Aberdeen Investment Trusts Trust profiles and performance figures As at 30 June 2017
Our range of investment trusts Page United Kingdom UK Equity Income Dunedin Income Growth Investment Trust PLC Growth of capital and income from a portfolio invested mainly in the UK. Murray Income Trust PLC High and growing income combined with capital growth through investment in a portfolio of principally UK equities. Shires Income PLC High level of income together with growth of both income and capital from a portfolio substantially invested in UK Equities.
01 02 03
UK Equity and Bond Income Aberdeen Smaller Companies Income Trust PLC High and growing dividend and capital growth from the shares of smaller UK companies and UK fixed income securities.
04
UK Smaller Companies Dunedin Smaller Companies Investment Trust PLC Long-term growth from a portfolio of smaller companies in the UK.
05
Asia Pacific Asia Pacific excluding Japan Aberdeen Asian Income Fund Limited Total return primarily through investing in Asian Pacific securities, including those with an above-average yield. Aberdeen Asian Smaller Companies Investment Trust PLC Total return through smaller quoted companies in the emerging economies of Asia and Australasia (ex Japan). Aberdeen New Dawn Investment Trust PLC Capital growth through equity investment in the Asia Pacific countries (ex Japan, but including Australasia). Edinburgh Dragon Trust plc Capital growth through investment in companies in Asia (ex Japan and Australasia), particularly in large companies. Country Specialists Asia Pacific Aberdeen New India Investment Trust PLC Capital growth through investing in companies in India. Aberdeen New Thai Investment Trust PLC Capital growth through investment in Thailand.
06 07 08 09
10 11
Emerging Markets Global Aberdeen Emerging Markets Investment Company Limited To achieve consistent returns for shareholders in excess of the MSCI Emerging Markets Net Total Return Index in sterling terms. Aberdeen Frontier Markets Investment Company Limited To generate long-term capital growth primarily from investment in equity and equity related securities of companies listed in, or operating in, Frontier Markets. Latin American Aberdeen Latin American Income Fund Limited Total return, with an above average yield, primarily through investing in Latin America.
12 13
14
Global Global Equity Income Murray International Trust PLC High income and capital growth by investing predominantly in equities worldwide.
Japan
Aberdeen Japan Investment Trust PLC Long-term capital growth through investment in listed Japanese companies.
Multi-asset
Aberdeen Diversified Income and Growth Trust plc The company’s investment objective is to target a total portfolio return of LIBOR (London Interbank Offered Rate) plus 5.5 per cent. per annum (net of fees) over rolling five-year periods.
North America
15
16
17
The North American Income Trust plc 18 Above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.
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Our Investor Helpline can answer any questions you may have regarding the investment trusts managed by Aberdeen. Telephone calls may be recorded. Manager’s reports are published each month on each trust’s website, as well as daily performance factsheets and other useful information. Daily prices and further details of Aberdeen managed investment trusts are also available at invtrusts.co.uk
Dunedin Income Growth Investment Trust PLC All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
The Company’s investment objective is to achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom.
Benchmark FTSE All-Share Index total return.
Total return performance since 30/06/12 (figures rebased to 100) 180 160
Based on equity holdings only.
Five largest fixed income holdings
140 120 100 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Total number of investments
as at 30/06/17
1 month
3 years
5 years
262.8p
(2.6)
4.8
10.5
20.8
10.8
52.3
NAVA
290.0p
(2.6)
3.3
7.7
16.5
17.8
60.4
(2.5)
1.4
5.5
18.1
23.9
65.2
3 months
6 months
1 year
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
20.8
(2.5)
(5.9)
10.7
24.2
NAVA
16.5
3.9
(2.7)
13.3
20.2
FTSE All-Share
18.1
2.2
2.6
13.1
17.9
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing and high income trusts are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Including current year revenue.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds.
B
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 January 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. D
E
77
Sector allocation
Share Price FTSE All-Share
% 9.0 7.3 5.9 5.5 5.5 33.2
HBOS Cap Funding 6.461% SSE 3.875% BHP Billiton Finance 6.5% 22/10/77 Rabobank Cap Funding Trust 5.556% Firstgroup 6.125% 18/01/19 Total Based on fixed income holdings only.
Cumulative performance (%)
A
% 5.0 4.8 4.3 4.1 4.1 4.0 4.0 3.1 3.0 2.8 39.2
British American Tobacco GlaxoSmithKline Unilever HSBC Prudential Royal Dutch Shell 'B' AstraZeneca Total Vodafone Roche Total
0.45% on the first £225m, 0.35% on the next £200m and 0.25% over £425m per annum of the net assets of the Company.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. F
For latest performance figures dunedinincomegrowth.co.uk
% 26.4 14.1 13.5 12.3 10.5 6.7 5.0 4.5 3.2 2.3 1.5 100.0
Financials Industrials Consumer Goods Health Care Oil & Gas Consumer Services Telecommunication Services Basic Materials Technology Utilities Cash Total
Capital structure 150,105,707 3,572,228
Ordinary shares Treasury shares
Assets/Debt Gross assets (inc. cash) Short-term borrowings 3.99% Senior Secured Note 2045 7.875% Debenture 2019 Net gearingB
£513.8m £11.5m £30.0m £28.6m 13.4%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldC Discount with debt at fair value Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
4.5% 9.4% February, May, August, November 1873 0.63% 0.45% 61.8%
invtrusts.co.uk
01
Murray Income Trust PLC All figures as at 30 June 2017 Investment objective
Twenty largest equity holdings
To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
Benchmark FTSE All-Share Index.
Total return performance since 30/06/12 (figures rebased to 100) 180 160 140 120 100 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
Total number of investments
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
795.0p
(1.9)
4.9
11.8
23.5
16.5
54.8
NAVA
860.0p
(3.1)
2.4
7.3
16.7
20.9
63.8
FTSE All-Share
(2.5)
1.4
5.5
18.1
23.9
65.2
FTSE 350 Higher Yield
(2.5)
0.4
3.2
16.6
18.9
55.3
Discrete performance (%) Year ending:
Unilever British American Tobacco GlaxoSmithKline AstraZeneca Prudential Roche HSBC Nordea Bank BP Aberforth Smaller Companies Trust Vodafone Compass Royal Dutch Shell 'B' Imperial Brands Microsoft BHP Billiton BBA Aviation Sage Inmarsat Close Brothers Total
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
23.5
0.1
(5.7)
9.4
21.5
NAVA
16.7
5.9
(2.2)
14.0
18.8
FTSE All-Share
18.1
2.2
2.6
13.1
17.9
FTSE 350 Higher Yield
16.6
5.8
(3.6)
12.6
16.0
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing and high income trusts are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
% 4.5 4.5 4.5 4.1 3.6 3.4 3.4 3.1 3.1 2.9 2.8 2.8 2.8 2.7 2.5 2.5 2.4 2.4 2.2 2.1 62.3 49
Sector allocation Financials Consumer Goods Healthcare Industrials Oil & Gas Telecommunications Technology Consumer Services Basic Materials Utilities Cash Total
% 26.6 17.1 13.8 10.9 7.0 5.5 5.3 4.7 4.1 0.9 4.1 100.0
Capital structure Ordinary shares Treasury shares
67,022,458 1,571,000
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£623.5m £47.1m 3.3%
AIFMD Leverage Limits A
Including current year revenue.
B
Gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 30 June 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
D
E
0.55% per annum on first £400m of net assets, 0.45% on next £150m, 0.25% on excess over £550m.
F The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
For latest performance figures murray-income.co.uk 02
Aberdeen Investment Trusts profiles and performance figures
Gross Notional Commitment
2.5x 2x
Key information YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
4.1% 7.6% January, April, July, October 1923 0.76% 0.55% 61.9%
Shires Income PLC All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
To provide a high level of income together with growth of both income and capital from a portfolio substantially invested in UK Equities.
Benchmark FTSE All-Share Index total return.
Total return performance since 30/06/12 (figures rebased to 100) 200 180
Fixed income holdings
160 140 120 100 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
248.6p
(0.5)
3.5
12.4
27.6
13.7
70.9
NAV
278.9p
(2.1)
3.8
10.1
23.3
27.0
89.8
(2.5)
1.4
5.5
18.1
23.9
65.2
A
FTSE All-Share
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
27.6
(7.7)
(3.5)
22.1
23.1
NAVA
23.3
0.9
2.0
19.4
25.2
FTSE All-Share
18.1
2.2
2.6
13.1
17.9
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, bonds and high income trusts are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Ecclesiastical Insurance 8.875% Royal & Sun Alliance 7.375% General Accident 7.875% Santander 10.375% Standard Chartered 8.25% Rea Holdings 9% Balfour Beatty 10.75% Total
% 5.9 5.6 4.9 4.6 3.6 1.0 0.6 26.2
Total number of investments
48
Sector allocation Financials Industrials Consumer Goods Health Care Oil & Gas Consumer Services Telecommunications Basic Materials Technology Utilities Total
A
Including current year revenue.
B
Expressed as a percentage of total equities held divided by shareholders’ funds.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 March 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
E
F
0.45% for net assets up to £100m and 0.4% for net assets over £100m.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
G
For latest performance figures shiresincome.co.uk
% 49.2 11.1 10.6 6.8 5.8 4.9 4.3 3.5 2.6 1.2 100.0
Capital structure Ordinary shares
29,997,580
Assets/Debt Gross assets (inc. cash) Debt Equities gearingB Net gearingC
D
% 6.9 3.3 3.2 3.1 2.9 2.9 2.9 2.8 2.6 2.3 32.9
Aberdeen Smaller Companies Income Unilever British American Tobacco Royal Dutch Shell 'B' AstraZeneca Chesnara HSBC GlaxoSmithKline Prudential Vodafone Total
£102.7m £19.1m (12.9)% 18.6%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
4.9% 10.9% January, April, July, October 1929 1.04% 0.45% 59.2%
invtrusts.co.uk
03
Aberdeen Smaller Companies Income Trust PLC All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities.
Benchmark FTSE SmallCap (ex Investment Companies) Index total return.
Total return performance since 30/06/12 (figures rebased to 100) 250
200
% 3.7 3.2 3.1 3.1 3.1 3.0 2.6 2.6 2.6 2.6 29.6
XP Power Assura ACAL Berendsen Chesnara Morgan Sindall Euromoney Institutional Investor Elementis Oxford Instruments BBA Aviation Total
Fixed income, Convertibles and Preference share holdings
150
100 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
3 months
6 months
1 year
3 years
5 years
Share Price
231.0p
(3.5)
9.3
15.4
31.8
21.6
132.2
NAV
297.4p
(2.3)
8.1
14.6
32.4
41.0
138.0
(1.9)
2.9
8.8
28.4
34.1
132.9
A
1 month
FTSE SmallCap ex IC
Total Total number of investments
% 2.0 2.0 1.4 1.2 0.8 0.7 0.7 0.6 9.4 54
Sector allocation
Discrete performance (%) Year ending:
General Accident 8.875% Aviva 8.75% Balfour Beatty 10.75% Ecclesiastical Insurance 8.625% Anglian Water Serv Finance 4.5% 22/02/26 Wales & West Utilities Finance 6.75% 17/12/36 SSE 3.875% HBOS Cap Funding 6.461%
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
31.8
(14.9)
8.5
16.3
64.3
NAVA
32.4
(8.4)
16.2
23.7
36.5
FTSE SmallCap ex IC
28.4
(3.7)
8.4
25.3
38.6
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, high income trusts, bonds, specialist sectors and smaller companies are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Industrials Financials Consumer Services Consumer Goods Health Care Basic Materials Telecommunications Technology Utilities Total
% 35.3 24.8 11.5 10.9 6.5 5.4 2.8 2.7 0.1 100.0
Capital structure Ordinary shares
22,109,765
Assets/Debt A
Including current year revenue.
B
Expressed as a percentage of total equities held divided by shareholders’ funds.
C Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. D
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 December 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. E
F
0.75% per annum of the value of the Company’s gross assets.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
G
For latest performance figures aberdeensmallercompanies.co.uk 04
Aberdeen Investment Trusts profiles and performance figures
Gross assets (inc. cash) Debt Equities gearingB Net gearingC
£72.8m £7.0m (0.3)% 10.1%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
3.0% 22.3% January, April, July, October 1992 1.44% 0.75% 87.7%
Dunedin Smaller Companies Investment Trust PLC All figures as at 30 June 2017 Ten largest equity holdings
Investment objective The achievement of long term growth from a portfolio of smaller companies in the United Kingdom.
Benchmark FTSE SmallCap (ex Investment Companies) Index.
Total return performance since 30/06/12 (figures rebased to 100) 240 220 200 180
Sector allocation
160 140 120 100 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 year
3 years
5 years
Share Price
228.0p
(6.9)
3.8
12.5
28.6
23.4
108.4
NAVA
285.0p
(3.1)
6.6
12.8
29.9
34.8
112.2
(1.9)
2.9
8.8
28.4
34.1
132.9
FTSE SmallCap ex IC
1 month
3 months
6 months
Year ending:
Industrials Financials Consumer Services Consumer Goods Health Care Basic Materials Technology Telecommunications Oil & Gas Cash Total
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
28.6
(13.5)
11.1
9.6
54.0
NAVA
29.9
(8.7)
13.6
18.9
32.4
FTSE SmallCap ex IC
28.4
(3.7)
8.4
25.3
38.6
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, smaller companies and specialist sectors are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Including current year revenue.
% 37.7 17.2 14.0 9.2 7.8 4.3 2.6 1.5 1.0 4.7 100.0
Capital structure Ordinary shares
Discrete performance (%)
A
% 3.7 3.6 3.1 3.1 3.0 2.8 2.8 2.8 2.8 2.7 30.4 44
Dechra Pharmaceuticals XP Power ACAL Euromoney Institutional Investor Dignity Morgan Sindall Oxford Instruments Burford BBA Aviation James Fisher and Sons Total Total number of investments
47,857,317
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£147.7m £5.0m £6.3m
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
2.7% 20.0% February, July 1927 0.83% 0.4% 85.8%
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds.
B
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 October 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
D
E
With performance fee element maximum annual management fee is capped at 0.9% of adjusted gross assets in any one year.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. F
For latest performance figures dunedinsmaller.co.uk invtrusts.co.uk
05
Aberdeen Asian Income Fund Limited All figures as at 30 June 2017 Investment objective
Ten largest holdings
To provide investors with a total return primarily through investing in Asian Pacific securities, including those with an above average yield. Within its overall investment objective, the Company aims to grow its dividends over time.
Benchmark The Company’s portfolio is constructed without reference to the composition of any stock market index or benchmark. It is likely, therefore, that there will be periods when its performance will be quite unlike that of any index or benchmark and there can be no assurance that such divergence will be wholly or even primarily to the Company’s advantage. The Company and Manager measure its performance against the MSCI AC Asia Pacific ex Japan Index (in sterling terms).
Total return performance since 30/06/12 (figures rebased to 100)
160 140 120 100 80 30/06/12 Share price
30/06/13
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17 1 month 3 months 6 months
1 year
3 years
5 years
Share Price
211.5p
0.7
2.2
11.5
22.8
20.6
38.4
NAVA
229.0p
1.3
1.0
10.6
23.0
34.2
54.5
1.3
2.3
14.1
28.9
47.7
75.1
MSCI AC Asia Pacific ex Japan
Discrete performance (%) Year ending:
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
22.8
(0.9)
(0.9)
(1.9)
17.0
NAVA
23.0
7.9
1.1
(5.2)
21.5
MSCI AC Asia Pacific ex Japan
28.9
5.9
8.2
4.5
13.4
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets, exchange rates and are particularly relevant to this investment company but should be read in conjunction with all warnings and comments given. Including current year revenue.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds.
B
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 December 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
D
E
With effect from 1 June 2016 the annual management fee was reduced from 1.0% to 0.85% of net assets.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. F
For latest performance figures asian-income.co.uk 06
Singapore Australia Hong Kong Thailand China Taiwan Malaysia Japan New Zealand Korea United Kingdom Indonesia India Sri Lanka Philippines Cash Total
Aberdeen Investment Trusts profiles and performance figures
% 24.9 19.8 10.9 10.2 6.9 6.3 5.6 4.4 2.6 2.2 1.3 1.2 1.0 0.9 – 1.8 100.0
Capital structure Ordinary shares
30/06/17
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
C
% 3.7 3.6 3.4 3.2 3.2 3.0 2.7 2.7 2.6 2.6 30.7 57
Country allocation
180
A
HSBC TSMC Venture Corporation SingTel Oversea-Chinese Banking Corp. Jardine Cycle & Carriage Taiwan Mobile Hana Microelectronics Spark New Zealand Singapore Tech Engineering Total Total number of investments
Treasury shares
184,200,389 10,733,000
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£458.3m £36.5m 6.5%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
4.3% 7.6% February, May, August, November 2005 1.19% 0.85% 83.7%
Aberdeen Asian Smaller Companies Investment Trust PLC All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
The objective of Aberdeen Asian Smaller Companies Investment Trust PLC is to maximise total return to shareholders over the long term from a portfolio of smaller quoted companies (with a market capitalisation of up to approximately US$1 billion at the time of investment) in the economies of Asia and Australasia, outside Japan.
Comparative Benchmark There has not always been a meaningful smaller companies index against which to compare the performance of the Company. Accordingly, the Manager utilises two general regional indices, the MSCI AC Asia Pacific ex Japan (currency adjusted) and the MSCI AC Asia Pacific ex Japan SmallCap (currency adjusted), as well as peer group comparisons for Board reporting. It is likely that performance will diverge, possibly quite dramatically in either direction, from these or any other indices.
Total return performance since 30/06/12 (figures rebased to 100)
160 140 120
30/06/15
30/06/16
30/06/17
MSCI AC Asia Pacific ex Japan
Cumulative performance (%) as at 30/06/17 1 month 3 months 6 months Share Price
1 year
3 years
5 years
1079.5p
3.7
5.3
14.0
27.8
24.4
58.4
1209.2p MSCI AC Asia Pacific ex Japan
0.9
1.1
9.2
23.5
38.1
78.8
1.3
2.3
14.1
28.9
47.7
75.1
MSCI AC Asia Pacific ex Japan Small Cap
0.9
(0.7)
9.6
19.1
37.4
62.7
Diluted NAVA
Discrete performance (%) Year ending:
Total
28.9
Total number of investments
79
Country allocation
180
100 30/06/12 30/06/13 30/06/14 Share price Diluted net asset value MSCI AC Asia Pacific ex Japan Small Cap
% 3.5 3.3 3.2 3.0 2.9 2.7 2.7 2.6 2.6 2.4
Hana Microelectronics Dah Sing Financial Bank OCBC Bukit Sembawang Estates Millennium & Copthorne Ramco Cements Multi Bintang LPI Capital M.P. Evans Yoma Strategic
% 16.1 15.3 14.0 12.2 12.0 7.6 6.3 3.3 3.0 2.6 2.5 1.7 0.9 0.5 0.4 0.2
Hong Kong Malaysia Thailand India Singapore Indonesia Philippines Sri Lanka New Zealand United Kingdom Australia Denmark Korea Taiwan Pakistan China Cash Total
1.4 100.0
Capital structure 30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
27.8
6.9
(8.9)
(8.2)
38.8
Diluted NAVA
23.5
9.7
1.9
(7.5)
40.0
MSCI AC Asia Pacific ex Japan
28.9
5.9
8.2
4.5
13.4
MSCI AC Asia Pacific ex Japan Small Cap
19.1
5.5
9.3
3.6
14.3
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets, smaller companies, specialist sectors and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. Including current year revenue. Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. C Calculated using the Company’s historic net dividends and month end share price. D Expressed as a percentage of average daily net assets for the year ended 31 July 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. E With effect from 1 August 2016 1.0% (previously 1.2%) of the average net asset value of the Company’s net assets (gross assets less liabilities excluding the amount of any loan facilities or overdraft drawn down) over a 24 month period, valued monthly. F The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
Ordinary shares Treasury shares Convertible Unsecured Loan Stock 2019 (CULS) at nominal value
34,978,725 4,204,874 £33,019,220
Assets/Debt Gross assets (inc. cash) Debt (CULS and bank loan) at nominal value Net gearing with debt at parB
£480.7m £42.6m 8.5%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
A B
Key information YieldC Discount with debt at fair value Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
1.0% 10.7% December 1995 1.69% 1.0% 98.7%
For latest performance figures asian-smaller.co.uk invtrusts.co.uk
07
Aberdeen New Dawn Investment Trust PLC All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
The objective of Aberdeen New Dawn Investment Trust PLC is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries excluding Japan. Benchmark MSCI AC Asia Pacific ex Japan. This benchmark includes Australia and New Zealand.
Total return performance since 30/06/12 (figures rebased to 100) 180 160
46.3
Total number of investments
54
Country allocation
140 120 100 80 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
220.0p
0.3
3.3
16.8
35.0
32.3
58.0
NAVA
255.8p
0.8
3.8
18.7
30.9
41.2
57.8
MSCI AC Asia Pacific ex Japan
1.3
2.3
14.1
28.9
47.7
75.1
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
35.0
(1.4)
(0.6)
(0.9)
20.6
NAVA
30.9
3.2
4.5
(2.9)
15.2
MSCI AC Asia Pacific ex Japan
28.9
5.9
8.2
4.5
13.4
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Hong Kong Singapore India China Korea Australia Taiwan Indonesia United Kingdom Philippines Thailand Malaysia Sri Lanka Vietnam New Zealand Cash Total
A
Including current year revenue.
B
Excluded for the purposes of calculating the investment management fee.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 30 April 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
E
F
With effect from 1 July 2016. Previously 1.0% of net assets.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
G
For latest performance figures newdawn-trust.co.uk 08
Aberdeen Investment Trusts profiles and performance figures
% 19.3 17.1 14.2 9.5 8.4 6.7 5.0 4.8 3.9 3.2 2.8 1.9 1.8 1.1 – 0.3 100.0
Capital structure Ordinary shares Treasury shares
116,217,098 10,718,567
Assets/Debt Gross assets (inc. cash) Debt Net gearingC
£326.8m £29.4m 9.5%
AIFMD Leverage Limits Gross Notional Commitment
D
% 12.4 5.0 4.9 4.4 4.1 3.5 3.3 3.2 2.9 2.6
Aberdeen Global-Indian EquityB Samsung Electronics Pref Jardine Strategic Aberdeen Global - China A Share Oversea-Chinese Banking Corp. TSMC AIA Ayala Land City Developments CSL Total
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
1.8% 14.0% January, September 1989 0.91% 0.85% 76.4%
Edinburgh Dragon Trust plc All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
To achieve long term capital growth through investment in the Far East. The company’s benchmark is the MSCI AC Asia ex Japan Index. Investments are made mainly in stock markets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns.
Benchmark MSCI AC Asia ex Japan Index. This benchmark excludes Japan, Australia, New Zealand and Sri Lanka.
Total return performance since 30/06/12 (figures rebased to 100) 180 160
Samsung Electronics Pref. Jardine Strategic TSMC Oversea-Chinese Banking Corp. Housing Development Finance AIA Grasim Industries City Developments SingTel ITC Total
% 4.7 4.1 4.0 3.9 3.8 3.1 2.7 2.7 2.7 2.6 34.3
Total number of investments
67
Country allocation
140 120 100 80 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 year
3 years
5 years
Share Price
352.3p
0.5
5.5
16.6
28.1
40.9
56.0
NAV
400.8p
0.9
4.5
17.7
27.4
45.4
60.5
1.0
4.3
16.9
30.8
53.8
79.6
A
MSCI AC Asia ex Japan
1 month
3 months
6 months
% 20.0 17.4 16.5 11.4 8.5 5.7 5.5 3.7 3.0 2.8 2.4 1.9 0.9 0.3
Hong Kong India Singapore China Korea Indonesia Taiwan Philippines Malaysia Thailand Sri Lanka United Kingdom Vietnam Cash Total
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
28.1
4.5
5.3
(2.2)
13.2
NAV
27.4
6.3
7.3
(4.8)
16.0
MSCI AC Asia ex Japan
30.8
3.9
13.2
3.5
12.9
A
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, exchange rates and emerging markets are particularly relevant to this trust but should be read in conjunction with all warnings and comments made.
100.0
Capital structure Ordinary shares
187,409,295
Treasury shares
8,651,000
3.5% Convertible Unsecured Loan Stock 2018 (CULS) at nominal value
£59,686,363
Assets/Debt £828.2m £59.7m 6.9%
Gross assets (inc. cash) Debt (CULS) at nominal value Net gearing with debt at parB
AIFMD Leverage Limits A
Including current year revenue.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds.
B
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 August 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
D
E The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
Gross Notional Commitment
2.5x 2x
Key information YieldC Discount with debt at fair value Dividend paid Launch date Ongoing chargesD Annual management fee Active shareE
0.9% 12.1% December 1987 1.14% 0.85% 76.5%
For latest performance figures edinburghdragon.co.uk invtrusts.co.uk
09
Aberdeen New India Investment Trust PLC All figures as at 30 June 2017 Investment objective
Fifteen largest equity holdings
To achieve long-term capital appreciation by investing in companies which are incorporated in India or which derive significant revenue or profit from India, with dividend yield from the company being of secondary importance.
Benchmark The Company compares its performance to the MSCI India Index (sterling adjusted). However, the Company’s portfolio is constructed without reference to the composition of any stockmarket index or benchmark. It is likely, therefore, that there will be periods when its performance may vary significantly from the benchmark.
Total return performance since 30/06/12 (figures rebased to 100) 240 220 200 180 160 140 120 100 80 30/06/12
69.1
Total number of investments
40
Sector allocation 30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%)
as at 30/06/17 Share Price 457.0p NAVA 503.6p
1 month 3 months 6 months (0.2) 3.5 23.2 0.2 3.2 19.9
MSCI India
(1.4)
(0.9)
14.7
YTD 23.2 19.9
1 year 28.4 21.8
3 years 84.0 76.7
5 years 125.7 121.2
14.7
20.9
49.2
86.1
Discrete performance (%)
Financials Consumer Staples Materials Information Technology Health Care Consumer Discretionary Industrials Telecommunication Services Utilities Energy Cash Total
Year ending: Share Price NAVA MSCI India
30/06/17 28.4 21.8
30/06/16 16.3 16.7
30/06/15 23.2 24.4
30/06/14 15.3 14.0
30/06/13 6.4 9.8
20.9
9.9
12.3
13.0
10.3
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. A
Including current year revenue.
B
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 March 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
C
The basic management fee is 1% of total assets less current liabilities per annum.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. E
For latest performance figures aberdeen-newindia.co.uk 10
% 20.7 18.1 15.9 15.4 13.0 6.9 5.4 1.7 1.5 0.8 0.6 100.0
Capital structure Ordinary shares
D
% 9.0 6.4 6.0 5.5 5.1 4.4 4.3 4.0 3.8 3.7 3.5 3.4 3.4 3.3 3.3
Housing Development Finance Tata Consultancy Services ITC Infosys Piramal Enterprises Kotak Mahindra Bank Grasim Industries Godrej Consumer Products Kansai Nerolac Paints Hindustan Unilever Hero MotoCorp Container Corp of India Bosch Sun Pharmaceutical HDFC Bank Total
Aberdeen Investment Trusts profiles and performance figures
59,070,140
Assets/Debt Gross assets (inc. cash) Debt Net gearing
£297.5m £0.0m nil
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldB Discount Dividend paid Launch date original trust Name change/reconstruction Ongoing chargesC Annual management feeD Active shareE
0.0% 9.2% n/a 1994 2004 1.31% 1.0% 60.2%
Aberdeen New Thai Investment Trust PLC All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
To provide a high level of long-term, above-average capital growth through investment in Thailand.
Benchmark Stock Exchange of Thailand Index (currency adjusted).
Total return performance since 30/06/12 (figures rebased to 100) 200 180 160
Siam Cement Advanced Information Big C Supercenter Bangkok Insurance Kasikornbank Siam Commercial Bank AEON Thana Sinsap Siam City Cement Home Product Center Central Pattana Total
% 5.3 5.2 5.0 4.9 4.9 4.7 4.1 3.8 3.7 3.4 45.0
Total number of investments
38
Sector allocation
140 120 100 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 month
1 year
3 years
5 years
1.8
8.4
21.3
37.9
74.9
0.8
0.1
8.9
21.0
40.7
75.0
0.5
(1.5)
4.4
19.8
46.7
78.6
Ordinary share price
519.0p
0.8
NAV
616.0p
A
SET Index
3 months 6 months
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Ordinary share price
21.3
11.5
2.0
(9.9)
40.7
NAVA
21.0
10.6
5.1
(10.5)
39.0
SET Index
19.8
12.4
9.0
(10.1)
35.4
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets, exchange rates and specialist sectors are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
% Banking 16.4 Energy & Utilities 12.6 Construction Materials 11.3 Insurance 8.7 Commerce 8.7 Property Development 8.2 Information & Communications Technology 5.2 Finance & Securities 5.1 Automotive 4.7 Healthcare Services 3.7 Food & Beverages 3.7 Electronic Components 3.3 Media & Publishing 3.3 Packaging 2.0 Property Fund 1.8 Transportation & Logistics – Other – Cash 1.3 Total 100.0
Capital structure Ordinary shares
18,182,132
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£114.5m £2.7m 1.0%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information A
Including current year revenue.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds.
B
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 28 February 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
D
YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management fee Active shareE
2.0% 15.7% July 1989 1.39% 1.0% 74.2%
E The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
For latest performance figures newthai-trust.co.uk invtrusts.co.uk
11
Aberdeen Emerging Markets Investment Company Limited All figures as at 30 June 2017 Investment objective
Ten largest holdings
To achieve consistent returns for shareholders in excess of the MSCI Emerging Markets Net Total Return Index in sterling terms.
Schroder Taiwan Equity Fund NB - China Equity Fund Weiss Korea Opportunity Fund Schroder AsiaPacific Fund Findlay Park Latin American Fund Fidelity China Special Situations Genesis Emerging Markets BlackRock Emerging Europe Edinburgh Dragon Trust iShare JPMorgan EM Bond ETF Total
Benchmark MSCI Emerging Markets Net Total Return Index in sterling terms.
Total return performance since 30/06/12 (figures rebased to 100) 160 140
% 7.1 6.6 6.4 6.2 5.4 5.3 4.8 4.7 4.5 3.9 54.9
Asset allocation
120 100 80 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%)
Asia EMEA Latin America Non-specified Cash in underlying Porfolio Cash Total Total number of investments
% 64.7 22.2 14.2 0.6 2.4 (4.2) 100.0 36
Capital structure as at 30/06/17
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
573.3p
0.6
5.7
11.7
28.3
35.2
40.5
NAVA
660.4p
(0.1)
3.2
12.1
26.5
37.2
48.0
0.4
2.3
12.7
27.3
35.9
46.6
Composite BenchmarkB
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
28.3
3.8
1.5
(0.7)
4.7
NAVA
26.5
6.2
2.1
0.4
7.5
Composite BenchmarkB
27.3
3.5
3.1
1.4
6.4
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited and Bloomberg. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets, bonds and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Ordinary shares Treasury shares
AIFMD Leverage Limits Gross Notional Commitment
NAV performance is adjusted for the impact of subscription shares.
B
Composite - S&P IFCI GEM PR from inception until 31 Oct 2011 then MSCI EM NTR.
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 October 2016. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
D
For latest performance figures aberdeenemergingmarkets.co.uk 12
Aberdeen Investment Trusts profiles and performance figures
1.15x 1.15x
Trading details Reuters/Epic/Bloomberg code AEMC ISIN code GG00B45L2K95 Sedol code B45L2K9 Stockbroker Stockdale Securities
Key information YieldC Dividend paid Launch date
Ongoing chargesD Annual management fee Gross assets Discount
A
51,196,729 3,421,778
0.0% Annually, if available 21 Jun 1998 (redomiciled on 6 Nov 2009) 1.10% 1% of market cap £338.1m (13.2)%
Aberdeen Frontier Markets Investment Company Limited All figures as at 30 June 2017 Investment objective
Ten largest holdings
To generate long-term capital growth primarily from investment in equity and equity related securities of companies listed in, or operating in, Frontier Markets.
Benchmark MSCI Frontier Markets Index.
Total return performance since 30/06/12 (figures rebased to 100) 200 180 160
% 5.6 5.3 5.2 4.2 3.5 3.1 3.1 3.0 2.7 2.7 38.4
John Keells Vietnam Dairy Products Safaricom Habib Bank Coca-Cola Icecek EPAM Systems Guaranty Trust Bank BRD-Groupe Societe Generale Commercial International Bank BGEO Total
Asset allocation
140 120 100 80 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 month
3 months
1 year
3 years
5 years
4.1
19.2
14.7
60.6
1.5
4.2
16.6
14.8
55.6
2.3
10.2
23.2
20.3
86.0
Share Price
66.6p
2.7
0.8
NAV
71.5p
0.8 0.0
A
Composite Benchmark
6 months
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
Share Price
19.2
NAVA
16.6
Composite Benchmark
23.2
30/06/13
(0.9)
(3.0)
13.7
23.1
1.8
(3.2)
8.8
24.6
3.9
(6.0)
21.2
27.6
On 14 March 2017 the Company announced that shareholders had voted to approve a tender offer and a new investment objective and policy. The investment portfolio is now managed by Aberdeen’s emerging markets equity team. Following this announcement the portfolio has been substantially re-aligned through late March and April 2017. Therefore, any performance figures quoted to 14 March 2017 are based on the old fund of funds investment strategy and figures thereafter will include the period of portfolio transition to an direct equity investment strategy. Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets, exchange rates and bonds are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
% 13.3 12.1 10.5 8.5 8.0 5.6 3.7 3.3 3.3 3.2 2.9 2.9 2.4 2.4 2.4 2.2 2.1 2.0 2.0 1.6 1.5 1.5 1.4 1.2 100.0 48
Kenya Pakistan Sri Lanka Bangladesh Vietnam Nigeria Turkey South Africa Belarus Romania Egypt Georgia Argentina Myanmar Panama Jordan Thailand Oman Morocco Ghana United States Tanzania Lebanon Other Total Total number of investments
Capital structure Ordinary shares
85,452,608
AIFMD Leverage Limits Gross Notional Commitment
1.15x 1.15x
Trading details
A
NAV Performance is adjusted for impact of subscription shares.
B
Calculated using the Company’s historic net dividends and month end share price.
C Expressed as a percentage of average weekly net assets for the year ended 30 June 2016. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
For latest performance figures aberdeenfrontiermarkets.co.uk
Reuters/Epic/Bloomberg code ISIN code Sedol code Stockbroker
AFMC GG00B1W59J17 B1W59J1 Numis Securities
Key information YieldB Dividend paid Launch date Ongoing chargesC Annual management fee Gross assets Discount
1.4% Annually, if available 15 June 2007
1.67% 1.00%
£60.6m 6.8%
invtrusts.co.uk
13
Aberdeen Latin American Income Fund Limited All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
To provide ordinary shareholders with a total return, with an above average yield, primarily through investing in Latin America through a diversified portfolio of equities and fixed income investments.
Benchmark 60% MSCI EM Latin American 10/40 Index and 40% JP Morgan GBI EM Global Diversified (Latin America carve out). Given that the Manager does not adopt a benchmark approach, performance can vary widely from the benchmark.
Total return performance since 30/06/12 (figures rebased to 100)
% 3.4 3.2 2.3 2.2 2.1 2.0 1.9 1.8 1.8 1.6 22.3
Banco Bradesco ADR Itaú Unibanco ADR Lojas Renner Grupo Aeroportuario Ambev FEMSA ADR Grupo Financiero Banorte Multiplan Empreendimentos Ultrapar Participacoes ADR Walmart de Mexico
Total
150
Ten largest fixed income holdings 125 100 75 50 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
71.8p
0.9
(0.4)
6.8
23.9
8.5
7.2
NAVA
82.5p
0.6
(2.8)
9.8
19.7
12.2
9.6
0.1
(4.2)
5.4
16.1
12.1
8.2
Composite Benchmark
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13 11.3
Share Price
23.9
14.2
(23.3)
(11.2)
NAVA
19.7
18.5
(20.9)
(6.7)
4.7
Composite Benchmark
16.1
13.2
(14.7)
(2.8)
(0.7)
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, emerging markets, high income trusts, bonds and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
A
Including current year revenue.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds.
B
C
Calculated using the Company’s historic net dividends and month end share price.
Expressed as a percentage of average daily net assets for the year ended 31 August 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies.
Total
% 10.5 7.0 4.6 3.7 3.6 3.0 2.7 2.6 2.4 2.3 42.4
Total number of investments (Equities and Fixed Income)
62
Brazil (Fed Rep of) 10% 01/01/25 Colombia (Rep of) 9.85% 28/06/27 Uruguay (Rep of) 5% 14/09/18 Mex Bonos Desarr Fix Rt 8.5% 18/11/38 Mex Bonos Desarr Fix Rt 10% 20/11/36 Uruguay (Rep of) 9.875% 20/06/22 Brazil (Fed Rep of) 10% 01/01/27 Mex Bonos Desarr Fix Rt 7.5% 03/06/27 Peru (Rep Of) 6.95% 12/08/31 Mex Bonos Desarr Fix Rt 10% 05/12/24
Geographic breakdown Brazil Mexico Uruguay Colombia Peru Chile Argentina Cash Total
Capital structure Ordinary shares Treasury shares
1% per annum of the value of the Company’s net assets.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. For Aberdeen Latin American Income Fund this relates purely to the equity element of the portfolio. F
For latest performance figures latamincome.co.uk 14
Aberdeen Investment Trusts profiles and performance figures
62,509,824 4,063,000
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£58.1m £6.5m 9.3%
Key information YieldC Discount Dividend paid
D
E
% 43.8 23.7 9.1 7.8 5.0 4.6 4.0 2.0 100.0
Launch date Ongoing chargesD Annual management feeE Active shareF
4.9% 13.0% January, April, July, October 2010 2.01% 1.0% 58.6%
Murray International Trust PLC All figures as at 30 June 2017 Investment objective
Twenty largest equity holdings
The primary aim is to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective, the manager will seek to increase the Company’s revenues in order to maintain an above average dividend yield.
% 5.2 4.9 4.3 4.1 3.5 3.3 2.8 2.6 2.4 2.3 2.3 2.2 2.1 1.8 1.7 1.6 1.6 1.5 1.5 1.5 53.2
ASUR Taiwan Semiconductor British American TobaccoB Philip Morris Taiwan Mobile Unilever Indonesia Daito SQM SingTel TELUS Roche Total Verizon Communications CME HSBC Royal Dutch Shell 'B' Banco Bradesco PepsiCo Standard Chartered Public Bank Total
Benchmark 40% FTSE World UK and 60% FTSE World ex UK.
Total return performance since 30/06/12 (figures rebased to 100) 200 180 160 140 120 100
Ten largest fixed income holdings
80 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) as at 30/06/17 Share Price
1236.0p
NAV
1214.5p
A
Composite Benchmark
1 month
1 year
3 years
5 years
(1.2)
3 months 3.3
6 months 6.4
30.5
33.0
56.0
0.0
0.6
9.5
18.1
38.6
64.5
(1.0)
0.7
5.6
20.8
42.5
89.7
0.9 0.9 0.9 0.9 0.9 0.8 0.7 9.1 75
Total number of investments
Discrete performance (%) Year ending:
% 1.1 1.1 0.9
South Africa (Rep of) 7% 28/02/31 Vale Overseas Limited 6.875% 21/11/36 Indonesia (Rep of) 6.125% 15/05/28 Mexico (United Mexican States) 5.75% 05/03/26 Petroleos Mexicanos 6.75% 21/09/47 Turkey (Rep of) 8% 12/03/25 Turkey (Rep of) 9% 24/07/24 Indonesia (Rep of) 7% 15/05/22 Brazil (Fed Rep of) 10% 01/01/23 Indonesia (Rep of) 8.375% 15/03/34 Total
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
30.5
8.4
(6.0)
(0.8)
18.3
NAVA
18.1
23.2
Composite Benchmark
20.8
10.7
(4.7)
1.8
16.5
6.6
10.8
20.1
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, exchange rates and bonds are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
A
Including current year revenue.
B
Consolidates all equity holdings from same issuer.
C
Gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.
D
Calculated using the Company’s historic net dividends and month end share price.
E Expressed as a percentage of total costs divided by average daily net assets for the year ended 31 December 2016. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. F From 1 January 2016 onwards the annual fee will be charged at 0.575% of net assets (ie excluding gearing) up to £1,200 million, 0.5% of Net Assets between £1,200 million and £1,400 million, and 0.425% of Net Assets above £1,400 million. From 1 January 2016 the performance fee was abolished and the annual fee was amended to a tiered structure.
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings.
G
For latest performance figures murray-intl.co.uk
Country allocation % 25.1 Latin America & Emerging Markets 16.0 13.9 North America 12.2 United Kingdom 9.7 Europe ex UK 3.8 Japan Africa 0.9 9.1 Fixed Latin America & Emerging Markets 4.9 Income Asia Pacific ex Japan Europe ex UK 1.8 Africa 1.1 United Kingdom 0.5 1.0 Cash Total 100.0 Equities Asia Pacific ex Japan
Capital structure Ordinary shares Treasury shares
127,541,738 1,008,338
Assets/Debt Gross assets (inc. cash) Debt Net gearingC
£1,736.0m £184.9m
9.9%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Premium Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
3.8% 1.8% February, May, August, November 1907
0.68% 0.575% (tiered) 89.2%
invtrusts.co.uk
15
Aberdeen Japan Investment Trust PLC All figures as at 30 June 2017 Ten largest equity holdings
Investment objective To achieve long-term capital growth principally through investment in listed Japanese companies which are believed by the Investment Manager to have above average prospects for growth.
Benchmark Topix Index (in Sterling terms) - from 8 October 2013 MSCI All Countries Asia Pacific (including Japan) Index (in Sterling terms) - to 7 October 2013
Total return performance since 30/06/12 (figures rebased to 100) 220 200
% 5.6 5.0 4.8 4.4 3.9 3.8 3.8 3.7 3.6 3.0 41.6
Total number of investments
41
Sector allocation
180 160 140 120 100 80 30/06/12
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%)
as at 30/06/17 1 month 3 months 6 months
1 year
3 years
Since change of mandate 5 years cumulative
Share Price
561.5p
1.7
3.6
6.8
21.8
57.2
104.2
70.0
NAVA
636.4p
0.4
5.1
8.6
21.4
61.6
94.5
75.6
0.7
1.9
6.0
24.2
61.1
92.7
61.7
Topix Index
Discrete performance (%) Year ending:
30/06/17
30/06/16
30/06/15
30/06/14
Share Price
21.8
(7.1)
39.0
8.4
19.8
NAVA
21.4
0.0
33.0
3.9
15.9
Topix Index
24.2
9.5
18.4
1.0
18.5
30/06/13
The investment objective of the Company changed on 7 October 2013, with the Company moving from an All Asia to a Japan only mandate. The performance figures shown, therefore, reflect periods of time when the Company ran with these 2 different objectives. Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing, concentrated portfolios and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. Including current year revenue. Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. C Calculated using the Company’s historic net dividends and month end share price. D Expressed as a percentage of average daily net assets for the year ended 31 March 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. E 0.95% on first £50m net assets, 0.75% thereafter. F The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. A B
For latest performance figures aberdeenjapan.co.uk 16
Shin-Etsu Chemical Japan Tobacco Keyence Seven & i Fanuc Amada Nabtesco KDDI Yahoo Japan Sysmex Total
Aberdeen Investment Trusts profiles and performance figures
Consumer Goods Industrials Financials Consumer Services Health Care Basic Materials Technology Telecommunications Utilities Oil & Gas Cash Total
Trust 25.1 19.0 13.5 12.1 10.4 9.5 5.4 3.7 – – 1.3 100.0
Benchmark 23 22.9 16.0 11.4 6.3 6.7 5.4 5.6 1.9 0.8 – 100.0
Capital structure Ordinary shares
14,994,203
Treasury shares
827,369
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£107.1m £11.6m 11.6%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
1.1% 11.8% July 1998 1.24% 0.95% 83.4%
Sterling hedge (%) % of portfolio net assets hedged through forward contracts
51.5
Investment policy provides for the Board to arrange an appropriate hedge for the underlying Yen net exposure in Sterling terms using rolling forex forward contracts. Approximately 45% of the Company’s Yen net assets are hedged against fluctuations in the Yen/Sterling exchange rate.
Aberdeen Diversified Income and Growth Trust plc All figures as at 30 June 2017 Ten largest holdings
Investment objective
%
The Company’s investment objective is to target a total portfolio return of LIBOR (London Interbank Offered Rate) plus 5.5 per cent. per annum (net of fees) over rolling five-year periods. As Aberdeen were appointed as managers of the Company on 11th February, NAV and Share Price performance is shown in the table below for information purposes only. Comparative benchmark performance data is given from 31 March 2017 when the benchmark was changed.
Total return performance since 30/06/12 (figures rebased to 100) 150 140 130 120
12.3 9.0 4.0 2.9 2.9 2.5 2.0 2.0 1.9 62.1
Total number of investments
67
22.6
Asset allocation
110 100 30/06/12
30/06/13
Share price
30/06/14
30/06/15
30/06/16
30/06/17
Net asset value
Cumulative performance (%)
3 years
5 years
Share Price
as at 30/06/17 118.5p
3.4
4.1
13.8
9.2
2.7
32.8
NAVA
125.8p
0.3
3.1
6.9
10.9
2.0
33.0
0.5
1.4
–
–
–
LIBOR +5.5%
1 month
3 months
6 months
1 year
–
Discrete performance (%) Year ending: Share Price NAVA
Aberdeen Smart Beta Low Volatility Global Equity Income Fund TwentyFour Asset Backed Opportunities Fund Aberdeen Global Loans Fund Aberdeen Indian Bond Fund Alternative Risk Premia CATCO Reinsurance Opportunities Blackstone GSO Loan Financing AQR Managed Futures Aberdeen Frontier Markets Bond Fund Funding Circle SME Income Fund Total
Low Volatility Equity Income Fund Private Equity Property Infrastructure High Yield Bonds Loans Asset Backed Securities Emerging Market Bonds Absolute Return Insurance Linked Securities Special Opportunities UK Government BondsB Cash Total
% 22.6 1.0 0.9 6.2 0.6 9.0 15.4 21.4 5.6 4.5 4.7 1.8 6.3 100.0
Capital structure 30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Ordinary shares
329,791,705
Treasury shares
35,619,169
9.2
(9.6)
4.0
11.0
16.4
10.9
(7.5)
(0.6)
10.2
18.3
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Morningstar. For Information only. Performance prior to 11th February 2017 does not relate to management by Aberdeen Asset Management. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to gearing is particularly relevant to the trust, but should be read in conjunction with all warnings and comments given.
Including current year revenue. 10 year gilt future to hedge interest rate risk associated with the Company’s debenture is not included in this table. C Gearing is expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. D Calculated using the Company’s historic net dividends and month end share price. Investors should note that the Board has announced the intention to reduce quarterly dividends by an amount equivalent to an annualised cut in the dividend level of approximately 20%. E Expressed as a percentage of average daily net assets for the year ended 30 September 2016. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. F 0.5% pa on net assets up to £300m and 0.45% pa thereafter. No management fees will be paid from 11th February 2017 until 6th October 2017 which is six months after the implementation of the proposed changes to investment policy etc. A
Assets/Debt Gross assets (inc. cash) Net gearingC
£495.9m 6.5%
AIFMD Leverage Limits Gross Notional Commitment
3.5x 2.5x
Key information YieldD Discount Dividend paid
B
Launch date Ongoing chargesE Annual management feeF
5.5% 5.8% January, April, July, October 1898 0.62% 0.5%
For latest performance figures aberdeendiversified.co.uk invtrusts.co.uk
17
The North American Income Trust plc All figures as at 30 June 2017 Investment objective
Ten largest equity holdings
To provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.
Benchmark S&P 500 Index.
Total return performance since 30/06/12 (figures rebased to 100) 260 240 220 200 180 160 140 120 100 80 30/06/12
% 4.2 4.1 4.0 3.6 3.6 3.2 3.2 2.6 2.6 2.6 33.7 54
Pfizer Dow Chemical BB&T CME Chevron Regions Financial Molson Coors Brewing TELUS Glacier Bancorp Cisco Systems Total Total number of investments
Sector allocation
30/06/13
Share price
30/06/14
Net asset value
30/06/15
30/06/16
30/06/17
Benchmark
Cumulative performance (%) 1 month
3 months
6 months
1 year
3 years
Share Price
as at 30/06/17 1176.0p
0.9
(3.2)
(4.5)
27.1
61.5
5 years 105.9
NAVA
1302.3p
1.3
(2.5)
(0.3)
19.2
67.6
110.8
S&P 500
0.0
(0.8)
4.0
21.3
73.4
139.0
Russell 1000 Value
1.0
(2.4)
(0.4)
18.9
62.9
131.8
Discrete performance (%) Year ending:
% 27.0 11.2 10.5 10.5 10.4 10.3 8.8 4.8 3.7 2.8 100.0
Financials Technology Basic Materials Health Care Oil & Gas Consumer Staples Consumer Discretionary Telecommunications Industrials Utilities Total
Capital structure Ordinary shares
30/06/17
30/06/16
30/06/15
30/06/14
30/06/13
Share Price
27.1
23.5
2.9
(2.9)
31.4
NAVA
19.2
31.6
6.8
3.1
22.1
S&P 500
21.3
22.3
16.8
10.5
24.7
Russell 1000 Value
18.9
21.0
13.2
9.8
29.6
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results.
Risk factors The risks outlined at the back of this document relating to exchanges rates, gearing and high income trusts are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
29,492,504
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£420.1m £39.3m 8.0%
Options Number of open options positions Equity sleeve optionised
6 4.68%C
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid
Including current year revenue. Gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. Calculated as notional principal of outstanding divided by gross equity assets. D Calculated using the Company’s historic net dividends and month end share price. E Expressed as a percentage of average daily net assets for the year ended 31 January 2017. The Ongoing Charge Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. F The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. A B
C
For latest performance figures northamericanincome.co.uk 18
Aberdeen Investment Trusts profiles and performance figures
Launch date Ongoing chargesE Annual management fee Active shareF
3.1% 9.7% February, May, August, November 1902 1.05% 0.8% 83.7%
Important – Risk factors Any investment in stock market funds involves risk. Some of these risks are general, which means that they apply to all funds. Others are specific, which means that they apply to individual funds. Before you decide to invest, it is important to understand a fund’s investment objective and the risks involved. General risks applying to all trusts • The market value of investments and the income from them can go down as well as up. Shares may be subject to sudden and large falls in value and you may get back less than you invest. • Past performance is not a guide to the future. • Investment trusts are specialised investments and may not be appropriate for all investors. • The market price of investment trust shares does not usually reflect their underlying net asset value (NAV). • Investment trusts can borrow money in order to finance further investments. This is known as ‘gearing’, an investment strategy intended to enhance investment returns. However, the use of gearing can result in share prices being more volatile and subject to sudden or large falls in value. The impact of gearing as a strategy will tend to be more positive in a rising market, though it will probably be unfavourable when markets move downwards. Up to date information on the latest gearing levels can be obtained by contacting our Investor Helpline or our website invtrusts.co.uk. • The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained. If you are a basic rate tax payer and you do not anticipate any liability of Capital Gains Tax, you should consider if the advantages of an ISA investment justify the additional management cost/charges incurred. • Inflation will occur over the duration of your investment and if the returns on your investment are lower than the rate of inflation this will reduce what you could buy in the future. Exchange rates Trusts investing overseas can be affected by changes in exchange rates which may cause the capital value of your investment and the income it receives to decrease or increase.
Specific risks applying to individual trusts Charges taken from capital Certain trusts treat the generation of income as a higher priority than capital growth; such trusts may deduct part or all of their management charge together with any financing costs from your capital. This will increase the amount of income available but at the expense of capital growth. This applies to Aberdeen Asian Income, Aberdeen Frontier Markets, Aberdeen Japan, Aberdeen Latin American Income, Aberdeen New Dawn, Aberdeen Smaller Companies Income, Dunedin Income Growth, Dunedin Smaller Companies, Murray Income, Murray International, Shires Income and The North American Income Trust.
Income trusts Certain trusts may seek to invest in higher yielding securities such as bonds, which are subject to credit risk, market price risk and interest rate risk. Unlike income from a single bond, the level of income from an investment trust is not fixed and may fluctuate. Yields are estimated figures and may fluctuate. In particular this applies to Aberdeen Latin American Income Fund Limited, Aberdeen Smaller Companies Income, Dunedin Income Growth Investment Trust, Murray Income, The North American Income Trust and Shires Income. Bonds With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments. Where long term interest rates rise, the capital value of shares is likely to fall, and vice versa. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. bond issuer) to meet its obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening is usually higher with bonds classified as ‘sub-investment grade’. These may produce a higher level of income but at a higher risk than investments in ‘investment grade’ bonds. In turn, this may have an adverse impact on funds that invest in such bonds. In particular, this risk applies to Aberdeen Latin American Income, Shires Income and might also apply to Aberdeen Smaller Companies Income and Murray International. Emerging Markets Emerging markets including those defined as Frontier Markets, tend to be more volatile and illiquid than more mature markets and therefore your investment is at greater risk. Political risks and adverse economic circumstances are more likely to arise putting the value of your investment at risk. In particular, this risk applies to: Aberdeen Asian Income, Aberdeen Asian Smaller Companies, Aberdeen Emerging Markets, Aberdeen Frontier Markets, Aberdeen Latin American Income, Aberdeen New Dawn, Aberdeen New India, Aberdeen New Thai and Edinburgh Dragon. Specialist sectors Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts. In particular, this risk applies to: Aberdeen Asian Smaller Companies, Aberdeen New Thai, Aberdeen Smaller Companies Income and Dunedin Smaller Companies. Smaller companies If a fund invests in smaller companies, at times the fund may experience difficulties in realising some of the underlying holdings due to the specialist nature of those investments. In particular, this risk applies to: Aberdeen Asian Smaller Companies, Aberdeen Smaller Companies Income and Dunedin Smaller Companies. Concentrated Portfolios Concentrated portfolios invest in a relatively small number of investments and this can make them more volatile than funds that hold a larger number of investments. If you have any concerns about the relative risks of any of the Aberdeen Investment Trusts or you are uncertain about investing in an ISA or Share Plan then you should contact a Financial Adviser.
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Other important information Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. A member of the Aberdeen Asset Management group of companies. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer or solicitation to deal in investments.
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