Final Results

RNS Number : 8708Y

Henderson Asian Growth Trust plc

07 March 2012

 



                                    Page 1 of 14

HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

This announcement contains regulated information

Henderson Asian Growth Trust plc announces its results for the year ended 31 December 2011.

Henderson Asian Growth Trust plc seeks a high rate of total return from companies operating primarily in the Asian region excluding Japan and Australasia.

Key Data
Per ordinary share	31 December 2011	31 December 2010	Change %
Net asset value #	167.5p	221.5p	-24.4
Share price #	152.3p	201.3p	-24.3
Discount	9.1%	9.1%
Total (loss)/return	(51.21)p	43.47p
Net revenue return	3.57p	3.33p	+7.2
Dividend per ordinary share in respect of the year	3.25p	2.90p	+12.1
Gearing*	4.1%	14.1%

# Excluding reinvested income.

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

Performance for 12 Months to 31 December 2011

	%
Net asset value total return (1)	-23.3
Share price total return (1)	-23.1
Peer group NAV total return (2)	-15.2
MSCI All Country Asia ex-Japan Index total return (3)	-16.5

(1) Source: Morningstar for the AIC using cum income net asset value.

(2) Source: Morningstar for the AIC. The performance of a group of leading investment trust competitors (weighted average).

(3) Source: Datastream (gross income reinvested).

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Commenting on the results Chairman, David Robins, said:

Your Company's portfolio is focused on growth stocks, which tends to outperform in rising markets and underperform in falling markets. As a result, I regret to have to report that your Company suffered from a poor relative performance in 2011. Whilst all markets were battered by the bad news flow during the course of the year, in the second half equities were badly affected by the lack of agreement over reducing the US budget deficit, the crisis in the Eurozone and the likelihood of recession in western economies. Sentiment towards emerging markets was impacted, and China in particular was assailed by alleged accounting fraud by US and Canadian listed Chinese companies. With monetary policy tightening in both China and India, and growth prospects throughout the region badly damaged, Asian equity markets performed particularly poorly.

Performance

With this backdrop, your Company's share price total return declined by 23.1% whilst the net asset value total return fell by 23.3%. This compared with a fall in the MSCI All Country Asia ex-Japan Index (sterling adjusted) of 16.5%. The peer group fell by an average 15.2%.

The Company has a concentrated portfolio with usually around a third of the companies held being non-index stocks. This results in a high tracking error and a relatively high beta. In 2011, the Company's heavy exposure to Chinese stocks had little impact on performance overall, but rather stock selection in other markets, particularly Hong Kong, India, Singapore and Taiwan was largely responsible for the relative underperformance as investors sought defensive earnings rather then growth last year. Moreover, this underperformance was exacerbated by gearing of 10% to 11% being maintained during the severe market declines over the summer. This is clearly evident in the Performance Analysis table in the Annual Report and Financial Statements.

Over three, five and ten years your Company has underperformed the peer group and index as shown in the performance table in the Annual Report and Financial Statements.

Your Board has spent much time reflecting on this performance over both the last, and recent, years. Whilst we have been concerned by the results of stock selection over the last twelve months, we are satisfied that the approach taken by your Portfolio Manager is appropriate in addressing the investment objective of the Company, but that the volatility of returns has been amplified by our gearing policy. As a result, gearing will in future be neutral other than at times when there appear to be clear turning points in regional markets.

Company Name

Your Portfolio Manager's investment philosophy is to generate returns by high conviction, bottom up stock selection. He aims to target companies trading at a deep discount to long term franchise value with the ability to beat market consensus earnings over a one to two year time horizon. Because of the relative size of the markets in which the Company invests, such opportunities are most often identified in the largest markets, particularly China and India.

It is the view of your Board that the nature of your Company and its investment style, as described above, differentiates it from its peer group. As noted above, market volatility over the last five years has inevitably been amplified by our investment style and gearing policy. However, the objective of your Board and your Portfolio Manager remains the achievement of a high rate of return over the cycle, growth in the Company, and hopefully an increase in liquidity, particularly with reference to the changes due under the Retail Distribution Review ("RDR").

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Chairman's statement continued

Your Board has concluded that the Company's name does not adequately reflect the style and purpose of the Company, and we therefore changed the name from Henderson TR Pacific Investment Trust plc to the Henderson Asian Growth Trust plc on 1 March 2012.

Dividend

Although your Portfolio Manager does not seek high yielding stocks, if anything the contrary, the Company has generated a significant level of income over the last year from both normal dividends and stock dividends. As a result, we are able to declare an interim dividend, in lieu of a final dividend, of 3.25p per share payable on 2 April 2012, compared with 2.90p per share last year.

Share Repurchases

Given the gyrations of markets over the second half of the year and the erosion of risk appetite for Asian markets and consequent selling pressure, the Company's discount widened at certain points in the summer and again in the autumn. Accordingly, your Company bought back and cancelled 563,000 shares during the year, in order to maintain the discount in line with our peer group.

Discount Control

The Company seeks annual authority from shareholders to repurchase up to 14.99% of its ordinary shares for cancellation. This authority is used in a tactical manner by the Board to seek to reduce the discount to net asset value at which the Company's shares trade.

Recently, the Company's Asia Pacific ex-Japan investment trust peers have introduced more formal measures to control their discounts. As the Board does not want the Company to be disadvantaged and distinguished from its peers in lacking a formal discount control, the Board has, from the start of the Company's 2012 financial year targeted a discount level of 10% to the Company's net asset value excluding income in normal market conditions.

Should the average daily discount be wider than 10% in any six month period, the Board will propose a tender offer for up to 5% of the Company's shares in issue at a discount of 2% to the formula asset value (net asset value less the costs of the tender offer inclusive of any realisation costs). The first assessment period will be from 1 January 2012 to 30 June 2012.

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

The Board views the introduction of this measure as a benefit to shareholders as it protects against any excessive discount appearing. In the event of a tender offer being conducted this should result in a small uplift in net asset value for shareholders who do not tender their shares.

Fees and Expenses

As a result of the absolute fall in net asset value, the full management fee clawback of 0.3% of gross assets came into effect for 2011.

At the same time, over the rolling three year period, your Company's performance has lagged the Index by 0.71%. The result is that there is no top up fee or performance fee due to be paid.

Total fees for the year have fallen to £1.125m compared with £2.129m in 2010, partly because of the clawback and partly because of the reduction in gross assets over the year.

The total expense ratio ("TER") has also fallen from 0.9% in 2010 to 0.6% in 2011, and continues to compare very favourably with the peer group's average TER of 1.3%. It is hoped that this will be a positive aspect for the Company when RDR is implemented in 2013.

Outlook

It has to be said that the outlook for the world economy remains extremely uncertain. Even though there are tentative signs of a muted recovery in activity in the US, the prospects for growth in the OECD are overshadowed by the risk of an implosion in the Eurozone. The severe sovereign debt problems in Europe, the UK, Japan and the US continue to haunt markets, and the austerity programmes being followed in each of these areas seem more than likely to dampen growth prospects for years to come.

This outlook puts an even greater emphasis on those countries in the Asian region which have traditionally depended on export growth to focus much more on domestic growth, as export markets in the west struggle. It is clear that this transition will take time and will, for some sections of manufacturing industry in the region, be particularly uncomfortable. But governments in the region are not hobbled with the same levels of debt as those in the west, whilst consumers have very low levels of debt again compared with their western counterparts. There is every reason, therefore, to expect regional trade to continue to flourish and regional consumers to begin to play a far greater role in generating growth.

Whilst western governments are struggling with deep seated structural issues, the problems facing Asia appear to be more cyclical in nature. China has begun a gradual easing of its tight monetary policy which has impacted its market over the last two years. Whilst inflation has peaked, the authorities will almost certainly remain vigilant regarding the property market, so progress in relaxation on the monetary front may well be slow. Meanwhile, India continues to suffer from a high rate of inflation and a weak currency, so it seems unlikely that the authorities will move to an easing role in the near future. Elsewhere in the region, prospects are for some easing to take place, for liquidity to become more plentiful and for growth to be no worse than in 2010.

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

At the time of writing, this is not a particularly positive outlook for the markets in which your Company invests. However, it at least appears more positive than the outlook for most markets in the west. Given that the average Price to Book ratio across the region has fallen to 1.5 times, compared with historic lows of 1.3 times, there is every reason to believe that Asian markets will perform well in 2012. Until such time as this appears to be more likely, gearing will stay at a low level. Your Portfolio Manager will continue to seek undervalued growth opportunities in the markets of the region, in the belief, shared by your Board, that companies in Asia offer better prospects of growth and higher rates of return than similar companies elsewhere in the world.

Principal risks and uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

● Portfolio and market

Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move sharply. The companies in which investments are made may operate unsuccessfully, or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds. The Board manages the overall level of market risk in the investment portfolio by ensuring full and timely reporting of relevant information from the Manager on a bi-weekly basis. The Board reviews the portfolio at each Board meeting and endeavours to mitigate this risk through diversification of investments in the portfolio. The Manager manages its exposure to market price risk through its asset allocation decisions and if necessary by buying/ selling put or call options on indices relevant to its portfolio. Where appropriate, foreign currency borrowings are used to achieve the portfolio characteristics to minimise the exposure to foreign currency risk. The possible effects on fair values and cash flows arising on account of changes in interest rates are considered when making investment decisions and the level of gearing.

● Investment activity and performance

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the index and the companies in its peer group. The Board monitors at each Board meeting the Manager's compliance with the Company's objectives, and is directly responsible for investment strategy, the level of gearing and asset allocation between countries and economies. For managing the liquidity risk, the Board gives guidance to the Manager as to the maximum amount of the Company's exposure to individual investments. Short term borrowings are used to manage short term cash requirements.

● Tax and regulatory risks

A breach of Section 1158 of the Corporation Tax Act 2010 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Act 2006 could lead to criminal proceedings, or financial or reputational damage. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. The Manager has contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board receives internal control reports produced by the Manager on a quarterly basis, which confirm regulatory compliance during the year.

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

● Financial

By its nature as an investment trust, the Company's business activities are exposed to market risk (including currency risk, interest rate risk and market price risk), liquidity risk, and credit and counterparty risk. Details of these risks, how they are managed and the exposures to these risks are given in the Annual Report and Financial Statements. 

● Operational

Disruption to, or failure of, the Manager's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service. Details of how the Board monitors the services provided by the Manager and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section in the Annual Report and Financial Statements.

Related party transactions

Investment management, accounting, company secretarial and administration services are provided to the Company by wholly owned subsidiary companies of Henderson Group plc ("Henderson"). This is the only related party arrangement currently in place. Other than the fees payable by the Company in the ordinary course of business, there have been no material transactions with this related party which have affected the financial position or performance of the Company in the financial year.

Statement of Directors' Responsibilities

In accordance with Disclosure and Transparency Rule 4.1.12, each of the Directors confirm to the best of their knowledge:

·   the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return/(loss) of the Company; and

·   the Report of the Directors' in the Annual Report and Financial Statements includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

For and behalf of the Board

David Robins

Chairman

For further information contact:

Andrew Beal Portfolio Manager Tel: [phone]

David Robins Chairman Tel: [phone]

David Masters Lansons Communications Tel: [phone]

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Income Statement

For the year ended 31 December 2011

	Year ended 31 December 2011			Year ended 31 December 2010
	Revenue Return	Capital Return	Total	Revenue Return	Capital Return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains from investments held at fair value through profit or loss (note 2)	-	(86,992)	(86,992)	-	66,723	66,723
Income from investments held at fair value through profit or loss (note 3)	7,625	-	7,625	7,694	-	7,694
Other interest receivable and similar income (note 4)	146	-	146	4	-	4
	-------	--------	--------	-------	--------	--------
Gross revenue and capital (losses)/gains	7,771	(86,992)	(79,221)	7,698	66,723	74,421
Management fee (note 5)	(469)	(656)	(1,125)	(720)	(1,409)	(2,129)
Other administrative expenses	(658)	-	(658)	(688)	-	(688)
	-------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities before finance charges and taxation	6,644	(87,648)	(81,004)	6,290	65,314	71,604
Finance charges	(234)	(703)	(937)	(166)	(499)	(665)
	--------	--------	--------	--------	--------	--------
Net return/(loss) on ordinary activities before taxation	6,410	(88,351)	(81,941)	6,124	64,815	70,939
Taxation on net return on ordinary activities	(650)	-	(650)	(752)	-	(752)
	-------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities after taxation	5,760	(88,351)	(82,591)	5,372	64,815	70,187
	=====	=====	======	=====	=====	======
Basic diluted return/(loss) per ordinary share  (note 6)	3.57	(54.78)p	(51.21)p	3.33p	40.14p	43.47p

The total column of this statement represents the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations.  No operations were acquired or discontinued during the year.  The Company had no recognised gains or losses other than those disclosed in the Income Statement.

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Reconciliation of Movements in Shareholders' Funds

For the years ended 31 December 2011 and 31 December 2010

	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2011	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2010	8,073	7,833	51,500	277,367	12,797	357,570
Net (loss)/return from ordinary activities after taxation	-	-	-	(88,351)	5,760	(82,591)
Dividend paid in respect of year ended 31 December 2010 (paid 1 April 2011)	-	-	-	-	(4,678)	(4,678)
Share buy backs	(29)	29	(884)	-	-	(884)
	----------	-----------	----------	----------	----------	----------
At 31 December 2011	8,044	7,862	50,616	189,016	13,879	269,417
	======	======	======	======	======	======
	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2010	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2009	8,073	7,833	51,500	212,552	10,493	290,451
Net return from ordinary activities after taxation	-	-	-	64,815	5,372	70,187
Dividend paid in respect of  year ended 31 December 2009 (paid 30 April 2010)	-	-	-	-	(3,068)	(3,068)
	---------	----------	----------	------------	---------	------------
At 31 December 2010	8,073	7,833	51,500	277,367	12,797	357,570
	---------	----------	----------	------------	---------	------------

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Balance Sheet

At 31 December 2011

	2011	2010
	£'000	£'000
Fixed asset investments held at fair value through profit or loss
Quoted at market value	280,004	408,896
	----------	----------
Current assets
Debtors	706	45
	------------	------------
	706	45
Creditors: amounts falling due within one year	(11,293)	(51,371)
	-----------	-----------
Net current liabilities	(10,587)	(51,326)
	-----------	------------
	269,417	357,570
Total net assets	-----------	------------
Capital and reserves
Called up share capital (note 7)	8,044	8,073
Capital redemption reserve	7,862	7,833
Special reserve	50,616	51,500
Other capital reserves	189,016	277,367
Revenue reserve	13,879	12,797
	-----------	-----------
Shareholders' funds	269,417	357,570
	=======	=======
Net asset value per ordinary share (note 8)	167.5p	221.5p

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Cash Flow Statement

For the year ended 31 December 2011

	2011	2011	2010	2010
	£'000	£'000	£'000	£'000
Net cash inflow from operating activities		3,336		3,854
Servicing of finance
Interest paid	(1,022)		(576)
	------------		------------
Net cash outflow from servicing of finance		(1,022)		(576)
Taxation
Corporation tax paid	-		(1,030)
	------------		------------
Net tax paid		-		(1,030)
Financial investment
Purchases of investments	(195,530)		(124,836)
Sales of investments	237,244		98,124
	------------		------------
Net cash inflow/(outflow) from financial investment		41,714		(26,712)
Equity dividends paid		(4,678)		(3,068)
		----------		----------
Net cash inflow/(outflow) before financing		39,350		(27,532)
Financing
Repurchase of ordinary shares	(884)
Repayment of multi-currency loan facility	-		(35,134)
	------------		------------
Net cash outflow from financing		(884)		(35,134)
		----------		----------
Increase/(decrease) in cash		38,466		(62,666)
		======		======
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash as above		38,466		(62,666)
Net outflow from financing		-		35,134
		-----------		-----------
Change in net debt resulting from cash flows		38,466		(27,532)
Exchange movements		982		(385)
		-----------		-----------
		39,448		(27,917)
Net debt at 1 January		(50,518)		(22,601)
		-----------		-----------
Net debt at 31 December		(11,070)		(50,518)
		=======		=======

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Notes:

1.	Accounting policies
	Basis of preparation The financial statements are prepared on a going concern basis and under the historical cost basis of accounting, as modified to include the revaluation of investments at fair value.  The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice and with the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in January 2009.  All of the Company's operations are of a continuing nature. The Company's accounting policies are consistent with the prior year.
2.	(Losses)/gains from investments held at fair value through profit or loss	2011 £'000	2010 £'000
	Gains on sale of investments based on historical cost	20,094	16,532
	Less: revaluation gains recognised in previous years	(66,977)	(17,475)
		----------	----------
	Losses on investments sold in the year based on carrying value at previous balance sheet date	(46,883)	(943)
	Revaluation of investments held at 31 December	(41,091)	68,051
	Exchange gains/(losses)	982	(385)
		-----------	-----------
		(86,992)	66,723
		======	======
		2011	2010
3.	Income from investments held at fair value through profit or loss	£'000	£'000
	Dividends from listed overseas equities	6,829	7,289
	Taiwanese stock dividends	796	405
		-------	-------
		7,625	7,694
		====	====
		2011	2010
4.	Other interest receivable and similar income	£'000	£'000
	Bank interest	2	4
	Stock lending income	144	-
		-----	-----
		146	4
		===	===

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Notes continued:

5.	Management fee
		Year ended 31 December 2011			Year ended 31 December 2010
		Revenue Return	Capital return	Total	Revenue return	Capital return		Total
		£'000	£'000	£'000	£'000	£'000		£'000
	Investment management fee	437	1,313	1,750	470	1,409		1,879
	Clawback of base fee	(218)	(657)	(875)
	Accounting, secretarial and administration costs	250	-	250	250	-		250
		-------	-------	--------	-------	-------		-------
		469	656	1,125	720	1,409		2,129
		====	====	=====	====	====		====
	There is no performance fee in respect of the year ended 31 December 2011 (2010: £nil)
6.	(Loss)/return per ordinary share
	The total loss per ordinary share is based on the net loss attributable to the ordinary shares of £82,591,000 (2010: Net return of £70,187,000) and on 161,269,407 ordinary shares (2010: 161,451,407) being the weighted average number of shares in issue during the year. The total (loss)/return can be further analysed as follows:
				2011			2010
				£'000			£'000
	Revenue return			5,760			5,372
	Capital (loss)/return			(88,351)			64,815
				---------------			---------------
	Total			(82,591)			70,187
				=========			=========
	Weighted average number of ordinary shares			161,269,407			161,451,407
	Revenue return per ordinary share			3.57p			3.33p
	Capital (loss)/return per ordinary share			(54.78)p			40.14p
				----------			----------
	Total (loss)/return per ordinary share			(51.21)p			43.47p
				======			======
	The Company does not have any dilutive securities. Therefore, the basic and diluted returns per share are the same.

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Notes continued:

		2011		2010
7.	Called up share capital	£'000		£'000
	Allotted, issued and fully paid:
	160,888,407 (2010:161,451,407) ordinary shares of 5p each	8,044		8,073
		======		======
	During the year the Company repurchased for cancellation 563,000 (2010: nil) of its own issued shares for a total consideration of £884,000 (inclusive of stamp duty) leaving a balance of 160,888,407 ordinary shares for the purpose of calculating the net asset value per ordinary share.
8.	Net asset value per ordinary share
	The net asset value per ordinary share is based on net assets attributable to the ordinary shares of £269,417,000 (2010: £357,570,000) and on 160,888,407 (2010: 161,451,407) ordinary shares in issue at 31 December 2011. The movements during the year of the assets attributable to the ordinary shares were as follows:
			£'000
	Total net assets at 1 January 2011		357,570
	Total net loss on ordinary activities after taxation		(82,591)
	Buy back of shares		(884)
	Dividend paid in the year (paid 1 April 2011)		(4,678)
			-----------
	Total net assets at 31 December 2011		269,417
			======
9.	2010 Financial Information
	The figures and financial information for the year ended 31 December 2010 are compiled from an extract of the published accounts for that year and do not constitute statutory accounts.  Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.
10.	2011 Financial Information
	The figures and financial information for 2011 are extracted from the Annual Report and Financial Statements for the year ended 31 December 2011 and do not constitute statutory accounts.  The Annual Report and Financial statements for the year to 31 December 2011 have been audited but have not yet been delivered to the Registrar of Companies.  The auditors' report on the 2011 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under section 498 of the Companies Act 2006.
11.	Annual Report and Financial Statements
	Copies of the Annual Report and Financial Statements will be posted to shareholders by the end of March 2012 and will be available on the Company's website www.hendersonasiangrowthtrust.com or in hard copy format from the Registered Office, 201 Bishopsgate, London EC2M 3AE. The Annual General Meeting will be held at that address at 12.30 pm on Thursday 19 April 2012.
12.	Dividend
	An interim dividend, in lieu of a final dividend, of 3.25p per ordinary share will be paid on 2 April 2012 to shareholders recorded on the Register of Members on 16 March 2012. The Company's shares will be quoted ex-dividend on 14 March 2012.

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HENDERSON ASIAN GROWTH TRUST PLC

Annual Financial Report for the year ended 31 December 2011

Notes continued:

Geographical Distribution of the Investment Portfolio			Sector Analysis of Investment Portfolio
	As at 31 December 2011 %			As at 31 December 2011 %
China	36.1		Consumer Discretionary	31.4
Korea	19.7		Financials and Property	28.9
Taiwan	10.7		Information Technology	19.2
Hong Kong	8.2		Industrials	11.6
India	6.3		Energy	5.0
Thailand	5.2		Materials	1.4
Indonesia	5.1		Consumer Staples	2.5
Malaysia	4.4		Health Care	0.0
Singapore	2.9		Telecommunication Services	0.0
Vietnam	1.4		Utilities	0.0
The Philippines	0.0
	-------			-------
	100.0			100.0
	====			====

Top Twenty Investments as at 31 December 2011

Company	Country	Sector	Value of Investment %
Industrial & Commercial Bank of China	China	Financials & Property	4.2
Samsung Electronics	Korea	Information Technology	3.9
Hyundai Motor	Korea	Consumer Goods	3.7
Dongfeng Motor Group	China	Consumer Goods	3.6
Hyundai Glovis	Korea	Industrials	3.4
Zhuzhou CSR Time Electric	China	Industrials	3.3
Yuanta Financial Holdings	Taiwan	Financials & Property	3.1
Agile Property	China	Financials & Property	3.1
Foxconn Technology	Taiwan	Industrials	3.1
Baidu	China	Information Technology	3.0
Bank Mandiri	Indonesia	Financials & Property	2.9
Tencent Holdings	China	Information Technology	2.9
CNOOC	China	Energy	2.8
Cheil Worldwide	Korea	Consumer Services	2.8
Advanced Semiconductor	Taiwan	Information Technology	2.8
China Overseas Land & Investment	Hong Kong	Financials & Property	2.7
CP All	Thailand	Consumer Services	2.7
CITIC Pacific	China	Industrials	2.7
CITIC Securities	China	Financials & Property	2.6
Bangkok Bank	Thailand	Financials & Property	2.5
			------------
			61.8%
			------------

- ENDS -

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

FR SSUFFWFESELD