Interim Management Statement

RNS Number : 3302X

Edinburgh Dragon Trust plc

23 June 2008

 



Edinburgh Dragon Trust plc - Interim management statement

To the members of Edinburgh Dragon Trust plc

This 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 March 2008 to 20 June 2008, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve long term capital growth through investment in the Far East. The Company's benchmark is the MSCI All Country Asia (ex Japan) Index. Investments are made in stockmarkets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns.

Benchmark

MSCI All Country Asia (ex Japan)

Material transactions and their impact on the Trust's financial position

Over the three month period to 31 May 2008 the Company's net asset value rose 2.7% on a total return basis compared to a fall of 1.2% in the MSCI AC Asia (ex Japan) Index. The Company has bought back 2,075,000 shares for the period from 1 March 2008 to 20 June 2008.  

For latest NAV and share price information, please refer to the Trust's website, www.edinburghdragon.co.uk.

Ten largest equity holdings as at 31 May 2008

Holding	%
Samsung Electronics pref	4.9
Oversea-Chinese Banking Corp	4.0
United Overseas Bank	3.6
Swire Pacific 'B'	3.4
Public Bank	3.3
Taiwan Semiconductor	3.0
Singapore Telecommunications	2.9
China Mobile	2.8
PTT Exploration	2.7
Jardine Strategic	2.6
Total	33.2

Country allocation as at 31 May 2008

Country	Trust
Singapore	24.0
Hong Kong	16.8
South Korea	11.4
India	11.3
Malaysia	6.7
China	6.6
Taiwan	6.5
Thailand	4.7
Philippines	1.8
Indonesia	1.7
Sri Lanka	0.7
Cash	7.8
Total	100.0

Assets at 31 May 2008

Investments	£417.4m
Cash	£31.5m
Total gross assets	£448.9m
No of shares in issue	232,100,375
Net asset value	175.96p
Actual gearing	5.9%
Discount	10.9%

Cumulative performance (%)

	as at	3 months	6 months	1 year	3 years	5 years
	31/5/08
Share Price	156.75	3.0	3.0	12.6	80.6	198.1
NAV	175.96p	2.7	-0.3	11.5	81.9	173.6
MSCI AC Asia ex Japan		-1.2	-7.2	12.8	85.5	187.7

Discrete performance (%)

	31/5/08	31/5/07	31/5/06	31/5/05	31/5/04
Share Price	12.6	22.6	30.9	24.6	32.5
NAV	11.5	31.9	23.8	20.7	24.6
MSCI AC Asia ex Japan	12.8	30.7	25.8	23.9	25.2

Total Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset  and Fundamental Data

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 and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

For Edinburgh Dragon Trust plc

Edinburgh Fund Managers plc, Secretary

 

END

 

 

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