Asian Total Return Invest Co PLC Interim Management Statement (0408V)

TIDMATR

RNS Number : 0408V

Asian Total Return Invest Co PLC

22 October 2014

ASIAN TOTAL RETURN INVESTMENT COMPANY PLC

Interim Management Statement for the Quarter ended 30 September 2014

The Board of Asian Total Return Investment Company plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 July 2014 to 30 September 2014.

Investment Objective

The Company's investment objective is to provide a high rate of return through investment in equities and equity-related securities of companies trading in the Asia Pacific region (excluding Japan). The Company seeks to offer a degree of capital preservation through tactical use of derivative instruments.

Material Events or Transactions

Appointment of Alternative Investment Fund Manager

During the period, pursuant to the Alternative Investment Fund Managers Directive ("AIFMD"), the Company appointed Schroder Unit Trusts Limited ("SUTL") as its Alternative Investment Fund Managerto provide portfolio management, risk management and company secretarial services to the Company. In order to facilitate this appointment, the Company has terminated its existing investment management agreement with Schroder Investment Management Limited ("SIM") and has entered into a new agreement with SUTL. Under these new arrangements, certain functions have been delegated from SUTL to SIM and investment management has been further sub-delegated to Schroder Investment Management (Singapore) Limited.

Appointment of Depositary

During the period, pursuant to the AIFMD, the Company appointed HSBC Bank plc as its Depositary, responsible for, inter alia, cash monitoring, custody of financial instruments, verification of ownership of assets and oversight.

Directorate Change

Mike Holt was appointed as a non-executive Director of the Company, with effect from 1 July 2014.

Mr Holt is currently Group Finance Director of Low & Bonar PLC, an international performance materials group. He is also a trustee (and treasurer) of Target Ovarian Cancer. Prior to joining Low & Bonar in 2010, he was Group Finance Director of Vp plc for six years and had previously held a number of senior financial positions with Rolls-Royce group plc in the UK, the USA and Hong Kong. He is a Fellow of The Institute of Chartered Accountants in England & Wales.

The election of Mr Holt as a Director of the Company will be proposed at the next Annual General Meeting.

Retirement of Director

As part of the planned refreshment of the Board, Mr Hugh Aldous retired as a Director of the Company with effect from 22 October 2014.

The Board would like to take this opportunity to thank Mr Aldous for his invaluable contribution to the Company during his tenure as a Director and Chairman of the Audit Committee of nearly 11 years.

No other material events or transactions have taken place in respect of the Company between 1 July 2014 and the date of publication of this Statement.

Company Statistics as at 30 September 2014

 
 Net assets                      GBP147.7 million 
 Net asset value ("NAV") 
  per Ordinary share             200.14p 
 Share price                     186.0p 
 Discount                           7.1% 
 Number of portfolio holdings        62 
 Net cash                           1.1% 
 

Cumulative Performance to 30 September 2014

 
 Total returns over:              3 months   6 months     1 year 
 Share price                        6.13%       9.41%      8.64% 
 NAV per Ordinary share             5.88%       8.75%     10.30% 
  Peer group net asset value         5.86%     10.70%     11.87% 
   (arithmetic average) 
 MSCI AC Asia Pacific (ex 
  Japan) Index                      2.03%       5.49%     5.84% 
 
 

Source: Morningstar

Portfolio Information as at 30 September 2014

Ten Largest Holdings

 
                          Country                       % of 
                           of            Market Value    NAV 
 Stock Name                listing        (GBP) 
 Jardine Strategic        Hong Kong      5,460,260      3.7 
 Taiwan Semiconductor 
  Manufacturing           Taiwan         4,856,982      3.3 
 Kasikornbank             Thailand       4,555,286      3.1 
 Jardine Matheson         Hong Kong      4,544,034      3.1 
 AIA                      Hong Kong      4,095,887      2.8 
 Wuxi Pharmatech          China          4,076,698      2.8 
 Techtronic Industries    Hong Kong      4,054,402      2.7 
 Swire Properties         Hong Kong      3,778,383      2.6 
 Ayala Land               Philippines    3,616,059      2.4 
 Brambles                 Australia      3,612,355      2.4 
 

Geographical Analysis

 
 Country of Listing    % of NAV 
 Hong Kong/China       39.1 
 Thailand              11.4 
 Taiwan                10.0 
 Australia             9.2 
 Philippines           7.8 
 India                 7.3 
 Singapore             5.2 
 Indonesia             2.8 
 Korea                 1.6 
 Malaysia              0.5 
 Other                 3.0 
 Options               0.9 
 Net current assets    1.2 
 

Sector Breakdown

 
 Sector                    % of NAV 
 Financials                25.3 
 Industrials               23.1 
 Consumer Goods            13.7 
 Technology                9.8 
 Healthcare                8.5 
 Consumer Services         7.7 
 Basic Materials           3.5 
 Consumer Discretionary    1.9 
 Consumer Staples          1.9 
 Oil and Gas               1.5 
 General Retailers         1.0 
 Options                   0.9 
 Net current assets        1.2 
 

Changes to Share Capital during the Quarter ended 30 September 2014

 
                                           Issued Ordinary 
                                         shares of 5p each 
 At 1 July 2014                                 73,931,141 
 Shares repurchased into 
  Treasury during the period 
  Shares in issue at 30 September                  115,000 
  2014 (excluding shares held 
  in Treasury)                                  73,816,141 
 Shares held in Treasury 
  Shares in issue at 30 September               11,388,671 
  2014 (including shares held 
  in Treasury)                                  85,204,812 
 

Following the quarter end, 347,000 Ordinary shares have been repurchased into Treasury. As at the date of this Statement, 73,469,141 Ordinary shares are in issue and 11,735,671 shares are held in Treasury. Each Ordinary share carries one voting right. The total number of voting rights in the Company as at the date of this Statement is 73,469,141.

Company Information as at 30 September 2014

   SEDOL Code                                       0871079 
   Sector                                                  Equity Investment Instruments 
   Launch Date                                        26 November 1987 
   Financial Year End                              31 December 
   Company website:                               www.asiantotalreturninvestmentcompany.com 

22 October 2014

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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