Aberdeen Asian Smaller Companies Investment Trust PLC
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Investor Warning

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NMPI Status

The Company currently conducts its affairs so that securities issued by Aberdeen Asian Smaller Companies Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Aberdeen Asian Smaller Companies Investment Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Read the PIDD for Aberdeen Asian Smaller Companies Investment Trust

 
 

Morningstar Ratings

Analyst Rating

Gold Rating

Fund Rating

5 Star Rating
 
 

Risk Warning

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

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 18-Sep-2014

Ord
Price1003.00p
NAV997.86p
Prem/-Disc0.52%
Net Dividend Yield1.00%

3.5% CULS 2019
Price122.00
NAV100.00
Prem/-Disc22.00%


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Trust Details

Aberdeen Asian Smaller Companies Investment Trust PLC

Registered Office:
Bow Bells House
One Bread Street
London
EC4M 9HH

Registered in England and Wales as an Investment Company Number 3106339

 

Aberdeen Asian Smaller Companies Investment Trust PLC

Objective

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.

 
 

Aberdeen Asian Smaller Companies Investment Trust plc Half Year Report for the six months to 31 Jan 2014
Christopher Wong, Senior Investment Manager

In this webcast Christopher Wong gives an update on a wide range of subjects including performance, a sector breakdown, top twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation

 

 

Manager's Monthly Report

July 2014

Market Review

Asian small-cap equities rose in July as markets focused on rosier Chinese economic data, augmented by targeted easing measures and the government redoubling its anti-corruption and reform drive. In Indonesia, Joko Widodo won the presidential election, although his opponent Prabowo Subianto mounted a legal challenge subsequently.

Portfolio Review

In July, we sold Regional Container Lines given concerns over its weak balance sheet amid a tough industry outlook. Elsewhere, we pared Ramco Cements on the back of price strength and increasingly rich valuations, and trimmed Café de Coral on valuation grounds. Conversely, we added to United International Enterprises, the parent of United Plantations, which trades at a discount to the value of its underlying entities. United Plantations is a palm oil producer and a core holding in the fund. As part of the dividend-in-species for our holding in New Zealand-listed Millennium & Copthorne Hotels, we received shares in newly Singapore-listed First Sponsor Group. We subsequently increased our holding in the company given the discount to the value of its underlying assets in China.

Earnings news was mixed. AEON Thana Sinsap saw profits rise marginally and Indonesian lender OCBC Nisp enjoyed better earnings. Against this, Tisco Financial Group was hit by higher non-performing loans and losses from repossessed cars, while Pacific Basin Shipping was hurt by an impairment in its towage business. CDL Hospitality Trusts also disappointed as businesses slashed travel budgets.

Elsewhere, Commercial Bank of Ceylon will acquire Indra Finance as part of the financial consolidation initiated by the Sri Lankan central bank. The acquisition should enhance its exposure to the leasing and used car markets.

Outlook

Still ample liquidity has helped markets stay relatively resilient, despite the weaker macro environment. A premature tightening of US interest rates, however, could upset this trend. On the flip side, tighter monetary policy would signal a US recovery, which should bode well for the region’s exports. An escalation of violence in Ukraine or a further unravelling of Europe’s banking system could also jolt markets. Nevertheless, we remain optimistic about Asia’s long-term prospects, given rising middle class aspirations. Recent elections have put in place new governments that appear focused on reform. Finances are healthy, despite higher leverage at the consumer level. Corporates are seeing cost cuts aid margin recovery. Valuations remain supportive on both an absolute and a relative basis, and we believe prudent stock-picking will reward the patient investor over the long term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited