Half Yearly Report

RNS Number : 2053L

Henderson Asian Growth Trust plc

31 August 2012

 



This announcement constitutes regulated information 

Page 1 of 13

31 August 2012

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Henderson Asian Growth Trust plc ("Henderson Asian Growth"), which seeks a high rate of total return from companies operating primarily in the Asian region excluding Japan and Australasia, announces results for the half year ended 30 June 2012.

Highlights

Per ordinary share	(Unaudited) As at             30 June 2012	(Audited) As at           31 December 2011	% Change
Net asset value #	177.9p	167.5p	+6.2
Share price	160.5p	152.3p	+5.4
Discount	9.8%	9.1%
Gearing*	3.0%	4.1%

#	Excluding reinvested income
*	Defined as borrowings, less cash balances and deposits, as a percentage of shareholders' funds.

Performance to 30 June 2012 (£ adjusted)	6 months %	1 year %	3 years %	5 years %	10 years %
Net asset value total return (1)	8.0	-14.8	31.7	21.8	147.1
Share price total return (2)	7.3	-16.0	27.7	26.0	158.8
MSCI All Country Asia   ex-Japan Index total return (2)	5.1	-11.1	40.7	33.3	184.0
Peer group (NAV) total return (3)	6.6	-8.8	48.5	31.1	204.9

(1)	Source: AIC Statistics provided by Morningstar. For periods 6 months, 1 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 provided by Morningstar. The performance of a group of leading investment trust competitors (arithmetic average).

·   With a depressed global economic environment, Asian economies have slowed. However, falling inflation leaves room for additional policy stimulus.

·   The Company's performance was good in the first 6 months of the year but remains disappointing over the longer term.

·    The outlook remains volatile, but Asian markets, especially China, are now trading at attractive valuations.

·    The Company is focused on businesses that are exposed to long term growth in Asia consumer spending and

      underweight in the mature sectors of utilities, materials and telecoms.

Page 2 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Interim Management Report

(incorporating the Chairman's Statement)

Market Background

The Asian region continued to be buffeted by international developments during the first half of the year. As a result, markets were volatile but finished up in sterling terms.

Global equity markets rallied in the first quarter as the European Central Bank announced measures to provide cheap liquidity to the region's banks. However, optimism that Europe may finally be getting to grips with its problems was soon replaced by fears that Greece would face an imminent exit from the euro and that the crisis facing Spain's banks was much worse than originally anticipated. Towards the end of the period, sentiment improved again following an agreement by finance ministers on a roadmap towards a European banking union.

The data in China and India also remained weak during the first six months of the year. Growth in GDP and industrial production in both countries fell and policy makers were constrained by relatively high inflation in the early months of the year. As the half progressed, lower food and fuel prices began to feed through into much lower inflation rates, particularly in China. India moved first with a 50 basis point cut in interest rates in April. China followed with rate cuts in June and early July together with increasingly aggressive "fine-tuning" of policies to support the economy and property market.

Southeast Asia remained a relative safe haven. The Philippines outperformed the rest of the region as first quarter GDP growth surprised positively and the government made progress with its programme to kick start infrastructure spending. Thailand continued to rebound strongly from the devastating floods that hit the economy in 2011. Elsewhere, the resilience of economies in Singapore and Malaysia supported their respective equity markets.

Performance

In the six months to 30 June 2012, the net asset value total return of your Company was up by 8.0% in sterling terms which was ahead of the 5.1% increase in the benchmark MSCI All Countries Asia ex-Japan total return index.

While it is encouraging to see an improvement in performance over the last six months, I regret to note that the Company remains behind its benchmark and the peer group of leading Asia focused investment trusts over 1, 3, 5 and 10 years.

It is the view of your Board that the nature of your Company and its investment style differentiates it from its peer group. Market volatility over the last five years has inevitably been amplified by our investment style focussing on growth as opposed to value, and our gearing policy. Your Board has taken steps, as detailed in the 2011 Report and Financial Statements, to run a more neutral gearing policy, other than at times when there appear to be clear turning points in regional markets. The objective of your Board and your Portfolio Manager remains the achievement of a high rate of return over the cycle.

Page 3 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Discount

During the period under review the average discount to NAV (excluding income) was 8.83%. As a result, a tender offer will not be undertaken, as the discount was well within the 10% trigger level.

Outlook

We expect global equity markets to remain volatile over the next few months. Within Asia, Chinese economic data point to a bumpy landing for the economy in the absence of more meaningful fiscal and monetary stimulus. India also faces significant headwinds as a slower economy has exposed the long standing weakness of the country's fiscal position and risk aversion in global financial markets threatens the country's ability to finance its current account deficit. Elsewhere in the region, economies in Thailand, the Philippines and Malaysia should continue to demonstrate a degree of resilience supported by additional fiscal spending, but these markets are vulnerable to outflows of foreign capital if the global environment should deteriorate further. Similarly, Korea has so far managed to avoid the worst of the global downturn but is vulnerable to a further softening in external demand.

The main positive, particularly for Chinese shares, is valuation. Overall, the region is trading on a historic price to book value multiple close to its lows during the global financial crisis in 2008. The most likely source of a positive surprise appears to be the adoption of a much more aggressive stance by policymakers in Asia. This would be of most benefit to domestically orientated businesses and our asset allocation is heavily biased towards these areas.

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 2011.

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.

Page 4 of 13

     HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

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 Asian Growth 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]

Page 5 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

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 2012 is shown in the table below.

Six months to 30 June 2012	Asset Allocation %	Stock Selection %	Contribution %	Comments
China	-0.2	0.6	0.4	China Property Sector
Hong Kong	0.0	0.6	0.6	Prada
Indonesia	-0.1	-0.1	-0.2
India	-0.1	1.1	1.0	Tata Motors, Jubilant Foodworks
South Korea	0.0	1.2	1.2	Hana Tour, Gamevil, Hyundai Glovis,
Malaysia	0.0	-0.3	-0.3
Philippines	-0.2	0.0	-0.2
Singapore	-0.3	-0.2	-0.5
Thailand	0.3	1.0	1.3	CP All, Bangkok Bank
Taiwan	0.2	-1.0	-0.8	HTC
Vietnam	0.2	0.0	0.2
Total ex Gearing	-0.2	2.9	2.7
Net Gearing	0.4	0.0	0.4
Share Re-purchases	0.3	0.0	0.3
Fees and Expenses	-0.5	0.0	-0.5
Total	0.0	2.9	2.9

Strong performance in Thailand was helped by holdings in convenience store operator, CP All, as well as Bangkok Bank, as both companies delivered a strong rebound in earnings following last year's floods. In South Korea, smartphone gaming company, Gamevil, and package holiday company, Hana Tour Service, were strong as they continued to benefit from their exposure to new, high growth areas of consumer spending. Stock selection in India was also a significant positive with contributions from takeaway pizza company, Jubilant Foodworks, and Tata Motors, on the back of a recovery in its Jaguar Landrover unit. Performance was also helped by Hong Kong and China with notable contributions from luxury goods company, Prada, and China property companies Agile and China Overseas Land. The main negative was Taiwan which was hit by poor performance from smartphone handset producer, HTC, following disappointing sales. The Company's underweight position in Singapore was also a negative over the six month period.

In addition, moderate net gearing was a small positive and the impact of share buybacks also provided a small uplift to the Company's net asset value.

Portfolio Positioning

The following table shows your Company's key stock positions versus the MSCI All Countries Asia ex-Japan Index at 30 June 2012.

Page 6 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Top Ten Active Positions as at 30 June 2012	Porfolio Holding %	Index Weight %	Active Weight %
Prada	3.2	0.0	3.2
Agile Property	3.2	0.1	3.1
Hyundai Glovis	3.2	0.1	3.1
Baidu	3.1	0.0	3.1
Zhuzhou CSR Times Electric	3.1	0.1	3.0
CITIC Securities	3.1	0.1	3.0
China Overseas Land & Investments	3.4	0.4	3.0
Bangkok Bank	3.1	0.2	2.9
Samsung Electronics	3.3	0.5	2.8
Bank Mandiri	3.0	0.3	2.7

These investments remain significant holdings for your Company.

Your Company has continued to favour businesses that will benefit from growth in spending by Asian consumers. Consumer discretionary shares comprise the largest sector weight in your Company as they combine attractive valuations and strong long term growth across a wide range of industries and countries. Current holdings include Cheil Worldwide, the advertising arm of Samsung Group, as well as Thai convenience store operator CP All, Indian cable TV operator Dish and Hong Kong listed luxury goods company, Prada. Your Company continues to believe that these shares provide attractive exposure to one of the key long term drivers of Asian growth, the emergence of a large group of affluent consumers keen to access a more Western lifestyle.

Your Company remains heavily underweight the more mature sectors of the Asian economy. These include the telecom and utilities sectors where a combination of unpredictable regulation, heavy investment and slow top line growth provide limited long term appeal in our opinion. The materials sector is also generally mature and therefore of limited appeal, beyond a handful of companies that have the ability to consolidate their industries and move into new and more profitable businesses. Recent market weakness has provided an opportunity to add Korean refining and petrochemicals company, SK Innovation, which has invested heavily in recent years to move into new higher margin businesses as well as building a successful upstream oil portfolio. In China, Anhui Conch is the most profitable and best managed player in a consolidating cement industry and is likely to benefit from an improving outlook for infrastructure and social housing spending. Finally, the prospect of significant reform in China's gasoline and natural gas markets led your Company to add a new position in Petrochina. These purchases were funded by complete sales of Sun Hung Kai Properties in Hong Kong, following accusations of senior management involvement in bribing government officials, as well as Yuanta Financial and HTC in Taiwan, following poor operating results.

At the country level, your Company retains significant exposure to China and Hong Kong as well as Korea and Thailand. Taiwan and Singapore are the largest underweight positions relative to the benchmark index. These positions are largely the result of bottom up stock decisions, heavily influenced by our preference for consumer facing companies offering strong long term growth potential.

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. The valuations of these companies have reached attractive levels and we will use further market weakness to add to positions that offer exposure to this theme.

Andrew Beal

Portfolio Manager

Page 7 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Income Statement

for the half year ended 30 June 2012

	(Unaudited) Half year ended 30 June 2012			(Unaudited) Half year ended 30 June 2011			(Audited) Year ended 31 December 2011
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000
Gains/(losses) from investments held at fair value through profit or loss	-	19,332	19,332	-	(10,716)	(10,716)	-	(86,992)	(86,992)
Income from investments held at fair value through profit or loss	3,789	-	3,789	4,215	-	4,215	7,625	-	7,625
Other interest receivable and similar income	383	-	383	15	-	15	146	-	146
	--------	--------	--------	--------	--------	--------	--------	----------	-----------
Gross revenue and capital gains/(losses)	4,172	19,332	23,504	4,230	(10,716)	(6,486)	7,771	(86,992)	(79,221)
Management fee (note 2)	(322)	(590)	(912)	(384)	(2,103)	(2,487)	(469)	(656)	(1,125)
Other administrative expenses	(368)	-	(368)	(318)	-	(318)	(658)	-	(658)
	--------	--------	--------	--------	--------	--------	--------	----------	-----------
Net return/(loss) on ordinary activities before finance charges and taxation	3,482	18,742	22,224	3,528	(12,819)	(9,291)	6,644	(87,648)	(81,004)
Finance charges	(31)	(95)	(126)	(145)	(434)	(579)	(234)	(703)	(937)
	--------	--------	--------	--------	--------	--------	--------	----------	-----------
Net return/(loss) on ordinary activities before taxation	3,451	18,647	22,098	3,383	(13,253)	(9,870)	6,410	(88,351)	(81,941)
Taxation on net return/(loss) on ordinary activities	(306)	-	(306)	(284)	-	(284)	(650)	-	(650)
	---------	--------	-------	---------	--------	-------	--------	----------	-----------
Net return/(loss) on ordinary activities after taxation	3,145	18,647	21,792	3,099	(13,253)	(10,154)	5,760	(88,351)	(82,591)
	=====	======	====	=====	======	====	=====	======	======
Basic and diluted return/ (loss) per ordinary share (note 3)	1.99p	11.80p	13.79p	1.92p	(8.21)p	(6.29)p	3.57p	(54.78)p	(51.21)p
	=====	=====	====	=====	=====	====	=====	======	======

The 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.

Page 8 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Reconciliation of Movements in Shareholders' Funds

for the half years ended 30 June 2012 and 2011 and year ended 31 December 2011

Half year ended 30 June 2012 (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 2011	8,044	7,862	50,616	189,016	13,879	269,417
Net return from ordinary activities after taxation	-	-	-	18,647	3,145	21,792
Dividend paid in respect of year ended 31 December 2011 (paid 1 April 2012)	-	-	-	-	(5,129)	(5,129)
Share buy backs	(243)	243	(8,495)	-	-	(8,495)
	---------	---------	--------	-----------	---------	----------
At 30 June 2012	7,801	8,105	42,121	207,663	11,895	277,585
	=====	=====	=====	======	=====	======
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 buy backs	(4)	4	(132)			(132)
	---------	---------	--------	-----------	---------	----------
At 30 June 2011	8,069	7,837	51,368	264,114	11,214	342,602
	=====	=====	=====	======	=====	======
Year ended 31 December 2011 (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 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
	=====	======	=====	======	======	======

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 2012 were £131,000 (half year ended 30 June 2011: £306,000; year ended 31 December 2011: £632,000). Sales transaction costs for the half year ended 30 June 2012 were £234,000 (half year ended 30 June 2011: £382,000; year ended 31 December 2011: £745,000).

Page 9 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Balance Sheet

as at 30 June 2012

	(Unaudited)  30 June 2012 £'000	(Unaudited)  30 June 2011 £'000	(Audited)  31 December 2011 £'000
Fixed asset investments held at fair value through profit or loss
Quoted at market value	285,118	383,824	280,004
	----------	----------	----------
Current assets
Debtors	1,346	1,089	706
	----------	-----------	----------
	1,346	1,089	706
	----------	-----------	----------
Creditors: amounts falling due within one year
Bank overdrafts	(8,285)	(40,125)	(11,070)
Other creditors	(594)	(2,186)	(223)
	-----------	-----------	----------
	(8,879)	(42,311)	(11,293)
	----------	----------	-----------
Net current liabilities	(7,533)	(41,222)	(10,587)
	----------	----------	----------
Total net assets	277,585	342,602	269,417
	======	======	======
Capital and reserves
Called up share capital	7,801	8,069	8,044
Capital redemption reserve	8,105	7,837	7,862
Special reserve	42,121	51,368	50,616
Other capital reserves	207,663	264,114	189,016
Revenue reserve	11,895	11,214	13,879
	----------	---------	----------
Shareholders' funds	277,585	342,602	269,417
	======	======	======
Net asset value per ordinary share (note 4)	177.9p	212.3p	167.5p
	======	======	======

Page 10 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

Cash Flow Statement

for the half year ended 30 June 2012

	(Unaudited) Half year ended 30 June 2012 £'000	(Unaudited) Half year ended 30 June 2011 £'000	(Audited) Year ended 31 December 2011 £'000
Net cash inflow from operating activities	2,180	1,423	3,336
Interest paid	(126)	(574)	(1,022)
Net cash inflow from financial investments	13,947	13,003	41,714
Equity dividends paid	(5,129)	(4,682)	(4,678)
	------------	------------	----------
Net cash inflow before financing	10,872	9,170	39,350
Net cash outflow from financing	(8,495)	(132)	(884)
	------------	-----------	----------
Increase in cash	2,377	9,038	38,466
	=======	=======	======
Reconciliation of operating revenue to net cash inflow from operating activities
Total return/(loss) before finance charges and taxation	22,224	(9,291)	(81,004)
(Less)/add capital (return)/loss before finance charges and taxation	(18,742)	12,819	87,648
	------------	----------	-----------
Net revenue return before finance charges and taxation	3,482	3,528	6,644
Increase in accrued income	(631)	(1,028)	(647)
Increase in other debtors	(9)	(16)	(14)
Increase/(decrease) in creditors	371	1,326	(545)
Management fee taken to other capital reserves	(590)	(2,103)	(656)
Overseas withholding tax	(306)	(284)	(650)
Stock dividends	(137)	-	(796)
	------------	---------	----------
Net cash inflow from operating activities	2,180	1,423	3,336
	=======	=======	======
Reconciliation of net cash flow to movement in net debt
Change in net debt results from cash flows as above	2,377	9,038	38,466
Exchange movements	408	1,355	982
	------------	----------	----------
Movement in net debt during the period	2,785	10,393	39,448
Net debt at beginning of the period	(11,070)	(50,518)	(50,518)
	------------	------------	----------
Net debt at the end of the period	(8,285)	(40,125)	(11,070)
	=======	=======	======
Represented by:
Bank overdrafts	(8,285)	(40,125)	(11,070)
	=======	========	======

Page 11 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

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 2011.
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 2010 to 30 June 2012, the Company underperformed the benchmark index by 1.7% so no performance has been accrued in these financial statements.
3.	Return/(loss) per ordinary share	(Unaudited) Half year ended 30 June 2012 £'000	(Unaudited) Half year ended 30 June 2011 £'000	(Audited) Year ended 31 December 2011 £'000
	The return/(loss) per ordinary share is based on the following figures:
	Revenue return	3,145	3,099	5,760
	Capital return/(loss)	18,647	(13,253)	(88,351)
		------------	------------	-----------
	Total	21,792	(10,154)	(82,591)
		=======	=======	======
	Weighted average number of ordinary shares in issue	158,055,354	161,407,484	161,269,407
	Revenue return per ordinary share	1.99p	1.92p	3.57p
	Capital return/(loss) per ordinary share	11.80p	(8.21)p	(54.78)p
		------------	------------	-----------
	Total return/(loss) per ordinary share	13.79p	(6.29)p	(51.21)p
		=======	=======	======
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 2012, being 156,012,512 (30 June 2011: 161,376,407 and 31 December 2011: 160,888,407).
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.	Dividend An interim dividend of 3.25p per ordinary share, in lieu of a final dividend for the year ended 31 December 2011, was paid on 2 April 2012.
7.	Share capital During the period the Company repurchased for cancellation 4,875,895 of its own issued shares, for a total consideration of £8,495,000 (inclusive of stamp duty). Leaving a balance of 156,012,512 ordinary shares of 5p each for the purpose of calculating the net asset value per share. Page 12 of 13 HENDERSON ASIAN GROWTH TRUST PLC Unaudited Results for the Half Year ended 30 June 2012 Since the 30 June 2012, a further 1,261,272 shares were bought back for cancellation for a total consideration of £1,970,000. The issued share capital of the Company following these purchases was 154,751,240 ordinary shares of 5p each.

8.	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 2011 and 30 June 2012 have not been audited or reviewed by the Company's auditors. The information for the year ended 31 December 2011 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 31 December 2011 have been filed with the Registrar of Companies. The Report of the Independent Auditors on those financial statements, which was unqualified, contained no statement under either section 498(2) or 498(3) of the Companies Act 2006.
9.	General Information
	a) Company Objective The Company seeks a high rate of total return from companies operating primarily in the Asian region excluding Japan and Australasia. b) Investment Policy ·     The Company seeks to generate returns across the region primarily from focused, bottom-up stock selection of mispriced growth stocks. ·     The portfolio typically has 40 to 60 holdings. ·     The Company may borrow to enhance performance but borrowing will not exceed 30% of net asset value. ·     The Company will hold no more than 15% of its gross assets in any single investment. c) Company Status The Company is a UK domiciled investment trust company, registered number 2153093. d) 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. e) 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.hendersonasiangrowthtrust.com
10.	Half Year Report
	The Half Year Report will be available in typed format on the Company's website www.hendersonasiangrowthtrust.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.

Page 13 of 13

HENDERSON ASIAN GROWTH TRUST PLC

Unaudited Results for the Half Year ended 30 June 2012

List and Valuation of Investments at 30 June 2012

	£'000	%			£'000	%
CHINA				Samsung Electronics	9,323	3.3
Agile Property	9,171	3.2		SK Innovation	7,443	2.6
Anhui Conch Cement	6,802	2.4			-----------	-------
Baidu Inc	8,820	3.1		TOTAL KOREA	62,692	22.0
CITIC Securities	8,875	3.1			-----------	-------
CNOOC	7,591	2.7		MALAYSIA
Ctrip.Com	3,049	1.0		Airasia	5,751	2.0
Dongfeng Motor Group	7,884	2.8		Bursa Malaysia	199	0.1
Gome Electrical Appliances	3,468	1.2		CIMB Group	5,659	2.0
Industrial & Commercial Bank of China	10,468	3.7		Kuala Lumpur Kepong	4,399	1.5
Petrochina	9,548	3.3			-----------	-------
Sands China	7,059	2.5		TOTAL MALAYSIA	16,008	5.6
Tencent Holdings	8,771	3.1			-----------	-------
Zhuzhou CSR Times Electric	8,951	3.1		SINGAPORE
	-----------	-------		Banyan Tree	2,935	1.1
TOTAL CHINA	100,457	35.2		Genting Hong Kong	5,778	2.0
	-----------	-------			-----------	-------
HONG KONG				TOTAL SINGAPORE	8,713	3.1
Ajisen China	1,876	0.7			-----------	-------
China Overseas Land & Investments	9,761	3.4		TAIWAN
Prada	9,235	3.2		Advanced Semiconductor	7,529	2.6
	-----------	-------		Foxconn Technology	7,785	2.7
TOTAL HONG KONG	20,872	7.3		Wowprime	4,225	1.6
	-----------	-------			-----------	-------
				TOTAL TAIWAN	19,539	6.9
INDIA					-----------	-------
Dish TV	2,674	0.9		THAILAND
Eredene Capital*	285	0.1		Bangkok Bank	8,752	3.1
Exide Industries	3,016	1.1		CP All	8,293	2.9
Jubilant Foodworks	3,830	1.3			-----------	-------
Phoenix Mills	2,409	0.8		TOTAL THAILAND	17,045	6.0
Tata Motors	6,438	2.3			-----------	-------
Yes Bank	3,028	1.1		VIETNAM
	-----------	-------		Vietnam Enterprise Investments	4,638	1.6
TOTAL INDIA	21,680	7.6			-----------	-------
	-----------	-------		TOTAL VIETNAM	4,638	1.6
					-----------	-------
INDONESIA					-----------	-------
Adaro Energy	4,883	1.7		TOTAL INVESTMENTS	285,118	100.0
Bank Mandiri	8,591	3.0			-----------	-------
	-----------	-------
TOTAL INDONESIA	13,474	4.7
	-----------	-------
KOREA
Cheil Worldwide	7,446	2.6
Gamevil	7,833	2.8
Hana Tour Service	6,600	2.3
Hyundai Glovis	9,210	3.2
Hyundai Green Food	5,889	2.1
Hyundai Motor	8,948	3.1

*listed on AIM in the UK

Stocks in bold are the twenty largest investments which by value account for 61.4% of the total 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 -

 

END

 

 

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