Aberdeen New Dawn Investment Trust PLC
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NMPI Status

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 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 they are securities in an investment trust.


Morningstar Ratings

Analyst Rating

Gold Rating

Fund Rating

5 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

Past Performance

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


Daily Data

At close 16-Apr-2014

Net Dividend Yield1.97%

Source: Morningstar, NAV = Net Asset Value, excluding income.


Trust Details

Aberdeen New Dawn Investment Trust PLC

Registered Office:
Bow Bells House,
1 Bread Street,

Registered in England and Wales as an Investment Company Number 2377879


Aberdeen New Dawn Investment Trust PLC


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).


Asia Pacific ex japan Equities Update

February 2014


Aberdeen New Dawn Investment Trust PLC Half Yearly Report for six months ended 31 October 2013
James Thom, Senior Investment Manager

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.



Manager's Monthly Report

February 2014

Market Review

Easing concerns over Fed tapering and emerging markets contagion, coupled with Janet Yellen’s assurance to keep US rates low, lifted Asian equities in February. The recent sell-off, which appeared excessive, also helped revive risk appetite. Within Southeast Asia, further support came from some better-than-expected GDP numbers. However, Chinese shares wobbled on disappointing manufacturing news, with further uncertainty fuelled by the yuan’s tumble.

Portfolio Review

There were no major portfolio changes in February.

In corporate news, BHP Billiton and Rio Tinto are slashing capital investments amid rising overcapacity and weaker commodity prices. This allowed BHP to post positive free cash flow for the first time since 2011. Rio returned to profitability on the back of record iron ore output, although write-downs continued at its aluminium division. We are pleased that there were no further surprises in QBE Insurance’s fourth-quarter results and, having met incoming chairman William Marston Becker, we are supportive of the changes at the board level.

Our Singapore banks DBS, OCBC and UOB all registered robust annual loan growth, although interest margins contracted due to the competitive environment. In comparison, HSBC’s revenues were weaker than expected, particularly in its global banking and markets segment. We think its strategy of cross-selling across its divisions, while taking advantage of its global network should stand it in good stead in its Asian expansion. Standard Chartered’s full-year profits fell for the first time in over a decade on the back of a write-down in its South Korean business, slowing growth in emerging markets and rising bad loans. Reassuringly, the bank’s capital adequacy ratio remains robust, allaying for now worries over its capital position. Long term, its prospects in emerging markets remain bright.


The prospect of tighter liquidity after years of central bank largesse has been factored into share prices to some extent. However, questions remain as to the speed and scale of withdrawal. Still, the odds of a precipitous tightening are small given the mixed outlook on the US jobs front. Furthermore, bolder monetary action from other parts of the rich world cannot be ruled out, as in the case of Japan and Europe, both of which remain under the threat of deflation. Meanwhile, Russian interference in Ukraine has heightened geopolitical risks, although the impact on the broader global economy appears limited. Against this backdrop, volatility is likely to persist. Discounting these external uncertainties, however, Asia’s prospects remain undiminished. The region is far less vulnerable than it was during the 1997-98 financial crisis. Government finances are healthier, debt levels are lower and countries have moved to flexible exchange rates. In China, fears of weaker growth and defaults appear overblown. Its government’s coffers are full and recent bailouts of failing investment trusts suggest it is willing to do whatever it takes to prevent a rout. The current cyclical slowdown in Asia should pass, and companies that have taken this time to exact capital discipline amid waning demand should be well positioned for an imminent recovery. Earnings revisions have also stabilised somewhat. Valuations have become more palatable, hovering below long-term averages, which could throw up some opportunities for the far-sighted investor.

Source: Monthly Factsheet Aberdeen Asset Managers Limited