ABRDN NEW DAWN INVESTMENT TRUST
Aberdeen New Dawn Investment Trust PLC
Unaudited Interim Management Statement - 3 months to 31 July 2014
To the members of Aberdeen New Dawn Investment Trust PLC
This unaudited interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 May 2014 to 31 July 2014, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
Investment objective
To provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries excluding Japan.
Benchmark
MSCI AC Asia Pacific ex Japan (Sterling adjusted). This benchmark includes Australia and New Zealand.
Material events
On 2 September 2014, the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to allow the Company to issue shares (up to 10% of the issued share capital without pre-emption) and to buy back shares (up to 14.99% of the issued share capital).
The Company's final dividend of 2.6p per Ordinary share was approved by shareholders and will be paid on 5 September 2014.
The borrowings at the period end represented HKD154.1m (the equivalent of £11.8m) drawn in Hong Kong Dollars, US8.68m (the equivalent of £5.1m) and GBP £2.5m (total GBP equivalent £19.4m).
For latest NAV and share price information, please refer to the Company's website, www.newdawn-trust.co.uk.
Ten largest equity holdings at 31 July 2014
Country | % | |
Aberdeen Global-Indian Equity* | India | 11.1 |
Samsung Electronics Pref | Korea | 4.7 |
Jardine Strategic | Hong Kong | 4.1 |
Oversea-Chinese Banking Corp. | Singapore | 4.1 |
Rio Tinto | Australia | 3.8 |
HSBC | Hong Kong | 3.5 |
BHP Billiton | Australia | 3.4 |
Taiwan Semiconductor | Taiwan | 3.4 |
United Overseas Bank | Singapore | 3.3 |
Ayala Land | Philippines | 3.2 |
Total | 44.6 |
Source: Aberdeen Asset Managers Limited
*excluded for the purposes of calculating the investment management fee.
Country allocation as at 31 July 2014
Country | % | Index % |
Hong Kong | 20.0 | 9.4 |
Singapore | 19.8 | 4.7 |
India | 12.4 | 6.4 |
Australia | 11.8 | 25.0 |
China | 6.0 | 18.6 |
Korea | 5.6 | 14.9 |
United Kingdom | 4.9 | -- |
Taiwan | 4.7 | 11.3 |
Thailand | 3.8 | 2.1 |
Philippines | 3.2 | 0.9 |
Sri Lanka | 2.7 | -- |
Malaysia | 2.7 | 3.7 |
Indonesia | 0.9 | 2.5 |
New Zealand | -- | 0.4 |
Cash | 1.5 | -- |
Total | 100.0 | 100.0 |
Source: Aberdeen Asset Managers Ltd
General description of Company's financial position and performance as at 31 July 2014
£m | |
Gross Assets | 269.2 |
Debt | 19.4 |
Cash | 5.0 |
Gearing* | 5.8% |
Source: Aberdeen Asset Managers Ltd
*Net gearing is expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders' funds.
Cumulative performance (%)
as at |
1 |
3 |
6 |
1 |
3 |
5 | |
Share Price | 182.5p | 2.8 | 8.6 | 19.1 | (3.5) | 12.9 | 76.3 |
NAVA | 200.6p | 4.6 | 6.4 | 14.7 | 0.3 | 13.0 | 76.0 |
MSCI AC Asia Pacific ex Japan | 4.9 | 8.8 | 13.9 | 7.3 | 13.4 | 61.2 |
Discrete Performance
Year to | 31/07/2014 | 31/07/2013 | 31/07/2012 | 31/07/2011 | 31/07/2010 |
Share Price | (3.5) | 21.1 | (3.4) | 16.0 | 34.6 |
NAVA | 0.3 | 12.4 | 0.3 | 15.6 | 34.8 |
MSCI AC Asia Pacific ex Japan | 7.3 | 11.4 | (5.2) | 15.7 | 22.9 |
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.
Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.
A Including current year revenue.
Source: Aberdeen Asset Managers Limited, Lipper and Morningstar
Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.
For Aberdeen New Dawn Investment Trust PLC
Aberdeen Asset Management PLC, Secretary
4 September 2014
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