Interim Management Statement

RNS Number : 0408V
Asian Total Return Invest Co PLC
22 October 2014
 

ASIAN TOTAL RETURN INVESTMENT COMPANY PLC

Interim Management Statement for the Quarter ended 30 September 2014

 

The Board of Asian Total Return Investment Company plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 July 2014 to 30 September 2014.

 

Investment Objective

 

The Company's investment objective is to provide a high rate of return through investment in equities and equity-related securities of companies trading in the Asia Pacific region (excluding Japan).  The Company seeks to offer a degree of capital preservation through tactical use of derivative instruments.

 

Material Events or Transactions

 

Appointment of Alternative Investment Fund Manager

 

During the period, pursuant to the Alternative Investment Fund Managers Directive ("AIFMD"), the Company appointed Schroder Unit Trusts Limited ("SUTL") as its Alternative Investment Fund Managerto provide portfolio management, risk management and company secretarial services to the Company.  In order to facilitate this appointment, the Company has terminated its existing investment management agreement with Schroder Investment Management Limited ("SIM") and has entered into a new agreement with SUTL. Under these new arrangements, certain functions have been delegated from SUTL to SIM and investment management has been further sub-delegated to Schroder Investment Management (Singapore) Limited.

 

Appointment of Depositary

 

During the period, pursuant to the AIFMD, the Company appointed HSBC Bank plc as its Depositary, responsible for, inter alia, cash monitoring, custody of financial instruments, verification of ownership of assets and oversight.

 

Directorate Change

 

Mike Holt was appointed as a non-executive Director of the Company, with effect from 1 July 2014.

 

Mr Holt is currently Group Finance Director of Low & Bonar PLC, an international performance materials group. He is also a trustee (and treasurer) of Target Ovarian Cancer. Prior to joining Low & Bonar in 2010, he was Group Finance Director of Vp plc for six years and had previously held a number of senior financial positions with Rolls-Royce group plc in the UK, the USA and Hong Kong.  He is a Fellow of The Institute of Chartered Accountants in England & Wales.

 

The election of Mr Holt as a Director of the Company will be proposed at the next Annual General Meeting.

 

Retirement of Director

 

As part of the planned refreshment of the Board, Mr Hugh Aldous retired as a Director of the Company with effect from 22 October 2014.

 

The Board would like to take this opportunity to thank Mr Aldous for his invaluable contribution to the Company during his tenure as a Director and Chairman of the Audit Committee of nearly 11 years.

 

No other material events or transactions have taken place in respect of the Company between 1 July 2014 and the date of publication of this Statement.

Company Statistics as at 30 September 2014

Net assets                                                                                   

£147.7 million

Net asset value ("NAV") per Ordinary share

200.14p                                                       

Share price

186.0p

Discount         

    7.1%

Number of portfolio holdings

     62

Net cash

    1.1%           

Cumulative Performance to 30 September 2014

Total returns over:

3 months

6 months

1 year

Share price

    6.13%

9.41%

8.64%

NAV per Ordinary share

Peer group net asset value (arithmetic average)

    5.88%

      5.86%

8.75%

10.70%

  10.30%

11.87%

MSCI AC Asia Pacific (ex Japan) Index

     2.03%

5.49%

  5.84%

Source: Morningstar

Portfolio Information as at 30 September 2014

Ten Largest Holdings

Stock Name                                     

Country of

listing

Market Value (£)

% of

NAV

Jardine Strategic

Hong Kong

5,460,260

3.7

Taiwan Semiconductor Manufacturing

Taiwan

4,856,982

3.3

Kasikornbank

Thailand

4,555,286

3.1

Jardine Matheson

Hong Kong

4,544,034

3.1

AIA

Hong Kong

4,095,887

2.8

Wuxi Pharmatech

China

4,076,698

2.8

Techtronic Industries

Hong Kong

4,054,402

2.7

Swire Properties

Hong Kong

3,778,383

2.6

Ayala Land

Philippines

3,616,059

2.4

Brambles

Australia

3,612,355

2.4

Geographical Analysis

Country of Listing

% of NAV

Hong Kong/China

39.1

Thailand             

11.4 

Taiwan                

10.0

Australia                     

9.2

Philippines                 

7.8

India              

7.3

Singapore                    

5.2

Indonesia                

2.8

Korea                       

1.6

Malaysia

0.5

Other                     

3.0

Options                   

0.9               

Net current assets   

1.2

Sector Breakdown

Sector 

% of NAV

Financials              

25.3

Industrials             

23.1                              

Consumer Goods  

13.7

Technology 

9.8

Healthcare               

8.5

Consumer Services             

7.7

Basic Materials   

3.5

Consumer Discretionary      

1.9              

Consumer Staples     

1.9

Oil and Gas

1.5

General Retailers

1.0

Options                    

0.9  

Net current assets    

1.2

Changes to Share Capital during the Quarter ended 30 September 2014


Issued Ordinary shares of 5p each

At 1 July 2014

         73,931,141

Shares repurchased into Treasury during the period

Shares in issue at 30 September 2014 (excluding shares held in Treasury)                                                     

                

115,000

 

           73,816,141

Shares held in Treasury

Shares in issue at 30 September 2014 (including shares held in Treasury)

           11,388,671

 

            85,204,812

 

Following the quarter end, 347,000 Ordinary shares have been repurchased into Treasury. As at the date of this Statement, 73,469,141 Ordinary shares are in issue and 11,735,671 shares are held in Treasury. Each Ordinary share carries one voting right. The total number of voting rights in the Company as at the date of this Statement is 73,469,141.

 

Company Information as at 30 September 2014

 

SEDOL Code                                       0871079

Sector                                                  Equity Investment Instruments

Launch Date                                        26 November 1987

Financial Year End                              31 December

Company website:                               www.asiantotalreturninvestmentcompany.com

 

22 October 2014

 

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: 020 7658 3206


This information is provided by RNS
The company news service from the London Stock Exchange
 
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