Interim Management Statement

RNS Number : 0998G

Asian Total Return Invest Co PLC

01 May 2014

 



ASIAN TOTAL RETURN INVESTMENT COMPANY PLC

Interim Management Statement for the Quarter ended 31 March 2014

The Board of Asian Total Return Investment Company plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 January 2014 to 31 March 2014.

Investment Objective

The Company's investment objective is to provide a high rate of return through investment in equities and equity-related securities of companies trading in the Asia Pacific region (excluding Japan).  The Company seeks to offer a degree of capital preservation through tactical use of derivative instruments.

Material Events or Transactions

Interim Dividend for the year ended 31 December 2013

The Board declared an interim dividend of 3.25p per share for the year ended 31 December 2013, which was paid on 4 April 2014 to shareholders on the Register on 21 March 2014.

Annual General Meeting

The Annual General Meeting of the Company was held on 30 April 2014. All resolutions set out in the Notice of Meeting were duly passed.

Directorate Change

Mr Struan Robertson retired at the Annual General Meeting held on 30 April 2014 and did not seek re-election as a Director of the Company.

The Board has expressed its thanks to Mr Robertson for his invaluable contribution, in particular for his dedication to the discussion and negotiations in the run up to the change in Investment Manager last year.

Mr Robertson's role as Senior Independent Director was taken by Mr Christopher Keljik.

No other material events or transactions have taken place in respect of the Company between 1 January 2014 and the date of publication of this Statement.

Company Statistics as at 31 March 2014

Net assets	£136.4 million
Net asset value ("NAV") per Ordinary share	184.03p
Share price	170.0p
Discount	7.6%
Number of portfolio holdings	64
Net cash	1.5%

Cumulative Performance to 31 March 2014

Total returns over:	3 months	6 months	1 year
Share price	(1.55)%	(0.71)%	(13.58)%
NAV per Ordinary share Peer group NAV (arithmetic average)	3.03% 0.09%	1.42% 1.03%	(8.61)% (5.96)%
MSCI AC Asia Pacific (ex Japan) Index	0.33%	0.34%	(6.72)%

Source: Morningstar

Portfolio Information as at 31 March 2014

Ten Largest Holdings

Stock Name	Country of listing	Market Value (£)	% of NAV
Jardine Strategic	Hong Kong	5,886,084	4.3
Taiwan Semiconductor Manufacturing	Taiwan	4,839,106	3.5
Jardine Matheson	Hong Kong	4,676,657	3.4
Wuxi Pharmatech	China	4,173,631	3.1
Kasikornbank	Thailand	3,826,406	2.8
Techtronic Industries	Hong Kong	3,779,245	2.8
AIA	Hong Kong	3,649,377	2.7
Brambles	Australia	3,638,028	2.7
Swire Properties	Hong Kong	3,552,203	2.6
Kepple	Singapore	3,204,891	2.3

Geographical Analysis

Country of Listing	% of NAV
Hong Kong/China	41.2
Thailand	8.9
Taiwan	8.8
Philippines	8.8
Australia	8.3
Singapore	6.0
India	5.6
Indonesia	4.5
Korea	3.5
Other	3.5
Options	0.2
Net current assets	0.7

Sector Breakdown

Sector	% of NAV
Financials	27.4
Industrials	25.2
Consumer Goods	17.1
Healthcare	8.3
Technology	7.8
Consumer Services	6.6
Basic Materials	2.1
Consumer Discretionary	1.7
General Retailers	1.5
Consumer Staples	1.4
Options	0.2
Net current assets	0.7

Changes to Share Capital during the quarter ended 31 March 2014

	Issued Ordinary shares of 5p each
Ordinary shares in issue on 1 January 2014	74,381,141
Ordinary shares held in Treasury on 1 January 2014 Ordinary shares repurchased into Treasury during the period Ordinary shares in issue on 31 March 2014 (excluding shares held in Treasury)	10,823,671 250,000            74,131,141
Ordinary shares held in Treasury on 31 March 2014	11,073,671

Following the period end, a further 100,000 Ordinary shares have been repurchased into Treasury and as at the date of this Statement, the Company's issued share capital consists of 74,031,141 Ordinary shares and an additional 11,173,671 Ordinary shares held in Treasury.  Accordingly, the total number of voting rights in the Company is 74,031,141.

Company Information as at 31 March 2014

SEDOL Code                                      0871079

Sector                                                 Equity Investment Instruments

Launch Date                                       26 November 1987

Financial Year End                              31 December

Company website:                              www.asiantotalreturninvestmentcompany.com

1 May 2014

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

 

END

 

 

IMSUGUGGAUPCGCG