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The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.Read the detailed Risk Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 06-Dec-2013Ord
|Net Dividend Yield||1.15%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
Bow Bells House
One Bread Street
Registered in England and Wales as an Investment Company Number 3106339
To maximise total return to Shareholders over the long term from a portfolio of smaller quoted companies (with a market capitalisation of up to approximately US$1 billion at time of investment) in the economies of Asia and Australasia, excluding Japan.
In this webcast, Christopher Wong gives an update on a wide range of subjects including the Trust's performance, geographic and sector breakdowns of the portfolio and an outlook for the Trust.
Asian equities rose in October amid signs of resilience in some regional economies. Markets also gained from improving global risk appetite following the last-minute deal to reopen the US government. Small-cap stocks underperformed the broader market. Third-quarter GDP rose 7.8% in China, reversing the slowdown in previous quarters. Data were also upbeat in Singapore and Korea, but Taiwan’s expansion was hampered by sluggish exports. India’s manufacturing sector contracted further as output and new orders declined. India raised interest rates to target inflation, while Singapore will allow its currency to appreciate gradually. Sri Lanka cut rates to lift growth. Malaysia will implement a 6% goods and services tax in 2015 to tame the widening deficit. The Thai senate approved a bill to borrow two trillion baht to fund infrastructure projects.
In October, we added to Cabcharge Australia, Hong Leong Finance and YNH Property on relative price weakness. In results news, our holdings generally reported positive earnings growth. In Thailand, Tisco Financial proved resilient in a tough operating environment. Castrol India’s sales held up well in a seasonally weak quarter, while CMC saw improving US demand. Meanwhile, AEON is selling part of its Johor Bahru property to its sister company in Tokyo.
In the near term, focus is likely to shift to China’s meeting of top leaders to discuss the next phase of the country’s growth. The government could prove its mettle, yet it may be months or years before the full impact of reforms is felt. Until then, the mainland is in for a period of restructuring and, along with the rest of Asia, would have to adjust to a slower pace of growth. Meanwhile, improving US data and the lack of a clear signal from the Fed regarding its pace of stimulus have brought forward the prospect of tapering. Before that happens, however, markets could continue to be liquidity-led. We think that the withdrawal of easy money is not a bad thing, given the artificial support for share prices. Over the longer term, we would prefer to see share price gains driven by improvements in company fundamentals and earnings growth. On this front, we are confident of the holdings in our portfolio, given their financial strength and sound business models, which should help them weather the current headwinds and place them on a firmer footing to enjoy a growth recovery.
Source: Monthly Factsheet Aberdeen Asset Managers Limited