Edison issues review on Invesco Asia Trust (IAT)

RNS Number : 7408I

INVESCO Asia Trust PLC

23 March 2018

 

London, UK, 23 March 2018

Edison issues review on Invesco Asia Trust (IAT)

Invesco Asia Trust (IAT) aims to provide attractive long-term capital growth through investing in a diversified portfolio of Asian and Australasian equities. With few investment constraints, the relatively concentrated portfolio of 50-60 stocks is a reflection of the manager's highest conviction ideas, driven primarily by bottom-up considerations. IAT has a solid long-term track record and its NAV total return has outperformed the benchmark over three, five and 10 years. Asian equities have performed strongly over the past two years, leaving valuations above the historic average. However, they remain at a meaningful discount to global equities, and the manager continues to find attractive long-term investment ideas.

IAT currently trades at an 11.0% discount to ex-income NAV, which is in line with its three-year average, with the discount ranging between 6.8% and 14.2% over this period. The board is committed to managing the discount and views a level below 10.0% to be desirable under normal market conditions. A policy review in 2017 now gives the board discretion to repurchase shares, when it deems conditions to be appropriate, and when a repurchase can enhance NAV.

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