Interim Management Statement

RNS Number : 3521U

Edinburgh Dragon Trust plc

20 December 2011

 



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 September 2011 to 19 December 2011, 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 events and their impact on the Trust

On 7 December 2011 the Company held its Annual General Meeting at which all resolutions were passed.  The special resolutions passed were to allow the Company to issue shares (up to 5% of the issued share capital without pre-emption) and to buy back shares (up to 14.99% of the issued share capital).  A final dividend of 3.20p per ordinary share was approved and paid to shareholder on 9 December 2011.

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

Over the three month period to 30 November 2011 the Company's net asset value fell 3.4% on a total return basis compared to a fall of 7.7% in the MSCI AC Asia (ex Japan) Index.  The Company did not buy back shares for the period from 1 September 2011 to 19 December 2011. 

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

Ten largest equity holdings as at 30 November 2011

Holding	%
Standard Chartered	4.6
Jardine Strategic	4.5
Samsung Electronics Pref.	4.5
Oversea-Chinese Banking Corp.	4.3
HDFC	3.9
Taiwan Semiconductor	3.9
Infosys Technologies	3.8
Swire Pacific 'B'	3.6
City Developments	3.5
China Mobile	3.2
Total	39.8

Country allocation as at 30 November 2011

Country	%
Hong Kong	24.2
Singapore	19.0
India	14.3
South Korea	7.9
China	7.5
Taiwan	6.4
Thailand	5.8
Malaysia	3.9
United Kingdom	3.4
Philippines	3.1
Sri Lanka	2.4
Indonesia	1.5
Cash	0.6
Total	100.0

Assets at 30 November 2011

Investments	£509.0m
Cash	£2.2m
Total gross assets¹	£511.2m
No of shares in issue	196,346,350
Net asset value¹	232.2p
Discount	5.7%

Cumulative performance as at 30 November 2011

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/11/2011	%	%	%	%	%	%
Share Price	219.0p	(3.2)	(3.4)	(8.6)	(8.1)	109.1	72.2
NAV¹	232.2p	(4.4)	(5.2)	(10.2)	(10.5)	95.9	72.9
MSCI AC Asia ex Japan		(5.9)	(7.7)	(16.8)	(13.9)	82.9	49.3

Discrete performance (%)

	30/11/2011	30/11/2010	30/11/2009	30/11/2008	30/11/2007
Share Price	(8.1)	35.7	67.6	(28.0)	14.4
NAV¹	(10.5)	35.4	61.5	(30.0)	26.0
MSCI AC Asia ex Japan	(13.9)	25.0	69.9	(42.0)	40.7

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

Dividend calculations are to reinvest as at the ex dividend date. NAV returns based on NAVs with debt valued at par

Source: Aberdeen Asset Managers, Factset and Morningstar

¹ Excluding current year revenue

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

Aberdeen Asset Managers Limited, Secretary

 

END

 

 

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