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 23-Oct-2014

Ord
Price269.00p
NAV*298.52p
NAV**296.30p
Prem/-Disc*-9.89%
Prem/-Disc**-9.21%

3.5% CULS 2018
Price103.50
NAV**100.00
Prem/-Disc**3.50%


* 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

September 2014

Market Review

Asian equities fell in September as signs of recovery in America fortified the US dollar and renewed expectations of a sooner-than-expected rate hike, which dimmed the appeal of regional assets. Disappointing economic news from China also hurt sentiment, as did protests in Hong Kong demanding more electoral freedom.

Portfolio Review

In September, we participated in the rights issue of OCBC as it came at an attractive 25% discount and will help shore up the lender’s balance sheet after its acquisition of Wing Hang Bank. Against this, we took partial profits from ASM Pacific Technology and Housing Development Finance Corporation on price strength.

In portfolio-related news, HSBC agreed to pay a US$550 million fine to US regulators for mortgage-backed securities that Fannie Mae and Freddie Mac purchased between 2005 and 2007, when the bank was under the previous leadership. We believe that the current management has taken steps to prevent similar occurrences.

PTT Exploration and Production plans to acquire a 20% stake in an offshore oil block in Brazil. The risks should be acceptable, given that the project is in the middle stages of exploration.

Meanwhile, Chinese e-commerce group Alibaba made a solid debut in what was the world’s largest IPO ever. We had meetings with the company but decided not to invest in it due to concerns over its corporate structure and management’s control over the board.

Outlook

Looking ahead, the anticipated end to US quantitative easing in October and higher interest rates in 2015 could scare more capital out of the region. Chinese growth remains uncertain, with slower activity posing risks to the property sector, provincial government finances and corporate balance sheets. At the extreme, this could heighten social unrest. Nevertheless, Beijing’s coffers are deep and a closed capital account makes it less vulnerable to flighty foreign funds. In Hong Kong, the pro-democracy protests have disrupted business and risk becoming protracted if a compromise cannot be reached. In India and Indonesia, recent events have highlighted how factional politics can thwart the new governments’ reform agendas. On the plus side, these same governments have the people’s mandate, which over the long term should give them the confidence to carry out much needed restructuring. Policymakers are also more proactive than before, having taken steps to help buffer against potentially higher interest rates. At the corporate level, we observe efforts to boost margins through cost cuts and reorganisation, although this has yet to translate into a broader trend of improving profitability across the region.


Source: Monthly Factsheet Aberdeen Asset Managers Limited

 
 
 
 
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