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 22-Jul-2014

Ord
Price262.75p
NAV**289.62p
Prem/-Disc**-9.28%

3.5% CULS 2018
Price105.38
NAV**100.00
Prem/-Disc**5.38%


* 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

June 2014

Market Review

Asian equities continued to benefit from the assurance of loose monetary policy in June, but gains were pared by still patchy economic data and escalating violence in Iraq. The Thai market did well as the nationwide curfew was lifted, while the military rulers began approving stalled investment and infrastructure projects. Indonesia lagged as polls showed market-friendly presidential nominee Jokowi losing ground to his rival Prabowo ahead of the election.

Portfolio Review

In June, we reduced our overweight to India by paring Hero MotoCorp, whose share price has risen by around 27% year-to-date in local currency terms, on the back of the electiondriven rally. We also top-sliced the position in Korea's BS Financial and subscribed to its rights issue, which was priced at an attractive discount.

In portfolio-related news, Standard Chartered warned that first-half income could decline, while operating profits could fall by 20% due to higher loan impairments. Nevertheless, we believe the bank is still well positioned to benefit from long-term growth in emerging markets. Separately, it continued to streamline its struggling Korean operations by selling Standard Chartered Savings Bank and Standard Chartered Capital Korea to J Trust.

In Malaysia, Public Bank’s 1-for-10 rights issue was approved at its extraordinary general meeting. Priced at an attractive discount, it is expected to see good demand, allowing the lender to strengthen its capital base.

In Singapore, Keppel Corp.'s order book continued to grow as it signed a US$735 million deal to perform the world’s first conversion of a liquefied natural gas carrier into a floating liquefaction vessel. Meanwhile, SingTel is beefing up its capabilities in digital advertising through the purchase of US-based companies Adconion and Kontera. This is in line with its strategic shift into the digital life segment.

Outlook

Global growth prospects and central bank policy will remain key themes for quite some time. In the West and Japan, deflationary trends linger, with authorities likely to keep policy loose. In China, risks in the property sector persist, while further bond and wealth management product defaults cannot be ruled out as the government reins in shadow banking in pursuit of better-quality growth. Territorial disputes between China and its neighbours could also cloud the region’s outlook. Against this backdrop, a premature tightening of policy, particularly by the Fed, would unsettle markets, as will a bigger-than-expected slowdown in Chinese growth. We believe though that Beijing has deep enough pockets to prevent sectoral problems from infecting the wider economy. Despite the uncertainty, we remain upbeat about Asia’s prospects and believe good value can still be found on a long-term basis. Our strategy is unchanged, with a focus on fundamentally sound companies that have the ability to emerge stronger from the current cyclical slowdown.


Source: Monthly Factsheet Aberdeen Asset Managers Limited

 
 
 
 
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