Final Results

RNS Number : 6495O

Henderson TR Pacific Inv. Trust PLC

11 March 2009

 



            Page 1 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

This announcement contains regulated information

Henderson TR Pacific Investment Trust plc announces its results for the year ended 31 December 2008.

Henderson TR Pacific Investment Trust plc seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia.

Key Data
Per ordinary share	31 December  2008 in pence	31 December 2007 in pence	Change %
Net asset value #	112.5	183.5	-38.7
Share price #	101.0	161.3	-37.4
Net revenue return	2.41	2.18	+10.6
Final dividend	2.40	2.00	+20.0
Gearing*	8.5%	14.8%

# Excluding reinvested income

*Defined here as borrowings, less cash balances and deposits, as a percentage of shareholders' funds.

Performance for 12 Months to 31 December 2008

	%
Net asset value total return (1)	-38.4
Share price total return (1)	-36.4
Peer group NAV total return (2)	-37.5
MSCI All Country Asia ex- Japan Index total return (3)	-33.9

(1) Source: AIC Information Services Ltd (net income reinvested).

(2) Source: AIC Information Services Ltd. The performance of a group of leading investment trust competitors (arithmetic average).

(3) Source: Datastream (gross income reinvested).

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Page 2 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Commenting on the results Chairman, David Robins, said:

There is little that I can add to the volume of words already written about the financial sector implosion, the financial market meltdown and the resultant economic malaise now beginning to sweep the world after the extraordinary events of 2008.

Suffice to say, that whilst we had been greatly concerned about a credit crunch and flight from risk assets from as early as the spring of 2007, we did not foresee the almost total collapse of monetary transmission mechanisms nor the extremes of deleveraging and volatility in financial markets during the last year. Nor did we expect that, as a result of the credit crunch, the world's major economies would descend into recession, or that it would happen so rapidly, with such gloomy prognostications for the future.

Indeed, we believed that the intrinsic strength of the Asian economies - high levels of growth, strong fiscal positions, appreciating currencies, high savings ratios, strong corporate balance sheets and reasonable prospects for continued intra regional trade - would provide insulation from the icy blasts beginning to blow from the USA, Europe and Japan. We have been proved wrong.

Performance

As a result, your Company's net asset value (NAV) total return fell by 38.4% last year, compared with a decline in the MSCI All Country Asia ex-Japan Index (sterling adjusted) of 33.9%. The share price total return fared somewhat better than NAV, falling by 36.4%, and is currently at a narrower discount than seen during most of the last two years. Indeed, against our peer group of eight other similar trusts, we remain in the middle of the pack, with all of the trusts having suffered significant falls in NAV and share prices over the last year. We realise that this provides little comfort. 

Dividend

Once again, the Portfolio Manager's focus on good quality companies with strong cashflow and well covered  dividends, has meant that we are again in a position to pay a dividend to shareholders significantly ahead of last year's levels. We propose to pay 2.40p per share, compared with 2.00p last year and 1.30p the year before. This will make Henderson TR Pacific the highest yielding trust of the Asia ex-Japan growth trusts peer group, in line with our commitment to aim for a high total return, but we appreciate that it does little to offset the share price decline.

Share Repurchases

During the course of the last year, we continued to make significant repurchases of our own shares, not only to keep the discount close to the average of our peer group, but also to ensure that we do not have shareholders on our register whose motives are not aligned with the majority of other shareholders. Accordingly, we bought and cancelled 8,880,000 shares during 2008.

Fees and Expenses

As a result of the significant fall in both the NAV and share price over the last year, there will be a claw back of the management fee, such that only 0.3% of gross assets is paid, rather than the standard 0.6%. This will mean that a saving of £686,000 is generated for the Company. Over three years, the Company has underperformed the MSCI All Country Asia ex-Japan Index, and therefore there is no performance fee to be paid.

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  Page 3 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Chairman's comments continued

As a result, total fees are £2.4 m lower than in 2007, whilst this is little compensation for the decline in the Company's NAV it at least underlines that our fee arrangements work in shareholders' interests. 

The total expense ratio for the year decreased to 0.5% because of the claw back and lack of performance fee. This again compared very favourably with the peer group's average of 1.8%.

Board Membership

Following Judith Unwin's retirement from the Board last year, we are delighted that we have been able to replace her with a truly outstanding candidate. A sub committee of Struan Robertson and Hugh Aldous was given the responsibility for finding a replacement, and following an independent search which brought forward a number of excellent candidates, recommended the appointment of Alexandra Mackesy. 

Alexandra is a Mandarin speaker, and spent twelve years based in Hong Kong as an analyst of companies in the Asia Pacific region, working for Asia Equity, SG and then SBC Warburg, and JP Morgan. Latterly she was Director of Hong Kong and China Equity Research for Credit Suisse First Boston, and has remained a part-time consultant to Credit Suisse, visiting the region for several months each year. Alexandra will stand for election to the Board at the AGM.

VAT

I am pleased to report that as a result of action by the Manager, HMRC has repaid all of the irrecoverable VAT previously unclaimed by the Company for the 2000 to 2007 period. Interest will be paid on the amount to be repaid. Given that your Company undertakes its business outside both the UK and the EU, the majority of VAT on Management Fees has been previously claimed. Thus, the amount of the repayment of irrecoverable VAT will only amount to £55,000 plus interest.

A claim has also been lodged for the 1990 to 1996 period, for which the outcome is still unknown. It is not possible to claim for the 1996 to 2000 period. HMRC will not entertain such claims, though will consider the earlier claims based on the Fleming/Condé Nast legal case.

Outlook

Whilst we commented last year that the outlook was opaque, we were perhaps over optimistic. This year it has to be said that the outlook is almost impossible to determine, although it is easy to be very pessimistic. Clearly global growth is set to be negative at least in the early part of the year, with the major economies facing recession, which could be prolonged.

Those of an optimistic nature suggest that growth may well bottom out by the second half of the year and that an upturn will then be in sight. Certainly, governments and monetary authorities around the world have taken unprecedented action to try to provide a boost to confidence and growth in their ailing economies. But it remains to be seen whether interest rates at historically low levels in many countries, along with quantitative easing of monetary policy and significant fiscal packages, will be enough to rebuild the confidence of both consumers and corporates. This will depend on the financial system achieving equilibrium, and banks beginning to lend again. At present, in the western economies the prospects of credit becoming more available are dim. Thus, those of a more pessimistic nature do not expect to see much improvement in economic fundamentals until well into 2010 at best. 

In this uncertain environment, Asian equity markets look to be the most appealing. It is only ten years since Asia went through its own significant crisis, and companies are in a far stronger position than then. Governments' fiscal positions are robust, savings ratios remain high, interest rates have been cut, household balance sheets are in good shape and consumer debt is low. Asia seems far better equipped to ride out the global economic crisis, but whether investors will be prepared to come back into Asian markets is the critical issue, when risk aversion remains at high levels.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Chairman's comments continued

With this background, your Portfolio Manager will be focusing on those companies that are in a strong position within their particular markets, have strong cash flow, and are deemed to be strong enough to ride out the storm.  Your Company finished the year with modest gearing in anticipation of a short term rally in markets as the full range of monetary and fiscal tools are brought to bear on economies in Asia and the West. Your Portfolio Manager will remain flexible and is not anticipating a major turning point for markets until economies show some signs of stabilising later in the year. When this occurs, we are fully prepared to take advantage of what is likely to be an excellent long term buying opportunity for Asian equities. 

David Robins

Chairman

Principal risks and uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

● Portfolio and market

Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move sharply. The companies in which investments are made may operate unsuccessfully, or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds. 

The Board manages the overall level of market risk in the investment portfolio by ensuring full and timely reporting of relevant information from the Manager on a monthly basis. The Board reviews the portfolio each month and endeavours to mitigate the risk through diversification of investments in the portfolio. The Manager manages its exposure to market price risk through its asset allocation decisions and by buying/selling put or call options on indices relevant to its portfolio. Where appropriate, foreign currency borrowings are used to achieve the portfolio characteristics to minimise the exposure to foreign currency risk. The possible effects on fair values and cash flows arising on account of changes in interest rates are considered when making investment decisions and the level of gearing.

● Investment activity and performance

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the Company's benchmark index and the companies in its peer group. The Board monitors at each Board meeting the Manager's compliance with the Company's objectives, and is directly responsible for investment strategy, the level of gearing and asset allocation between countries and economies. For managing the liquidity risk, the Board gives guidance to the Manager as to the maximum amount of the Company's exposure to individual investments. Short term borrowings are used to manage short term cash requirements.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Principal risks and uncertainties continued

● Tax and regulatory risks

A breach of Section 842 of the Income and Corporation Taxes Act 1988 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Acts 1985 and 2006 could lead to criminal proceedings, or financial or reputational damage. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. 

The Manager has contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board received internal control reports produced by the Manager on a quarterly basis, which confirmed regulatory compliance during the year.

● Financial

By its nature as an investment trust, the Company's business activities are exposed to market risk (including currency risk, interest rate risk and market price risk), liquidity risk, and credit and counterparty risk. 

● Operational

Disruption to, or failure of, the Manager's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service. 

Related party transactions

Investment management, accounting, company secretarial and administration services are provided to the Company by wholly owned subsidiary companies of Henderson Global Investors (Holdings) plc ('Henderson'). This is the only related party transactions currently in place. Global custody services are provided by JP Morgan. There have been no material transactions with these parties which have affected the financial position or performance of the Company in the financial year.

Statement of Directors' Responsibilities 

In accordance with Disclosure and Transparency Rule 4.1.12, the Directors each confirm to the best of their knowledge that: 

(a) the financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b) the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face. 

For and behalf of the Board 

H G C Aldous

Director

For further information contact:

Andrew Beal  Portfolio Manager  Tel: [phone]

David Robins  Chairman  Tel: [phone]

David Masters  Lansons Communications Tel: [phone]

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Income Statement

For the year ended 31 December 2008 

	Year ended 31 December 2008			Year ended 31 December 2007
	Revenue Return	Capital  Return	Total	Revenue Return	Capital  Return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains from investments held at fair value through profit or loss (note 2)	-	(118,578)	(118,578)	-	84,272	84,272
Income from investments held at fair value through   profit or loss (note 3)	6,590	-	6,590	7,044	-	7,044
Other interest receivable and similar income (note 4)	233	-	233	360	-	360
	-------	--------	--------	-------	---------	----------
Gross revenue and capital (losses)/gains	6,823	(118,578)	(111,755)	7,404	84,272	91,676
Management fee (note 5)	(345)	(286)	(631)	(654)	(1,221)	(1,875)
Performance fee (note 5)	-	-	-	-	(1,144)	(1,144)
Other administrative expenses	(624)	-	(624)	(717)	-	(717)
	-------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities before  finance charges and taxation	5,854	(118,864)	(113,010)	6,033	81,907	87,940
Finance charges	(172)	(515)	(687)	(308)	(923)	(1,231)
	--------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities  before taxation	5,682	(119,379)	(113,697)	5,725	80,984	86,709
Taxation on (loss)/net return on ordinary activities	(1,706)	228	(1,478)	(1,821)	988	(833)
	-------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities after taxation	3,976	(119,151)	(115,175)	3,904	81,972	85,876
	=====	=====	======	=====	=====	======
Basic and diluted return/(loss) per ordinary share  (note 6)	2.41p	(72.19)p	(69.78)p	2.18p	45.87p	48.05p

The total column of this statement represents the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. The Company had no recognised gains or losses other than those disclosed in the Income Statement and Reconciliation of Movements in Shareholders' Funds.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Reconciliation of Movements in Shareholders' Funds

For the years ended 31 December 2008 and 31 December 2007

	Called up share capital	Capital redemption reserve	Special reserve	Other  capital reserves	Revenue reserve	Total
Year ended 31 December 2008	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2007	8,516	7,390	63,802	222,581	10,271	312,560
Net (loss)/return from ordinary activities after taxation	-	-	-	(119,151)	3,976	(115,175)
Dividend paid in respect of  year ended 31 December 2007 (paid 30 April 2008)	-	-	-	-	(3,396)	(3,396)
Purchase of own shares	(443)	443	(12,302)	-	-	(12,302)
	----------	-----------	----------	----------	----------	----------
At 31 December 2008	8,073	7,833	51,500	103,430	10,851	181,687
	======	======	======	======	======	======
	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2007	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2006	9,186	6,720	83,728	140,609	8,744	248,987
Net return from ordinary activities after taxation	-	-	-	81,972	3,904	85,876
Dividend paid in respect of   year ended 31 December 2006   (paid 26 April 2007)	-	-	-	-	(2,377)	(2,377)
Purchase of own shares	(670)	670	(19,926)	-	-	(19,926)
	----------	---------	---------	---------	---------	---------
At 31 December 2007	8,516	7,390	63,802	222,581	10,271	312,560
	----------	----------	----------	-----------	---------	-----------

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Balance Sheet

At 31 December 2008 

	2008	2007
	£'000	£'000
Fixed asset investments held at fair value  through profit or loss
Quoted at market value	197,798	361,809
	----------	-----------
Current assets
Debtors	474	129
Bank balances and short term deposits	5,403	5,008
	------------	-----------
	5,877	5,137
Creditors: amounts falling due within one year	(21,988)	(54,386)
	-----------	------------
Net current liabilities	(16,111)	(49,249)
	------------	------------
Total assets less current liabilities	181,687	312,560
	------------	-------------
Capital and reserves
Called up share capital (note 7)	8,073	8,516
Capital redemption reserve	7,833	7,390
Special reserve	51,500	63,802
Other capital reserves	103,430	222,581
Revenue reserve	10,851	10,271
	-----------	-----------
Equity shareholders' funds	181,687	312,560
	======	======
Net asset value per ordinary share (note 8)	112.5p	183.5p

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Cash Flow Statement

For the year ended 31 December 2008

	2008	2008	2007	2007
	£'000	£'000	£'000	£'000
Net cash inflow from operating activities		2,933		2,598
Servicing of finance
Interest paid	(752)		(1,216)
	------------		------------
Net cash outflow from servicing of finance		(752)		(1,216)
Taxation
Withholding and corporation tax (paid)/recovered	(278)		210
	------------		------------
Net tax (paid)/recovered		(278)		210
Financial investment
Purchases of investments	(123,136)		(378,020)
Sales of investments	172,186		377,981
	------------		------------
Net cash inflow/(outflow) from financial investment		49,050		(39)
Equity dividends paid		(3,396)		(2,377)
		----------		----------
Net cash inflow/(outflow) before financing		47,557		(824)
Financing
Repurchases of ordinary shares	(12,302)		(19,999)
(Repayment)/drawdown of multi-currency loan facility	(35,504)		19,451
	------------		------------
Net outflow from financing		(47,806)		(548)
		----------		----------
Decrease in cash		(249)		(1,372)
		======		======
Reconciliation of net cash flow to  movement in net debt
Decrease in cash as above		(249)		(1,372)
Net outflow/(inflow) from financing		35,504		(19,451)
		-----------		-----------
Change in net debt resulting from cash flows		35,255		(20,823)
Exchange losses		(4,359)		(1,744)
		-----------		-----------
		30,896		(22,567)
Net debt at 1 January		(46,249)		(23,682)
		-----------		-----------
Net debt at 31 December		(15,353)		(46,249)
		=======		=======

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Notes:

1.	Accounting policies
	The financial statements are prepared on a going concern basis and under the historical cost basis of accounting, modified to include the revaluation of fixed asset investments, and in accordance with the Companies Act 1985, accounting standards applicable in the United Kingdom and the Revised Statement of Recommended Practice - 'Financial Statements of Investment Trust Companies' dated December 2005 (the Revised SORP). All of the Company's operations are of a continuing nature.
		2008	2007
2.	(Losses)/gains from investments held at fair value through profit or loss	£'000	£'000
	Gains from investments held at fair value through  profit or loss based on historical cost	4,370	56,789
	Amounts recognised as unrealised in the previous year	(24,208)	(28,566)
		--------	--------
	Realised (losses)/gains based on carrying values at previous  balance sheet date	(19,838)	28,223
	Net movement in unrealised (depreciation)/appreciation	(94,381)	57,793
	Net losses on foreign exchange	(4,359)	(1,744)
		----------	----------
	Total (losses)/gains from investments held at fair value though  profit or loss	(118,578)	84,272
		======	======
		2008	2007
3.	Income from investments held at fair value through profit or loss	£'000	£'000
	Dividends from listed overseas equities	5,969	6,140
	Taiwanese stock dividends	93	332
	Special dividends from listed overseas equities	528	572
		--------	--------
	Total income from investments held at fair value through profit or loss	6,590	7,044
		====	====
		2008	2007
4.	Other interest receivable and similar income	£'000	£'000
	Bank interest	80	196
	Stock lending income	153	164
		-------	-------
		233	360
		====	====
At 31 December 2008 the Company had no securities on loan (2007: £42,461,000). The maximum aggregate value of securities on loan at any time during the year ended 31 December 2008 was £39,657,000 (2007: £52,462,000).

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Notes continued:

5.	Management and performance fee
		Year ended 31 December 2008			Year ended 31 December 2007
		Revenue Return	Capital  return	Total	Revenue  return	Capital return	Total
		£'000	£'000	£'000	£'000	£'000	£'000
	Investment management fee	281	841	1,122	404	1,221	1,625
	Accounting, secretarial and administration costs	250	-	250	250	-	250
	Refund of base fee	(172)	(514)	(686)	-	-	-
	VAT recovered	(14)	(41)	(55)	-	-	-
	Performance fee*	-	-	-	-	1,144	1,144
		---------	--------	--------	---------	---------	--------
		345	286	631	654	2,365	3,019
		=====	=====	=====	=====	=====	====
	*The ('Band 1') top up performance fee was charged to the capital return in accordance with the Company's allocation policy set out in the accounting policies.
6.	Return/(loss) per ordinary share
	The total (loss)/return per ordinary share is based on the net loss attributable to the ordinary shares of £115,175,000 (2007: gains of £85,876,000) and on 165,057,821 ordinary shares (2007: 178,723,079) being the weighted average number of shares in issue during the year. The total return/(loss) can be further analysed as follows:

		2008	2007
		£'000	£'000
	Revenue return	3,976	3,904
	Capital (loss)/return	(119,151)	81,972
		----------------	---------------
	Total	(115,175)	85,876
		=========	========
	Weighted average number of ordinary shares	165,057,821	178,723,079
	Revenue return per ordinary share	2.41p	2.18p
	Capital (loss)/return per ordinary share	(72.19)p	45.87p
		----------	----------
	Total (loss)/return per ordinary share	(69.78)p	48.05p
		======	======
	The Company does not have any dilutive securities.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Notes continued:

7.	Called up share capital
		2008		2007
		£'000		£'000
	Authorised:
	350,000,000 ordinary shares of 5p each	17,500		17,500
		======		======
	Allotted, issued and fully paid:
	161,451,407 (2007: 170,331,407) ordinary shares of 5p each	8,073		8,516
		======		======
	During the year the Company repurchased for cancellation 8,880,000 (2007: 13,386,952) of its own issued shares, for a total consideration of £12,302,000 (2007: £19,926,000) (inclusive of stamp duty), leaving a balance of 161,451,407 ordinary shares for the purposes of the calculation of the net asset value per ordinary share.
8.	Net asset value per ordinary share
	The net asset value per ordinary share is based on net assets attributable to the ordinary shares of £181,687,000 (2007: £312,560,000) and on the 161,451,407 (2007: 170,331,407) ordinary shares in issue at 31 December 2008. The movements during the year of the Company's assets attributable to the ordinary shares were as follows:
			£'000
	Total net assets at 1 January 2008		312,560
	Net loss on ordinary activities after taxation		(115,175)
	Final dividend paid in respect of year ended 31 December 2007  (paid 30 April 2008)		(3,396)
	Repurchase of 8,880,000 ordinary shares		(12,302)
			-----------
	Total net assets at 31 December 2008		181,687
			======
9.	2007 Financial Information
	The figures and financial information for the year ended 31 December 2007 are an extract of the latest published accounts of the Company and do not constitute statutory accounts for that year.  The Annual Report and Financial Statements have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under Section 237(2) or 237(3) of the Companies Act 1985.
10.	2008 Financial Information
	The figures and financial information for 2008 are extracted from the Annual Report and Financial Statements for the year ended 31 December 2008 and do not constitute the statutory accounts for the year. The Annual Report and Financial Statements includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. The Annual Report and Financial Statements have not yet been delivered to the Registrar of Companies.
11.	Annual Report and Financial Statements
	Copies of the Annual Report and Financial Statements will be posted to shareholders by the end of March 2009 and will be available on the Company's website www.hendersontrpacific.com or in hard copy format from the Registered Office, 201 Bishopsgate, London EC2M 3AE. The Annual General Meeting will be held at that address at 12.30 pm on Wednesday 22 April 2009.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2008

Notes continued:

12.	Dividend
	A final dividend of 2.40 pence per ordinary share will, if approved by shareholders, be paid on 30 April 2009 to shareholders recorded on the Register of Members on 27 March 2009. The Company's shares will be quoted ex-dividend on 25 March 2009.

Geographical Distribution of the Investment Portfolio			Sector Analysis of Investment Portfolio
	As at  31 December 2008 %			As at  31 December 2008 %
China	36.7		Consumer Discretionary	2.7
Hong Kong	12.4		Energy	5.6
India	8.6		Financials and Property	48.0
Indonesia	2.3		Industrials	17.0
Korea	11.9		Information Technology	11.6
Malaysia	2.5		Materials	2.4
Singapore	5.5		Telecommunication Services	12.7
Taiwan	13.2			-------
Thailand	5.0			100.0
Vietnam	1.9			====
	-------
	100.0
	====

Top Twenty Investments as at 31 December 2008

Company	Country	Sector	Value of Investment £'000
Agile Property	China	Financials	5,473
China Life Insurance	China	Financials	7,697
China Mobile	China	Telecommunications	15,385
ICBC	China	Financials	16,074
Petrochina	China	Energy	8,032
Tencent Holdings	China	Information Technology	7,952
China Overseas Land & Investment	Hong Kong	Financials	8,200
Sun Hung Kai Properties	Hong Kong	Financials	6,928
ICICI Bank	India	Financials	5,450
Bharat Heavy Electricals	India	Industrials	5,233
Bank Mandiri	Indonesia	Financials	4,450
Hyundai Engineering & Construction	Korea	Industrials	4,711
KB Financial Group	Korea	Financials	4,699
Shinhan Financial Group	Korea	Financials	4,388
Bumiputra Commerce	Malaysia	Financials	4,987
DBS Group	Singapore	Financials	4,765
High Tech Computer Corp	Taiwan	Information Technology	5,694
Mediatek	Taiwan	Information Technology	6,370
Yuanta Financial Holding	Taiwan	Financials	6,980
Advanced Information Services	Thailand	Telecommunications	6,319
			------------
		Total Investments	139,787
			------------
		Top 20 as a percentage of total investments	71%

- ENDS -

 

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