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 WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 26-Jan-2012
Ord| Price | 618.00p |
| NAV | 636.80p |
| Prem/-Disc | -2.95% |
| Net Dividend Yield | 1.54% |
Source: Morningstar
NAV = Net Asset Value
Literature
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
The investment objective of the Company is 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$750m at time of investment) in the economies of Asia and Australasia, excluding Japan.
Manager's Monthly Report
January 2012
Market Review
Asian equities posted modest gains in December. Eurozone debt worries and the possibility of further sovereign credit rating downgrades depressed sentiment but losses were mitigated by an injection of liquidity into Europe’s banking system and better-thanexpected US economic data. Asian small caps lagged their large cap counterparts.
Regional economies showed further signs of slowing, with Indian industrial output contracting for the first time in more than two years. Chinese factory production and exports decelerated, while forward-looking manufacturing indicators pointed to slowdowns in Taiwan and Korea.
Moderating inflationary pressures allowed central banks to hold or ease policy rates. Australia and Thailand cut benchmark rates, while mortgage rates were loosened for first-time homebuyers in Beijing and Shanghai.
Portfolio Review
During the month, we pared Siam Makro following recent price strength and added to Cebu Holdings, the niche property developer in Cebu with a robust balance sheet, which is trading at a substantial discount to its asset value.
In earnings news, higher costs eroded Cafe de Coral and Kingmaker’s profits, while Hung Hing Printing’s margins were squeezed by the appreciating renminbi and weak exports. They remain well supported by their robust balance sheets. Meanwhile, Holcim Indonesia will invest an initial US$200 million in a new cement plant in East Java. With completion in 2013, the facility will boost capacity and cut distribution costs greatly.
Asian stock markets will continue to face more of the same external headwinds in the year ahead. Global growth is likely to slow in 2012. Europe appears headed for a recession under the weight of austerity measures, while the US is still deleveraging, despite the recent improvement in short-term economic data. Asia is unlikely to escape these external problems unscathed. Yet, Asia’s long-term prospects remain undiminished. This is because inflationary pressures appear to be ebbing, allowing central banks greater leeway in supporting growth. At the same time, governments in the region are in much better fiscal shape than those in developed countries, affording them the policy tools necessary to stimulate their flagging economies should the need arise.
Source: Monthly Factsheet Aberdeen Asset Managers Limited
Awards
- Aberdeen Asian Smaller Companies Investment Trust PLC won the Association of Investment Companies award for Best Factsheet, 2011.