	48.7	138.6
NAV	227.0p	6.9	16.2	42.2	47.0	139.9
MSCI AC Asia ex Japan		5.1	11.7	33.0	33.8	120.1

Discrete performance (%)

	31/5/10	31/5/09	31/5/08	31/5/07	31/5/06
Share Price	33.4	(0.9)	12.6	22.6	30.9
NAV	42.2	(7.3)	11.5	31.9	23.8
MSCI AC Asia  ex Japan	33.0	(10.8)	12.8	30.7	25.8

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

Source: Aberdeen Asset Managers Limited, Factset 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 and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

For Edinburgh Dragon Trust plc

Aberdeen Asset Managers Limited, Secretary

 

END

 

 

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