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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.
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 16-Apr-2014Ord
|Net Dividend Yield||1.17%|
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 performance, sector breakdown and the largest investments, along with an outlook for the Trust.
Easing concerns over Fed tapering and emerging markets contagion, coupled with Janet Yellen’s assurance to keep US rates low, lifted Asian equities in February. The recent sell-off, which appeared excessive, also helped revive risk appetite. Small caps performed in line with the broader market.
There were no major changes to the portfolio in February.
Earnings news from our holdings was generally mixed. Some companies continued to face rising cost pressures, such as traditional Chinese medicine distributor Eu Yan Sang. Bukit Sembawang Estates’ results were weaker on lower sales. The Ramco Cements had a better quarter, with higher selling prices and energy cost savings boosting profits. But the short-term outlook in the Indian cement market remains subdued. On the whole, however, we remain upbeat about longer-term consumption growth in Asia, which bodes well for small-cap companies.
The prospect of tighter liquidity after years of central bank largesse has been factored into share prices to some extent. However, questions remain as to the speed and scale of withdrawal. Still, the odds of a precipitous tightening are small given the mixed outlook on the US jobs front. Furthermore, bolder monetary action from other parts of the rich world cannot be ruled out, as in the case of Japan and Europe, both of which remain under the threat of deflation. Meanwhile, Russian interference in Ukraine has heightened geopolitical risks, although the impact on the broader global economy appears limited. Against this backdrop, volatility is likely to persist. Discounting these external uncertainties, however, Asia’s prospects remain undiminished. The region is far less vulnerable than it was during the 1997-98 financial crisis. Government finances are healthier, debt levels are lower and countries have moved to flexible exchange rates. In China, fears of weaker growth and defaults appear overblown. Its government’s coffers are full and recent bailouts of failing investment trusts suggest it is willing to do whatever it takes to prevent a rout. The current cyclical slowdown in Asia should pass, and companies that have taken this time to exact capital discipline amid waning demand should be well positioned for an imminent recovery. Earnings revisions have also stabilised somewhat. Valuations have become more palatable, hovering below long-term averages, which could throw up some opportunities for the far-sighted investor.
Source: Monthly Factsheet Aberdeen Asset Managers Limited