Half Yearly Report

RNS Number : 6873W

Aberdeen All Asia Inv Tst PLC

23 November 2010

 



ABERDEEN ALL ASIA INVESTMENT TRUST PLC

HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2010

Chairman's Statement

Performance

Your Company's portfolio had a commendable performance for the period ended 30 September 2010, with the net asset value of the Company increasing by 7.4% in Sterling terms. In contrast, the benchmark MSCI All Country Asia Pacific (including Japan) Index fell 1.3% during the review period, reflecting Sterling's strength (Asian markets rose in local currency terms). The share price rose 3% to 290p over the period, resulting in a widening of the discount. Discounts for similar funds also increased, as has been observed in previous periods of strong performance.

This sustained strong performance reflects the high quality of the companies held in the Company's investment portfolio, and the disciplined, stock selection approach of your Manager, combined with the focus of the portfolio on a limited number of companies, usually held for the long term. Along with Asia's attractive growth dynamics, this investment approach provides a solid foundation for the future performance of the portfolio.

On 16 June 2010, your Board declared a net final dividend of 1.50p per Ordinary share in respect of the year ended 31 March 2010, which was paid on 30 July 2010 to shareholders on the register as at 2 July 2010.

A detailed analysis of performance is covered in the Manager's Report.

Outlook

Markets are likely to remain volatile given the uncertain global outlook. Policy responses have reflected the different risks facing economies. The deflation-wary US is borrowing to spur growth, whereas Europe is embracing austerity. In Asia and emerging economies, the focus has been on moderating strong growth and tackling a massive surge in capital inflows triggered by dollar weakness and very loose monetary conditions in the West.

In the case of Japan, a clearly stagnant economy in a growth region, the risks are of deflation and a strong yen, but the Board remains confident of the continued good performance of the portfolio's very focused Japanese holdings, which have strong competitive advantages and are more exposed to emerging economies than to the domestic market.

Against this macroeconomic background, the selection of stable, well-managed and strong companies that characterises your Manager's investment policy will continue to support good returns as they take advantage of their own and Asia's strength, while managing well the increased risks that asset price inflation and volatile exchange rates will produce.

Your Board is as convinced as ever by Asia's growth prospects and the compelling opportunities for the region's well-managed companies. Household, government and corporate balance sheets are generally healthy. A growing affluent middle class is emerging. Many large countries in the region are still near the beginning of their growth trajectory, and further brisk expansion can be expected for decades to come. Identifying companies that can translate this growth into sustainable profits at the bottom line is the challenge which your Manager has successfully met during the current period.

The Company's borrowings, denominated in US dollars and Japanese Yen, totalled a Sterling-equivalent of £2.3 million at the end of the period, and remain unchanged at the date of writing of this report. The Board regularly reviews the overall level of borrowings in the light of market conditions.

Principal Risks and Uncertainties

The principal risks facing the Company relate to its investment activities, and are, therefore, market-related. Market risk comprises market price risk, security price risk, foreign currency risk, interest rate risk, liquidity risk and credit risk.

Further details in respect of the risks associated with investment in the Company are detailed in the Directors' Report and in note 18 to the financial statements in the Annual Report and Accounts for the year ended 31 March 2010 (at pages 20 and 42 to 44 respectively), a copy of which is available on the Company's website.

Aside from the market risks associated with investment, the key risks relate to the investment strategy of a focused portfolio of Asian stocks. Strategy, asset allocation and stock selection, while responsible for the good performance of the portfolio, might also lead to underperformance of the benchmark index. These risks are managed through a defined investment policy, specific guidelines and restrictions and by the process of oversight at each Board meeting. The Board regularly reviews major strategic risks and sets out delegated controls designed to manage those risks.

The Company currently utilises gearing in the form of bank borrowings (see Note 7 to the Financial Statements). Gearing magnifies the effect of market movements on the net asset value of the Company.

Related Party Transactions

Aberdeen Asset Management Asia Ltd acts as Manager to the Company and, through its parent company, Aberdeen Asset Management PLC, provides company secretarial, accounting and administrative services. Details of the service and fee arrangements can be found in the Annual Report and Accounts for the year ended 31 March 2010.

Directors' Responsibility Statement

The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations.  The Directors confirm that to the best of their knowledge -

-      the condensed set of Financial Statements have been prepared in accordance with the UK Accounting Standards Board's statement "Half-Yearly Financial Reports"; and

-      the Interim Management Report includes a fair review of the information required by rules 4.2.7R of the UK Listing Authority Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).

The Half-Yearly Financial Report for the six months ended 30 September 2010 comprises an Interim Management Report in the form of the Chairman's Statement, the Directors' Responsibility Statement and a condensed set of Financial Statements, and has not been audited or reviewed by the auditors pursuant to the APB guidance on Review of Interim Financial Information. The Manager's Report is provided for information only, and is the responsibility of Aberdeen Asset Management Asia Limited.

Neil Gaskell

Chairman

23 November 2010

Manager's Report

Overview

Over the half year ended 30 September 2010, the Company's net asset value per share rose by 7.4% in Sterling terms, compared with a fall in the benchmark, the MSCI AC Asia Pacific (including Japan) Index, of 1.3%. Initially, heightened risk aversion, triggered by recurrent fears of a double-dip recession and Europe's sovereign debt crisis, depressed stockmarkets. China's cooling measures, coupled with the anaemic recovery in the US, fuelled concerns about the region's economic momentum. However, continued signs of buoyancy, along with the mainland's largely symbolic move to de-peg the renminbi from the US dollar, led equities to bounce back markedly in the latter part of the review period.

The upshot of the rapid economic upturn in Asia and ultra-loose monetary conditions in Europe and the US is that asset prices across Asia have started to edge higher. Japan is the exception, where chronic deflation remains a problem. The cost of strong economic growth has been rising inflationary pressures, forcing a number of central banks to tighten monetary policy. India, which saw the wholesale price index rate of increase hit double-digits during the review period, was the most aggressive, raising interest rates five times since March. Other central banks in Australia, Malaysia, South Korea, Taiwan and Thailand also responded with interest rate hikes at least once. Shortly after the review period-end, China unexpectedly raised interest rates for the first time in nearly three years, underscoring the authorities' confidence in the mainland's strong growth (Beijing had repeatedly tightened rules to cap the property market, as had Hong Kong and Singapore). These policy moves stood in contrast to Japan, where the central bank cut interest rates to virtually zero, and announced a new asset purchase programme to stimulate growth.

Portfolio

Both asset allocation and stock selection contributed positively to our performance relative to the benchmark.

Japan, where we have consistently maintained an underweight position relative to the benchmark, added the most to overall relative return as Japanese equities continued to lag the region, owing to the stubbornly strong yen and weak domestic outlook. Risk appetite returned towards the period-end after the central bank intervened to depreciate the currency, but the modest gains failed to reverse earlier losses. Despite the domestic uncertainties, our Japanese investments did very well, due to their exposure to Asia's economic boom. Notable outperformers included personal goods company Unicharm and industrial robotic maker Fanuc. Good operational performance, backed by substantial growth in Asia, underpinned Unicharm, while Fanuc was boosted by demand from Asia-based manufacturers, which account for almost 40% of its total revenue. Better cost controls improved Takeda Pharmaceutical's profitability and cash flow. In addition, the leading drugmaker is taking significant steps to strengthen its R&D capabilities and improve its sales reach in the US market through strategic acquisitions.

In Hong Kong, our significant overweight boosted relative return. Solid company earnings and positive economic data, which eased fears that China's economy was facing a sharp downturn, led Hong Kong shares to rise sharply over the reporting period. Notably, our property and banking investments with exposure to the mainland, including Wing Hang Bank, Sun Hung Kai Properties, Hang Lung Group and Hang Lung Properties, continued to rally as anti-speculation measures to curb runaway property prices were less severe than expected. Conglomerate Jardine Strategic also outperformed, largely because of solid results that were driven by all its underlying business segments, including Hong Kong Land, Dairy Farm and Indonesia's Astra International, along with its offer to buy back its own shares.

Likewise, economic expansion and upbeat corporate results underpinned Singapore, where the portfolio also has a heavy exposure. Second-quarter GDP rose by an annualised 26%, bringing first-half growth to 17.9% year-on-year. Tourism was one of the key drivers, with the opening of the two casino resorts drawing record visitor arrivals in the first half of the calendar year. This has had a positive impact on other sectors, ranging from hospitality to transport; our holdings in Singapore Airlines (SIA) and ST Engineering (STE) were the indirect beneficiaries of the spillover effect. SIA gained from the recovery in passenger and cargo demand, while the aviation segment contributed to STE's steady growth. Our holding in City Developments benefited from the buoyant residential market despite property tightening measures. The developer also realised gains on several older properties that fetched record sale prices. Meanwhile, Oversea-Chinese Banking Corp and United Overseas Bank's lending businesses faced some margin pressure, but this was more than compensated for by fee income growth and lower provisions amid improving asset quality.

The portfolio's overweight exposure to India also aided relative performance, as brisk foreign inflows and positive economic momentum fuelled equity gains. India's low export dependency and sustained domestic demand has blunted the impact of the global financial crisis, and buoyed our holdings. Mortgage lender HDFC, drugmaker GlaxoSmithKline India and IT software services provider Infosys Technologies were all beneficiaries of solid domestic consumption. Consumer sector holding Hindustan Unilever also enjoyed better sales growth, although rising costs pared profits.

Elsewhere, the overweights in Thailand and the Philippines were positive for the portfolio as both countries outperformed the regional benchmark. In Thailand, Siam Cement rebounded strongly following its prior underperformance. It was also bolstered by robust first-half results and news that lawmakers will allow most projects in the Map Ta Phut industrial park to resume operations. Philippine property developer Ayala Land's share price was boosted by healthy demand and good quarterly results.

In terms of portfolio activity, we introduced Li & Fung, a well-managed trading company with sound financials, an excellent track record of growth and good corporate governance. Against this, we sold automation services provider ABB India after its parent made an attractive tender offer.

Outlook

Market volatility is likely to persist in the short term, given the global economic imbalances. The US is still grappling with a moribund house market and high unemployment, while Europe's austerity drive will hinder its economic revival. In Asia and other emerging markets, currency policy is taking centre stage. The US dollar's persistent weakness (exacerbated by expectations of the Federal Reserve's further quantitative easing) and easy monetary conditions in the West have triggered a flood of liquidity into the region, encouraging currency appreciation. Intervention by China and others to keep currencies competitive has fuelled trade tensions with the West.

In Japan, there are growing concerns of renewed recession as industrial activity declined in the face of slowing overseas demand and a rising yen. That the government is considering issuing more debt to fund a supplementary budget underlines the economy's fragility. The Bank of Japan has downgraded its growth forecast and warned that the yen's strength against other major currencies will impede its economic rebound. Meanwhile, prime minister Naoto Kan, having survived a party leadership challenge earlier, faces other obstacles, both from a divided parliament where the opposition can block bills, and to repairing ties with China strained by a territorial dispute.

These headwinds aside, Asia's robust corporate fundamentals, sound fiscal positions and large government reserves make its longer term outlook appear more promising than that for the developed world. The combination of upbeat economic activity in the region and loose monetary policies elsewhere are expected to continue supporting equity markets in the coming months. Although the recent rally has pushed up share prices, valuations still appear reasonable as good growth prospects and healthy corporate balance sheets continue to underpin earnings.  

We are as confident as ever in the longer-term outlook for our holdings.

INCOME STATEMENT

	Six months ended
	30 September 2010
	(unaudited)
	Revenue	Capital	Total
	£'000	£'000	£'000
Gains on investments	-	3,213	3,213
Income (note 2)	985	-	985
Investment management fee	(192)	-	(192)
Performance fee	-	(175)	(175)
Administration expenses	(111)	(9)	(120)
Exchange (losses)/gains	-	(28)	(28)
	_________	_________	_________
Net return before finance costs and taxation	682	3,001	3,683
Finance costs	(15)	-	(15)
	_________	_________	_________
Net return on ordinary activities before taxation	667	3,001	3,668
Taxation on ordinary activities (note 3)	(48)	-	(48)
	_________	_________	_________
Net return on ordinary activities after taxation	619	3,001	3,620
	_________	_________	_________
Return per Ordinary share (pence)(note 5)	4.00	19.37	23.37
	_________	_________	_________
The total column of this statement represents the profit and loss account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Income Statement.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of the financial statements.

INCOME STATEMENT

	Six months ended
	30 September 2009
	(unaudited)
	Revenue	Capital	Total
	£'000	£'000	£'000
Gains on investments	-	13,221	13,221
Income (note 2)	666	-	666
Investment management fee	(145)	-	(145)
Performance fee	-	(338)	(338)
Administration expenses	(136)	(28)	(164)
Exchange (losses)/gains	-	287	287
	_________	_________	_________
Net return before finance costs and taxation	385	13,142	13,527
Finance costs	(42)	-	(42)
	_________	_________	_________
Net return on ordinary activities before taxation	343	13,142	13,485
Taxation on ordinary activities (note 3)	(33)	-	(33)
	_________	_________	_________
Net return on ordinary activities after taxation	310	13,142	13,452
	_________	_________	_________
Return per Ordinary share (pence)(note 5)	1.97	83.53	85.50
	_________	_________	_________
The total column of this statement represents the profit and loss account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Income Statement.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of the financial statements.

INCOME STATEMENT

	Year ended
	31 March 2010
	(audited)
	Revenue	Capital	Total
	£'000	£'000	£'000
Gains on investments	-	20,014	20,014
Income (note 2)	1,061	-	1,061
Investment management fee	(322)	-	(322)
Performance fee	-	(853)	(853)
Administration expenses	(269)	(38)	(307)
Exchange (losses)/gains	-	217	217
	_________	_________	_________
Net return before finance costs and taxation	470	19,340	19,810
Finance costs	(66)	-	(66)
	_________	_________	_________
Net return on ordinary activities before taxation	404	19,340	19,744
Taxation on ordinary activities (note 3)	(51)	-	(51)
	_________	_________	_________
Net return on ordinary activities after taxation	353	19,340	19,693
	_________	_________	_________
Return per Ordinary share (pence)(note 5)	2.25	123.11	125.36
	_________	_________	_________
The total column of this statement represents the profit and loss account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Income Statement.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of the financial statements.

BALANCE SHEET

		As at	As at	As at
		30 September 2010	30 September 2009	31 March 2010
		(unaudited)	(unaudited)	(audited)
	Notes	£'000	£'000	£'000
Fixed assets
Investments at fair value through profit or loss		54,082	45,736	51,302
		_________	_________	_________
Current assets
Debtors		213	162	360
Cash at bank and in hand		648	1,248	625
		_________	_________	_________
		861	1,410	985
		_________	_________	_________
Creditors: amounts falling due within one year
Foreign currency bank loans	7	(2,268)	(3,308)	(2,298)
Other creditors		(278)	(453)	(980)
		_________	_________	_________
		(2,546)	(3,761)	(3,278)
		_________	_________	_________
Net current liabilities		(1,685)	(2,351)	(2,293)
		_________	_________	_________
Net assets		52,397	43,385	49,009
		_________	_________	_________
Share capital and reserves
Called-up share capital		1,549	1,573	1,549
Special reserve		398	1,015	398
Capital redemption reserve		2,183	2,159	2,183
Capital reserve	8	47,357	38,158	44,356
Revenue reserve		910	480	523
		_________	_________	_________
Equity shareholders' funds		52,397	43,385	49,009
		_________	_________	_________
Net asset value per Ordinary share (pence):	9	338.21	275.77	316.34
		_________	_________	_________

RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

Six months ended 30 September 2010 (unaudited)
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2010	1,549	398	2,183	44,356	523	49,009
Return on ordinary activities after taxation	-	-	-	3,001	619	3,620
Dividend paid (note 4)	-	-	-	-	(232)	(232)
	________	________	________	________	________	_______
Balance at 30 September 2010	1,549	398	2,183	47,357	910	52,397
	________	________	________	________	________	_______
Six months ended 30 September 2009 (unaudited)
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2009	1,573	1,015	2,159	25,016	548	30,311
Return on ordinary activities after taxation	-	-	-	13,142	310	13,452
Dividend paid (note 4)	-	-	-	-	(378)	(378)
	________	________	________	________	________	_______
Balance at 30 September 2009	1,573	1,015	2,159	38,158	480	43,385
	________	________	________	________	________	_______
Year ended 31 March 2010 (audited)
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2009	1,573	1,015	2,159	25,016	548	30,311
Purchase of own shares for cancellation	(24)	(617)	24	-	-	(617)
Return on ordinary activities after taxation	-	-	-	19,340	353	19,693
Dividend paid (note 4)	-	-	-	-	(378)	(378)
	________	________	________	________	________	_______
Balance at 31 March 2010	1,549	398	2,183	44,356	523	49,009
	________	________	________	________	________	_______

CASHFLOW STATEMENT

	Six months ended	Six months ended	Year ended
	30 September 2010	30 September 2009	31 March 2010
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Return on ordinary activities before finance costs and taxation	3,683	13,527	19,810
Adjustments for:
Gains on investments	(3,213)	(13,221)	(20,014)
Expenses taken to capital reserve	184	366	891
Foreign exchange movements	28	(287)	(217)
(Increase)/decrease in accrued income	(12)	64	3
Decrease/(increase) in other debtors	7	(5)	(3)
(Decrease)/Increase in other creditors	(862)	14	15
Overseas withholding tax suffered	(50)	(39)	(50)
Stock dividends included in investment income	(107)	(63)	(90)
	___________	___________	___________
Net cash (outflow)/inflow from operating activities	(342)	356	345
Net cash outflow from servicing of finance	(18)	(58)	(83)
Net cash inflow from financial investment	673	713	1,823
Equity dividends paid	(232)	(378)	(378)
	___________	___________	___________
Net cash inflow before financing	81	633	1,707
Financing
Purchase of Ordinary share capital	-	-	(617)
Loan drawn down/(repaid)	-	6	(2,311)
	___________	___________	___________
Net cash inflow/(outflow) from financing)	-	6	(2,928)
	___________	___________	___________
Increase/(decrease) in cash	81	639	(1,221)
	___________	___________	___________
Reconciliation of net cash flow to movements in net debt
Increase/(decrease) in cash as above	81	639	(1,221)
(Increase)/decrease in borrowings	-	(6)	2,311
	___________	___________	___________
Change in net debt resulting from cash flows	81	633	1,090
Foreign exchange movements	(28)	287	217
	___________	___________	___________
Movement in net debt in the period	53	920	1,307
Opening net debt	(1,673)	(2,980)	(2,980)
	___________	___________	___________
Closing net debt	(1,620)	(2,060)	(1,673)
	___________	___________	___________
Represented by:
Cash at bank and in hand	648	1,248	625
Debt falling due within one year	(2,268)	(3,308)	(2,298)
	___________	___________	___________
Closing net debt	(1,620)	(2,060)	(1,673)
	___________	___________	___________

NOTES TO THE ACCOUNTS

1.	Accounting policies
	Basis of accounting
	The accounts have been prepared in accordance with applicable UK Accounting Standards, with pronouncements on Half-Yearly Reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (issued in January 2009). They have also been prepared on the assumption that approval as an investment trust will continue to be granted.
	The financial statements and the net asset value per share figures have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).
	The half-yearly financial statements have been prepared using the same accounting policies as the preceding annual accounts.

		Six months ended	Six months ended	Year ended
		30 September 2010	30 September 2009	31 March 2010
2.	Income	£'000	£'000	£'000
	Income from investments
	UK dividend income	42	9	56
	Overseas dividends	836	590	911
	Stock dividends	107	63	90
		___________	___________	___________
		985	662	1,057
		___________	___________	___________
	Other income
	Underwriting commission	-	4	4
		___________	___________	___________
	Total income	985	666	1,061
		___________	___________	___________

3.	Taxation
	The taxation charge for the period represents withholding tax suffered on overseas dividend income.

		Six months ended	Six months ended	Year ended
		30 September 2010	30 September 2009	31 March 2010
4.	Dividends	£'000	£'000	£'000
	2009 final dividend - 2.40p	-	378	378
	2010 final dividend - 1.50p	232	-	-
		___________	___________	___________
		232	378	378
		___________	___________	___________

		Six months ended	Six months ended	Year ended
		30 September 2010	30 September 2009	31 March 2010
5.	Return per Ordinary share	£'000	£'000	£'000
	Based on the following figures:
	Revenue return	619	310	353
	Capital return	3,001	13,142	19,340
		___________	___________	___________
	Total return	3,620	13,452	19,693
		___________	___________	___________
	Weighted average number of Ordinary shares in issue	15,492,367	15,732,367	15,708,956
		___________	___________	___________

6.	Transaction costs
	During the period expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. Expenses incurred in acquiring investments have been expensed through capital and are included within administration expenses in the Income Statement, whilst expenses incurred in disposing of investments have been expensed through capital and are included within gains on investments in the Income Statement. The total costs were as follows:
		Six months ended	Six months ended	Year ended
		30 September 2010	30 September 2009	31 March 2010
		£'000	£'000	£'000
	Purchases	7	24	31
	Sales	8	4	17
		___________	___________	___________
		15	28	48
		___________	___________	___________

		As at	As at	As at
		30 September 2010	30 September 2009	31 March 2010
7.	Foreign currency bank loans	£'000	£'000	£'000
	Foreign currency bank loans	2,268	3,308	2,298
		___________	___________	___________
	Bank loans of US$2,750,000 (30 September 2009 - US$4,085,000; 31 March 2010 - US$2,750,000), equivalent to £1,745,000 (30 September 2009 - £2,554,000; 31 March 2010 - £1,813,000) at an interest rate of 1.37% (30 September 2009 - 1.81%; 31 March 2010 - 1.35%) and JPY68,800,000 (30 September 2009 - JPY108,000,000; 31 March 2010 - JPY68,800,000), equivalent to £523,000 (30 September 2009 - £754,000; 31 March 2010 - £485,000) at an interest rate of 0.88% (30 September 2009 - 1.55%; 31 March 2010 - 0.93%) are drawn down from the £7,000,000 facility with Standard Chartered Bank.
	On 8 October 2010 loans of US$2,750,000 and JPY68,800,000 were rolled over to 10 January 2011 at rates of 1.38% and 0.935% respectively.

8.	Capital reserve
	The capital reserve figure reflected in the Balance Sheet includes investment holdings gains of £15,605,000 (30 September 2009 - £7,199,000; 31 March 2010 - £13,415,000).

		As at	As at	As at
9.	Net asset value per Ordinary share	30 September 2010	30 September 2009	31 March 2010
	Attributable net assets (£'000)	52,397	43,385	49,009
	Number of Ordinary shares in issue	15,492,367	15,732,367	15,492,367
	Net asset value per Ordinary share (p)	338.21	275.77	316.34

10.	Related party disclosures
	There were no related party transactions during the period.

11.	The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 - 436 of the Companies Act 2006. The financial information for the six months ended 30 September 2010 and 30 September 2009 have not been audited.
	The information for the year ended 31 March 2010 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2),(3) or (4) of the Companies Act 2006.
	This report has not been reviewed or audited by the Company's auditors.

12.	This Half-Yearly Financial Report was approved by the Board on 23 November 2010.

13.	The Half-yearly Report will shortly be available from the Company's website (www.all-asia.co.uk) and will be posted to shareholders in December 2010.

For Aberdeen All Asia Investment Trust plc

Aberdeen Asset Management PLC, Secretary

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