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See latest monthly factsheet below for performance history.
At close 23-May-2013Ord
Source: Morningstar, NAV = Net Asset Value, excluding income.
Bow Bells House
One Bread Street
Registered in England as an Investment Company Number 3582911
The Company seeks to generate capital growth from a concentrated portfolio of companies domiciled,operating or generating revenue in the Asia Pacific region, including Japan. Owing to the concentration of investments, the performance of the Company’s investment portfolio may deviate significantly from its benchmark from time to time.
In this webcast, Chou Chong gives an update on a wide range of subjects including performance and the Trust’s geographic breakdown, the twenty largest investments and the outlook for the Trust.
Asian stock markets ended mixed in March, with benchmarks touching a seven-month low at one point, as Cyprus’ troubled banking sector reignited fears over sovereign risks in the eurozone.
This was despite generally positive economic news from the US and Asia. However, industrial production fell across the region in February, as weak exports affected the more open economies.
Inflation edged higher, led by China where prices accelerated to a 10-month high. India also raised fuel prices. In contrast, deflation persisted in Japan even though the depreciating yen continued to inflate import costs. Most central banks held interest rates steady but India cut policy rates by 25 basis points.
In politics, Australian prime minister Julia Gillard reshuffled her cabinet after a round of sackings and resignations following a failed leadership coup. Uncertainty heightened in India, where the Dravida Munnetra Kazhagam party, one of the key partners in the ruling coalition, withdrew because of differences over the treatment of Sri Lankan Tamils.
In March, we sold the small position in Shopping Centres Australasia, which we received as part of an in-specie distribution from Australian retailer Woolworths.
In portfolio-related news, Standard Chartered posted better profits, underpinned by stringent cost controls and buoyant earnings by its wholesale banking business. QBE Insurance expects its insurance profit margin to rise to 11% this year from 8% in 2012.
The weakness in early March serves as a timely reminder that structural issues in Europe remain unresolved and that market sentiment can change quickly. While economic fundamentals in Asia are more robust and corporate profits are generally on a growth trajectory, we cannot count on similar levels of capital inflows in the coming months to buttress asset prices. Within the region, worsening tensions on the Korean peninsula and India’s messy coalition politics will also weigh on investors’ minds. However, valuations are still reasonable and optimism prevails among the companies that we hold.
Source: Monthly Factsheet Aberdeen Asset Managers Limited