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The Company currently conducts its affairs so that securities issued by Aberdeen New Dawn Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products 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 trust.
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 06-Mar-2014Ord
|Net Dividend Yield||2.11%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
Bow Bells House,
1 Bread Street,
Registered in England and Wales as an Investment Company Number 2377879
To provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries excluding Japan. In addition, it is the Investment policy of the Company to invest in no more than 15 per cent of its gross assets in other listed investment companies (including listed investment trusts).
In this webcast, James Thom 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.
In a nervous start to 2014, Asian equity markets registered their biggest monthly fall in half a year in January. Familiar worries of waning economic growth in China and the Federal Reserve’s tapering, which sliced another US$10 billion from monthly asset purchases, rattled investors. Emerging market currencies, particularly those from countries that rely heavily on short-term foreign currency loans, suffered from contagion fears and accentuated the declines in stock markets. Central banks’ attempts to staunch the depreciations proved futile.
In corporate news, we met with QBE Insurance’s group CEO John Neal and are encouraged by the company’s efforts to fix its US operations. We feel the additional provisions are sufficient, while refreshment of the board and management should bear fruit in the medium term.
We believe Standard Chartered’s business franchise remains intact with its comprehensive branch network and valuations are looking attractive. This is despite the surprise departure of its chief financial officer and head of consumer banking. The lender plans to combine its wholesale and consumer units into a single entity.
Singapore lender OCBC is in exclusive talks to acquire Hong Kong’s Wing Hang Bank, which will give it a foothold in the Greater China region. The deal should improve its trade financing capabilities with access to the offshore yuan market. Malaysian lender CIMB raised US$1 billion in a share placement to boost its capital position.
In portfolio activity, we topped up Standard Chartered. While short-term weakness across emerging markets could weigh on its stock price, we have taken a long-term view. The bank has a strong franchise across its geographic operations and will benefit from increased trade flows. Meanwhile, we would not be surprised if management decided to raise more capital, given its belief that a robust capital base is a competitive advantage, even though it already has a high capital ratio.
The current anxiety in markets could persist as the prospect of tighter liquidity and higher interest rates continue to influence sentiment. Emerging markets with gaping deficits would remain most vulnerable and a further retreat in their currencies could present a policy dilemma in a slow growth environment. India and Indonesia come to mind. At the corporate level, the banking sector could see margins and profits squeezed should interest rates trend higher. Consumers, meanwhile, appear to be holding back as household debt levels ratchet up, particularly in markets such as Malaysia and Thailand. That said, the recent pullback has actually been a good thing as it has taken the froth out of markets. The sooner stimulus is unwound, the better for markets as they can return to fundamentals. We believe fundamentals in Asia remain sound over the long term.
Source: Monthly Factsheet Aberdeen Asset Managers Limited