Interim Results

RNS Number : 1954C

Henderson TR Pacific Inv. Trust PLC

28 August 2008

 



28 August 2008                

Page 1 of 12

This announcement constitutes regulated information.

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Henderson TR Pacific Investment Trust plc ('Henderson TR Pacific'), which seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia, announces results for the half year ended 30 June 2008. 

Financial Highlights

Per ordinary share	(Unaudited) 30 June  2008	(Audited) 31 December 2007	%  Change
Net asset value #	136.4p	183.5p	-25.7
Share price #	122.5p	161.3p	-24.1
Discount	10.2%	12.1%
Gearing *	-	14.8%

*	Defined here as borrowings, less cash balances and deposits, as a percentage of
	shareholders' funds.
#	Excluding reinvested income

Performance to 30 June 2008

		6 months %	12 months  %
Net asset value total return (1)		-24.5	-12.3
Share price total return (2)		-22.8	-10.3
MSCI All Country Asia ex-Japan Index total return (2)		-21.1	-4.7
Peer group (NAV) total return (3)		-20.3	-7.3

(1)	Source: AIC Information Services Ltd (net income reinvested).
(2)	Source: Thomson Financial, Datastream (gross income reinvested).
(3)	Source: AIC Information Services Ltd. The performance of a group of leading investment trust competitors (arithmetic average).

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Interim Management Report

(incorporating the Chairman's Statement)

Review of the period including material events and transactions

Market Background

At the interim stage last year we noted fears that the US mortgage crisis would develop into a fully-fledged 'credit crunch' in the overstretched financial systems of the developed world. In the subsequent twelve months, these fears have been fully realised and have led to the bankruptcy or emergency rescue of financial institutions in both the US and UK, as well as a rapid deterioration in housing markets, consumer spending and the outlook for economic growth. We argued that, economically, Asia was well insulated from the immediate effects of the credit crunch given the strength of bank, corporate and household balance sheets across the region. We considered that Asia's main risk was too much growth, as a result of still buoyant exports and investment together with recovering consumer spending. To the extent that an 'imported' slowdown prevented domestic overheating, we considered it a helpful rather than a negative development.

This relatively sanguine view of the economic prospects for Asia has been considerably shaken by the emergence of a new and potentially far more threatening problem. The recent surge in commodity prices led by oil, but spilling over into metals and food, has led to a sharp pick up in headline inflation rates across the region. While core inflation remains relatively subdued, the risk that spiralling raw material costs lead to a more general rise in prices has forced the hand of Asia's central banks. Initially, an appreciation of Asia's generally undervalued currencies seemed like the ideal solution to the problem of imported commodity inflation and we regarded it as an encouraging change in the traditionally mercantilist mindset of the region's policy makers. However, as commodity prices have continued to rise, Asia has been increasingly forced to utilise the full range of tools available to control the spread of inflation. To date, this has included efforts to curtail bank lending, price caps and higher interest rates.

Of course, the experience of individual countries in the region has differed greatly, but in general, if commodity prices continue to rise, we are faced with the prospect of lower economic growth in the region as central banks attempt to maintain price stability.

Performance

Your Company's performance has been disappointing during this period of unprecedented market instability and volatility, with the net asset value total return falling 24.5% in sterling terms in the half year to the end of June.  The MSCI All Country Asia ex-Japan, the Company's benchmark index, was down 21.1% in sterling terms over the same period. As a consequence, the fee payable to the Investment Manager is less than a quarter of that for the comparable period last year.  

We started the year with some gearing which was a significant drag on performance during the sharp sell off in markets in January. This gearing was removed in the brief market recovery in March and April. Your Company is currently fully invested and will use gearing to increase exposure to the markets on any further significant weakness.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Interim Management Report

(incorporating the Chairman's Statement) continued 

Outlook

The short term environment remains opaque as the markets digest the twin shocks of slower global growth and rising commodity prices. Periods of slower growth are normally associated with falls in the costs of energy and other raw materials but the emergence of significant new markets in India and China has complicated the picture. Nevertheless, we have reached a point where high commodity prices are leading to demand destruction in developed markets and are increasingly likely to have a negative impact on emerging market demand as well. If, as we expect, Asia avoids a severe economic slowdown, a significant fall in the price of key raw materials is likely to lead to a recovery in Asian markets as expectations regarding inflation and interest rates are reigned in. Your Company has begun to reduce its exposure to oil and other commodities and will seek to redeploy cash in strong long term growth companies as opportunities arise. In the longer term, we remain convinced that Asian countries and companies are well placed to emerge from the current difficulties in a strong economic and competitive position.

David Robins

Chairman

27 August 2008

For further information contact: 

Andrew Beal 

Fund Manager 

Tel: [phone]

David Robins

Chairman 

Tel: [phone]

Sarah Gibbons-Cook 

Investor Relations and PR Manager

Henderson Global Investors

Tel: [phone]

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Page 4 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Income Statement 

for the half year ended 30 June 2008

	(Unaudited) Half year ended  30 June 2008			(Unaudited) Half year ended  30 June 2007			(Audited) Year ended  31 December 2007
	Revenue	Capital		Revenue	Capital		Revenue	Capital
	return	return	Total	return	return	Total	return	return	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains from investments held at fair value through profit or loss	-	(78,046)	(78,046)	-	40,135	40,135	-	84,272	84,272
Income from investments
held at fair value through
profit or loss	3,792	-	3,792	3,818	-	3,818	7,044	-	7,044
Other interest receivable and similar income	158	-	158	138	-	138	360	-	360
	--------	--------	--------	--------	--------	--------	--------	--------	--------
Gross revenue and capital
(losses)/gains	3,950	(78,046)	(74,096)	3,956	40,135	44,091	7,404	84,272	91,676
Management fee (note 2)	(140)	(234)	(374)	(312)	(563)	(875)	(654)	(1,221)	(1,875)
Performance fee (note 2)	-	-	-	-	(1,237)	(1,237)	-	(1,144)	(1,144)
Other administrative expenses	(341)	-	(341)	(350)	-	(350)	(717)	-	(717)
	--------	--------	--------	--------	--------	--------	--------	--------	--------
Net return/(loss) on
ordinary activities before
finance charges
and taxation	3,469	(78,280)	(74,811)	3,294	38,335	41,629	6,033	81,907	87,940
Finance charges	(119)	(358)	(477)	(164)	(491)	(655)	(308)	(923)	(1,231)
	--------	--------	--------	--------	--------	--------	--------	--------	--------
Net return/(loss) on
ordinary activities
before taxation	3,350	(78,638)	(75,288)	3,130	37,844	40,974	5,725	80,984	86,709
Taxation on net return/(loss)
on ordinary activities	(956)	169	(787)	(976)	687	(289)	(1,821)	988	(833)
	--------	--------	--------	--------	--------	--------	--------	--------	--------
Net return/(loss) on ordinary
activities after taxation	2,394	(78,469)	(76,075)	2,154	38,531	40,685	3,904	81,972	85,876
	=====	=====	=====	=====	=====	=====	=====	=====	=====
Basic and diluted
return/(loss) per ordinary
share (note 3)	1.43p	(46.75p)	(45.32p)	1.18p	21.11p	22.29p	2.18p	45.87p	48.05p
	=====	=====	=====	=====	=====	=====	=====	=====	=====

The columns of this statement headed 'total' represent the Company's income statement, prepared in accordance with UK GAAP. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.

The Company has no recognised gains or losses other than those disclosed in the income statement and the reconciliation of movements in shareholders' funds.

All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Reconciliation of Movements in Shareholders' Funds

for the half years ended 30 June 2008 and 2007 and year ended 31 December 2007

	Called
	up	Capital		Other
	share	redemption	Special	capital	Revenue
(Unaudited)	capital	reserve	reserve	reserves	reserve	Total
Half year ended 30 June 2008	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2007	8,516	7,390	63,802	222,581	10,271	312,560
Net (loss)/return from ordinary
activities after taxation	-	-	-	(78,469)	2,394	(76,075)
Dividend paid in respect of
year ended 31 December 2007
(paid 30 April 2008)	-	-	-	-	(3,396)	(3,396)
Purchase of own shares	(351)	351	(10,277)	-	-	(10,277)
	--------	---------	--------	---------	--------	---------
At 30 June 2008	8,165	7,741	53,525	144,112	9,269	222,812
	=====	=====	=====	======	=====	======
	Called
	up	Capital		Other
	share	redemption	Special	capital	Revenue
(Unaudited)	capital	reserve	reserve	reserves	reserve	Total
Half year ended 30 June 2007	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2006	9,186	6,720	83,728	140,609	8,744	248,987
Net return from ordinary activities
after taxation	-	-	-	38,531	2,154	40,685
Dividend paid in respect of year
ended 31 December 2006
(paid 26 April 2007)	-	-	-	-	(2,375)	(2,375)
Purchase of own shares	(257)	257	(7,008)	-	-	(7,008)
	--------	---------	--------	---------	--------	---------
At 30 June 2007	8,929	6,977	76,720	179,140	8,523	280,289
	=====	=====	=====	======	=====	======

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Reconciliation of Movements in Shareholders' Funds continued

	Called
	up	Capital		Other
	share	redemption	Special	capital	Revenue
(Audited)	capital	reserve	reserve	reserves	reserve	Total
Year ended 31 December 2007	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2006	9,186	6,720	83,728	140,609	8,744	248,987
Net return from ordinary
activities after taxation	-	-	-	81,972	3,904	85,876
Dividend paid in respect of the
year ended 31 December 2006
(paid 26 April 2007)	-	-	-	-	(2,377)	(2,377)
Purchase of own shares	(670)	670	(19,926)	-	-	(19,926)
	--------	--------	--------	---------	---------	----------
At 31 December 2007	8,516	7,390	63,802	222,581	10,271	312,560
	=====	=====	=====	======	=====	======

The transaction costs incurred on the acquisition and disposal of investments are included within capital reserve. The purchase transaction costs for the half year ended 30 June 2008 were £213,000 (half year ended 30 June 2007: £315,000; year ended 31 December 2007: £990,000). Sales transaction costs for the half year ended 30 June 2008 were £413,000 (half year ended 30 June 2007: £478,000; year ended 31 December 2007: £1,265,000).

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Balance Sheet

As at 30 June 2008

	(Unaudited)  30 June  2008 £'000	(Unaudited)  30 June  2007 £'000	(Audited)  31 December 2007 £'000
Fixed asset investments held at fair value
through profit or loss
Listed at market value - overseas	215,442	314,310	361,809
	----------	----------	----------
Current assets
Debtors	1,385	1,943	129
Bank balances and short term deposits	10,403	450	5,008
	----------	----------	----------
	11,788	2,393	5,137
Creditors: amounts falling due within one year	(4,327)	(36,414)	(54,386)
	----------	----------	----------
Net current assets/(liabilities)	7,461	(34,021)	(49,249)
	-----------	-----------	-----------
Total assets less current liabilities	222,903	280,289	312,560
Provision for liabilities and charges	(91)	-	-
	----------	----------	----------
Total net assets	222,812	280,289	312,560
	======	======	======
Capital and reserves
Called up share capital	8,165	8,929	8,516
Capital redemption reserve	7,741	6,977	7,390
Special reserve	53,525	76,720	63,802
Other capital reserves	144,112	179,140	222,581
Revenue reserve	9,269	8,523	10,271
	----------	----------	----------
Equity shareholders' funds	222,812	280,289	312,560
	======	======	======
Net asset value per ordinary share (note 4)	136.4p	157.0p	183.5p
	======	======	======

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Cash Flow Statement

for the half year ended 30 June 2008

	(Unaudited) Half year ended 30 June 2008 £'000	(Unaudited) Half year  ended 30 June 2007 £'000	(Audited) Year ended 31 December  2007 £'000
Net cash inflow/(outflow) from operating activities	827	(374)	2,598
Interest paid	(566)	(671)	(1,216)
Net tax (paid)/recovered	(278)	-	210
Net cash inflow/(outflow) from financial investments	66,971	266	(39)
Equity dividends paid	(3,396)	(2,375)	(2,377)
	----------	----------	----------
Net cash inflow/(outflow) before financing	63,558	(3,154)	(824)
Net cash outflow from financing	(58,082)	(7,399)	(548)
	----------	----------	----------
Increase/(decrease) in cash	5,476	(10,553)	(1,372)
	======	======	======
Reconciliation of operating revenue to net
cash inflow from operating activities
Total (loss)/return before finance charges and taxation	(74,811)	41,629	87,940
Less capital loss/(return) before finance charges and taxation	78,280	(38,335)	(81,907)
	----------	----------	-----------
Net revenue return before interest payable and taxation	3,469	3,294	6,033
Increase in accrued income	(410)	(1,284)	(17)
Increase in other debtors	(2)	(158)	(35)
Decrease in creditors	(1,792)	(129)	(134)
Management and performance fee taken to
other capital reserves	(234)	(1,800)	(2,365)
Overseas withholding tax	(204)	(289)	(552)
Taiwanese stock dividends	-	(8)	(332)
	----------	----------	----------
Net cash inflow/(outflow) from operating activities	827	(374)	2,598
	======	======	======
Reconciliation of net cash flow to movement in net
cash/(debt)
Increase/(decrease) in cash as above	5,476	(10,553)	(1,372)
Cash movement from debt financing	48,286	330	(19,451)
	----------	----------	----------
Change in net debt resulting from cash flows	53,762	(10,223)	(20,823)
Exchange movements	(341)	(75)	(1,744)
	----------	----------	----------
Movement in net debt during the period	53,421	(10,298)	(22,567)
Net debt at beginning of the period	(46,249)	(23,682)	(23,682)
	----------	----------	----------
Net cash/(debt) at the end of the period	7,172	(33,980)	(46,249)
	======	======	======
Represented by:
Cash at bank and short term deposits less bank overdrafts	10,396	(3,378)	5,008
Debt falling due within one year	(3,224)	(30,602)	(51,257)
	----------	----------	----------
	7,172	(33,980)	(46,249)
	======	======	======

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Page 9 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

Notes 

1.	Accounting policies
	The accounts are prepared on the historical cost basis of accounting, modified to include the revaluation of fixed asset investments, and in accordance with the Companies Act 1985, accounting standards applicable in the United Kingdom and the Revised Statement of Recommended Practice - 'Financial Statements of Investment Trust Companies' dated December 2005 (the Revised SORP).  The half year financial statements have been prepared on the basis of the accounting policies set out in the financial statements for the year ended 31 December 2007.   The taxation charge for each period is based on the expected tax payable.
2.	Management and performance fees
	The base management fee is calculated in the first instance at the rate of 0.60% per annum of gross assets, calculated and paid at the quarterly rate of 0.15%. If the closing NAV per share is lower than the opening NAV per share by more than 2.5% then a claw back provision applies. In this instance, the Investment Manager shall pay to the Company by way of refund 50% of the base fee paid in that calendar year. For the six months ended 30 June 2008 this claw back provision applies and accordingly the management fee payable for the period has been reduced by 50% (equal to £374,000). The provision is made on the assumption that for the calendar year, the closing NAV per share will be more than 2.5% below the opening NAV per share.
	Over a thirty month period from 1 January 2006 to 30 June 2008, the Company has underperformed the benchmark index by 1%; therefore no performance fee has been accrued in these accounts.
3.	(Loss)/return per ordinary share	(Unaudited)	(Unaudited)	(Audited)
		Half year end	Half year ended	Year ended
		30 June 2008	30 June 2007	31 December 2007
		£'000	£'000	£'000
	The return per ordinary share is based
	on the following figures:
	Revenue return	2,394	2,154	3,904
	Capital (loss)/return	(78,469)	38,531	81,972
		-----------	-----------	-----------
	Total	(76,075)	40,685	85,876
		-----------	-----------	---------------
	Weighted average number of
	ordinary shares in issue	167,845,432	182,562,509	178,723,079
	Revenue return per ordinary share	1.43p	1.18p	2.18p
	Capital (loss)/return per ordinary share	(46.75p)	21.11p	45.87p
		----------	----------	------------
	Total (loss)/return per ordinary share	(45.32p)	22.29p	48.05p
		======	======	=======
4.	Net asset value per ordinary share
	The net asset value per ordinary share is calculated on the basis of shareholders' funds attributable to the ordinary shares divided by the number of ordinary shares in issue at 30 June 2008, being 163,306,907 (30 June 2007: 178,574,407 and 31 December 2007: 170,331,407).

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

5.	Share capital
	During the period to 30 June 2008, the Company purchased and cancelled 7,024,500 shares for a total consideration of £10,277,000.
6.	Comparative information
	The financial information contained in this half year report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the half years ended 30 June 2007 and 30 June 2008 has not been audited or reviewed by the Company's auditors. The figures and financial information for the year ended 31 December 2007 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors, which was unqualified and did not contain a statement under either section 237(2) or 237(3) of the Companies Act 1985.
7.	Unaudited Report for the half year ended 30 June 2008
	The unaudited report for the half year ended 30 June 2008 will be posted to shareholders in September and will be available from the Registered Office at 4 Broadgate, London, EC2M 2DA thereafter.  It will also be available on the Company's website www.hendersontrpacific.com at the end of August.

Related Party Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or performance of the Company during the period. Details of related party transactions are contained in the Annual Report and Accounts.

Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into various areas :

•    Investment objective and policy

•    Gearing

•    Market movements and performance of the portfolio

In the view of the Board these principal risks and uncertainties are applicable to the remaining six months of the financial year as they were to the six months under review.

Directors' Responsibility Statement 

The Directors confirm that, to the best of their knowledge:

(a)    the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports';

(b)    the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and 

(c)    the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein). 

For and on behalf of Henderson TR Pacific Investment Trust plc 

David Robins

Chairman

27 August 2008

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

	APPENDIX 1
	Geographical Analysis of the Portfolio #
		As at 30 June    2008				As at 31 December       2007
		Company %		Index* %		Company  %		Index* %
	China	31.5		21.8		28.1		22.8
	Hong Kong	13.5		14.2		14.0		14.2
	India	6.8		9.3		9.5		12.2
	Indonesia	2.3		2.6		4.0		2.4
	Korea	15.1		20.7		15.9		20.4
	Malaysia	4.4		3.8		5.1		3.6
	Philippines	0.0		0.6		0.0		0.8
	Singapore	12.5		7.3		13.2		6.3
	Taiwan	9.0		17.2		7.6		0.6
	Thailand	2.6		2.2		0.0		14.6
	Vietnam	2.3		0.0		2.6		1.9
	Pakistan	0.0		0.3		0.0		0.2
		-------		-------		-------		-------
		100.0		100.0		100.0		100.0
		====		====		====		====
	* MSCI All Country Asia ex-Japan Index Country Weightings (%)  # Source: Henderson Global Investors and Factset
	APPENDIX 2
	Sector Analysis of the Portfolio #
			As at 30 June    2008				As at 31 December    2007
			Company %		Index* %		Company %	Index* %
	Consumer Discretionary		5.4		5.8		4.1	6.2
	Consumer Staples		0.0		3.9		5.4	3.4
	Energy		7.5		9.9		12.4	9.5
	Financials & Property		42.0		29.5		35.9	30.0
	Healthcare		0.0		0.5		0.0	0.5
	Industrials		22.0		12.7		15.6	14.4
	Information Technology		9.0		16.8		11.4	15.2
	Materials		1.7		7.7		4.7	8.1
	Telecommunication Services		12.4		9.4		10.5	9.2
	Utilities		0.0		3.8		0.0	3.5
			--------		------		--------	---------
			100.0		100.0		100.0	100.0
			=====		====		=====	=====
	* MSCI All Country Asia ex-Japan Index Sector Weightings (%)  # Source: Henderson Global Investors and Factset

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008

APPENDIX 3

List and Valuation of Investments

as at 30 June 2008

	£'000	%			£'000	%
China				Korea
Air China	3,332	1.5		Doosan Infracore	5,443	2.5
China Mobile	16,520	7.7		Hyundai Development	3,819	1.8
China National Building Materials	3,480	1.6		Hyundai Engineering & Construction	4,988	2.3
China Petroleum & Chemical	6,248	2.9		Kookmin Bank	7,495	3.5
CNPC Hong Kong	2,609	1.2		Shinhan Financial Group	6,063	2.8
Industrial & Commerical Bank of China	13,704	6.4		SK Holdings	4,755	2.2
Shanghai Forte Land	1,030	0.5			--------	-------
Suntech Power Holdings	7,204	3.3		TOTAL KOREA	32,563	15.1
Tencent Holdings	6,893	3.2			--------	-------
Yanzhou Coal	6,851	3.2
	--------	-------		Indonesia
TOTAL CHINA	67,871	31.5		Bank Mandiri	4,880	2.3
	--------	-------			--------	-------
				TOTAL INDONESIA	4,880	2.3
Hong Kong					--------	-------
China Overseas Land & Investment	3,367	1.6
Henderson Land Development	4,991	2.3		India
Hong Kong Exchanges & Clearing	4,331	2.0		Eredene Capital*	1,875	0.9
Kerry Properties	2,616	1.2		ICICI Bank	3,592	1.7
Polytec Asset Holdings	1,535	0.7		Tata Steel	5,048	2.3
Sino Land	4,144	1.9		Reliance Communication	4,112	1.9
Sun Hung Kai Properties	8,140	3.8			--------	-------
	--------	-------		TOTAL INDIA	14,627	6.8
TOTAL HONG KONG	29,124	13.5			--------	-------
	--------	-------
				Malaysia
Taiwan				Bumiputra Commerce	5,229	2.4
China Airlines	1,089	0.5		Resorts World	4,266	2.0
EVA Airways	1,080	0.5			--------	-------
High Tech Computer Corporation	7,114	3.3		TOTAL MALAYSIA	9,495	4.4
Mediatek	4,996	2.3			--------	-------
Yuanta Financial Holding	5,209	2.4
	--------	-------		Thailand
TOTAL TAIWAN	19,488	9.0		Advanced Information Services	5,531	2.6
	--------	-------			--------	-------
				TOTAL THAILAND	5,531	2.6
Singapore					--------	-------
Banyan Tree Holdings	5,144	2.4
DBS Group	6,940	3.2		Vietnam
Genting	275	0.1		Vietnam Enterprise Investment Fund	4,952	2.3
Keppel Corporation	7,030	3.3			--------	-------
Noble Group	7,522	3.5		TOTAL VIETNAM	4,952	2.3
	--------	-------			--------	-------
TOTAL SINGAPORE	26,911	12.5			--------	-------
	--------	-------		TOTAL INVESTMENTS	215,442	100.0
					--------	-------
* Listed on AIM in the UK.
Stocks in bold type are the top twenty largest investments which by value account for 67% of the total value of investments.

- ENDS -

 

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