Edison issues review on Invesco Asia Trust (IAT)

RNS Number : 5679S

INVESCO Asia Trust PLC

03 October 2017

 

London, UK, 3 October 2017

Edison issues review on Invesco Asia Trust (IAT)

Invesco Asia Trust (IAT) seeks capital appreciation from a diversified portfolio of Asian equities across the market cap spectrum. Despite a re-rating of global equities, the manager is still finding attractive investment opportunities across a variety of sectors and geographies. IAT is benchmarked against the MSCI AC Asia ex-Japan index; its NAV total return has outperformed over one, three, five and 10 years. It has also outperformed peers over these periods, ranking first over five years. The board actively manages the share price discount to ex-income NAV via share repurchases. Despite the focus on capital growth, IAT's annual dividends have increased or been maintained every year since 2001.

IAT is currently trading at an 8.2% discount to ex-income NAV. This is narrower than the averages of the last one, three, five and 10 years of 10.6%, 10.1%, 10.1% and 9.5% respectively. The board aims to maintain the ex-income discount below 10%; it has concluded that discretionary share repurchases are more effective at managing the discount than tender offers, which were previously used as the main method of discount management. Although IAT aims to generate long-term capital growth, its annual dividends have increased or been maintained every year since 2001. IAT's current dividend yield is 1.5%.  

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