Half Yearly Report

RNS Number : 9858M

Henderson TR Pacific Inv. Trust PLC

25 August 2011

 



This announcement constitutes regulated information

Page 1 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Henderson TR Pacific Investment Trust plc ("Henderson TR Pacific"), which seeks a high rate of total return from companies operating primarily in the Asia Pacific region excluding Japan and Australasia, announces results for the half year ended 30 June 2011.

Financial Highlights

Per ordinary share	(Unaudited) 30 June 2011	(Audited) 31 December 2010	% Change
Net asset value	212.3p	221.5p	-4.2
Share price	194.5p	201.3p	-3.4
Discount	8.4%	9.1%
Gearing*	11.7%	14.1%

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

Performance to 30 June 2011

(£ adjusted)

	6 months %	1 year %	2 years %	3 years %	5 years %	10 years %
Net asset value total return (1)	-2.8	18.9	54.7	63.0	101.3	178.9
Share price total return (2)	-1.9	21.0	51.8	66.8	104.5	201.9
MSCI All Country Asia ex-Japan Index total return (2)	-1.2	17.4	58.3	57.3	101.3	232.8
Peer group (NAV) total return (3)	-1.7	19.1	62.3	53.9	101.1	240.3

(1)	Source: AIC Statistics at Morningstar. For periods 6 months, 1, 2 and 3 years the fair value cum income net asset value is shown, for years 5 and 10 the net asset value with net income reinvested is shown.
(2)	Source: Datastream.
(3)	Source: AIC Statistics at Morningstar. The performance of a group of leading investment trust competitors (arithmetic average).

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Page 2 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Interim Management Report

(incorporating the Chairman's Statement)

Market Background

The last six months have been an unprecedented period for global financial markets as they have been buffeted by continuing crisis in the Eurozone, a faltering US economy, political instability in North Africa and the Middle East, the impact of extreme weather on commodity prices and the Tohoku earthquake in Japan. It is, in many ways, quite remarkable that despite these events the MSCI All Countries Asia ex Japan Total Return Index fell by only 1.2% in sterling terms over the period. The generally modest reaction of Asian markets to turmoil elsewhere in the world is encouraging as it would seem to reflect a growing belief among investors that the economic circumstances of most Asian countries are very different to those in the US and Europe.

The immediate future continues to offer many challenges. The crisis in the Eurozone is still not contained and the US economy is clearly facing significant pressure as policy makers attempt to foster higher growth whilst preventing a further deterioration in the country's already poor fiscal position. While it may be the case that slower Western growth will not significantly derail Asia's growth prospects, a serious crisis in the US or Europe would be a significant negative for Asian investor sentiment and, therefore, stock prices. Within Asia, inflation remains uncomfortably high and while we believe that price pressures will be significantly lower by the end of the year, the risk that investors discount further policy tightening and the potential for a hard landing in economic growth remains an additional danger to the region's equity markets.

Performance

In the six months to 30 June 2011, the net asset value total return of your Company fell by 2.8% in sterling terms compared to a 1.2% decline in the benchmark MSCI All Countries Asia ex-Japan Total Return Index. However, over the last one and three years your Company remains ahead of the benchmark. Performance against the peer group of leading Asia focused investment trusts lagged over six months and one year but is significantly ahead over three years. A Band 1 top up fee and a small Band 2 performance fee (in total amounting to £1,327,000) would become payable if the Company's current performance over the last thirty months is maintained to the year end.

Outlook

For now, the direction of Asian stock markets is likely to be dictated by events outside the region and it is clear that it will take a concerted effort by policy makers in the West to stabilise the situation. Fundamentally, Asia remains in relatively good shape and we expect any remaining inflationary pressure in the region to diminish rapidly against a backdrop of slower global growth. If required, Asian policy makers have ample monetary and fiscal resources to support their economies and this should, in turn, provide a floor for stock markets in the region.

Your Portfolio Manager continues to find many opportunities to invest in significantly mispriced high growth businesses in the region. The Company remains moderately geared which reflects his conviction in the long-term prospects for the stocks currently held in the portfolio. Gearing is, of course, a drag on performance in weak markets but your Portfolio Manager and the Board expect that the long-term benefit of this policy should outweigh any short-term costs.

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Page 3 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

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 Report and Financial Statements for the year ended

31 December 2010.

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 as 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

For further information contact:

Andrew Beal Portfolio Manager Tel: [phone]

David Robins Chairman Tel: [phone]

David Masters Lansons Communications 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 2011

Manager's Review

Performance Analysis

The estimated attribution of the portfolio's performance as between asset allocation and stock selection relative to the Index, and the impact of other factors, as listed, to explain the movement of net asset value over the six months to 30 June 2011 is shown in the table below.

Six months to 30 June 2011	Asset Allocation %	Stock Selection %	Contribution %	Comments
China	-0.01	1.95	1.94	Tencent, SINA, Sands China
Hong Kong	0.09	-0.32	-0.23
Indonesia	0.24	0.01	0.25
India	-0.24	-0.68	-0.92	Unitech, Maruti Suzuki
South Korea	-0.49	0.27	-0.22
Malaysia	0.03	0.14	0.17
Singapore	0.01	-0.81	-0.80	Singapore Exchange, Banyan Tree
Thailand	0.08	0.19	0.27
Taiwan	0.00	-1.07	-1.07	Mediatek, China Airlines
Vietnam	-0.14	0.00	-0.14
Total ex Gearing	-0.43	-0.32	-0.75
Net Gearing	-0.05	0.00	-0.05
Share Re-purchases	0.00	0.00	0.00
Fees & Expenses	-0.80	0.00	-0.80
Total	-1.28	-0.32	-1.60

Strong performance in China was helped by holdings in internet companies, Tencent and SINA, which performed significantly ahead of the rest of the market as they continued to deliver robust growth in new, social media based services. Sands China also performed well on rapid growth in the Macau casino market. In Korea, Hyundai Motors and Hyundai Glovis surged as the group's global auto sales climbed on growth in emerging markets and rapid competitive gains versus the Japanese in Europe and the US.  Indian stock selection was poor, led by a sharp fall in property group Unitech and car company Maruti Suzuki as interest rates were raised to control inflation. Taiwanese stock selection was also poor, impacted by a disappointing earnings result from Mediatek.

Portfolio Positioning

The following table shows your Company's key stock positions versus the MSCI All Countries Asia ex-Japan Index at 30 June 2011.

Top Ten Active Positions as at 30 June 2011	Trust Holding %	Index Weight %	Active Weight %
Sands China	3.2	0.2	3.0
Agile Property Holdings	3.0	0.1	2.9
Dongfeng Motor	3.0	0.2	2.8
Ctrip.com	2.8	-	2.8
Bank Mandiri	2.9	0.3	2.6
Hyundai Glovis	2.7	0.1	2.6
Foxconn Technology	2.6	0.1	2.5
Prada	2.5	-	2.5
CIMB Group	2.9	0.5	2.4
Advance Semiconductor	2.6	0.2	2.4

These investments remain significant holdings for your Company.

Page 5 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Your Company has continued to favour companies that will benefit from growth in spending by Asian consumers. In China, positions were added in large format electrical retailer, Gome, in anticipation of further strong growth in demand for electrical goods. Your Company also took part in the Hong Kong initial public offering of luxury goods company Prada which is expected to expand rapidly its already substantial business in China and other Asian markets. In Korea, your Company invested in travel operator Hana Tour to capture robust growth in demand for overseas travel by Korean households as well as Cheil Worldwide which is a beneficiary of deregulation of the Korean TV advertising market. Other purchases included Philippine casino and resort operator, Genting Hong Kong and CP All, the Thai operator of the 7-11 convenience store brand.

During the first half of the year, some profits were taken in China and the overall weight in Taiwan was also reduced. The cash raised from these sales was mainly used to fund a larger weighting in Korea.

Conclusion

The global outlook remains uncertain. However, we are confident that a focus on high growth companies in Asia with a heavy domestic bias will deliver the best returns for investors over the long term. We shall continue to use any market weakness to add to positions that offer attractive exposure to this theme.

Andrew Beal

Portfolio Manager

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Page 6 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Income Statement

for the half year ended 30 June 2011

	(Unaudited) Half year ended 30 June 2011			(Unaudited) Half year ended 30 June 2010			(Audited) Year ended 31 December 2010
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
(Losses)/gains from investments held at fair value through profit or loss	-	(10,716)	(10,716)	-	2,887	2,887	-	66,723	66,723
Income from investments held at fair value through profit or loss	4,215	-	4,215	3,843	-	3,843	7,694	-	7,694
Other interest receivable and similar income	15	-	15	3	-	3	4	-	4
	--------	--------	--------	--------	--------	--------	--------	----------	-----------
Gross revenue and capital (losses) / gains	4,230	(10,716)	(6,486)	3,846	2,887	6,733	7,698	66,723	74,421
Management fee (note 2)	(384)	(2,103)	(2,487)	(339)	(643)	(982)	(720)	(1,409)	(2,129)
Other administrative expenses	(318)	-	(318)	(356)	-	(356)	(688)	-	(688)
	--------	--------	--------	--------	--------	--------	--------	----------	-----------
Net return/(loss) on ordinary activities before finance charges and taxation	3,528	(12,819)	(9,291)	3,151	2,244	5,395	6,290	65,314	71,604
Finance charges	(145)	(434)	(579)	(57)	(171)	(228)	(166)	(499)	(665)
	--------	--------	--------	--------	--------	--------	--------	----------	-----------
Net return/(loss) on ordinary activities before taxation	3,383	(13,253)	(9,870)	3,094	2,073	5,167	6,124	64,815	70,939
Taxation on net return/(loss) on ordinary activities	(284)	-	(284)	(311)	-	(311)	(752)	-	(752)
	---------	--------	-------	---------	--------	-------	--------	----------	-----------
Net return/(loss) on ordinary activities after taxation	3,099	(13,253)	(10,154)	2,783	2,073	4,856	5,372	64,815	70,187
	=====	======	====	=====	======	====	=====	======	======
Basic and diluted return/ (loss) per ordinary share (note 3)	1.92p	(8.21)p	(6.29)p	1.72p	1.29p	3.01p	3.33p	40.14p	43.47p
	=====	=====	====	=====	=====	====	=====	======	======

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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Page 7 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Reconciliation of Movements in Shareholders' Funds

for the half years ended 30 June 2011 and 2010 and year ended 31 December 2010

Half year ended 30 June 2011 (Unaudited)	Called up share capital £'000	Capital redemption reserve £'000	Special reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'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	-	-	-	(13,253)	3,099	(10,154)
Dividend paid in respect of year ended 31 December 2010 (paid 1 April 2011)	-	-	-	-	(4,682)	(4,682)
Share Buyback	(4)	4	(132)			(132)
	---------	---------	--------	-----------	---------	----------
At 30 June 2011	8,069	7,837	51,368	264,114	11,214	342,602
	=====	=====	=====	======	=====	======
Half year ended 30 June 2010 (Unaudited)	Called up share capital £'000	Capital redemption reserve £'000	Special reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 December 2009	8,073	7,833	51,500	212,552	10,493	290,451
Net return from ordinary activities after taxation	-	-	-	2,073	2,783	4,856
Dividend paid in respect of year ended 31 December 2009 (paid 1 April  2010)	-	-	-	-	(3,068)	(3,068)
	---------	---------	--------	-----------	---------	----------
At 30 June 2010	8,073	7,833	51,500	214,625	10,208	292,239
	=====	=====	=====	======	=====	======
Year ended 31 December 2010 (Audited)	Called up share capital £'000	Capital redemption reserve £'000	Special reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'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 1 April 2010)	-	-	-	-	(3,068)	(3,068)
	--------	----------	--------	---------	----------	----------
At 31 December 2010	8,073	7,833	51,500	277,367	12,797	357,570
	=====	======	=====	======	======	======

The transaction costs incurred on the acquisition and disposal of investments are included within capital reserves.  The purchase transaction costs for the half year ended 30 June 2011 were £306,000 (half year ended 30 June 2010: £43,000; year ended 31 December 2010: £ 343,000). Sales transaction costs for the half year ended 30 June 2011 were £382,000 (half year ended 30 June 2010: £35,000; year ended 31 December 2010: £315,000).

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Page 8 of 12    

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Balance Sheet

as at 30 June 2011

	(Unaudited)  30 June 2011 £'000	(Unaudited)  30 June 2010 £'000	(Audited)  31 December 2010 £'000
Fixed asset investments held at fair value through profit or loss
Quoted at market value	383,824	316,478	408,896
	----------	-----------	----------
Current assets
Debtors	1,089	679	45
Cash at bank	-	881	-
	-----------	-----------	----------
	1,089	1,560	45
	-----------	-----------	----------
Creditors: amounts falling due within one year
Bank overdrafts	(40,125)	(25,141)	(50,518)
Other creditors	(2,186)	(658)	(853)
	-------------	-----------	----------
	(42,311)	(25,799)	(51,371)
	-------------	-------------	-----------
Net current liabilities	(41,222)	(24,239)	(51,326)
	---------------	-----------	----------
Total net assets	342,602	292,239	357,570
	==========	======	======
Capital and reserves
Called up share capital	8,069	8,073	8,073
Capital redemption reserve	7,837	7,833	7,833
Special reserve	51,368	51,500	51,500
Other capital reserves	264,114	214,625	277,367
Revenue reserve	11,214	10,208	12,797
	---------	-----------	----------
Shareholders' funds	342,602	292,239	357,570
	======	======	======
Net asset value per ordinary share (note 4)	212.3p	181.0p	221.5p
	======	======	======

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Page 9 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Cash Flow Statement

for the half year ended 30 June 2011

	(Unaudited) Half year ended 30 June 2011 £'000	(Unaudited) Half year ended 30 June 2010 £'000	(Audited) Year ended 31 December 2010 £'000
Net cash inflow from operating activities	1,423	1,553	3,854
Interest paid	(574)	(194)	(576)
Net tax paid	-	(1,030)	(1,030)
Net cash inflow/(outflow) from financial investments	13,003	2,572	(26,712)
Equity dividends paid	(4,682)	(3,068)	(3,068)
	------------	----------	----------
Net cash inflow/(outflow) before financing	9,170	(167)	(27,532)
Net cash outflow from financing	(132)	(35,134)	(35,134)
	-----------	----------	----------
Increase/(Decrease) in cash	9,038	(35,301)	(62,666)
	=========	======	======
Reconciliation of operating revenue to net cash inflow from operating activities
Total return before finance charges and taxation	(9,291)	5,395	71,604
Add/(Less) capital loss/(return) before finance charges and taxation	12,819	(2,244)	(65,314)
	----------	----------	-----------
Net revenue return before finance charges and taxation	3,528	3,151	6,290
Increase in accrued income	(1,028)	(652)	(18)
(Increase)/decrease in other debtors	(16)	9	9
Increase/(decrease) in creditors	1,328	(1)	139
Management fee taken to other capital reserves	(2,105)	(643)	(1,409)
Overseas withholding tax	(284)	(311)	(752)
Taiwanese stock dividends	-	-	(405)
	---------	----------	----------
Net cash inflow from operating activities	1,423	1,553	3,854
	=======	======	======
Reconciliation of net cash flow to movement in net (debt)/cash
Increase/(decrease) in cash as above	9,038	(35,301)	(62,666)
Cash movement from debt financing	-	35,134	35,134
	------------	----------	----------
Change in net debt resulting from cash flows	9,038	(167)	(27,532)
Exchange movements	1,355	(1,492)	(385)
	----------	----------	----------
Movement in net debt during the period	10,393	(1,659)	(27,917)
Net debt at beginning of the period	(50,518)	(22,601)	(22,601)
	------------	----------	----------
Net debt at the end of the period	(40,125)	(24,260)	(50,518)
	=======	======	======
Represented by:
Cash at bank	-	881	-
Bank overdrafts	(40,125)	(25,141)	(50,518)
	------------	----------	----------
	(40,125)	(24,260)	(50,518)
	========	======	======

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Page 10 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

Notes:

1.	Accounting policies
	The financial statements 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 2006, accounting standards applicable in the United Kingdom and the Revised Statement of Recommended Practice - "Financial Statements of Investment Trust Companies" dated January 2009 ("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 2010.
2.	Management and performance fees
	The management and performance fees are charged in accordance with the terms of the management agreement. The base management fee is calculated at a rate of 0.60% of gross assets, calculated and paid quarterly in arrears. The performance fee is based on the outperformance of the Company against the MSCI All Country Asia ex-Japan Index on a total return basis. During the rolling thirty month period from 1 January 2009 to 30 June 2011, the Company had outperformed the benchmark index by 2.3% and a performance fee of £1,327,000 has been accrued in these financial statements.
3.	Return/(loss) per ordinary share	(Unaudited) Half year ended 30 June 2011 £'000	(Unaudited) Half year ended 30 June 2010 £'000	(Audited) Year ended 31 December 2010 £'000
	The return per ordinary share is based on the following figures:
	Revenue return	3,099	2,783	5,372
	Capital(loss)/ return	(13,253)	2,073	64,815
		------------	-----------	-----------
	Total	(10,154)	4,856	70,187
		=======	======	======
	Weighted average number of ordinary shares in issue	161,407,484	161,451,407	161,451,407
	Revenue return per ordinary share	1.92p	1.72p	3.33p
	Capital (loss)/return per ordinary share	(8.21)p	1.29p	40.14p
		------------	----------	-----------
	Total (loss)/return per ordinary share	(6.29)p	3.01p	43.47p
		=======	======	======
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 2011, being 161,376,407 (30 June 2010: 161,451,407 and 31 December 2010: 161,451,407).
5.	Going concern
	The Directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements. The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.
6.	Share repurchases On 16 March 2011 the Company bought back 75,000 shares for cancellation, for a total consideration of £132,000. The issued share capital of the Company following this purchase was 161,376,407 ordinary shares of 5p each. Since the 30 June 2011, a further 75,000 shares were bought back for cancellation for a total consideration of £127,000. The issued share capital of the Company following these purchases was 161,301,407 ordinary shares of 5p each.

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Page 11 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

7.	Comparative information
	The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 June 2010 and 30 June 2011 have not been audited or reviewed by the Company's auditors. The information for the year ended 31 December 2010 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 31 December 2010 have been filed with the Registrar of Companies. The Report of the Independent Auditors on those financial statements, which was unqualified, contained no qualification or statement under either section 498(2) or 498(3) of the Companies Act 2006.
8.	General Information
	a) Company Objective The Company seeks a high rate of total return from companies operating primarily in the Asia Pacific region excluding Japan and Australasia. b) Company Status The Company is a UK domiciled investment trust company, registered number 2153093. c) Directors, Secretary and Registered Office The Directors of the Company are David Robins (Chairman), Struan Robertson (Senior Independent Director), Hugh Aldous (Audit Committee Chairman) David Brief, Chris Keljik OBE and Alexandra Mackesy.  The Secretary is Henderson Secretarial Services Limited, represented by Wendy King FCIS. The registered office is 201 Bishopgate, London EC2M 3AE. d) Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, profiles of the Board, copies of announcements, reports and details of general meetings can be found at www.hendersontrpacific.com
9.	Half Year Report
	The Half Year Report will be available in typed format on the Company's website www.hendersontrpacific.com or from the Company's registered office, 201 Bishopsgate, London EC2M 3AE. An abbreviated version, the 'Half Year Update', will be circulated to shareholders in early September.

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Page 12 of 12

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year ended 30 June 2011

List and Valuation of Investments at 30 June 2011

	£'000	%			£'000	%
CHINA				Hyundai Motor	11,062	2.9
Agile Property	11,646	3.0		Samsung Electronics	6,690	1.7
Air China	8,874	2.3		Shinhan Financial Group	9,096	2.4
Baidu	7,912	2.1			-----------	-------
Citic Pacific	8,842	2.3		TOTAL KOREA	52,520	13.7
CNOOC	11,228	2.9			-----------	-------
Ctrip.Com	10,691	2.8
Dongfeng Motor Group	11,324	3.0		MALAYSIA
Fushan International Energy	6,635	1.7		Bursa Malaysia	255	0.1
Gome Electrical Appliances	7,301	1.9		CIMB Group	11,219	2.9
Industrial & Commercial Bank Of China	12,588	3.3		SP Setia	9,290	2.4
Ping An Insurance	6,843	1.8			-----------	-------
Sands China	12,307	3.2		TOTAL MALAYSIA	20,764	5.4
Shimao Property Holdings	5,791	1.5			-----------	-------
Tencent Holdings	11,765	3.1		SINGAPORE
	-----------	-------		Banyan Tree Holdings	4,669	1.2
TOTAL CHINA	133,747	34.9		Genting Hong Kong	6,526	1.7
	-----------	-------		Keppel Corporation	10,648	2.8
				Noble Group	6,997	1.8
HONG KONG					-----------	-------
Hong Kong Exchanges & Clearing	7,834	2.0		TOTAL SINGAPORE	28,840	7.5
Prada	9,399	2.5			-----------	-------
Sun Hung Kai Properties	10,285	2.7		TAIWAN
	-----------	-------		Advanced Semiconductor	9,873	2.6
TOTAL HONG KONG	27,518	7.2		EVA Airways	5,734	1.5
	-----------	-------		Foxconn Technology	10,253	2.6
				HTC Corporation	8,836	2.3
INDIA				Yuanta Financial Holdings	8,817	2.3
Bharat Heavy Electricals	7,712	2.0			-----------	-------
Eredene Capital*	564	0.1		TOTAL TAIWAN	43,513	11.3
ICICI Bank	10,688	2.8			-----------	-------
Tata Motors	6,897	1.8
Tata Steel	7,633	2.0		THAILAND
	-----------	-------		Bangkok Bank	6,823	1.8
TOTAL INDIA	33,494	8.7		CP All	6,428	1.7
	-----------	-------		PTT Public Company	6,491	1.7
					-----------	-------
INDONESIA				TOTAL THAILAND	19,742	5.2
Adaro Energy	8,542	2.2			-----------	-------
Bank Mandiri	11,171	2.9
	-----------	-------		VIETNAM
TOTAL INDONESIA	19,713	5.1		Vietnam Enterprise Investments	3,973	1.0
	-----------	-------			-----------	-------
				TOTAL VIETNAM	3,973	1.0
KOREA					-----------	-------
Cheil Worldwide	7,808	2.0			-----------	-------
Hana Tour Service	7,555	2.0		TOTAL INVESTMENTS	383,824	100
Hyundai Glovis	10,309	2.7			-----------	-------

* Listed on AIM in the UK

Stocks in bold type are the top twenty largest investments which by value account for 55.8% of the total value of investments.

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.

- ENDS -

 

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