Edinburgh Dragon Trust plc
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Investor Warning

Please be aware of scams that can affect investors.

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NMPI Status

The Company currently conducts its affairs so that securities issued by Edinburgh Dragon Trust plc can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because the company would qualify as an investment trust if the company were based in the UK.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Edinburgh Dragon Trust plc, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Read the PIDD for Edinburgh Dragon Trust

 
 

Morningstar Ratings

Analyst Rating

Gold Rating

Fund Rating

5 Star Rating
 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 27-Nov-2014

Ord
Price280.00p
NAV*312.05p
NAV**309.78p
Prem/-Disc*-10.27%
Prem/-Disc**-9.61%

3.5% CULS 2018
Price105.75
NAV**100.00
Prem/-Disc**5.75%


* Debt at market value
** Debt at par
Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Trust Details

Edinburgh Dragon Trust PLC

Registered Office:
40 Princes Street,
Edinburgh
EH2 2BY

Registered in Scotland as an Investment Company Number 106049

 

Edinburgh Dragon Trust plc

Objective

To achieve long term capital growth through investment in the Far East. The company’s benchmark index is the MSCI All Country Asia (ex Japan) Index. Investments are made in stock markets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns.

 

Edinburgh Dragon Trust plc Half Yearly Report for the six months ended 28 February 2014
Adrian Lim, Senior Investment Manager

In this webcast, Adrian Lim, gives an update on a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust

Click here to listen to the presentation.

 

 

Manager's Monthly Report

October 2014

Market Review

Asia’s regional benchmark rebounded in October. While the Federal Reserve ended quantitative easing, the Bank of Japan and European Central Bank expanded stimulus to support growth. This lifted sentiment that had been depressed by poor economic data and growth forecast downgrades initially.

Portfolio Review

In October, we pared OCBC on the back of a solid run after its rights issue. We also top-sliced China Mobile, Taiwan Semiconductor Manufacturing Company and Infosys on relative strength. Proceeds were used to add to Standard Chartered, Keppel and CNOOC on weakness.

Standard Chartered’s shares weakened after the third profit warning in a year as the bank delivered its nine-month results. It blamed high impairment charges as some corporate and institutional clients were hurt by weakening commodity markets. Sentiment was also depressed by speculation that US regulators could re-investigate its alleged sanction violations. However, the company has peerless focus on emerging markets, replete with banking licences and long-term customer relationships, something that cannot be easily replicated. It is an exciting franchise, though we would be unsurprised by a management change.

Singapore banks DBS, OCBC and UOB reported decent results, although loan growth moderated and non-performing loans edged higher amid the economic slowdown. Nevertheless, overall asset quality remained healthy. For Indian private-sector banks, results were also largely positive, buttressed by good loan growth.

China Mobile’s results were weighed down by the value-added tax and increased tariff subsidies. Encouragingly, 4G subscriber growth and data revenues continued to pick up. Meanwhile, the lower oil price hurt Keppel's shares. That said, the company’s offshore and marine segment posted resilient earnings backed by a robust order book. The weaker oil price hampered PetroChina’s profitability, but this was mitigated by higher gas prices.

Outlook

The divergence between major central banks’ monetary policies has become more pronounced, although how that translates into global capital flows is uncertain. In Asia, the slowdown in China remains a key concern and should continue to sway market sentiment. Weaker mainland demand has hurt major trading partners, and economic activity could slow further with Beijing trying to prevent runaway credit expansion. Ultimately, that should improve the quality of growth, even if it takes longer to achieve. Meanwhile, falling global oil prices has brought some reprieve to oil importing nations. In particular, India and Indonesia now have greater room to revise subsidies. This should help fix fiscal imbalances that until recently have handcuffed government spending on crucial areas such as infrastructure. India did just that, hiking gas prices while eliminating diesel subsidies. Indonesia, under newly appointed president Joko Widodo, has made tackling fuel subsidies a cornerstone of its economic rejuvenation plan, although implementation might face opposition.


Source: Monthly Factsheet Aberdeen Asset Managers Limited

 
 
 
 
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