Please be aware of scams that can affect investors.
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.
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 is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 23-Apr-2014Ord
* Debt at market value
** Debt at par
Source: Morningstar, NAV = Net Asset Value, excluding income.
40 Princes Street,
Registered in Scotland as an Investment Company Number 106049
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.
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
Regional markets rose in March, despite a tenuous start hampered by dismal Chinese data and hints that US interest rates could rise earlier than expected. Investors were subsequently reassured by the Fed’s commitment to keep policy loose. India and Indonesia gained from pre-election euphoria, but China lagged after export and manufacturing data disappointed.
In corporate news, OCBC reached an agreement to buy Wing Hang Bank at HK$125 a share, equivalent to a price-to-book value of 1.8. We think the deal is fair given the longterm advantages such as access to greater China and the offshore yuan market. TSMC upgraded its forecast for the first quarter on the back of robust demand for its 28-nanometer chips and inventory restocking by customers. The company now expects sales to grow by around 1%, against its previous forecast for a 5-7% decline. Operating margins are also likely to exceed expectations. We view this positively as it underscores the company's leadership in advanced semiconductor technology where capacity remains tight and its manufacturing expertise remains uncontested.
Elsewhere, Li & Fung’s shares rallied after it posted healthy results that met management’s forecast. The separate listing of its global brands and licensing business was seen as positive for its traditional trading unit. However, China Mobile’s shares fell as voice and texting revenues continued declining, while margins were squeezed by increased handset subsidies. The 4G launch also escalated costs, but this should boost its subscriber base in the long term
Markets that sold off sharply last year appear to be making up for lost ground. India and Indonesia, for example, have been rewarded by investors for their efforts to fix domestic imbalances and, should policy continue on the right path, both markets could enjoy further gains. Elsewhere, the rebalancing process could take much longer and slower growth in the interim is inevitable, as is the case for China. At the corporate level, companies in the region are still facing slowing exports and weak internal demand, exacerbated by higher costs. However, prudence is starting to bear fruit and we are seeing some margin improvements come through. Companies able and willing to exercise caution now should reap the benefits further down the road, backed by the region’s rising wealth and favourable demographics. We are sanguine about our holdings and believe they have the wherewithal to go on growing over the longer term.
Source: Monthly Factsheet Aberdeen Asset Managers Limited