Edison issues review on Invesco Asia Trust (IAT)

RNS Number : 1267B

INVESCO Asia Trust PLC

18 September 2018

 

London, UK, 18 September 2018

Edison issues review on Invesco Asia Trust (IAT)

Invesco Asia Trust (IAT) aims to deliver significant capital gains to shareholders over a three- to five-year horizon, primarily through investing in Asian equities, following a disciplined, bottom-up process. It has a solid long-term track record of NAV total return outperformance against its benchmark and has delivered annualised returns of 13% pa over the past 10 years. Although the primary objective is capital gains, since 2001 IAT has also consistently maintained or grown dividends, which increased 28% in FY18. The MSCI Asia ex-Japan index has corrected nearly 20% from its January 2018 peak and the manager believes many interesting investment ideas are emerging.

IAT currently trades on a 11.6% discount to ex-income NAV, which is slightly deeper than the three-year average of 10.4%. The board is committed to managing the discount and views a level below 10.0% to be desirable, in normal market conditions. Dividends have grown, or been maintained, consistently over the long term and the FY18 dividend increased 27.9% to 5.5p per share, representing a yield of 2.0%, which is above the peer group average. 

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