Edison issues review on Invesco Asia Trust (IAT)

RNS Number : 8587X

INVESCO Asia Trust PLC

02 September 2020

 

London, UK, 2 September 2020

Edison issues review on Invesco Asia Trust (IAT)

Invesco Asia Trust (IAT) has generated an annualised NAV total return of 10.1% over the past 10 years, supported by steady income. The board aims to pay a regular six-monthly dividend equivalent to 2% of NAV. A performance-related conditional tender offer (subject to shareholder approval), announced in August 2020, emphasises the board's focus on total return. The fund manager, Ian Hargreaves, who has co-managed IAT since 2011 and has been sole manager since 2015, aims to outperform the market over three- to five-year rolling periods, following a bottom-up, contrarian approach, blending growth and value. He targets a double-digit annualised return from each portfolio holding. The manager expects his strategy to work well in the current environment.

IAT is trading at a 14.5% discount to its cum-income NAV, compared to its three-year average of 11.8%. The narrowing discount trend of 2019 (with a discount target of c 10%) was interrupted by the pandemic crisis in Q1 this year. Following the recent introduction of the performance-related conditional tender offer and enhanced dividend policy, IAT is well positioned for a narrower discount on the back of acceleration in performance and improving investor sentiment towards Asia. 

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