Edinburgh Dragon Trust plc
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Investor Warning

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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 they are securities in an investment.

 
 

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 16-Apr-2014

Ord
Price250.50p
NAV*281.78p
NAV**279.50p
Prem/-Disc*-11.10%
Prem/-Disc**-10.38%

3.5% CULS 2018
Price102.75
NAV**100.00
Prem/-Disc**2.75%


* 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 Annual Report for the Year Ended 31 Aug 2013
Adrian Lim, Senior Investment Manager

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

Click here to listen to the presentation.

 
 

Edinburgh Dragon Trust plc
Time to top up on quality stocks

February 2014


 

 

Manager's Monthly Report

February 2014

Market Review

Easing concerns over Fed tapering and emerging markets contagion, coupled with Janet Yellen’s assurance to keep US rates low, lifted Asian equities in February. The recent sell-off, which appeared excessive, also helped revive risk appetite. Within Southeast Asia, further support came from some better-than-expected GDP numbers. However, Chinese shares wobbled on disappointing manufacturing news, with further uncertainty fuelled by the yuan’s tumble.

Portfolio Review

In corporate news, our Singapore banks DBS, OCBC and UOB all registered robust annual loan growth, although interest margins contracted due to the competitive environment. In comparison, HSBC’s revenues were weaker than expected, particularly in its global banking and markets segment. We think its strategy of cross-selling across its divisions, while taking advantage of its global network should stand it in good stead in its Asian expansion. Standard Chartered’s full-year profits fell for the first time in over a decade on the back of a write-down in its South Korean business, slowing growth in emerging markets and rising bad loans. Reassuringly, the bank’s capital adequacy ratio remains robust, allaying for now worries over its capital position. Long term, its prospects in emerging markets remain bright.

Outlook

The prospect of tighter liquidity after years of central bank largesse has been factored into share prices to some extent. However, questions remain as to the speed and scale of withdrawal. Still, the odds of a precipitous tightening are small given the mixed outlook on the US jobs front. Furthermore, bolder monetary action from other parts of the rich world cannot be ruled out, as in the case of Japan and Europe, both of which remain under the threat of deflation. Meanwhile, Russian interference in Ukraine has heightened geopolitical risks, although the impact on the broader global economy appears limited. Against this backdrop, volatility is likely to persist. Discounting these external uncertainties, however, Asia’s prospects remain undiminished. The region is far less vulnerable than it was during the 1997-98 financial crisis. Government finances are healthier, debt levels are lower and countries have moved to flexible exchange rates. In China, fears of weaker growth and defaults appear overblown. Its government’s coffers are full and recent bailouts of failing investment trusts suggest it is willing to do whatever it takes to prevent a rout. The current cyclical slowdown in Asia should pass, and companies that have taken this time to exact capital discipline amid waning demand should be well positioned for an imminent recovery. Earnings revisions have also stabilised somewhat. Valuations have become more palatable, hovering below long-term averages, which could throw up some opportunities for the far-sighted investor.


Source: Monthly Factsheet Aberdeen Asset Managers Limited

 
 
 
 
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