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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abrdn Asia Focus Plc | LSE:AAS | London | Ordinary Share | GB00BMF19B58 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 283.00 | 281.00 | 284.00 | 1,782 | 08:13:14 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 45.3M | 35.19M | 0.2249 | 12.58 | 442.78M |
From May 2019 to May 2024
TIDMAAS
RNS Number : 5033V
Aberdeen Standard Asia Focus PLC
15 April 2021
ABERDEEN STANDARD ASIA FOCUS PLC
Legal Entity Identifier (LEI): 5493000FBZP1J92OQY70
ANNOUNCEMENT OF UNAUDITED HALF YEARLY RESULTS
for the six months ended 31 January 2021
PERFORMANCE
Hot Features
Premium
Net asset value total return Share price total return MSCI AC Asia Pacific
per Ordinary share{A} per Ordinary share{A} ex Japan Index total
return
Six months ended 31 January Six months ended 31 Six months ended 31
2021 January 2021 January 2021
+21.2% +22.1% +19.7%
Year ended 31 July 2020 Year ended 31 July Year ended 31 July
2020 2020
-13.6% -13.2% +1.9%
MSCI AC Asia Pacific ex Discount to net asset Ongoing charges ratio{A}
Japan Small Cap Index total value{A}
return
Six months ended 31 January As at 31 January As at 31 January
2021 2021 2021
+20.5% 11.0% 1.11%
Year ended 31 July 2020 As at 31 July 2020 As at 31 July 2020
-2.5% 11.4% 1.09%
Net Asset Value per Ordinary Share price per Ordinary Total assets
share share
As at 31 January 2021 As at 31 January As at 31 January
2021 2021
1,319.9p 1,175.0p GBP485.5m
As at 31 July 2020 As at 31 July 2020 As at 31 July 2020
1,106.5p 980.0p GBP405.7m
{A} Considered to be an Alternative Performance Measure as defined
below.
INTERIM BOARD REPORT
CHAIRMAN'S STATEMENT
Background
Global stock markets enjoyed a remarkable rebound in the six months to 31 January 2021, following the Great Lockdown of 2020 which aimed to contain the Covid-19 outbreak. The prospect of a global economic recovery came with a greater risk appetite for Asian small caps, which began to rise faster than large caps during the review period. This reversed the trend of the past three years, when Asian small caps rose by 14%, trailing their larger counterparts which gained 27%.
Against this backdrop, your Company's net asset value ("NAV") total return rose 21.2% in sterling terms, compared to the MSCI AC Asia Pacific ex-Japan Small Cap Index's advance of 20.5% and the 19.7% return of the large cap MSCI AC Asia Pacific ex Japan Index. Meanwhile, the share price discount to NAV narrowed slightly, from 11.4% to 11.0%, with an increase in your Company's share price total return of 22.1%. At the time of writing the discount has narrowed further to 9.3%.
While the pandemic caused widespread hardship, the disruption gave governments opportunities to press for reforms. China pivoted from its focus on industry upgrading towards spurring consumption via more egalitarian wealth distribution. Not to be outdone, India championed agricultural reform to promote investment and place the sector on a better footing to compete globally, although this is being met with significant pushback from many small farmers who feel their livelihoods will be threatened with the reforms currently suspended pending a review. Investors also anticipated a pro-business fiscal budget, the extent of which exceeded expectations when announced in February. Elsewhere, Indonesia enacted an Omnibus Law that consolidated a raft of measures, including the Jobs Creation Bill. This more liberal regime could be a game-changer in funnelling foreign investments into a myriad of industries, ranging from communications and technology to energy and tourism. While I am heartened by the resolve shown by Asian leaders to push through these long-awaited reforms, investors showed their approval in more tangible terms: the Indonesian market gained by more than 40%, whereas India's rose by more than 30%.
At the company level, the environment for travel-related businesses remained difficult. Fortunately, your Company's exposure to this sector is limited. I am also encouraged by how many of your Company's holdings have weathered the storm well, thanks to their high-quality franchises and solid balance sheets, with many displaying resilient earnings into the final quarter of the calendar year. This underscores the importance of understanding the 'nuts and bolts' of a business and picking quality stocks. To this end, your Manager focuses on financially robust companies, usually leaders within their fields; and such businesses tend to stay resilient over the long term. The success of this strategy is evident in the Company's track record. Over the past decade, your Company's NAV has returned 9.2% on an annualised basis, compared to the returns of 5.5% and 8.7% of the MSCI AC Asia Pacific ex-Japan Small Cap Index and the large cap MSCI AC Asia Pacific ex Japan Index respectively.
Overview
Smaller Asian companies' shares rose sharply over the six months, with gains across all markets. Investors welcomed the rollout of vaccines in many countries, alongside improved prospects for the region's economic recovery. Adding to the cheer were hopes that the US$1.9 trillion pandemic relief bill proposed by US President Joe Biden's administration would boost demand for their exports.
Besides Indonesia and India, mentioned above, other markets that performed well include New Zealand, the Philippines, and South Korea. Share prices in New Zealand rose to record highs as its economy rebounded sharply in the third quarter amid its successful management of the pandemic. Meanwhile, Philippine stocks were buoyed by the aggressive easing of monetary policy. Elsewhere in South Korea, hopes of a post-pandemic pick-up in the installation of 5G networks boosted smaller companies in the semiconductor supply chain, along with their customers in technology hardware.
On the economic front, the region generally fared better than countries in the western hemisphere. Among markets that comprise a sizeable portion of your Company's holdings, Taiwan did particularly well. The island grew even faster than China, the only major economy to expand last year. Taiwan and South Korea have a dominant role in the semiconductor supply chain and benefited from accelerated demand for electronics during the pandemic. Among the other major economies, South Korea's economic contraction was one of the mildest, followed by Indonesia.
Portfolio Review
Your Company's holdings in technology, the portfolio's largest sector exposure, and communications services fared very well amid accelerating demand for digital solutions, as work-from-home emerged as a trend to stay, alongside longer-term ones, such as artificial intelligence and the Internet of Things.
Some of the Company's best-performing holdings gained from these structural shifts and many of these are a consequence of our refreshment of the portfolio a few years ago. Affle India's ability to handle vast amounts of data to deliver more targeted advertising on mobile devices underpinned its share price surge, given the massive potential for growth in digital advertising in India. Cyient was boosted by an improving demand outlook for engineering and technology services, with expectations that it is at the start of a multi-year upgrading cycle. In Thailand, contract manufacturer Hana Microelectronics was helped by the recovery of global smartphone shipments. In South Korea, Park Systems' advancement in microscopes was beneficial amid chipmakers' push towards greater miniaturisation. In Taiwan, leading TV and online retailer Momo.com posted robust earnings growth as people stayed at home, resulting in increased demand for online services.
Singapore's Nanofilm Technologies, a recent introduction to the portfolio, also boosted performance. Its competitive edge lies in its proprietary technology in coatings for smartphones, laptops and tablets. The coating adds both functional and aesthetic characteristics, improving the parts by making them more resistant to wear and tear. Although its revenues are largely derived from the Apple supply chain, this also means its growth is hitched to the popularity of Apple's products. Your Manager is confident of its long-term prospects, as it is on the cusp of commercialising new products in existing markets while expanding into new ones. Nanofilm is one of several companies introduced during this period in interesting technological niches that are well-placed to be winners in the longer term.
Among holdings exposed to tourism, John Keells was a top contributor despite the sector still bearing the brunt of ongoing border closures. The leading conglomerate in Sri Lanka is one of the portfolio's many off-benchmark investments, and its performance speaks well of your Manager's quality-focused investment style. Its hospitality business in the Maldives began to recover when the country became one of the first to allow international travellers to enter without strict quarantines. Its other more domestic-oriented businesses, such as supermarkets and financial services, benefited from an improving outlook for policy reforms under a relatively new government in Sri Lanka.
In the financial services sector, the Company's holdings proved resilient even though higher credit risk and a low-interest rate environment led to weak loan growth and falling profitability. Thai consumer credit company AEON Thana Sinsap, for instance, rallied on news that its earnings were much better than expected, while New Zealand's exchange operator NZX enjoyed robust trading volumes and healthy growth from its wealth management platform.
In contrast, the lack of exposure to some green energy companies in China proved costly. Some of these companies saw meteoric gains in their share prices, helped by Beijing's pledge to achieve net-zero carbon emissions by 2060. Solar power installations grew rapidly as the price of the new energy source became as low as that of traditional sources, such as coal. The Chinese market also enjoyed an electric vehicle boom, bolstered by government investments to build the necessary infrastructure, such as charging points. Green businesses are also likely to be boosted by the Biden administration's refocus on climate change. Your Manager is looking closely at opportunities that may arise from these developments.
Outlook
Swift responses to curb the spread of the coronavirus have set the stage for a sharp rebound in Asian economic activity, and consequently corporate earnings. In most of North Asia, life has largely returned to a new normal. Moreover, the rest of Asia is supported by resilience in China, given its importance as a key trading partner to many regional markets. There is also optimism around a wider economic recovery, given the vaccine rollouts and the prospect of greater US federal spending, following last year's loose monetary policy worldwide. With these in mind, I believe Asian smaller companies are well-positioned to outperform after a long period of underperformance relative to their larger counterparts.
More broadly, Asia remains the powerhouse of global growth, with huge potential for wealth creation over the coming decades. The portfolio offers exposure to sectors supplying hardware, software and platforms for the latest consumer electronics, artificial intelligence and the Internet of Things. Moreover, it is also positioned in more traditional sectors, addressing the region's increasing urbanisation and infrastructure needs, as well as rising demand for healthcare and more aspirational consumer goods. Your Manager's focus on quality businesses ensures that the portfolio is well-placed to benefit from these trends and the overall growth in the region.
Share Capital Management and Gearing
During the period 782,500 Ordinary shares were purchased in the market at a discount to the prevailing ex-income NAV and transferred to treasury. After the period end a further 147,500 Ordinary shares have been purchased into treasury. Your Board continues to use share buy backs in periods of market uncertainty to both reduce the volatility of any discount and to modestly enhance the NAV for shareholders. Conversely, in times of market optimism, shares have been issued to the market at a premium to NAV.
The Company's net gearing at 31 January 2021 was 10.9%. O n 1 December 2020 the Board extended and secured the Company's long-term borrowings through the issuance of a GBP30 million 15 year Senior Unsecured Loan Note (the "Loan Note") to MetLife at an annualised interest rate of 3.05%. The Loan Note is unsecured, unlisted and denominated in sterling. The Loan Note ranks pari passu with the Company's other unsecured and unsubordinated financial indebtedness. The Company used the proceeds of the Loan Note to repay, and cancel in full, the Company's loan facility with The Royal Bank of Scotland International. The new Loan Note has provided the Manager with greater flexibility and additional cash resources to take advantage of investment opportunities that are expected to arise over the coming period. Under the terms of the Loan Note up to an additional GBP35 million will also be available for drawdown by the Company for a five-year period. The Board's current intention would be to only draw this down to repay any of the Company's existing Convertible Unsecured Loan Stock, either at their redemption in 2025, or before.
Gearing is also provided by the Convertible Unsecured Loan Stock redeemable in 2025, of which approximately GBP36.7m million remains outstanding. At 14 April 2021, the latest practicable date, the net gearing stood at 13.3%.
Directorate
As indicated in the 2020 Annual Report, Phil Yea retired from the Company's Board at the AGM on 1 December 2020. I would like to take this opportunity to reiterate the Board's thanks to Phil for his significant contribution as a Director since his appointment in 2014 and latterly for his expert guidance as Audit Committee Chairman. With effect from the conclusion of the December 2020 AGM Debby Guthrie was appointed Chair of the Audit Committee.
On 27 November 2020, after careful consideration and in light of his current and future commitments, Martin Gilbert decided to step down as a Director of the Company. I would like to thank Martin personally for the outstanding guidance, counsel and commercial insight that he has provided to the Board, and to me as Chairman, since his appointment to the Company at its launch in 1995. Martin was instrumental in setting up the Company and this foresight has been key to the success of the Company. Over his period of tenure as a Director of the Company, the net asset value of a GBP1,000 investment in the Company had risen to GBP18,295 coupled with a rise in the annual dividend from 1.2p in 1996 to 19.0p in 2020.
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the Company are set out in detail on pages 14 to 16 of the Annual Report and Financial Statements for the year ended 31 July 2020 and these have not changed. They can be summarised under the following headings:
· Investment Strategy and Objectives;
· Investment Portfolio and Investment Management Risks;
· Financial Obligations;
· Financial and Regulatory;
· Operational;
· Investment in Unlisted Securities; and
· Market and F/X Risks.
The Board notes that there are a number of contingent risks stemming from the Covid-19 pandemic that may impact the operation of the Company. These include investment risks surrounding the companies in the portfolio such as employee absence, reduced demand, reduced turnover and supply chain breakdowns. The Manager will continue to review carefully the composition of the Company's portfolio and to be pro-active in taking investment decisions where necessary. Operationally, Covid-19 is also impacting the suppliers of services to the Company including the Manager and other key third parties. To date these services have continued to be supplied seamlessly and the Board will continue to monitor arrangements.
The Board is also very conscious of the risks emanating from increased environmental, social and governance challenges. The recent scrutiny by western governments of human rights violations in Xinjiang is an example of the need for continued vigilance regarding the supply chain exposure of investee companies and the fair and humane treatment of workers. Likewise, as climate change pressures mount, the Board continues to monitor, through its Manager, the potential risk that investee companies may fail to keep pace with the appropriate rates of change and adaption. The Board will expand on these issues in greater detail in our full year report. In all other respects, the Company's principal risks and uncertainties have not changed materially since the date of the 2020 Annual Report.
Investment Management Agreement
As part of its regular review of arrangements with the Company's service providers, the Board has agreed a reduction in the level of notice period for the investment management agreement from 12 months to three months which is effective from 1 January 2022. This amendment brings the notice period into line with best practice seen across the funds sector.
Going Concern
The Directors have conducted a thorough review of the Company's ability to continue as a going concern with particular focus on the impact of the Covid-19 pandemic. During the review period the Board has been regularly updated by the Manager on the resilience of the Manager's systems as well as those of the other key third party service providers. The Board is satisfied that suitable business interruption plans are in place and working from home arrangements have proved effective throughout the course of the pandemic.
During the period the Board was able to repay the Company's loan facilities with The Royal Bank of Scotland International and introduce new long term gearing in the form of Senior Unsecured Loan Notes 2035 that were issued to MetLife. The Board monitors the Company's covenant compliance and gearing levels regularly and is satisfied that there is sufficient headroom in place and flexibility if required.
The Company's assets consist of a diverse portfolio of listed equities which in most circumstances are realisable within a short timescale. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Accordingly, the Board continues to adopt the going concern basis in preparing the financial statements.
Directors' Responsibility Statement
The Directors are responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
· the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);
· the Interim Board Report (constituting the interim management report) includes a fair review of the information required by rule 4.2.7R of the UK Listing Authority Disclosure Guidance and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related-party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).
Nigel Cayzer,
Chairman
14 April 2021
FINANCIAL HIGHLIGHTS
Capital values 31 January 31 July 2020 % change
2021
--------------------------------- --------------- --------------- ---------
Total assets{A} GBP485,483,000 GBP405,653,000 +19.7
Net asset value per Ordinary
share 1,319.88p 1,106.45p +19.3
Share price per Ordinary share
(mid market) 1,175.00p 980.00p +19.9
Discount to net asset value per
Ordinary share{B} 11.0% 11.4%
Net gearing{B} 10.9% 9.9%
Ongoing charges ratio{B} 1.11% 1.09%
--------------------------------- --------------- --------------- ---------
{A} Total assets less current liabilities (excluding prior charges
such as bank loans) as per the Statement of Financial Position.
{B} Considered to be an Alternative Performance Measure as defined
below.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Six months ended Six months ended
31 January 2021 31 January 2020
Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ------ -------- -------- -------- -------- --------- ---------
Gains/(losses) on
investments - 74,934 74,934 - (38,530) (38,530)
Income 2 3,591 - 3,591 4,441 - 4,441
Exchange (losses)/gains - (287) (287) - 864 864
Investment management
fees (1,651) - (1,651) (1,715) - (1,715)
Administrative expenses (576) - (576) (576) - (576)
---------------------------- ------ -------- -------- -------- -------- --------- ---------
Net return/(loss)
before finance costs
and taxation 1,364 74,647 76,011 2,150 (37,666) (35,516)
Finance costs (746) - (746) (792) - (792)
---------------------------- ------ -------- -------- -------- -------- --------- ---------
Net return/(loss)
before taxation 618 74,647 75,265 1,358 (37,666) (36,308)
Taxation 3 (107) (2,109) (2,216) (229) (980) (1,209)
---------------------------- -------- ---------
Return/(loss) attributable
to equity shareholders 511 72,538 73,049 1,129 (38,646) (37,517)
---------------------------- ------ -------- -------- -------- -------- --------- ---------
Return/(loss) per
share (pence) 4
Basic 1.60 226.87 228.47 3.37 (115.48) (112.11)
---------------------------- ------ -------- -------- -------- -------- --------- ---------
Diluted n/a 210.39 212.13 n/a n/a n/a
---------------------------- ------ -------- -------- -------- -------- --------- ---------
The total column of the Condensed Statement of Comprehensive Income
is the profit and loss account of the Company.
There is no other comprehensive income and therefore the return attributable
to equity shareholders is also the total comprehensive income for
the period.
All revenue and capital items in the above statement derive from
continuing operations.
The accompanying notes are an integral part of the condensed financial
statements.
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at As at
31 January 31 July 2020
2021
Notes GBP'000 GBP'000
--------------------------------------------- ------ ----------- -------------
Non-current assets
Investments at fair value through profit
or loss 466,472 394,467
--------------------------------------------- ------ ----------- -------------
Current assets
Debtors and prepayments 853 1,541
Cash and short-term deposits 20,462 10,919
--------------------------------------------- -------------
21,315 12,460
--------------------------------------------- ------ ----------- -------------
Creditors: amounts falling due within
one year
Bank loans 6 - (11,200)
Other creditors (2,304) (1,274)
--------------------------------------------- ----------- -------------
(2,304) (12,474)
--------------------------------------------- ------ -------------
Net current assets/(liabilities) 19,011 (14)
--------------------------------------------- ------ -------------
Total assets less current liabilities 485,483 394,453
Non-current liabilities
2.25% Convertible Unsecured Loan Stock
2025 7 (35,605) (35,497)
3.05% Senior Unsecured Loan Note 2035 6 (29,884) -
Deferred tax liability on Indian capital (2,109) -
gains
--------------------------------------------- ------ ----------- -------------
(67,598) (35,497)
--------------------------------------------- ------ ----------- -------------
Net assets 417,885 358,956
--------------------------------------------- ------ ----------- -------------
Capital and reserves
Called-up share capital 8 10,434 10,434
Capital redemption reserve 2,062 2,062
Share premium account 60,393 60,377
Equity component of 2.25% Convertible
Unsecured Loan Stock 2025 7 1,057 1,057
Capital reserve 333,195 268,750
Revenue reserve 10,744 16,276
--------------------------------------------- -------------
Equity shareholders' funds 417,885 358,956
--------------------------------------------- ------ ----------- -------------
Net asset value per share (pence) 9
Basic 1,319.88 1,106.45
--------------------------------------------- ------ ----------- -------------
Diluted n/a n/a
--------------------------------------------- ------ ----------- -------------
The accompanying notes are an integral part of the condensed
financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Six months ended 31 January
2021
Capital Share Equity
Share redemption premium component Capital Revenue
capital reserve account CULS 2025 reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- ----------- -------- ---------- --------- -------- ---------
Balance at 31 July
2020 10,434 2,062 60,377 1,057 268,750 16,276 358,956
Purchase of own
shares to treasury - - - - (8,093) - (8,093)
Conversion of 2.25%
Convertible Unsecured
Loan Stock 2025
(note 7) - - 16 - - - 16
Return after taxation - - - - 72,538 511 73,049
Dividends paid (note
5) - - - - - (6,043) (6,043)
------------------------ ---------
Balance at 31 January
2021 10,434 2,062 60,393 1,057 333,195 10,744 417,885
------------------------ -------- ----------- -------- ---------- --------- -------- ---------
Six months ended 31 January
2020
Capital Share Equity
Share redemption premium component Capital Revenue
capital reserve account CULS 2025 reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- ----------- -------- ---------- --------- -------- ---------
Balance at 31 July
2019 10,430 2,062 60,130 1,057 351,781 15,550 441,010
Purchase of own
shares to treasury - - - - (9,913) - (9,913)
Conversion of 2.25%
Convertible Unsecured
Loan Stock 2025
(note 7) 4 - 235 - - - 239
Issue costs of 2.25%
Convertible Unsecured
Loan Stock 2025 - - - - (8) - (8)
(Loss)/return after
taxation - - - - (38,646) 1,129 (37,517)
Dividends paid (note
5) - - - - - (6,367) (6,367)
------------------------ ---------
Balance at 31 January
2020 10,434 2,062 60,365 1,057 303,214 10,312 387,444
------------------------ -------- ----------- -------- ---------- --------- -------- ---------
The accompanying notes are an integral part of the condensed
financial statements.
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
Six months ended Six months ended
31 January 2021 31 January 2020
GBP'000 GBP'000
----------------------------------------- ----------------- -----------------
Operating activities
Net gain/(loss) before finance
costs and taxation 76,011 (35,516)
Adjustments for:
Dividend income (3,591) (4,421)
Interest income - (19)
Other income - (1)
Dividends received 4,396 5,141
Interest received - 20
Other income received - 1
Interest paid (480) (668)
(Gains)/losses on investments (74,934) 38,530
Currency losses/(gains) 287 (864)
Increase in prepayments (21) (24)
Decrease/(increase) in other debtors 9 (8)
Decrease in other creditors (30) (1)
Stock dividends included in investment
income (74) (160)
Overseas withholding tax suffered (121) (272)
----------------------------------------- ----------------- -----------------
Net cash flow from operating activities 1,452 1,738
Investing activities
Purchases of investments (37,146) (38,145)
Sales of investments 41,074 53,129
Capital gains tax on sales - (44)
----------------------------------------- -----------------
Net cash flow from investing activities 3,928 14,940
Cash flows from financing activities
Purchase of own shares to treasury (8,190) (9,999)
2.25% Convertible Unsecured Loan
Stock 2025 issue expenses rebate - 65
Repayment of loan (11,200) (2,037)
Issue of 3.05% Senior Unsecured 29,883 -
Loan Note 2035
Equity dividends paid (6,043) (6,367)
----------------------------------------- ----------------- -----------------
Net cash flow from/(used in) financing
activities 4,450 (18,338)
----------------------------------------- ----------------- -----------------
Increase/(decrease) in cash and
cash equivalents 9,830 (1,660)
----------------------------------------- ----------------- -----------------
Analysis of changes in cash and
cash equivalents during the period
Opening balance 10,919 10,239
Increase/(decrease) in cash and
cash equivalents as above 9,830 (1,660)
Effect of exchange rate fluctuations
on cash held (287) (441)
----------------------------------------- -----------------
Closing balance 20,462 8,138
----------------------------------------- ----------------- -----------------
The accompanying notes are an integral part of the condensed financial
statements.
Notes to the Financial Statements
For the period ended 31 January 2021
1. Accounting policies
Basis of accounting . The condensed financial statements have
been prepared in accordance with Financial Reporting Standard
104 (Interim Financial Reporting) and with the Statement of
Recommended Practice (SORP) for 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts', issued in October
2019 (The AIC SORP). They have also been prepared on a going
concern basis and on the assumption that approval as an investment
trust will continue to be granted.
The interim financial statements have been prepared using the
same accounting policies as the preceding annual financial statements.
2. Income
Six months ended Six months ended
31 January 2021 31 January 2020
GBP'000 GBP'000
Income from investments
Overseas dividends 3,432 4,162
Overseas interest - 15
Stock dividends 74 160
UK dividend income 85 84
-----------------
3,591 4,421
----------------- -----------------
Other income
Other income - 1
Deposit interest - 19
----------------- -----------------
- 20
------------------------------ ----------------- -----------------
Total income 3,591 4,441
------------------------------ ----------------- -----------------
3. Taxation. The taxation charge for the period allocated to revenue
represents withholding tax suffered on overseas dividend income.
The taxation charge for the period allocated to capital represents
capital gains tax arising on the sale of Indian equity investments.
4. Return/(loss) per Ordinary share
Six months ended Six months ended
31 January 2021 31 January 2020
p p
Basic
Revenue return 1.60 3.37
Capital return/(loss) 226.87 (115.48)
-----------------
Total return/(loss) 228.47 (112.11)
------------------------------------------ ----------------- -----------------
The figures above are based
on the following:
------------------------------------- ----------------- -----------------
GBP'000 GBP'000
------------------------------------- ----------------- -----------------
Revenue return 511 1,129
Capital return/(loss) 72,538 (38,646)
-----------------
Total return/(loss) 73,049 (37,517)
------------------------------------------ ----------------- -----------------
Weighted average number of shares
in issue{A} 31,973,225 33,466,971
------------------------------------------ ----------------- -----------------
Six months ended Six months ended
31 January 2021 31 January 2020
Diluted{B} p p
Revenue return n/a n/a
Capital return 210.39 n/a
-----------------
Total return 212.13 n/a
------------------------------------- ----------------- -----------------
The figures above are based
on the following:
-----------------
GBP'000 GBP'000
------------------------------------- ----------------- -----------------
Revenue return 599 1,123
Capital return/(loss) 72,538 (37,709)
-----------------
Total return/(loss) 73,137 (36,586)
------------------------------------------ ----------------- -----------------
Number of dilutive shares 2,504,428 2,517,515
------------------------------------------ ----------------- -----------------
Diluted shares in issue{AB} 34,477,653 35,984,486
------------------------------------------ ----------------- -----------------
{A} Calculated excluding shares held in treasury.
{B} The calculation of the diluted total, revenue and capital
returns per Ordinary share is carried out in accordance with
IAS 33, "Earnings per Share". For the purpose of calculating
total, revenue and capital returns per Ordinary share, the number
of Ordinary shares used is the weighted average number used
in the basic calculation plus the number of Ordinary shares
deemed to be issued for no consideration on exercise of all
2.25% Convertible Unsecured Loan Stock 2025 (CULS). The calculations
indicate that the exercise of CULS would result in an increase
in the weighted average number of Ordinary shares of 2,504,428
(31 January 2020 - 2,517,515) to 34,477,653 (31 January 2020
- 35,984,486) Ordinary shares.
For the six months ended 31 January 2021 the assumed conversion
for potential Ordinary shares was non-dilutive to the revenue
return per Ordinary share (31 January 2020 - dilutive) and dilutive
to the capital return per Ordinary share (31 January 2020 -
non-dilutive). Where dilution occurs, the net returns are adjusted
for interest charges and issue expenses relating to the CULS
(31 January 2021 - GBP88,000; 31 January 2020 - GBP(5,000)).
Total earnings for the period are tested for dilution. Once
dilution has been determined individual revenue and capital
earnings are adjusted.
5. Dividends
Six months ended Six months ended
31 January 2021 31 January 2020
GBP'000 GBP'000
Final dividend for 2020 - 14.50p
(2019 - 14.00p) 4,612 4,691
Special dividend for 2020 - 4.50p
(2019 - 5.00p) 1,431 1,676
----------------- -----------------
6,043 6,367
----------------- -----------------
6. Senior Unsecured Loan Note and bank loan . The Company's GBP20,000,000
multicurrency revolving loan facility with The Royal Bank of
Scotland International Limited ("RBSI") matured on 1 December
2020 and the GBP11,200,000 that had been drawn down was repaid
in full.
On 1 December 2020 the Company issued a GBP30,000,000 15 year
Senior Loan Note at a fixed rate of 3.05%. Interest is payable
in half yearly instalments in June and December and the Loan
Note is due to be redeemed at par on 1 December 2035. The issue
costs of GBP117,000 will be amortised over the life of the loan
note. The Company has complied with the Note Purchase Agreement
that the ratio of total borrowings to adjusted net assets will
not exceed 0.20 to 1.00, that the ratio of total borrowings
to adjusted net liquid assets will not exceed 0.60 to 1.00,
that net tangible assets will not be less than GBP225,000,000
and that the minimum number of listed assets will not be less
than 40.
The fair value of the Senior Unsecured Loan Note as at 31 January
2021 was GBP31,081,000, the value being based on a comparable
quoted debt security.
7. 2.25% Convertible Unsecured Loan
Stock 2025 ("CULS")
Liability Equity
Nominal component component
GBP'000 GBP'000 GBP'000
------------------------------------- --------- ------------ -----------
Balance at beginning of period 36,694 35,497 1,057
Conversion of CULS into Ordinary
shares (16) (16) -
Notional interest on CULS - 77 -
Amortisation of issue expenses - 47 -
-----------
Balance at end of period 36,678 35,605 1,057
------------------------------------------ --------- ------------ -----------
The 2.25% Convertible Unsecured Loan Stock 2025 ("CULS") can
be converted at the election of holders into Ordinary shares
during the months of May and November each year throughout its
life until 31 May 2025 at a rate of one Ordinary share for every
1,465.0p nominal of CULS. Interest is paid on the CULS on 31
May and 30 November each year. 100% of the interest is charged
to revenue in line with the Board's expected long-term split
of returns from the investment portfolio of the Company.
In the event of a winding-up of the Company the rights and claims
of the Trustee and CULS holders would be subordinate to the
claims of all creditors in respect of the Company's secured
and unsecured borrowings, under the terms of the Trust Deed.
During the period ended 31 January 2021 the holders of GBP16,359
of 2.25% CULS 2025 exercised their right to convert their holdings
into Ordinary shares. Following the receipt of the exercise
instructions, the Company converted GBP16,359 (31 July 2020
- GBP251,001) nominal amount of CULS into 1,110 (31 July 2020
- 17,116) Ordinary shares.
As at 31 January 2021, there was GBP36,677,872 (31 July 2020
- GBP36,694,231) nominal amount of CULS in issue.
8. Called-up share capital. During the six months ended 31 January
2021 782,500 (31 January 2020 - 918,256) Ordinary shares were
bought back to be held in treasury at a total cost of GBP8,093,000
(31 January 2020 - GBP9,913,000). During the six months ended
31 January 2021 an additional 1,110 (31 July 2020 - 17,116)
Ordinary shares were issued after GBP16,359 nominal amount of
2.25% Convertible Unsecured Loan Stock 2025 were converted at
1465.0p each (31 July 2020 - GBP251,001). The total consideration
received was GBPnil (31 July 2020 - GBPnil). At the end of the
period there were 41,737,237 (31 July 2020 - 41,736,127) Ordinary
shares in issue, of which 10,076,418 (31 July 2020 - 9,293,918)
were held in treasury.
Subsequent to the period end, a further 147,500 Ordinary shares
were bought back to be held in treasury at a total cost of GBP1,801,000.
9. Net asset value per equity share
As at As at
31 January 31 July 2020
2021
Basic
Net assets attributable GBP417,885,000 GBP358,956,000
Number of Ordinary shares in issue{A} 31,660,819 32,442,209
Net asset value per Ordinary share 1,319.88p 1,106.45p
-------------------------------------------- --------------- ---------------
Diluted{B}
Net assets attributable GBP453,490,000 GBP394,453,000
Number of Ordinary shares 34,164,428 34,946,935
Net asset value per Ordinary share n/a n/a
-------------------------------------------- --------------- ---------------
{A} Excludes shares in issue held
in treasury.
{B} The diluted net asset value per Ordinary share has been
calculated on the assumption that GBP36,677,872 (31 July 2020
- 36,694,231) 2.25% Convertible Unsecured Loan Stock 2025 ("CULS")
are converted at 1,465.0p per share, giving a total of 34,164,428
(31 July 2020 - 34,946,935) Ordinary shares. Where dilution
occurs, the net assets are adjusted for items relating to the
CULS.
Net asset value per share - debt converted. In accordance with
the Company's understanding of the current methodology adopted
by the AIC, convertible bond instruments are deemed to be 'in
the money' if the cum income (debt at fair value) net asset
value ("NAV") exceeds the conversion price of 1,465.0p per share.
In such circumstances a net asset value is produced and disclosed
assuming the convertible debt is fully converted. At 31 January
2021 the NAV was 1,319.88p and thus the CULS were not 'in the
money' (31 July 2020 - same).
10. Transaction costs. During the period expenses were incurred
in acquiring or disposing of investments classified as fair
value through profit or loss. These have been expensed through
capital and are included within gains/(losses) on investments
in the Condensed Statement of Comprehensive Income. The total
costs were as follows:
Six months ended Six months
ended
31 January 2021 31 January
2020
GBP'000 GBP'000
Purchases 114 86
Sales 69 43
----------------------------- ------------------
183 129
----------------------------- ------------------
11. Analysis of changes in net
debt
At At
31 July Currency Cash Non-cash 31 January
2020 differences flows movements 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash and short-term
deposits 10,919 (287) 9,830 - 20,462
Debt due within one
year (11,200) - 11,200 - -
Debt due after more
than one year (35,497) - (29,883) (109) (65,489)
------------
(35,778) (287) (8,853) (109) (45,027)
--------- ------------- --------- ---------- ------------
At At
31 July Currency Cash Non-cash 31 January
2019 differences flows movements 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash and short-term
deposits 10,239 (441) (1,660) - 8,138
Debt due within one
year (20,407) 1,312 2,037 (6) (17,064)
Debt due after more
than one year (35,499) - - 114 (35,385)
------------
(45,667) 871 377 108 (44,311)
--------- ------------- --------- ---------- ------------
A statement reconciling the movement in net funds to the net
cash flow has not been presented as there are no differences
from the above analysis.
12. Fair value hierarchy. FRS 102 requires an entity to classify
fair value measurements using a fair value hierarchy that reflects
the significance of the inputs used in making the measurements.
The fair value hierarchy has the following classifications:
Level 1: unadjusted quoted prices in an active market for identical
assets or liabilities that the entity can access at the measurement
date.
Level 2: inputs other than quoted prices included within Level
1 that are observable (ie developed using market data) for the
asset or liability, either directly or indirectly.
Level 3: inputs are unobservable (ie for which market data is
unavailable) for the asset or liability.
The financial assets measured at fair value in the Condensed Statement
of Financial Position are grouped into the fair value hierarchy
at the reporting date as follows:
Level Level Level Total
1 2 3
As at 31 January 2021 GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value through
profit or loss
Quoted equities 462,606 - - 462,606
Quoted preference shares - 3,432 - 3,432
Quoted warrants - 434 - 434
--------
Net fair value 462,606 3,866 - 466,472
-------- -------- -------- --------
Level Level Level Total
1 2 3
As at 31 July 2020 GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value through
profit or loss
Quoted equities 390,102 - - 390,102
Quoted preference shares 4,326 - - 4,326
Quoted warrants 39 - - 39
--------
Net fair value 394,467 - - 394,467
-------- -------- -------- --------
Quoted equities. The fair value of the Company's investments
in quoted equities has been determined by reference to their quoted
bid prices at the reporting date. Quoted equities included in
Fair Value Level 1 are actively traded on recognised stock exchanges.
Quoted preference shares and quoted warrants. The fair value
of the Company's investments in quoted preference shares and quoted
warrants has been determined by reference to their quoted bid
prices at the reporting date. Investments categorised as Level
2 are not considered to trade as actively as Level 1 assets.
During the period, investments valued at GBP3,866,000 were transferred
from Level 1 to Level 2 following a review of their trading activity.
13. Related party disclosures. Up until his retirement from Standard
Life Aberdeen plc on 30 September 2020 Mr Gilbert (resigned from
the Company on 27 November 2020) was Chairman of Aberdeen Standard
Investments. Mr Young (Alternate Director to Mr Gilbert up to
his retirement as Alternate Director to Mr Gilbert on 27 November
2020) is a director of Standard Life Aberdeen subsidiary ASI Asia,
which has been delegated, under an agreement with ASFML, to provide
management services to the Company. Mr Young is not a director
of ASFML.
Mr Yea (retired from the Company 1 December 2020) is chairman
of Equiniti Group plc which acts as Registrar and Receiving Agent
to the Company. Mr Yea was excluded from participation in all
discussions relating to the appointment of Equiniti.
Transactions with the Manager. The investment management fee
is payable monthly in arrears at 0.08% based on the market capitalisation
of the Company multiplied by the number of shares in issue (less
those held in treasury) at the month end. During the period GBP1,651,000
(31 January 2020 - GBP1,715,000) of investment management fees
were charged, with a balance of GBP594,000 (31 January 2020 -
GBP564,000) being payable to ASFML at the period end. Investment
management fees are charged 100% to revenue. As indicated in the
Chairman's Statement, the Board has agreed a reduction in the
level of notice period for the investment management agreement
from twelve months to three months which is effective from 1 January
2022.
The Company also has a management agreement with ASFML for, inter
alia, the provision of both administration and promotional activities
services which are, in turn, delegated to Aberdeen Asset Managers
Limited ('AAML') respectively. The administration fee is payable
quarterly in advance and is adjusted annually to reflect the movement
in the Retail Price Index. It is based on a current annual amount
of GBP99,000 (31 January 2020 - GBP98,000). During the period
GBP49,000 (31 January 2020 - GBP48,000) of fees were charged,
with a balance of GBP49,000 (31 January 2020 - GBP24,000) payable
to AAML at the period end. The promotional activities costs are
based on a current annual amount of GBP219,000 (31 January 2020
- GBP219,000), payable quarterly in arrears. During the period
GBP110,000 (31 January 2020 - GBP110,000) of fees were charged,
with a balance of GBP122,000 (31 January 2020 - GBP128,000) being
payable to AAML at the period end.
14. Segmental information. The Company is engaged in a single segment
of business, which is to invest in equity securities and debt
instruments. All of the Company's activities are interrelated,
and each activity is dependent on the others. Accordingly, all
significant operating decisions are based on the Company as one
segment.
15. Half-Yearly Report. The financial information in this Report
does not comprise statutory accounts within the meaning of Section
434 - 436 of the Companies Act 2006. The financial information
for the year ended 31 July 2020 has been extracted from published
accounts that have been delivered to the Registrar of Companies
and on which the report of the auditors was unqualified and contained
no statement under Section 498 (2), (3) or (4) of the Companies
Act 2006. The condensed interim financial statements have been
prepared using the same accounting policies as the preceding annual
accounts.
The financial information for the six months ended 31 January
2021 has not been audited or reviewed by the Company's auditor,
PricewaterhouseCoopers LLP (appointed as independent auditor at
the Annual General Meeting held on 1 December 2020). The Company's
previous auditor, Ernst & Young LLP reviewed the financial information
for the six months ended 31 January 2020 pursuant to the Auditing
Practices Board guidance on Review of Interim Financial Information.
16. This Half-Yearly Report was approved by the Board and authorised
for issue on 14 April 2021.
Copies of the Company's Half Yearly Report for the six months ended 31 January 2021 will be posted to shareholders in April 2021 and will be available thereafter on the Company's website:
asia-focus.co.uk*.
Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.
* Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.
Aberdeen Asset Management PLC
Secretaries
14 April 2021
ALTERNATIVE PERFORMANCE MEASURES
Alternative Performance Measures ("APMs") are numerical measures
of the Company's current, historical or future performance, financial
position or cash flows, other than financial measures defined or
specified in the applicable financial framework. The Company's
applicable financial framework includes FRS 102 and the AIC SORP.
The Directors assess the Company's performance against a range
of criteria which are viewed as particularly relevant for closed-end
investment companies.
Total return . NAV and share price total returns show how the
NAV and share price has performed over a period of time in percentage
terms, taking into account both capital returns and dividends paid
to shareholders. NAV total return involves a calculation that invests
the net dividend in the NAV of the Company with debt at fair value
on the date on which that dividend goes ex-dividend. Share price
total return involves a calculation that invests the net dividend
in the share price of the Company on the date on which that dividend
goes ex-dividend.
The tables below provide information relating to the NAVs and share
prices of the Company on the dividend reinvestment dates during
the six months ended 31 January 2021 and the year ended 31 July
2020 and total return for the periods.
Dividend Share
31 January 2021 rate NAV price
------------------------------------------- ----------- ---------- --------------
31 July 2020 N/A 1,106.45p 980.00p
12 November 2020 19.00p 1,188.97p 1,022.12p
31 January 2021 N/A 1,319.88p 1,175.00p
------------------------------------------- ----------- ---------- --------------
Total return +21.2% +22.1%
------------------------------------------- ----------- ---------- --------------
Dividend Share
31 July 2020 rate NAV price
------------------------------------------- ----------- ---------- --------------
31 July 2019 N/A 1,300.56p 1,150.00p
14 November 2019 19.00p 1,206.37p 1,050.00p
31 July 2020 N/A 1,106.45p 980.00p
------------------------------------------- ----------- ---------- --------------
Total return -13.6% -13.2%
------------------------------------------- ----------- ---------- --------------
Discount to net asset value per Ordinary share. The difference
between the share price of 1,175.00p (31 July 2020 - 980.00p) and
the net asset value per Ordinary share of 1,319.88p (31 July 2020
- 1,106.45p) expressed as a percentage of the net asset value per
Ordinary share.
Net gearing. Net gearing measures the total borrowings of GBP65,489,000
(31 July 2020 - GBP46,697,000) less cash and cash equivalents of
GBP19,899,000 (31 July 2020 - GBP11,281,000) divided by shareholders'
funds of GBP417,885,000 (31 July 2020 - GBP358,956,000), expressed
as a percentage. Under AIC reporting guidance cash and cash equivalents
includes net amounts due to brokers at the period end of GBP563,000
(31 July 2020 - GBP362,000 due from brokers) as well as cash and
short term deposits of GBP20,462,000 (31 July 2020 - GBP10,919,000).
Ongoing charges. The ongoing charges ratio has been calculated
in accordance with guidance issued by the AIC as the total of investment
management fees and administrative expenses and expressed as a
percentage of the average net asset values with debt at fair value
throughout the year. The ratio as at 31 January 2021 is based on
forecast ongoing charges for the year ending 31 July 2021.
31 January 31 July 2020
2021
------------------------------------------- ----- ---------------- --------------
Investment management fees (GBP'000) 3,437 3,121
Administrative expenses (GBP'000) 1,081 1,040
Less: non-recurring charges (GBP'000) (22) (1)
------------------------------------------- --------------
Ongoing charges (GBP'000) 4,496 4,160
------------------------------------------- ----- ---------------- --------------
Average net assets (GBP'000) 404,795 380,361
------------------------------------------- ----- ---------------- --------------
Ongoing charges ratio 1.11% 1.09%
------------------------------------------- ----- ---------------- --------------
The ongoing charges ratio provided in the Company's Key Information
Document is calculated in line with the PRIIPs regulations which
include finance costs and transaction charges.
INVESTMENT PORTFOLIO
As at 31 January 2021
Total
Valuation assets
Company Industry Country GBP'000 %
--------------------------- -------------------------------- ---------------- ---------- -------
Electronic Equipment,
Park Systems Corporation Instruments & Components South Korea 18,847 3.9
Internet & Direct Marketing
MOMO.com Retail Taiwan 18,720 3.8
Bank OCBC NISP Banks Indonesia 15,961 3.3
Affle India Media India 15,924 3.3
John Keells Holdings Industrial Conglomerates Sri Lanka 15,096 3.1
Semiconductors & Semiconductor
AEM Holdings Equipment Singapore 15,041 3.1
Hana Microelectronics Electronic Equipment,
(Foreign) Instruments & Components Thailand 13,994 2.9
Oil, Gas & Consumable
Aegis Logistics Fuels India 13,126 2.7
Mega Lifesciences
(Foreign) Pharmaceuticals Thailand 12,058 2.5
Real Estate Management
Cebu Holdings & Development Philippines 11,661 2.4
--------------------------- -------
Top ten investments 150,428 31.0
------------------------------------------------------------------------------- ---------- -------
Nanofilm Technologies
International Chemicals Singapore 11,534 2.4
Nam Long Investment Real Estate Management
Corporation & Development Vietnam 11,282 2.3
Asian Terminals Transportation Infrastructure Philippines 11,088 2.3
Cyient Software India 10,972 2.3
M.P. Evans Group Food Products United Kingdom 10,646 2.2
Sporton International Professional Services Taiwan 10,332 2.1
Millennium & Copthorne Hotels, Restaurants
Hotels New Zealand{A} & Leisure New Zealand 10,160 2.1
Precision Tsugami
China Corporation Machinery China 10,052 2.0
Pacific Basin Shipping Marine Hong Kong 9,842 2.0
Oriental Holdings Automobiles Malaysia 9,567 2.0
--------------------------- -------
Top twenty investments 255,903 52.7
------------------------------------------------------------------------------- ---------- -------
Godrej Agrovet Food Products India 9,263 1.9
Dah Sing Financial
Holdings Banks Hong Kong 9,090 1.9
Sanofi India Pharmaceuticals India 8,914 1.9
United International
Enterprises Food Products Denmark 8,890 1.8
Ultrajaya Milk Industry
& Trading Food Products Indonesia 8,810 1.8
AEON Thana Sinsap
Thailand (Foreign) Consumer Finance Thailand 8,472 1.8
Electronic Equipment,
Taiwan Union Instruments & Components Taiwan 8,388 1.7
Real Estate Management
Yoma Strategic Holdings & Development Myanmar 7,944 1.6
Thai Stanley Electric
(Foreign) Auto Components Thailand 7,861 1.6
Electronic Equipment,
FPT Corporation Instruments & Components Vietnam 7,541 1.6
--------------------------- -------
Top thirty investments 341,076 70.3
------------------------------------------------------------------------------- ---------- -------
AEON Credit Service
(M) Consumer Finance Malaysia 7,222 1.5
NZX Capital Markets New Zealand 7,116 1.5
Ujjivan Financial
Services Consumer Finance India 7,065 1.5
Sunonwealth Electric
Machinery Industry Machinery Taiwan 7,021 1.4
Real Estate Management
Bukit Sembawang Estates & Development Singapore 6,983 1.4
Semiconductors & Semiconductor
Koh Young Technology Equipment South Korea 6,805 1.4
Shangri-La Hotels Hotels, Restaurants
Malaysia & Leisure Malaysia 6,769 1.4
Health Care Providers
Raffles Medical & Services Singapore 6,065 1.2
Tisco Financial Group
(Foreign) Banks Thailand 6,024 1.2
United Plantations Food Products Malaysia 5,665 1.2
--------------------------- -------
Top forty investments 407,811 84.0
------------------------------------------------------------------------------- ---------- -------
Absolute Clean Energy Independent Power and
(ACE) Renewables Thailand 5,608 1.2
Pentamaster International Machinery Malaysia 5,585 1.2
Real Estate Management
First Sponsor Group{B} & Development Singapore 5,301 1.1
Douzone Bizon Software South Korea 5,165 1.1
Semiconductors & Semiconductor
Aspeed Technology Equipment Taiwan 4,981 1.0
Oil, Gas & Consumable
AKR Corporindo Fuels Indonesia 4,827 1.0
Real Estate Management
Prestige Estates Projects & Development India 4,476 0.9
Credit Bureau Asia Professional Services Singapore 3,964 0.8
AEON Credit Service
(Asia) Consumer Finance Hong Kong 3,899 0.8
Life Sciences Tools
Sygene International & Services India 3,681 0.7
--------------------------- -------
Top fifty investments 455,298 93.8
------------------------------------------------------------------------------- ---------- -------
Convenience Retail
Asia Food & Staples Retailing Hong Kong 3,166 0.7
Manulife Holdings Insurance Malaysia 1,521 0.3
AEON Co (M) Multiline Retail Malaysia 1,414 0.3
Goodyear Thailand
(Foreign) Auto Components Thailand 1,137 0.2
ORIX Leasing Pakistan Consumer Finance Pakistan 1,092 0.2
SBS Transit Road & Rail Singapore 761 0.2
AEON Stores Hong Kong Multiline Retail Hong Kong 694 0.1
Public Financial Holdings Banks Hong Kong 514 0.1
Real Estate Management
YNH Property & Development Malaysia 508 0.1
Ecloudvalley Digital
Technology IT Services Taiwan 266 0.1
--------------------------- -------
Top sixty investments 466,371 96.1
------------------------------------------------------------------------------- ---------- -------
Mustika Ratu Personal Products Indonesia 101 -
G3 Exploration Oil, Gas & Consumable China - -
Fuels
--------------------------- -------
Total investments 466,472 96.1
------------------------------------------------------------------------------- ---------- -------
Net current assets 19,011 3.9
------------------------------------------------------------------------------- ---------- -------
Total assets{C} 485,483 100.0
---------- -------
{A} Holding includes investment in both common and preference
lines.
{B} Holding includes investment in both
common and warrant lines.
{C} Total assets less current liabilities
excluding bank loans.
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END
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