abrdn New Dawn Investment Trust plc

Investing in locally chosen, high quality, Asia-Pacific companies


Morningstar rating:
4 out of 5

Daily prices as of 01 Jul 2022

Share Price 280.00p

Estimated NAV cum income 318.15p

Estimated NAV ex income 314.38p

Dividend Yield 1.5%

Premium / (Discount) to NAV cum income -12.0%

Premium / (Discount) to NAV ex income -10.9%

Source: Morningstar

About us

Find out more about our investment objective, approach, portfolio and performance.

Insights

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Latest news

An update from our investment manager, James Thom - 26 May 2022

Volatility remains in play. The Fed has delivered a 0.5% interest rate increase as expected and is signalling more hikes to come this year, although increases beyond 0.5% appear to be off the table. While this has removed some uncertainty, other stress points persist for Asian equities. China continues to dominate interest. Market response to stimulus pledges and policy moves has been lukewarm in the face of Covid resurgences, a sluggish property market and a weak macro backdrop. However, we are seeing more supportive comments from the central government recently, which could help to support sentiment, albeit the market appears to be waiting for more substantial and concrete policy stimulus. Meanwhile, Omicron remains a key risk, although most of Asia is moving towards living with Covid. Further afield, the Russia-Ukraine war has driven oil and commodity prices upwards, hurting consumption, increasing input costs for companies and ultimately weighing on the growth of economies, including those here in Asia. We are receiving more updates from our holdings around rising input costs and the pressure on margins. Encouragingly, the earnings of many of our holdings have either met or exceeded our expectations in the latest results reporting season. However, quite a few have turned more cautious over the short-term outlook for this year, citing the impact of rising raw material costs and a rising interest rate environment. Here, we would note the impact of outsized macro and geopolitical risks rather than a significant deterioration of fundamentals across the region. As investors ourselves, we focus on quality firms with strong balance sheets and robust cash flow that we believe can provide a sustainable income stream to investors. We see market corrections as an opportunity to add to our long-term quality holdings affordably. Asian equity valuations are also trading in line with historical averages, and the significant sell-offs in certain markets in the region have actually resulted in much more palatable valuations, as opposed to prohibitively high valuations in the past. This creates opportunities for investors who are invested for the long run.

 
 

Key people

James Thom

James Thom

Investment Director

Personal Details

Joined the company: August 2010

Nationality: British

Location: Singapore

Education and Experience

James Thom is an investment manager on the Asian Equities Team. James joined the company in 2010 from Actis, the emerging markets Private Equity firm, based in Singapore and covering Southeast Asia.

James graduated with an MBA from INSEAD, an MA from Johns Hopkins University and a BSc from University College London.

Xin-Yao Ng

Xin-Yao Ng

Investment Manager

Xin-Yao Ng is an Investment Manager on the Asian equities team. Based in Singapore, he is part of the team managing Asia Pacific, Global Emerging Markets and Singapore equity strategies. He leads on healthcare and industrial sector research, as well as covering Singapore banks. Xin-Yao joined the company in 2018 from Allard Partners where he was based in Hong Kong as an Investment Analyst specialising in Greater China equities. Previously, Xin-Yao worked for Central Provident Fund Board in Singapore as a Portfolio Manager. Prior to that, Xin-Yao worked for BNP Paribas in private banking compliance. Xin-Yao graduated with a BSc in Business from Nanyang Technological University, holds an MBA from Fudan University, and is a CFA Charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Gabriel Sacks

Gabriel Sacks

Investment Director

Chartered Financial Analyst, MA in Land Economy from Cambridge University. Joined the company in 2008 as part of the London-based Global Emerging Markets Equities team and transferred to Asian Equities in 2018.

  • James Thom

    James Thom

    Investment Director

    Personal Details

    Joined the company: August 2010

    Nationality: British

    Location: Singapore

    Education and Experience

    James Thom is an investment manager on the Asian Equities Team. James joined the company in 2010 from Actis, the emerging markets Private Equity firm, based in Singapore and covering Southeast Asia.

    James graduated with an MBA from INSEAD, an MA from Johns Hopkins University and a BSc from University College London.

  • Xin-Yao Ng

    Xin-Yao Ng

    Investment Manager

    Xin-Yao Ng is an Investment Manager on the Asian equities team. Based in Singapore, he is part of the team managing Asia Pacific, Global Emerging Markets and Singapore equity strategies. He leads on healthcare and industrial sector research, as well as covering Singapore banks. Xin-Yao joined the company in 2018 from Allard Partners where he was based in Hong Kong as an Investment Analyst specialising in Greater China equities. Previously, Xin-Yao worked for Central Provident Fund Board in Singapore as a Portfolio Manager. Prior to that, Xin-Yao worked for BNP Paribas in private banking compliance. Xin-Yao graduated with a BSc in Business from Nanyang Technological University, holds an MBA from Fudan University, and is a CFA Charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

  • Gabriel Sacks

    Gabriel Sacks

    Investment Director

    Chartered Financial Analyst, MA in Land Economy from Cambridge University. Joined the company in 2008 as part of the London-based Global Emerging Markets Equities team and transferred to Asian Equities in 2018.

donald_workman_250x350

Donald Workman

Chairman

Donald Workman was appointed as an independent non-executive Director of the Company on 1 October 2018. He had an executive career at The Royal Bank of Scotland PLC until 2016 where, over a period of 23 years, he held a number of senior positions which latterly included acting as Executive Chairman of the group’s Asia Pacific business. He was a member of the RBS Group Executive Committee from 2014. He was also an independent non-executive director of Standard Life Private Equity Trust plc between 2006 and 2013. He is currently non-executive Chairman of JCB Finance Limited.

Marion Sears

Marion Sears

Non-Executive Director

Marion Sears had an executive career in stockbroking and investment banking and was latterly a Managing Director of Investment Banking at JPMorgan. She is also a non-executive director of Dunelm Group plc and Fidelity European Trust plc. She is the Senior Independent Director.

Stephen Souchon

Stephen Souchon

Non-Executive Director

Stephen Souchon had an executive career at Morgan Stanley until 2015 where, over a period of 22 years, he held a number of senior positions in the finance function and was latterly head of the EMEA Corporate Financial Control Group. He is a Chartered Accountant and is currently a non-executive director and chair of the Audit Committee of SMBC Nikko Capital Markets Limited and a non-executive director of TD Bank Europe Limited. He is Chairman of the Audit and Risk Committee.

Hugh Young

Hugh Young

Non-Executive Director

Appointed a Director on 11 November 2005, he is a resident of Singapore and is Chairman, Asia Pacific Region at abrdn. Hugh is also a director of Aberdeen New Dawn Investment Trust PLC, Aberdeen Australia Equity Fund Inc., abrdn Asia-Pacific Income Investment Company Limited and The India Fund Inc

Nicole Yuen

Nicole Yuen

Non-Executive Director

Nicole Yuen is a Hong Kong national and a graduate of the University of Hong Kong and Harvard Law School. She had an executive career initially in law and subsequently in equities with UBS and latterly Credit Suisse (Hong Kong) where she was Chief Operating Officer for the Greater China region and subsequently Managing Director, Head of Equities, North Asia until 2018. Nicole is currently a non-executive director of Interactive Brokers Group, Inc. 
  • donald_workman_250x350

    Donald Workman

    Chairman

    Donald Workman was appointed as an independent non-executive Director of the Company on 1 October 2018. He had an executive career at The Royal Bank of Scotland PLC until 2016 where, over a period of 23 years, he held a number of senior positions which latterly included acting as Executive Chairman of the group’s Asia Pacific business. He was a member of the RBS Group Executive Committee from 2014. He was also an independent non-executive director of Standard Life Private Equity Trust plc between 2006 and 2013. He is currently non-executive Chairman of JCB Finance Limited.

  • Marion Sears

    Marion Sears

    Non-Executive Director

    Marion Sears had an executive career in stockbroking and investment banking and was latterly a Managing Director of Investment Banking at JPMorgan. She is also a non-executive director of Dunelm Group plc and Fidelity European Trust plc. She is the Senior Independent Director.

  • Stephen Souchon

    Stephen Souchon

    Non-Executive Director

    Stephen Souchon had an executive career at Morgan Stanley until 2015 where, over a period of 22 years, he held a number of senior positions in the finance function and was latterly head of the EMEA Corporate Financial Control Group. He is a Chartered Accountant and is currently a non-executive director and chair of the Audit Committee of SMBC Nikko Capital Markets Limited and a non-executive director of TD Bank Europe Limited. He is Chairman of the Audit and Risk Committee.

  • Hugh Young

    Hugh Young

    Non-Executive Director

    Appointed a Director on 11 November 2005, he is a resident of Singapore and is Chairman, Asia Pacific Region at abrdn. Hugh is also a director of Aberdeen New Dawn Investment Trust PLC, Aberdeen Australia Equity Fund Inc., abrdn Asia-Pacific Income Investment Company Limited and The India Fund Inc

  • Nicole Yuen

    Nicole Yuen

    Non-Executive Director

    Nicole Yuen is a Hong Kong national and a graduate of the University of Hong Kong and Harvard Law School. She had an executive career initially in law and subsequently in equities with UBS and latterly Credit Suisse (Hong Kong) where she was Chief Operating Officer for the Greater China region and subsequently Managing Director, Head of Equities, North Asia until 2018. Nicole is currently a non-executive director of Interactive Brokers Group, Inc. 

 

Financial calendar

Year End 30 April
Accounts published July
Annual General Meeting September
Dividend Paid January, September

Trust details

abrdn New Dawn Investment Trust plc

Registered Office:
Bow Bells House
1 Bread Street
London
EC4M 9HH

Registered in England and Wales as an Investment Company Number 2377879

Launch Date: May 1989

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.