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SCHRODER ASIAN TOTAL RETURN INV CO Fund Information / Factsheet 2011
5236_rns_2011-05-31_1f74f3ad-c80b-41e6-8b32-156ea867576c.pdf
Fund Information / Factsheet
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Henderson The Pacific Investment Trust plc
Henderson TR Pacific Investment Trust plc
31 May 2011
Fund Manager - Andrew Beal
Company Objective
Henderson TR Pacific Investment Trust plc seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia.
Portfolio Manager's Commentary
The Trust was behind the index. Korean marketing and communication company Cheil Worldwide was strong as a result of good earnings. Agile Property and Dongfeng Motor in China also rose on optimism about 2011 earnings. This was offset by weakness in casino operator Sands China, as the market digested a share placement and airline Air China, which suffered from concerns about new high speed rail services cutting demand for air travel. Hang Lung Properties and Mediatek were sold during the month and Samsung Electronics was trimmed. The proceeds were used to add to positions in Hyundai Glovis and Hana Tour in Korea, CP All in Thailand and CIMB in Malaysia. A combination of stronger earnings prospects and more attractive valuations were the main reasons for these switches.
While the economic backdrop for global markets remains relatively mixed, we remain confident that our portfolio of attractively priced structural growth companies should provide very attractive returns over the medium and longer term.
Trust Information
| Epic Code | HPI |
|---|---|
| AIC Sector | Asia-Pacific ex Japan |
| Trust Type | Conventional (Ords) |
| Launch Date | 1987 |
| Financial Year End | 31 December |
| Dividend Payment | April |
| Last Ex Div Date | 16 March |
| *Risk Rating | Above Average |
| Premium/Discount | -9.4% |
| Gearing | 13% |
| Yield | 1.49% |
| Management Fee | 0.60% |
| Performance Fee | Yes |
| Total Expense Ratio (TER) | 0.90% |
| (year end 31/12/2010) |
Trust Statistics
| Gross total assets | £391m |
|---|---|
| NAV per ordinary share (cum income) | 214.3p |
| NAV per ordinary share (ex income) | 213.0p |
| Share Price | 194.3p |
Source: Morningstar and BNP Paribas
*WINS Investment Trusts
Performance vs Benchmark
Price (Rebased)
MSCI All Country Asia ex Japan (Rebased)
Cumulative Growth (%)
| Performance over: | YTD | 1m | 3m | 6m | 12m | 3y |
|---|---|---|---|---|---|---|
| Share Price (Total Return) | -1.9 | -1.0 | 10.9 | 6.0 | 20.8 | 43.3 |
| Net Asset Value (Total Return) | -1.1 | -1.2 | 9.9 | 4.1 | 16.9 | 41.8 |
| Benchmark (Total Return) | -1.4 | 0.0 | 7.6 | 3.5 | 15.8 | 37.4 |
| Relative NAV Outperformance | 0.3 | -1.2 | 2.3 | 0.6 | 1.1 | 4.4 |
| Peer Group Ranking | 4/9 | 9/9 | 1/9 | 3/9 | 5/9 | 5/9 |
Peer group rankings are based on the AIC sector (excluding Asian income)
Annual Growth to 31 March 2011 (%) (Updated Quarterly)
| 2010/2011 | 2009/2010 | 2008/2009 | 2007/2008 | 2006/2007 | |
|---|---|---|---|---|---|
| Share Price (Total Return) | 10.7 | 72.9 | -21.6 | 11.2 | 11.9 |
| Net Asset Value (Total Return) | 11.3 | 74.8 | -22.5 | 10.3 | 11.2 |
Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. All performance, cumulative growth and annual growth, source: Morningstar.
Geographic Breakdown (%)
| China | 36.2 |
|---|---|
| South Korea | 13.0 |
| Taiwan | 12.2 |
| Singapore | 9.5 |
| India | 7.5 |
| Thailand | 6.0 |
| Malaysia | 5.0 |
| Indonesia | 4.9 |
| Hong Kong | 4.8 |
| Vietnam | 0.9 |
Sector Breakdown (%)
| Financials | 37.1 |
|---|---|
| Technology | 19.8 |
| Consumer Services | 17.7 |
| Industrials | 14.5 |
| Oil & Gas | 7.3 |
| Basic Materials | 3.6 |
Top 10 Holdings = 30.1% of Portfolio (%)
| Industrial & Commercial Bank Of China | 3.5 | Sands China | 3.0 |
|---|---|---|---|
| Agile Property | 3.2 | Hyundai Motor | 2.9 |
| Tencent | 3.1 | Ctrip.Com | 2.8 |
| CNOOC | 3.0 | Advanced Semiconductor | 2.8 |
| Foxconn | 3.0 | Bank Mandiri | 2.8 |
All geographical data, sector breakdowns and top 10 holdings, source: BNP Paribas
www.hendersoninvestmenttrusts.com
Customer Services 0800 856 5656
All data in this factsheet is as at or to 31 May 2011 unless otherwise stated. Tax assumptions may change if the law changes, and the value of tax relief will depend upon your individual circumstances. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE), Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund Managers Limited (reg. no. 1137353), (each incorporated and registered in England and Wales with registered office 8 Fenchurch Place, London EC3M 4PB) are authorised and regulated by the Financial Services Authority to provide investment products and services. We may record telephone calls for our mutual protection and to improve customer service.