Interim Management Statement

RNS Number : 0111U

Edinburgh Dragon Trust plc

20 December 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 as a body 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 September 2012 to 19 December 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 events and their impact on the Trust

On 11 December 2012 the Company held its Annual General Meeting at which all resolutions were passed, including the resolution to continue the company as an investment company.  The special resolutions passed were to allow the Company to issue shares (up to 5% of the issued share capital without pre-emption) and to buy back shares (up to 14.99% of the issued share capital).  A final dividend of 2.20p per ordinary share was approved and paid to shareholder on 14 December 2012.

Material transactions and their impact on the Trust's financial position

Over the three month period to 30 November 2012 the Company's net asset value rose 7.9% on a total return basis compared to a rise of 8.7% in the MSCI AC Asia (ex Japan) Index.  The Company did not buy back shares for the period from 1 September 2011 to 19 December 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 30 November 2012

Holding	%
Samsung Electronics Pref.	5.3
Oversea-Chinese Banking Corp.	4.8
Taiwan Semiconductor	4.4
Jardine Strategic	4.4
Standard Chartered*	4.2
HDFC	4.0
ST Engineering	3.5
City Developments	3.2
United Overseas Bank	3.2
Swire Pacific B	3.2
Total	40.2

Country allocation as at 30 November 2012

Country	%
Hong Kong	23.3
Singapore	20.9
India	13.7
Korea	8.1
China	7.5
Taiwan	6.4
Thailand	5.5
Philippines	4.3
Malaysia	3.7
United Kingdom	3.1
Sri Lanka	2.2
Indonesia	1.1
Cash	0.2
Total	100.0

Assets at 30 November 2012

Gross assets¹	£607.1m
Debt (CULS) at nominal value	£59.8m
No of shares in issue	196,360,259
Net asset value¹	281.0p
Discount	10.4%

Cumulative performance as at 30 November 2012

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/11/2012	%	%	%	%	%	%
Share Price	251.9	1.5	7.1	12.6	16.0	44.8	74.7
NAV¹	281.0	2.9	7.9	13.6	22.0	47.9	67.4
MSCI AC Asia ex Japan		3.3	8.7	11.0	17.4	26.4	24.6

Discrete performance (%)

	30/11/2012	30/11/2011	30/11/2010	30/11/2009	30/11/2008
Share Price	16.0	-8.1	35.7	67.6	-28.0
NAV¹	22.0	-10.5	35.4	61.5	-30.0
MSCI AC Asia ex Japan	17.4	-13.9	25.0	69.9	-42.0

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par to the 31/01/11 thereafter debt valued at fair value

Source: Aberdeen Asset Managers, Factset and Morningstar

¹ Excluding current year revenue

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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