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 16-May-2012
Ord| Price | 695.75p |
| NAV | 706.27p |
| Prem/-Disc | -1.49% |
| Net Dividend Yield | 1.37% |
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.
Aberdeen's investment approach: An eye for potential, an ear to the ground
December 2011
Manager's Monthly Report
April 2012
Market Review
Asian stock markets generally fell in March amid worries of a sharp economic slowdown in China. But losses were capped by hopes of further quantitative easing in the US. Small caps underperformed their large cap counterparts.
Economic data were mixed. Anaemic European demand hurt exports from China, Malaysia and Thailand, whereas Korea, Singapore and Taiwan saw electronics shipments improve. Fourth-quarter GDP growth moderated in Australia and Korea.
Inflation eased further but persistently high oil prices threatened to reverse the trend. Most central banks held interest rates unchanged, although India lowered lenders’ cash reserve ratio to improve liquidity and subsequently cut interest rates by 50bps.
Portfolio Review
During the month, we pared the Philippines’ Cebu and Jollibee Foods, as well as Thai retailer Siam Makro on valuation grounds. The proceeds were used to add to Millennium & Copthorne New Zealand; Thailand’s AEON Thana Sinsap; India’s CMC; Singapore’s WBL Corporation; Malaysia’s United Malacca and YNH Property; as well as Hong Kong’s AEON Credit Service, Public Financial and Hong Kong Economic Times.
Corporate results were mixed. In Hong Kong, Giordano reported robust earnings growth thanks to higher sales. Although Singapore’s Wheelock Properties sold fewer residential units, its earnings were supported by prior sales and revaluation gains. In Thailand, Hana Microelectronics was weighed down by the baht’s strength, elevated costs and softer sales volumes.
Meanwhile, Asia Satellite is offering minority shareholders HK$22 cash per share in a bid to privatise the company. While there is a 15% premium over the stock’s last traded price, it does not fully reflect the company’s value in our opinion.
Outlook
Looking ahead, sentiment in Asian stock markets is likely to be swayed by the uncertain economic backdrop, particularly in the context of a slowdown in China, Europe’s recurring debt problems and lingering doubts over the sustainability of the US recovery. Over the longer term, however, we remain optimistic about Asia’s prospects, which are undiminished despite these concerns.
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