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 19-Dec-2014

Ord
Price267.50p
NAV**297.36p
Prem/-Disc**-10.04%

3.5% CULS 2018
Price105.50
NAV**100.00
Prem/-Disc**5.50%


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

 
 
 
 
 

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

 
 

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

November 2014

Market Review

Most Asian stock markets performed well in sterling terms in November. China’s unexpected interest rate cut buoyed regional share prices, while Chinese A-shares were further bolstered by the commencement of the stock connect trading link between Hong Kong and Shanghai. Japan’s expanded stimulus programme also continued to provide momentum. Conversely, lower oil prices weighed on the Malaysian market as the country is a net oil exporter.

Portfolio Review

There were no major portfolio changes in November.

During Standard Chartered’s investor day, management re-emphasised the bank’s peerless emerging-markets franchise and long-term customer relationships, despite recent problems due partly to the cyclical downturn. The lender also reiterated its cost-savings target of US$400 million next year, through measures such as consolidating retail branches, while targeting up to 10% growth in assets under management.

Samsung Electronics will buy back US$2 billion of its shares, the first buyback in seven years. From our perspective, the shares appear attractively valued and, hence, we can understand the rationale behind the buyback. We are pleased to see the inclusion of both ordinary and preference shares. There has been market interest generated by the company’s recent disclosures on asset sales, annual management reshuffles and corporate activity in the wider Samsung Group. However, our views on Samsung Electronics are based on the strength of its balance sheet, its global brand power and the extent of its ownership of the technology value chain.

In third-quarter results, Singapore’s City Developments saw earnings boosted by the completion of a local condominium project, while its hotel business was buoyed by new acquisitions. Conversely, HSBC’s profits were hampered by higher compliance costs and provisions for various fines. However, increased spending on compliance should help reduce the likelihood of future misconduct.

Outlook

Looking ahead, expectations of an imminent Federal Reserve interest rate hike against the backdrop of a promising US economic recovery are likely to be counterbalanced by the potential for additional stimulus in Europe and China, where growth prospects are less certain. Indeed, comments from Beijing about the threat of slowing inflation have fuelled hopes of further rate cuts there. Japan too is likely to remain on an easing path given ongoing economic risks. Market volatility is thus likely to persist. Meanwhile, the falling oil price could exacerbate deflationary trends. Ultimately, however, cheaper oil represents an opportunity for policymakers to start dismantling expensive fuel subsidy schemes, which India, Indonesia and Malaysia have done, while minimising the impact on consumers. It will also help stimulate economic activity that will underpin the eventual global recovery.


Source: Monthly Factsheet Aberdeen Asset Managers Limited

 
 
 
 
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