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Henderson TR Pacific (ATR)

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Thursday 28 August, 2008

Henderson TR Pacific

Interim Results

RNS Number : 1954C
Henderson TR Pacific Inv. Trust PLC
28 August 2008
 



28 August 2008                

Page 1 of 12

This announcement constitutes regulated information.


HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008


Henderson TR Pacific Investment Trust plc ('Henderson TR Pacific'), which seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia, announces results for the half year ended 30 June 2008



Financial Highlights




Per ordinary share


(Unaudited)

30 June 

2008


(Audited)

31 December 2007



Change

Net asset value #

136.4p

183.5p

-25.7

Share price #

122.5p

161.3p

-24.1

Discount

10.2%

12.1%


Gearing *

-

14.8%



*

Defined here as borrowings, less cash balances and deposits, as a percentage of 


shareholders' funds.

#

Excluding reinvested income


Performance to 30 June 2008



6 months %

12 months 

%

Net asset value total return (1)


-24.5

-12.3

Share price total return (2)


-22.8

-10.3

MSCI All Country Asia ex-Japan Index total return (2)



-21.1


-4.7

Peer group (NAV) total return (3)


-20.3

-7.3



(1)

Source: AIInformation Services Ltd (net income reinvested).

(2)

Source: Thomson Financial, Datastream (gross income reinvested). 

(3)

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





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  Page 2 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


Interim Management Report

(incorporating the Chairman's Statement)

Review of the period including material events and transactions


Market Background

At the interim stage last year we noted fears that the US mortgage crisis would develop into a fully-fledged 'credit crunch' in the overstretched financial systems of the developed world. In the subsequent twelve months, these fears have been fully realised and have led to the bankruptcy or emergency rescue of financial institutions in both the US and UK, as well as a rapid deterioration in housing markets, consumer spending and the outlook for economic growth. We argued that, economically, Asia was well insulated from the immediate effects of the credit crunch given the strength of bank, corporate and household balance sheets across the region. We considered that Asia's main risk was too much growth, as a result of still buoyant exports and investment together with recovering consumer spending. To the extent that an 'imported' slowdown prevented domestic overheating, we considered it a helpful rather than a negative development.


This relatively sanguine view of the economic prospects for Asia has been considerably shaken by the emergence of a new and potentially far more threatening problem. The recent surge in commodity prices led by oil, but spilling over into metals and food, has led to a sharp pick up in headline inflation rates across the region. While core inflation remains relatively subdued, the risk that spiralling raw material costs lead to a more general rise in prices has forced the hand of Asia's central banks. Initially, an appreciation of Asia's generally undervalued currencies seemed like the ideal solution to the problem of imported commodity inflation and we regarded it as an encouraging change in the traditionally mercantilist mindset of the region's policy makers. However, as commodity prices have continued to rise, Asia has been increasingly forced to utilise the full range of tools available to control the spread of inflation. To date, this has included efforts to curtail bank lending, price caps and higher interest rates.


Of course, the experience of individual countries in the region has differed greatly, but in general, if commodity prices continue to rise, we are faced with the prospect of lower economic growth in the region as central banks attempt to maintain price stability.


Performance

Your Company's performance has been disappointing during this period of unprecedented market instability and volatility, with the net asset value total return falling 24.5% in sterling terms in the half year to the end of June.  The MSCI All Country Asia ex-Japan, the Company's benchmark index, was down 21.1% in sterling terms over the same period. As a consequence, the fee payable to the Investment Manager is less than a quarter of that for the comparable period last year.  


We started the year with some gearing which was a significant drag on performance during the sharp sell off in markets in January. This gearing was removed in the brief market recovery in March and April. Your Company is currently fully invested and will use gearing to increase exposure to the markets on any further significant weakness.


 


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  Page 3 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


Interim Management Report

(incorporating the Chairman's Statement) continued 


Outlook

The short term environment remains opaque as the markets digest the twin shocks of slower global growth and rising commodity prices. Periods of slower growth are normally associated with falls in the costs of energy and other raw materials but the emergence of significant new markets in India and China has complicated the picture. Nevertheless, we have reached a point where high commodity prices are leading to demand destruction in developed markets and are increasingly likely to have a negative impact on emerging market demand as well. If, as we expect, Asia avoids a severe economic slowdown, a significant fall in the price of key raw materials is likely to lead to a recovery in Asian markets as expectations regarding inflation and interest rates are reigned in. Your Company has begun to reduce its exposure to oil and other commodities and will seek to redeploy cash in strong long term growth companies as opportunities arise. In the longer term, we remain convinced that Asian countries and companies are well placed to emerge from the current difficulties in a strong economic and competitive position.


David Robins

Chairman

27 August 2008




For further information contact: 


Andrew Beal 

Fund Manager 

Tel: 020 7818 4314


David Robins

Chairman 

Tel: 020 7818 4233


Sarah Gibbons-Cook 

Investor Relations and PR Manager

Henderson Global Investors

Tel: 020 7818 3198


 




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Page 4 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


Income Statement 

for the half year ended 30 June 2008



(Unaudited)

Half year ended 

30 June 2008

(Unaudited)

Half year ended 

30 June 2007

(Audited)

Year ended 

31 December 2007


Revenue

Capital 


Revenue

Capital 


Revenue

Capital 



return

return

Total

return

return

Total

return

return

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

(Losses)/gains from investments held at fair value through profit or loss

-

(78,046)

(78,046)

-

40,135

40,135

-

84,272

84,272

Income from investments










held at fair value through










profit or loss

3,792

-

3,792

3,818

-

3,818

7,044

-

7,044

Other interest receivable and similar income

158

-

158

138

-

138

360

-

360


--------

--------

--------

--------

--------

--------

--------

--------

--------

Gross revenue and capital 










(losses)/gains

3,950

(78,046)

(74,096)

3,956

40,135

44,091

7,404

84,272

91,676











Management fee (note 2)

(140)

(234)

(374)

(312)

(563)

(875)

(654)

(1,221)

(1,875)

Performance fee (note 2)

-

-

-

-

(1,237)

(1,237)

-

(1,144)

(1,144)

Other administrative expenses

(341)

-

(341)

(350)

-

(350)

(717)

-

(717)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on 










ordinary activities before










finance charges 










and taxation

3,469

(78,280)

(74,811)

3,294

38,335

41,629

6,033

81,907

87,940











Finance charges 

(119)

(358)

(477)

(164)

(491)

(655)

(308)

(923) 

(1,231)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on










ordinary activities










before taxation

3,350

(78,638)

(75,288)

3,130

37,844

40,974

5,725

80,984

86,709











Taxation on net return/(loss) 










on ordinary activities

(956)

169

(787)

(976)

687

(289)

(1,821)

988

(833)


--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) on ordinary 










activities after taxation

2,394

(78,469)

(76,075)

2,154

38,531

40,685

3,904

81,972

85,876


=====

=====

=====

=====

=====

=====

=====

=====

=====

Basic and diluted 










return/(loss) per ordinary










share (note 3)

1.43p

(46.75p)

(45.32p)

1.18p

21.11p

22.29p

2.18p

45.87p

48.05p


=====

=====

=====

=====

=====

=====

=====

=====

=====

                                            


The columns of this statement headed 'total' represent the Company's income statement, prepared in accordance with UK GAAP. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.


The Company has no recognised gains or losses other than those disclosed in the income statement and the reconciliation of movements in shareholders' funds.


All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.



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  Page 5 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


Reconciliation of Movements in Shareholders' Funds

for the half years ended 30 June 2008 and 2007 and year ended 31 December 2007










Called







up

Capital


Other




share 

redemption

Special

capital

Revenue


(Unaudited)

capital

reserve

reserve

reserves

reserve

Total

Half year ended 30 June 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

-

-

-

(78,469)

2,394

(76,075)

Dividend paid in respect of 







year ended 31 December 2007







(paid 30 April 2008)

-

-

-

-

(3,396)

(3,396)

Purchase of own shares

(351)

351

(10,277)

-

-

(10,277)









--------

---------

--------

---------

--------

---------

At 30 June 2008

8,165

7,741

53,525

144,112

9,269

222,812


=====

=====

=====

======

=====

======









Called 







up

Capital


Other




share 

redemption

Special

capital

Revenue


(Unaudited)

capital

reserve

reserve

reserves

reserve

Total

Half year ended 30 June 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

-

-

-

38,531

2,154

40,685

Dividend paid in respect of year







  ended 31 December 2006







  (paid 26 April 2007)

-

-

-

-

(2,375)

(2,375)

Purchase of own shares

(257)

257

(7,008)

-

-

(7,008)


--------

---------

--------

---------

--------

---------

At 30 June 2007

8,929

6,977

76,720

179,140

8,523

280,289


=====

=====

=====

======

=====

======


 


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  Page 6 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


Reconciliation of Movements in Shareholders' Funds continued









Called







up

Capital


Other




share 

redemption

Special

capital

Revenue


(Audited)

capital

reserve

reserve

reserves

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 the 







  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


=====

=====

=====

======

=====

======



The transaction costs incurred on the acquisition and disposal of investments are included within capital reserve. The purchase transaction costs for the half year ended 30 June 2008 were £213,000 (half year ended 30 June 2007: £315,000; year ended 31 December 2007: £990,000). Sales transaction costs for the half year ended 30 June 2008 were £413,000 (half year ended 30 June 2007: £478,000; year ended 31 December 2007: £1,265,000).


 


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  Page 7 of 12    


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008

Balance Sheet

As at 30 June 2008



(Unaudited)

 30 June 

2008

£'000

(Unaudited)

 30 June 

2007

£'000

(Audited)

 31 December

2007

£'000





Fixed asset investments held at fair value 




  through profit or loss




Listed at market value - overseas

215,442

314,310

361,809


----------

----------

----------

Current assets




Debtors

1,385

1,943

129

Bank balances and short term deposits

10,403

450

5,008


----------

----------

----------


11,788

2,393

5,137





Creditors: amounts falling due within one year

(4,327)

(36,414)

(54,386)


----------

----------

----------

Net current assets/(liabilities)

7,461

(34,021)

(49,249)


-----------

-----------

-----------

Total assets less current liabilities 

222,903

280,289

312,560





Provision for liabilities and charges

(91)

-

-


----------

----------

----------

Total net assets

222,812

280,289

312,560


======

======

======

Capital and reserves




Called up share capital

8,165

8,929

8,516

Capital redemption reserve

7,741

6,977

7,390

Special reserve

53,525

76,720

63,802

Other capital reserves

144,112

179,140

222,581

Revenue reserve

9,269

8,523

10,271


----------

----------

----------

Equity shareholders' funds

222,812

280,289

312,560


======

======

======

Net asset value per ordinary share (note 4)

136.4p

157.0p

183.5p


======

======

======



 


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Page 8 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


Cash Flow Statement

for the half year ended 30 June 2008



(Unaudited)

Half year

ended

30 June 2008

£'000

(Unaudited)

Half year 

ended

30 June 2007

£'000

(Audited)

Year ended

31 December 

2007

£'000

Net cash inflow/(outflow) from operating activities

827

(374)

2,598

Interest paid

(566)

(671)

(1,216)

Net tax (paid)/recovered

(278)

-

210

Net cash inflow/(outflow) from financial investments 

66,971

266

(39)

Equity dividends paid

(3,396)

(2,375)

(2,377)


----------

----------

----------

Net cash inflow/(outflow) before financing

63,558

(3,154)

(824)

Net cash outflow from financing

(58,082)

(7,399)

(548)


----------

----------

----------

Increase/(decrease) in cash

5,476

(10,553)

(1,372)


======

======

======

Reconciliation of operating revenue to net 




cash inflow from operating activities




Total (loss)/return before finance charges and taxation 

(74,811)

41,629

87,940

Less capital loss/(return) before finance charges and taxation 

78,280

(38,335)

(81,907)


----------

----------

-----------

Net revenue return before interest payable and taxation

3,469

3,294

6,033

Increase in accrued income

(410)

(1,284)

(17)

Increase in other debtors

(2)

(158)

(35)

Decrease in creditors

(1,792)

(129)

(134)

Management and performance fee taken to 




  other capital reserves

(234)

(1,800)

(2,365)

Overseas withholding tax

(204)

(289)

(552)

Taiwanese stock dividends

-

(8)

(332)


----------

----------

----------

Net cash inflow/(outflow) from operating activities

827

(374)

2,598


======

======

======

Reconciliation of net cash flow to movement in net 




cash/(debt)




Increase/(decrease) in cash as above

5,476

(10,553)

(1,372)

Cash movement from debt financing  

48,286

330

(19,451)


----------

----------

----------

Change in net debt resulting from cash flows

53,762

(10,223)

(20,823)

Exchange movements

(341)

(75)

(1,744)


----------

----------

----------

Movement in net debt during the period

53,421

(10,298)

(22,567)

Net debt at beginning of the period

(46,249)

(23,682)

(23,682)


----------

----------

----------

Net cash/(debt) at the end of the period

7,172

(33,980)

(46,249)


======

======

======

Represented by:




Cash at bank and short term deposits less bank overdrafts

10,396

(3,378)

5,008

Debt falling due within one year

(3,224)

(30,602)

(51,257)


----------

----------

----------


7,172

(33,980)

(46,249)


======

======

======


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Page 9 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008


Notes 


1.

Accounting policies 


The accounts are prepared on 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).  The half year financial statements have been prepared on the basis of the accounting policies set out in the financial statements for the year ended 31 December 2007.  


The taxation charge for each period is based on the expected tax payable.


2.

Management and performance fees


The base management fee is calculated in the first instance at the rate of 0.60% per annum of gross assets, calculated and paid at the quarterly rate of 0.15%. If the closing NAV per share is lower than the opening NAV per share by more than 2.5% then a claw back provision applies. In this instance, the Investment Manager shall pay to the Company by way of refund 50% of the base fee paid in that calendar year.


For the six months ended 30 June 2008 this claw back provision applies and accordingly the management fee payable for the period has been reduced by 50% (equal to £374,000). The provision is made on the assumption that for the calendar year, the closing NAV per share will be more than 2.5% below the opening NAV per share.




Over a thirty month period from 1 January 2006 to 30 June 2008, the Company has underperformed the benchmark index by 1%; therefore no performance fee has been accrued in these accounts.



3.

(Loss)/return per ordinary share

(Unaudited)

(Unaudited)

(Audited)



Half year end

Half year ended

Year ended



30 June 2008

30 June 2007

31 December 2007



£'000

£'000

£'000


The return per ordinary share is based 





  on the following figures:





Revenue return 

2,394

2,154

3,904


Capital (loss)/return

(78,469)

38,531

81,972



-----------

-----------

-----------


Total 

(76,075)

40,685

85,876



-----------

-----------

---------------


Weighted average number of 





  ordinary shares in issue

167,845,432

182,562,509

178,723,079







Revenue return per ordinary share 

1.43p

1.18p

2.18p


Capital (loss)/return per ordinary share

(46.75p)

21.11p

45.87p



----------

----------

------------


Total (loss)/return per ordinary share 

(45.32p)

22.29p

48.05p



======

======

=======






4.

Net asset value per ordinary share 


The net asset value per ordinary share is calculated on the basis of shareholders' funds attributable to the ordinary shares divided by the number of ordinary shares in issue at 30 June 2008, being 163,306,907 (30 June 2007: 178,574,407 and 31 December 2007170,331,407).

 

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Page 10 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 30 June 2008


5.

Share capital


During the period to 30 June 2008, the Company purchased and cancelled 7,024,500 shares for a total consideration of £10,277,000.



6.

Comparative information 


The financial information contained in this half year report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the half years ended 30 June 2007 and 30 June 2008 has not been audited or reviewed by the Company's auditors. The figures and financial information for the year ended 31 December 2007 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts 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 either section 237(2) or 237(3) of the Companies Act 1985.


7.

Unaudited Report for the half year ended 30 June 2008


The unaudited report for the half year ended 30 June 2008 will be posted to shareholders in September and will be available from the Registered Office at 4 Broadgate, LondonEC2M 2DA thereafter.  It will also be available on the Company's website www.hendersontrpacific.com at the end of August.


Related Party Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or performance of the Company during the period. Details of related party transactions are contained in the Annual Report and Accounts.


Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into various areas :


    Investment objective and policy

    Gearing

    Market movements and performance of the portfolio


In the view of the Board these principal risks and uncertainties are applicable to the remaining six months of the financial year as they were to the six months under review.


Directors' Responsibility Statement 

The Directors confirm that, to the best of their knowledge:


(a)    the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports';


(b)    the interim management report includes fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and 


(c)    the interim management report includes fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein). 



For and on behalf of Henderson TR Pacific Investment Trust plc 

David Robins

Chairman

27 August 2008

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                                  Page 11 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008



APPENDIX 1


Geographical Analysis of the Portfolio #





   As at 30 June

   2008

      As at 31 December

      2007



Company

%

Index*

%

Company 

%

Index*

%


China 

31.5

21.8

28.1

22.8


Hong Kong

13.5

14.2

14.0

14.2


India

6.8

9.3

9.5

12.2


Indonesia

2.3

2.6

4.0

2.4


Korea

15.1

20.7

15.9

20.4


Malaysia

4.4

3.8

5.1

3.6


Philippines

0.0

0.6

0.0

0.8


Singapore 

12.5

7.3

13.2

6.3


Taiwan

9.0

17.2

7.6

0.6


Thailand

2.6

2.2

0.0

14.6


Vietnam

2.3

0.0

2.6

1.9


Pakistan

0.0

0.3

0.0

0.2



-------

-------

-------

-------



100.0

100.0

100.0

100.0



====

====

====

====


* MSCI All Country Asia ex-Japan Index Country Weightings (%) 

# Source: Henderson Global Investors and Factset






APPENDIX 2


Sector Analysis of the Portfolio #



   As at 30 June

   2008

   As at 31 December

   2007



Company

%

Index*

%

Company

% 

Index*

%


Consumer Discretionary

5.4

5.8

4.1

6.2


Consumer Staples

0.0

3.9

5.4

3.4


Energy

7.5

9.9

12.4

9.5


Financials & Property

42.0

29.5

35.9

30.0


Healthcare

0.0

0.5

0.0

0.5


Industrials

22.0

12.7

15.6

14.4


Information Technology

9.0

16.8

11.4

15.2


Materials

1.7

7.7

4.7

8.1


Telecommunication Services

12.4

9.4

10.5

9.2


Utilities

0.0

3.8

0.0

3.5



--------

------

--------

---------



100.0

100.0

100.0

100.0



=====

====

=====

=====


* MSCI All Country Asia ex-Japan Index Sector Weightings (%) 

# Source: Henderson Global Investors and Factset








    


- MORE -

                                      Page 12 of 12


HENDERSON TR PACIFIC INVESTMENT TRUST PLC


Unaudited Results for the Half Year Ended 30 June 2008


APPENDIX 3

List and Valuation of Investments

as at 30 June 2008


£'000

%



£'000 

%

China 




Korea



Air China

3,332

1.5


Doosan Infracore

5,443

2.5

China Mobile

16,520

7.7


Hyundai Development 

3,819

1.8

China National Building Materials 

3,480

1.6


Hyundai Engineering & Construction

4,988

2.3

China Petroleum & Chemical 

6,248

2.9


Kookmin Bank

7,495

3.5

CNPC Hong Kong 

2,609

1.2


Shinhan Financial Group

6,063

2.8

Industrial & Commerical Bank of China 

13,704

6.4


SK Holdings

4,755

2.2

Shanghai Forte Land 

1,030

0.5



--------

-------

Suntech Power Holdings

7,204

3.3


TOTAL KOREA

32,563

15.1

Tencent Holdings

6,893

3.2



--------

-------

Yanzhou Coal 

6,851

3.2






--------

-------


Indonesia



TOTAL CHINA

67,871

31.5


Bank Mandiri

4,880

2.3


--------

-------



--------

-------





TOTAL INDONESIA 

4,880

2.3

Hong Kong





--------

-------

China Overseas Land & Investment

3,367

1.6





Henderson Land Development

4,991

2.3


India



Hong Kong Exchanges & Clearing

4,331

2.0


Eredene Capital*

1,875

0.9

Kerry Properties 

2,616

1.2


ICICI Bank

3,592

1.7

Polytec Asset Holdings

1,535

0.7


Tata Steel

5,048

2.3

Sino Land

4,144

1.9


Reliance Communication

4,112

1.9

Sun Hung Kai Properties 

8,140

3.8



--------

-------


--------

-------


TOTAL INDIA

14,627

6.8

TOTAL HONG KONG

29,124

13.5



--------

-------


--------

-------









Malaysia



Taiwan 




Bumiputra Commerce

5,229

2.4

China Airlines

1,089

0.5


Resorts World

4,266

2.0

EVA Airways 

1,080

0.5



--------

-------

High Tech Computer Corporation 

7,114

3.3


TOTAL MALAYSIA

9,495

4.4

Mediatek

4,996

2.3



--------

-------

Yuanta Financial Holding

5,209

2.4






--------

-------


Thailand



TOTAL TAIWAN

19,488

9.0


Advanced Information Services

5,531

2.6


--------

-------



--------

-------





TOTAL THAILAND

5,531

2.6

Singapore 





--------

-------

Banyan Tree Holdings

5,144

2.4





DBS Group

6,940

3.2


Vietnam



Genting 

275

0.1


Vietnam Enterprise Investment Fund

4,952

2.3

Keppel Corporation

7,030

3.3



--------

-------

Noble Group

7,522

3.5


TOTAL VIETNAM

4,952

2.3


--------

-------



--------

-------

TOTAL SINGAPORE

26,911

12.5



--------

-------


--------

-------


TOTAL INVESTMENTS

215,442

100.0






--------

-------

* Listed on AIM in the UK.








Stocks in bold type are the top twenty largest investments which by value account for 67% of the total value of investments.


                                    


- ENDS -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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