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 WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 21-Feb-2012
Ord| Price | 249.50p |
| NAV* | 272.10p |
| NAV** | 274.08p |
| Prem/-Disc* | -8.31% |
| Prem/-Disc** | -8.97% |
3.5% CULS 2018
| Price | 106.50 |
| NAV** | 100.00 |
| Prem/-Disc** | 6.50% |
Source: Morningstar
* Debt at market value
** Debt at par
NAV = Net Asset Value
Literature
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
The objective of Edinburgh Dragon Trust plc is 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.
Manager's Monthly Report
February 2012
Market Review
Asian stock markets rallied in January, buoyed by speculation that China may loosen monetary policy and the US Federal Reserve’s pledge to hold interest rates at a low until 2014. Although China’s fourth-quarter GDP grew at its slowest pace in two and a half years, it exceeded market forecasts, whereas Korea’s marginal expansion failed to meet expectations. The IMF downgraded global growth prospects, even as India lowered its official GDP forecast. Inflation continued to ease, allowing central banks in Thailand and the Philippines to cut interest rates. Their Indian counterparts held interest rates unchanged but lowered cash reserve ratios instead. India will allow foreigners to invest directly in the stock market and they no longer faced ownership limits on single-brand stores. Incumbent Ma Ying-Jeou was re-elected as Taiwan’s president. Thailand’s reshuffled cabinet received royal endorsement.
Portfolio Review
There were no major changes to the portfolio in January. In portfolio-related news, Samsung Electronics’ operating profits exceeded expectations, boosted by the sale of its hard disk drive unit and the robust performance of its handset business that continued to gain traction on the back of increasing demand for smartphones. It earmarked 25 trillion won for capital spending, the bulk of which will go towards its semiconductor and display businesses. OCBC chief executive David Conner will remain as a non-executive director after he retires in April; Samuel Tsien, the current head of global corporate banking, will succeed him. We expect a smooth transition and the new management to continue to strengthen the business.
Outlook
Looking ahead, it is uncertain if the bright start to 2012 is sustainable. Short-term jitters remain, particularly in Europe, where a lasting solution to the sovereign debt crisis is still elusive. Meanwhile, the recovery of the global economy is tenuous. Adding to these worries is the political tension in the Gulf, which could trigger a spike in the oil price if supplies are disrupted. In the longer term, however, Asia’s prospects are still upbeat. Policymakers, backed by ample reserves and receding inflation, will be better positioned to support their economies through expansionary fiscal as well as monetary policies.
Source: Monthly Factsheet Aberdeen Asset Managers Limited