Interim Management Statement

RNS Number : 0515G

Edinburgh Dragon Trust plc

25 June 2012

 



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 2012 to 22 June 2012, 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 2011the Company's net asset value fell 7.6% on a total return basis compared to a fall of 9.0% in the MSCI AC Asia (ex Japan) Index.  There were no buy-backs of shares for the period from 1 March 2012 to 22 June 2012. 

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 2012

Holding	%
Samsung Electronics Pref.	4.8
Jardine Strategic	4.5
Taiwan Semiconductor	4.3
Oversea-Chinese Banking Corp.	4.3
Standard Chartered*	4.1
HDFC	3.5
City Developments	3.4
Infosys Technologies	3.4
Swire Pacific 'B'	3.3
China Mobile	3.2
Total	38.8

*Hong Kong and UK listings held

Country allocation as at 31 May 2012

Country
Hong Kong	25.0
Singapore	20.2
India	12.9
South Korea	7.9
China	7.4
Taiwan	6.5
Thailand	5.5
Malaysia	4.0
Philippines	3.8
United Kingdom	3.0
Sri Lanka	2.2
Indonesia	1.5
Cash	0.2
Total	100.0

Assets at 31 May 2012 Investments	£547.4m
Cash	£1.2m
Total gross assets*	£548.6m
No of shares in issue	196,350,842
3.5% Convertible Unsecured Loan Stock 2018 (CULS) at nominal value	£59,891,013
Gearing**	12.3%

* including current year revenue

** based on debt at par

Cumulative performance (%)

	As at	3 months	6 months	1 year	3 years	5 years
	31/5/12
Share Price	225.7p	(10.7)	3.1	(5.8)	52.1	69.6
NAV	247.1p	(7.6)	7.4	(3.5)	59.3	64.7
MSCI AC Asia ex Japan		(9.0)	5.8	(11.9)	35.6	36.5

Discrete performance (%)

	Year to 31/05/2012	Year to 31/05/2011	Year to 31/05/2010	Year to 31/05/2009	Year to 31/05/2008
Share Price	(5.8)	21.0	33.4	-0.9	12.6
NAV	(3.5)	15.1	42.2	-7.3	11.5
MSCI AC Asia  ex Japan	(11.9)	15.8	33.0	-10.8	12.8

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

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

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

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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