Aberdeen Investment Trusts Trust profiles and performance figures As at 30 September 2016
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 Thai Investment Trust PLC Capital growth through investment in Thailand. New India Investment Trust PLC Capital growth through investing in companies in India.
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 provide shareholders with long term capital growth by investing in the Frontier Markets of Africa, the Middle East, Eastern Europe, Asia and Latin America. 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.
15
16
North America
The North American Income Trust plc 17 Above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.
Tracker
Aberdeen UK Tracker Trust plc Designed to track the FTSE All-Share Index, both in terms of capital and income.
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Investor helpline 0808 500 0040 Open Monday to Friday 9am - 5pm 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 September 2016 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.
% 5.1 4.9 4.3 4.0 3.9 3.7 3.4 3.3 3.2 3.0 38.8
GlaxoSmithKline British American Tobacco Royal Dutch Shell 'B' AstraZeneca Unilever HSBC Unibail Rodamco Prudential Vodafone Centrica Total
Benchmark FTSE All-Share Index total return.
Total return performance since 30/09/11 (figures rebased to 100) 175
150
Based on equity holdings only.
Five largest fixed income holdings 125
100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Based on fixed income holdings only.
Cumulative performance (%) as at 30/09/16
Total number of investments
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
244.5p
(2.1)
8.4
17.5
14.8
5.7
54.7
NAVA
273.1p
1.4
6.1
16.1
18.2
16.7
65.6
1.7
7.8
12.8
16.8
21.1
68.9
30/09/14
30/09/13
30/09/12
FTSE All-Share
Discrete performance (%) Year ending:
% 9.3 8.9 8.3 5.3 3.8 35.6
BHP Billiton Finance 6.5% 22/10/77 HBOS Cap Funding 6.461% ENEL 6.625% 15/09/76 Rabobank Cap Funding Trust 5.556% Credit Agricole 8.125% Total
30/09/16
30/09/15
Share Price
14.8
(11.0)
3.4
22.0
20.0
NAVA
18.2
(6.8)
5.9
19.8
18.5
FTSE All-Share
16.8
(2.3)
6.1
18.9
17.2
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.
79
Sector allocation % 24.6 12.6 11.8 11.1 10.6 7.5 6.7 6.4 4.5 2.9 1.3 100.0
Financials Consumer Goods Oil & Gas Health Care Industrials Utilities Consumer Services Basic Materials Telecommunication Services Technology Cash Total
Capital structure Ordinary shares Treasury shares
150,512,687 3,165,248
Assets/Debt
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 January 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
0.45% 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
Gross assets (inc. cash) Short-term borrowings 3.99% Senior Secured Note 2045 7.875% Debenture 2019 Net gearingB
£492.6m £11.3m £30.0m £28.6m 14.7%
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
4.7% 10.5% February, May, August, November 1873 0.62% 0.45% 60.9% invtrusts.co.uk
01
Murray Income Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 180 160 140 120 100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
723.0p
0.6
9.3
14.7
15.7
8.9
55.0
NAVA
793.6p
0.6
5.0
13.9
18.1
19.7
69.0
FTSE All-Share
1.7
7.8
12.8
16.8
21.1
68.9
FTSE 350 Higher Yield
2.4
7.0
16.7
22.8
18.4
60.5
Discrete performance (%) Year ending:
30/09/14
30/09/13
30/09/12
Share Price
15.7
(9.2)
3.6
18.8
19.8
NAV
18.1
(4.8)
6.4
19.5
18.1
FTSE All-Share
16.8
(2.3)
6.1
18.9
17.2
FTSE 350 Higher Yield
22.8
(9.7)
6.7
16.8
16.1
A
30/09/16
30/09/15
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.
British American Tobacco Unilever GlaxoSmithKline AstraZeneca Royal Dutch Shell 'B' Roche HSBC Imperial Brands Compass Vodafone Prudential BHP Billiton Sage National Grid Aberforth Smaller Companies Trust Nordea Bank Provident Financial Microsoft BP Inmarsat Total
% 4.9 4.9 4.7 4.4 3.8 3.5 3.3 3.2 3.1 3.0 2.9 2.8 2.6 2.6 2.5 2.5 2.4 2.4 2.4 2.1 64.0
Total number of investments
48
Sector allocation Financials Consumer Goods Healthcare Industrials Oil & Gas Telecommunications Consumer Services Basic Materials Technology Utilities Cash Total
% 23.2 17.6 12.5 10.7 7.5 7.1 5.1 5.1 5.0 4.5 1.7 100.0
Capital structure Ordinary shares Treasury shares
67,150,458 1,443,000
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£589.4m £56.5m 10.1%
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.
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 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
4.5% 8.9% January, April, July, October 1923 0.76% 0.55% 62.3%
Shires Income PLC All figures as at 30 September 2016 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.
Aberdeen Smaller Companies Income Royal Dutch Shell 'B' British American Tobacco AstraZeneca GlaxoSmithKline HSBC Unilever BHP Billiton Vodafone Chesnara Total
Benchmark FTSE All-Share Index total return.
Total return performance since 30/09/11 (figures rebased to 100) 200 175
Fixed income holdings
150 125 100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
228.0p
1.1
12.6
16.4
7.6
15.1
71.3
NAV
258.5p
0.4
10.5
15.8
16.6
27.3
94.8
1.7
7.8
12.8
16.8
21.1
68.9
A
FTSE All-Share
Discrete performance (%) Year ending: Share Price
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
7.6
(2.3)
9.6
17.3
26.8
NAVA
16.6
(0.4)
9.5
24.1
23.4
FTSE All-Share
16.8
(2.3)
6.1
18.9
17.2
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
% 6.2 5.8 5.0 4.7 3.7 0.9 0.6 26.9
Total number of investments
48
Sector allocation Financials Industrials Consumer Goods Oil & Gas Health Care Consumer Services Basic Materials Telecommunications Utilities Technology 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 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
0.45% 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
% 47.2 10.7 9.1 6.7 6.3 5.9 4.5 3.9 2.9 2.8 100.0
Capital structure Ordinary shares
29,997,580
Assets/Debt Gross assets (inc. cash) Debt Equities gearingB Net gearingC
D
% 6.5 3.3 3.2 3.0 3.0 2.8 2.8 2.3 2.3 2.2 31.4
£96.6m £19.1m (11.3)% 21.5%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
5.4% 11.8% January, April, July, October 1929 0.97% 0.45% 58.3%
invtrusts.co.uk
03
Aberdeen Smaller Companies Income Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 250 200
% 3.8 3.6 3.5 3.0 2.7 2.7 2.7 2.6 2.5 2.5 29.6
RPC Dechra Pharmaceuticals XP Power James Fisher & Sons Aveva Wilmington Euromoney Institutional Investor Hansteen Chesnara Acal Total
Fixed income, Convertibles and Preference share holdings
150 100 50 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
Share Price
204.0p
2.8
13.5
8.5
NAVA
260.0p
2.1
13.6
1.3
12.8
FTSE SmallCap ex IC
1 year
3 years
5 years
(2.5)
5.7
127.0
9.0
9.8
30.6
126.7
8.2
10.5
27.2
123.8
Discrete performance (%) Year ending: Share Price NAVA FTSE SmallCap ex IC
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
(2.5)
16.4
(6.9)
65.8
29.5
9.8
12.1
6.1
39.2
24.7
10.5
9.0
5.6
44.9
21.4
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, 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.
% 2.3 2.2 1.6 1.3 1.0 0.9
General Accident 8.875% Aviva 8.75% Balfour Beatty Cum Cnv 10.75% Ecclesiastical Insurance 8.625% Anglian Water Serv Finance 4.5% 22/02/26 Society of Lloyds 7.421% Wales & West Utilities Finance 6.75% 17/12/36 Électricité de France 6% HBOS Cap Funding 6.461% Total
11.7
Total number of investments
54
0.9 0.8 0.7
Sector allocation Industrials Financials Consumer Services Health Care Consumer Goods Basic Materials Technology Telecommunications Oil & Gas Utilities Total
% 40.6 20.6 12.4 8.1 7.0 5.1 3.1 2.5 0.5 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.
Expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders’ funds. C
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 2015. 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
£64.5m £7.0m (2.5)% 10.3%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
3.3% 21.5% January, April, July, October 1992 1.50% 0.75% 86.7%
Dunedin Smaller Companies Investment Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 250 225 200 175
Sector allocation
150 125 100 75 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
Share Price
204.0p
1.7
12.9
8.6
7.5
4.0
83.1
NAVA
250.1p
2.5
12.3
8.1
9.7
23.6
104.4
1.3
12.8
8.2
10.5
27.2
123.8
FTSE SmallCap ex IC
3 years
5 years
Year ending: Share Price NAVA FTSE SmallCap ex IC
Industrials Financials Consumer Services Health Care Consumer Goods Basic Materials Technology Telecommunications Oil & Gas Cash Total
30/09/16
30/09/15
7.5
10.4
9.7 10.5
30/09/14
30/09/13
30/09/12
(12.4)
40.9
25.0
9.3
3.0
35.0
22.5
9.0
5.6
44.9
21.4
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, 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.
% 42.4 14.2 12.7 8.1 6.4 4.9 2.9 1.9 0.8 5.7 100.0
Capital structure Ordinary shares
Discrete performance (%)
A
% 4.1 3.9 3.6 3.2 3.2 3.0 2.9 2.9 2.9 2.8 32.5 43
RPC Dechra Pharmaceuticals XP Power James Fisher & Sons Euromoney Institutional Investor Smart Metering Systems Aveva Wilmington Acal Hansteen Total Total number of investments
47,857,317
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£124.7m £5.0m nil
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
2.9% 18.4% February, July 1927 0.81% 0.4% 86.6%
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 2015. 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 September 2016 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 30/09/11 (figures rebased to 100)
150
125
Share price
30/09/12
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16 1 month 3 months 6 months
1 year
3 years
5 years
Share Price
198.8p
1.9
11.6
25.8
35.1
8.2
54.4
NAVA
210.5p
1.1
9.5
18.7
34.8
18.1
66.5
2.6
13.0
22.2
38.1
34.5
67.7
MSCI AC Asia Pacific ex Japan
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
Total
31.6
Total number of investments
58
30/09/13
30/09/12
Share Price
35.1
(19.3)
(0.8)
4.8
36.3
NAVA
34.8
(14.8)
2.9
6.5
32.3
MSCI AC Asia Pacific ex Japan
38.1
(8.2)
6.1
7.1
16.5
Singapore Australia Thailand Hong Kong Malaysia Taiwan Japan China New Zealand Indonesia Korea United Kingdom India Sri Lanka Cash Total
187,833,389
Treasury shares
7,100,000
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
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.
Key information
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.
Expressed as a percentage of average daily net assets for the year ended 31 December 2015. 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
Aberdeen Investment Trusts profiles and performance figures
100.0
Ordinary shares
AIFMD Leverage Limits
B
% 25.6 16.7 11.7 10.6 6.8 6.4 6.1 4.6 2.6 2.5 1.7 1.1 1.0 0.9 1.7
Capital structure
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.
A
% 3.8 3.5 3.4 3.2 3.2 3.2 3.1 2.9 2.7 2.6
Country allocation
175
100 30/09/11
Venture Corporation SingTel Oversea-Chinese Banking Corp. Taiwan Semiconductor Manufacturing HSBC Taiwan Mobile Jardine Cycle & Carriage China Mobile Tesco Lotus Retail Growth Heineken Malaysia
Gross Notional Commitment
YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
£434.9m £39.4m 7.6%
2.5x 2x
4.3% 5.6% February, May, August, November 2005 1.25% 0.85% 85.4%
Aberdeen Asian Smaller Companies Investment Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100)
175 150 125 100 30/09/14
30/09/15
30/09/16
MSCI AC Asia Pacific ex Japan
Cumulative performance (%) as at 30/09/16
1 year
3 years
5 years
939.0p
(1.6)
10.0
19.6
36.2
4.4
70.9
1089.1p MSCI AC Asia Pacific ex Japan
(0.4)
10.2
21.1
35.4
23.2
91.7
2.6
13.0
22.2
38.1
34.5
67.7
MSCI AC Asia Pacific ex Japan Small Cap
2.3
11.0
19.8
34.6
32.4
59.3
Share Price Diluted NAVA
1 month 3 months 6 months
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
36.2
(27.5)
5.8
16.1
40.9
Diluted NAVA
35.4
(16.2)
8.6
16.3
33.8
MSCI AC Asia Pacific ex Japan
38.1
(8.2)
6.1
7.1
16.5
MSCI AC Asia Pacific ex Japan Small Cap
34.6
(7.9)
6.8
8.0
11.4
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, 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 2015. 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. A B
Total
28.0
Total number of investments
77
Country allocation
200
75 30/09/11 30/09/12 30/09/13 Share price Diluted net asset value MSCI AC Asia Pacific ex Japan Small Cap
% 3.3 3.1 3.1 3.0 2.9 2.8 2.7 2.5 2.3 2.3
LPI Capital Bank OCBC Multi Bintang AEON Co Hana Microelectronics Dah Sing Financial Ramco Cements Yoma Strategic CEBU Jollibee Foods
% 17.8 15.6 12.0 11.2 11.1 8.0 7.1 3.5 3.3 2.4 1.7 1.3 0.7 0.4 0.2 3.7
Malaysia Hong Kong Thailand India Singapore Indonesia Philippines Sri Lanka Australia New Zealand Denmark United Kingdom China Pakistan Korea Cash Total
100.0
Capital structure Ordinary shares Treasury shares Convertible Unsecured Loan Stock 2019 (CULS) at nominal value
35,678,834 3,498,624 £33,040,814
Assets/Debt Gross assets (inc. cash) Debt (CULS and bank loan) at nominal value Net gearing with debt at parB
£443.9m £45.0m 7.1%
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
1.6% 13.8% December 1995 1.46% 1.0% 98.8%
For latest performance figures asian-smaller.co.uk invtrusts.co.uk
07
Aberdeen New Dawn Investment Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 180 160
120 100 80 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
186.5p
1.9
13.8
26.3
32.1
13.8
38.4
NAVA
216.7p
2.0
10.4
23.6
33.2
21.0
49.8
MSCI AC Asia Pacific ex Japan
2.6
13.0
22.2
38.1
34.5
67.7
Discrete performance (%) Year ending:
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
32.1
(16.6)
3.4
7.9
12.7
NAVA
33.2
(14.5)
6.3
3.6
19.5
MSCI AC Asia Pacific ex Japan
38.1
(8.2)
6.1
7.1
16.5
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
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 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 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
Total
45.5
Total number of investments
53
Hong Kong Singapore India Australia Korea China Taiwan United Kingdom Philippines Indonesia Thailand Sri Lanka Malaysia Vietnam Cash Total
30/09/16
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.
F
% 10.5 5.4 5.0 4.2 3.9 3.8 3.6 3.2 3.0 2.9
Country allocation
140
D
Aberdeen Global-Indian EquityB Samsung Electronics Pref Jardine Strategic Oversea-Chinese Banking Corp. AIA Taiwan Semiconductor Ayala Land Rio Tinto City Developments HSBC
Aberdeen Investment Trusts profiles and performance figures
% 21.2 18.7 12.2 8.3 8.1 5.8 5.7 4.0 3.6 3.3 2.7 2.0 1.8 0.5 2.1 100.0
Capital structure Ordinary shares Treasury shares
118,869,510 8,066,155
Assets/Debt Gross assets (inc. cash) Debt Net gearingC
£287.3m £29.5m 9.2%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
2.1% 13.9% January, September 1989 1.08% 0.85% 77.4%
Edinburgh Dragon Trust plc All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 180 160
% 5.9 4.4 4.3 4.0 4.0 3.9 3.2 3.1 3.0 3.0
Samsung Electronics Pref. Jardine Strategic Taiwan Semiconductor Housing Development Finance Oversea-Chinese Banking Corp. AIA SingTel United Overseas Bank City Developments Siam Cement Total
38.8
Total number of investments
63
Country allocation
140 120 100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
303.0p
0.3
9.0
23.2
35.5
19.7
53.8
NAVA
348.6p
1.5
9.8
23.2
35.5
26.1
57.6
2.5
13.5
22.6
36.6
39.3
69.7
MSCI AC Asia ex Japan
Total
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
35.5
(15.7)
4.9
6.7
20.5
NAV
35.5
(12.4)
6.3
2.9
21.4
MSCI AC Asia ex Japan
36.6
(6.0)
8.4
5.3
15.7
A
% 22.5 18.6 16.4 9.8 6.7 5.1 4.6 4.2 3.7 3.0 2.4 2.0 0.5 0.5
Hong Kong Singapore India Korea Taiwan China Indonesia Philippines Malaysia Thailand Sri Lanka United Kingdom Vietnam Cash
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
190,509,202
Treasury shares
5,521,300
3.5% Convertible Unsecured Loan Stock 2018 (CULS) at nominal value
£59,778,788
Assets/Debt £730.4m £59.8m 7.8%
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 2015. 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
The ‘Active share’ percentage is a measure used to describe what portion of the Company’s holdings differ from the benchmark index holdings. E
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
1.0% 13.1% December 1987 1.15% 0.85% on net assets 75.6%
For latest performance figures edinburghdragon.co.uk invtrusts.co.uk
09
Aberdeen New Thai Investment Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 250 200 150
% 5.9 5.3 4.9 4.9 4.5 4.2 3.7 3.6 3.6 3.5
Siam Cement Big C Supercenter Kasikornbank Bangkok Insurance Siam Commercial Bank Advanced Information AEON Thana Sinsap Home Product Center Hana Microelectronics PTT Exploration and Production Total
44.1
Total number of investments
40
Sector allocation
100 50 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month 3 months 6 months
1 year
3 years
5 years
17.8
36.0
25.7
96.2
6.9
16.1
33.2
23.1
95.4
8.2
20.9
38.9
33.3
106.1
Ordinary share price
472.4p
(1.1)
8.2
NAV
553.4p
(2.3) (3.3)
A
SET Index
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Ordinary share price
36.0
(16.8)
11.0
10.7
41.1
A
NAV
33.2
(16.8)
11.1
11.3
42.5
SET Index
38.9
(16.1)
14.4
7.7
43.6
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, 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 Energy & Utilities Construction Materials Insurance Commerce Property Development Finance & Securities Media & Publishing Automotive Information & Communications Technology Healthcare Services Food & Beverages Electronic Components Property Fund Packaging Cash Total
% 16.2 13.6 11.4 9.2 8.8 6.4 4.9 4.5 4.3 4.2 3.8 3.6 3.6 2.1 2.1 1.3 100.0
Capital structure Ordinary shares
19,388,282
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£109.9m £2.7m 1.4%
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 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
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 newthai-trust.co.uk 10
Aberdeen Investment Trusts profiles and performance figures
YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management fee Active shareE
1.8% 14.6% July 1989 1.45% 1.0% 73.2%
New India Investment Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 200 180 160 140
% 8.8 7.3 6.9 5.0 4.6 4.0 4.0 3.7 3.7 3.6 3.6 3.5 3.5 3.3 3.2
Housing Development Finance Tata Consultancy Services Infosys ITC Grasim Industries Piramal Enterprises Kotak Mahindra Bank Ambuja Cements Godrej Consumer Products Hero MotoCorp Bosch Kansai Nerolac Paints Sun Pharmaceutical ICICI Bank Hindustan Unilever Total
68.7
Total number of investments
38
120
Sector allocation
100 80 30/09/11
30/09/12
Share price
30/09/13
30/09/14
Diluted net asset value
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16 1 month 3 months 6 months Share Price
380.8p
(1.9)
7.0
NAVA
440.0p
(1.2)
6.4
(0.1)
9.0
MSCI India
YTD
1 year
3 years
5 years
21.5
17.9
24.4
95.3
79.3
21.5
23.7
28.1
91.3
84.3
21.6
21.5
23.8
71.3
55.2
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
Share Price
24.4
7.4
46.2
30/09/13 (11.2)
30/09/12 3.4
NAVA
28.1
7.3
39.2
(8.7)
5.5
MSCI India
23.8
0.7
37.5
(12.7)
3.7
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 and exchange rates are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Financials Materials Information Technology Consumer Staples Health Care Consumer Discretionary Industrials Telecommunication Services Utilities Energy Cash Total
% 20.6 17.9 16.7 16.4 13.2 7.3 4.4 1.7 1.3 0.2 0.3 100.0
Capital structure Ordinary shares
59,070,140
Assets/Debt Gross assets (inc. cash) Debt Net gearing
£259.9m nil nil
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information 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 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. C
D
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
YieldB Discount Dividend paid Launch date original trust Name change/reconstruction Ongoing chargesC Annual management feeD Active shareE
0.0% 13.5% n/a 1994 2004 1.36% 1.0% 60.5%
For latest performance figures newindia-trust.co.uk invtrusts.co.uk
11
Aberdeen Emerging Markets Investment Company Limited All figures as at 30 September 2016 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.
Weiss Korea Opportunity Fund Schroder AsiaPacific Fund Fidelity China Special Situations NB - China Equity Fund Genesis Emerging Markets Edinburgh Dragon Trust SCM South Africa Fund BlackRock Emerging Europe PLC Ton Poh Fund - Class C Korea Value Stategy Fund Total
Benchmark MSCI Emerging Markets Net Total Return Index in sterling terms.
Total return performance since 30/09/11 (figures rebased to 100) 150
125
% 5.9 5.8 5.2 5.2 4.9 4.7 4.2 3.4 3.2 3.1 45.7
Asset allocation 100
75 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
499.00p
3.9
11.9
21.8
32.5
17.4
21.7
NAV
583.84p
1.8
11.9
22.2
36.5
23.6
34.5
2.5
11.8
21.4
36.1
22.6
38.9
A
Composite BenchmarkB
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
32.5
(14.1)
3.2
1.9
1.8
NAVA
36.5
(12.7)
3.7
2.0
6.7
Composite BenchmarkB
36.1
(13.5)
4.1
0.9
12.3
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 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
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 2015. 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
51,810,329 2,808,178
AIFMD Leverage Limits 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
% 64.6 21.1 10.8 3.6 2.8 (2.9) 100.0 43
Capital structure
Gross Notional Commitment
Discrete performance (%) Year ending:
Asia EMEA Latin America Non-specified Indirect Cash Portfolio Cash Total Total number of investments
0.0% Annually, if available 21 Jun 1998 (redomiciled on 6 Nov 2009) 1.20% 1% of market cap £302.5m 14.5%
Aberdeen Frontier Markets Investment Company Limited All figures as at 30 September 2016 Investment objective
Ten largest holdings
To provide shareholders with long term capital growth by investing in the Frontier Markets of Africa, the Middle East, Eastern Europe, Asia and Latin America.
Benchmark This fund does not have a benchmark. The MSCI Frontier Index is shown for reference purposes only. It does not constitute a benchmark for the fund’s performance, nor does the investment team refer to it when deciding the fund’s asset allocation.
Total return performance since 30/09/11 (figures rebased to 100) 160
63.9
Asset allocation
140
%
37.4 20.2 18.3 9.9 7.8 6.2 1.5 (1.3)
Asia Eastern Europe Africa Latin America Middle East
120 100 80 30/09/11
30/09/12
Share price
30/09/13
30/09/14
30/09/15
30/09/16
Net asset value
as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
0.61p
0.4
8.4
18.0
23.6
15.8
50.9
NAV
0.66p
3.0
7.0
18.3
19.0
15.8
40.9
3.8
5.3
14.1
17.6
24.1
50.7
Composite Benchmark
100.0 34
Capital structure Ordinary shares
169,460,000
AIFMD Leverage Limits Gross Notional Commitment
1.1x 1.1x
Trading details
Discrete performance (%) Year ending:
Indirect Cash Non-specified Portfolio Cash Total Total number of investments
Cumulative performance (%)
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
23.6
(21.7)
19.5
29.2
0.9
NAV
19.0
(19.5)
20.8
19.8
1.6
Composite Benchmark
17.6
(18.7)
29.8
21.6
(0.1)
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 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, exchange rates and bonds are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
A
% 8.2 8.2 8.0 7.7 7.4 7.0 4.7 4.6 4.2 3.9
East Capital Balkan Fund - C Class Fondul Proprietatea GDR VinaCapital Vietnam Opp. Tundra Pakistan Fund Advance Copernico Argentina PXP Vietnam Emerging Equity Fund SCM Africa Fund Sturgeon Central Asia Equities Fund SC Africa Consumer Fund MSCI Pakistan Total
Reuters/Epic/Bloomberg code ISIN code Sedol code Stockbroker
AFMC GG00B1W59J17 B1W59J1 Numis Securities
Key information YieldA Dividend paid Launch date Ongoing chargesB Annual management fee Gross assets Discount
0.0% Annually, if available 15 June 2007 1.67% 1.25% of market cap £112.8m 7.6%
Calculated using the Company’s historic net dividends and month end share price.
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. B
For latest performance figures aberdeenfrontiermarkets.co.uk invtrusts.co.uk
13
Aberdeen Latin American Income Fund Limited All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 160
120 100 80 60 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
67.1p
0.7
11.6
33.0
58.9
(7.8)
1.4
NAVA
76.7p
1.5
7.7
30.3
57.1
(1.7)
11.1
0.7
6.7
21.8
47.0
4.0
9.2
Composite Benchmark
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
58.9
(35.7)
(9.8)
(6.2)
17.2
NAVA
57.1
(33.3)
(6.2)
(4.6)
18.4
Composite Benchmark
47.0
(29.6)
0.4
(5.9)
11.6
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, 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.
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 2015. 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.
Brazil (Fed Rep of) 10% 01/01/25 Uruguay (Rep of) 5% 14/09/18 Colombia (Rep of) 9.85% 28/06/27 Brazil (Fed Rep of) 10% 01/01/17 Mex Bonos Desarr Fix Rt 8% 07/12/23 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 Brazil (Fed Rep of) 10% 01/01/18 Brazil (Fed Rep of) 10% 01/01/21 Total Total number of investments (Equities and Fixed Income)
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
% 10.5 9.3 9.1 6.9 3.6 2.7 2.6 2.3 2.3 2.2 51.5 57
Geographic breakdown Brazil Mexico Uruguay Colombia Peru Chile Argentina Cash Total
% 49.8 17.8 11.1 9.9 5.1 4.3 1.0 1.0 100.0
Capital structure Ordinary shares Treasury shares
64,122,824 2,450,000
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£55.7m £6.5m 11.1%
Key information YieldC Discount Dividend paid
D
E
21.3
Ten largest fixed income holdings
140
A
% 3.6 3.2 2.2 2.0 1.9 1.8 1.8 1.7 1.6 1.5
Banco Bradesco ADR ItaÚ Unibanco ADR Lojas Renner Ambev Multiplan Empreendimentos Grupo Aeroportuario Grupo Financiero Banorte FEMSA ADR Ultrapar Participacoes ADR BRF Sponsored ADR Total
Launch date Ongoing chargesD Annual management feeE Active shareF
5.8% 12.5% January, April, July, October 2010 1.89% 1.0% 59.3%
Murray International Trust PLC All figures as at 30 September 2016 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.
% 4.7 4.6 4.2 4.1 3.6 3.6 3.0 2.6 2.6 2.5 2.4 2.3 2.2 2.1 1.9 1.8 1.8 1.7 1.7 1.6 55.0
Taiwan Semiconductor British American TobaccoB ASUR Unilever Indonesia Philip Morris Taiwan Mobile Daito SingTel Verizon Communications TELUS Roche Total Sociedad Quimica Y Minera De Chile PepsiCo FEMSA Kimberly-Clark de Mexico Public Bank Johnson & Johnson Royal Dutch Shell 'B' CME Total
Benchmark 40% FTSE World UK and 60% FTSE World ex UK.
Total return performance since 30/09/11 (figures rebased to 100) 200 180 160 140 120
Ten largest fixed income holdings
100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
1131.0p
2.2
15.7
31.2
45.3
18.6
66.5
NAVA
1124.8p
2.0
6.0
23.2
44.6
28.9
73.0
1.6
7.9
16.4
26.6
37.6
91.3
Composite Benchmark
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
45.3
(21.6)
4.1
10.0
27.6
NAV
44.6
(14.9)
4.8
10.1
21.9
Composite Benchmark
26.6
(1.0)
9.8
18.5
17.3
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 bonds are particularly relevant to this trust but should be read in conjunction with all warnings and comments given.
Petroleos Mexicanos 5.5% 27/06/44 Petroleos De Venezuela 5.25% 12/04/17 Brazil (Fed Rep of) 10% 01/01/17 South Africa (Rep of) 7% 28/02/31 Vale Overseas Limited 6.875% 21/11/36 Indonesia (Rep Of) 6.125% 15/05/28 Indonesia (Rep Of) 7% 15/05/22 Bharti Airtel Intl 5.125% 11/03/23 Dominican (Rep of) 6.85% 27/01/45 Indonesia (Rep Of) 8.375% 15/03/34 Total
% 1.2 1.2 1.2 1.2 1.0 1.0 1.0 0.9 0.8 0.8 10.3
Total number of investments
68
Country allocation Equities Asia Pacific ex Japan Latin America & Emerging Markets North America Europe ex UK United Kingdom Japan Africa Fixed Latin America & Emerging Markets Income Asia Pacific ex Japan Africa United Kingdom Cash Total
% 25.0 16.1 15.0 11.9 10.7 4.3 0.9 8.9 5.0 1.2 0.5 0.5 100.0
Capital structure 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.
Ordinary shares Treasury shares
Assets/Debt Gross assets (inc. cash) Debt Net gearingC
Expressed as a percentage of total costs divided by average daily net assets for the year ended 31 December 2015. 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.
AIFMD Leverage Limits
Annual fee 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.
Key information
E
F
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
127,613,238 936,838 £1,622.8m £185.2m 11.7%
Gross Notional Commitment YieldD Premium Dividend paid Launch date Ongoing chargesE Annual management feeF Active shareG
2.5x 2x 4.1% 0.6% February, May, August, November 1907 0.75% 0.575% 89.1%
invtrusts.co.uk
15
Aberdeen Japan Investment Trust PLC All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 240 220
% 5.4 4.9 4.8 4.6 4.1 4.0 3.8 3.6 3.5 3.5
Shin-Etsu Chemical Japan Tobacco Seven & i Keyence KDDI Nabtesco Amada Fanuc Chugai Pharmaceutical Toyota Motor Total
42.2
Total number of investments
40
Sector allocation
200 180 160 140 120 100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%)
as at 30/09/16 1 month 3 months 6 months
1 year
3 years
Since change of mandate 5 years cumulative
Share Price
505.0p
3.9
8.4
13.9
15.5
50.0
105.3
51.4
NAVA
573.3p
2.0
8.4
13.1
26.6
58.1
95.4
56.7
3.3
11.7
21.8
32.2
45.7
81.7
45.3
Topix Index
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
15.5
15.5
12.5
10.1
24.3
A
NAV
26.6
5.3
18.6
5.7
17.0
Topix Index
32.2
6.3
3.7
15.8
7.6
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. Excluding FX hedge effect. 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 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 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.
Consumer Goods Industrials Financials Consumer Services Health Care Basic Materials Technology Telecommunications Utilities Oil & Gas Cash Total
Trust 25.7 18.5 13.2 13.0 9.9 9.5 4.6 4.1 – – 1.5 100.0
Benchmark 23.7 21.7 15.1 11.9 7.3 6.2 5.0 6.3 2.0 0.8 – 100.0
Capital structure Ordinary shares
15,589,072
Treasury shares
232,500
Assets/Debt Gross assets (inc. cash) Debt Net gearingB
£102.3m £12.9m 12.3%
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldC Discount Dividend paid Launch date Ongoing chargesD Annual management feeE Active shareF
0.8% 11.9% July 1998 1.29% 0.95% 80.9%
A B
For latest performance figures aberdeenjapan.co.uk 16
Aberdeen Investment Trusts profiles and performance figures
Sterling hedge (%) % of portfolio net assets hedged through forward contracts
46.5
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.
The North American Income Trust plc All figures as at 30 September 2016 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 30/09/11 (figures rebased to 100) 260 220 180
% 4.0 3.6 3.6 3.5 3.5 3.2 3.2 3.2 3.2 3.1 34.1 55
Pfizer CME Dow Chemical Microsoft Molson Coors Brewing Verizon Communications Wells Fargo & Co BB&T Chevron Rockwell Automation Total Total number of investments
Sector allocation % 23.0 12.8 11.6 9.1 8.8 8.7 8.4 8.4 6.0 3.2 100.0
140 100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) as at 30/09/16
1 month
3 months
6 months
1 year
3 years
5 years
Share Price
1090.0p
0.8
14.9
25.2
48.8
45.5
118.0
NAVA
1187.2p
0.2
6.3
20.3
44.2
61.1
123.9
S&P 500
0.8
6.9
17.7
34.6
71.2
156.0
Russell 1000 Value
0.6
6.5
19.7
35.5
64.6
153.5
Discrete performance (%) Year ending:
Financials Information Technology Consumer Staples Energy Materials Industrials Consumer Discretionary Health Care Telecommunication Services Utilities Total
Capital structure Ordinary shares
28,789,134
Assets/Debt 30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Share Price
48.8
(7.0)
5.1
22.2
22.7
NAVA
44.2
(1.5)
13.4
16.0
19.7
S&P 500
34.6
6.4
19.6
19.0
25.6
Russell 1000 Value
35.5
2.3
18.8
22.0
26.3
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. The investment objective of the Company changed on 29 May 2012, with the Company moving to an objective “to provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominately of S&P 500 US equities” from its previous objective “to invest in a portfolio designed to track closely the S&P 500 Index, both in terms of capital and income.” The performance figures shown, therefore, reflect periods of time when the Company ran with these 2 different objectives.
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.
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 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 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
Gross assets (inc. cash) Debt Net gearingB
£387.8m £47.0m 10.2%
Options Number of open options positions Equity sleeve optionised
3 1.82%C
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldD Discount Dividend paid Launch date Ongoing chargesE Annual management fee Active shareF
3.1% 8.2% February, May, August, November 1902 1.03% 0.8% 82.2%
For latest performance figures northamericanincome.co.uk invtrusts.co.uk
17
Aberdeen UK Tracker Trust plc All figures as at 30 September 2016 Ten largest equity holdings
Investment objective To invest in a portfolio designed to closely track the FTSE All-Share Index, both in terms of capital and income.
HSBC British American Tobacco BP Royal Dutch Shell 'A' GlaxoSmithKline Royal Dutch Shell 'B' AstraZeneca Vodafone Diageo Reckitt Benckiser Total Total number of investments
Benchmark FTSE All-Share Index.
Total return performance since 30/09/11 (figures rebased to 100) 180 160 140
Sector allocation
120 100 30/09/11
30/09/12
Share price
30/09/13
Net asset value
30/09/14
30/09/15
30/09/16
Benchmark
Cumulative performance (%) 1 year
3 years
5 years
Capital return share price
as at 30/09/16 320.0p
1.8
8.5
10.0
10.5
7.0
40.4
Capital return NAV
340.7p
1.6
7.0
10.9
12.8
8.9
40.9
1.6
6.8
10.6
12.6
9.0
41.5
FTSE All-Share
1 month 3 months 6 months
Total return share price
320.0p
1.8
10.7
14.0
14.6
19.8
68.1
Total return NAVA
343.5p
1.7
7.8
12.8
16.6
19.9
65.2
1.7
7.8
12.8
16.8
21.1
68.9
FTSE All-Share
Discrete performance (%) Year ending:
30/09/16
30/09/15
30/09/14
30/09/13
30/09/12
Capital return share price
10.5
(4.5)
1.3
13.5
15.6
Capital return NAV
12.8
(5.8)
2.5
14.7
12.8
FTSE All-Share
12.6
(5.6)
2.6
14.8
13.0
Total return share price
14.6
(1.2)
5.8
17.2
19.7
Total return NAVA
16.6
(2.6)
5.6
18.2
16.6
FTSE All-Share
16.8
(2.3)
6.1
18.9
17.2
Capital Return; NAV to NAV, GBP. NAV returns based on NAVs excluding income and with debt valued at fair. 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 risk outlined at the back of this document relating to single country market exposure is 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 December 2015. 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
0.2% per annum of the total assets of the Company after deducting current liabilities and excluding commonly managed funds, on the value of total assets up to £100 million and reduced to 0.09% per annum of the value of total assets in excess of £100 million. D
For latest performance figures aberdeenuktracker.co.uk 18
% 5.2 4.2 3.8 3.7 3.6 3.4 2.9 2.7 2.5 2.1 34.1 616
Aberdeen Investment Trusts profiles and performance figures
Financials Consumer Goods Oil & Gas Consumer Services Industrials Health Care Basic Materials Telecommunication Services Utilities Technology Total
% 23.6 17.3 11.6 11.5 10.4 9.9 6.1 4.4 3.9 1.3 100.0
Capital structure Ordinary shares Treasury shares
99,199,274 3,856,841
Assets/Debt £340.8m
Gross assets (inc. cash) Debt Net gearing
nil nil
AIFMD Leverage Limits Gross Notional Commitment
2.5x 2x
Key information YieldB 3.5% Discount 6.8% Dividend paid April, August Launch date 1990 Ongoing chargesC 0.29% Annual management feeD 0.09% p.a. over £100m 0.2% p.a. up to £100m
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 Thai, Edinburgh Dragon and New India. 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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