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 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

4 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

Investor warning: Please be aware of scams that can affect investors. Read the full warning here.

 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 28-Jul-2015

Ord
Price262.00p
NAV**294.78p
Prem/-Disc**-11.12%

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 Annual Report for the year ended 31 August 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 2015

Market Review

Asian equities fell in June amid uncertainty over Greek debt negotiations and expectations of an imminent US interest rate hike. China dominated headlines as mainland stocks gyrated amid a crackdown on margin trading and perceptions that valuations were stretched.

Portfolio Review

China Resources Enterprise’s (CRE’s) parent increased its offer for CRE’s non-beer assets, following our engagement with the company. We had felt that the initial offer undervalued the non-beer assets substantially and wrote to express our opinion. We had a fruitful meeting with management and are encouraged by the level of transparency and receptiveness towards shareholder dialogue.

HSBC announced a strategy overhaul that included streamlining and capital redeployment. We felt reassured after meeting CEO Stuart Gulliver, who outlined plans to reduce costs and balance sheet risk, and reach a target of 10% return on equity. We are confident of management’s execution ability. Meanwhile, Bill Winters officially took the helm at Standard Chartered, emphasising capital strength in a letter to staff. Along with talk that UK Chancellor George Osborne would replace an annual bank levy with a corporate tax surcharge, this lifted Standard Chartered’s share price.

Our Thai holding PTT Exploration and Production (PTTEP) and its joint venture partner Pancontinental withdrew their operations from one the offshore oil blocks in Kenya, as part of PTTEP’s plans to diversify away from riskier projects.

In portfolio activity, we introduced Astra International, which is a proxy for the Indonesian economy with interests spanning autos, commodities, financial services and infrastructure. It is part of the Jardine stable of companies and so shares the same management and financial discipline that we admire elsewhere in the group. We also topped up BAT Malaysia and CIMB. These are well-run companies with good long-term prospects that look attractively valued after the share price correction.

Outlook

Recent sharp sell-offs in China suggest that investors are finding it harder to support valuations in the absence of significant earnings and economic growth. Conditions in the mainland remain challenging, and a worse-than-expected slowdown could dent confidence further. We are unperturbed. A reversal would allow fundamentals to chart the market course, rightfully. This could receive further impetus when the Federal Reserve finally hikes interest rates. Although corporate earnings growth in the region is likely to remain muted, given still-sluggish exports and anaemic domestic demand in the face of rising household debt, our strategy of investing in financially sound and prudent companies with sustainable business models should help ensure healthy returns over the long term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited

 
 
 
 
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