Management Reports • Oct 22, 2014
Management Reports
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RNS Number : 0408V
Asian Total Return Invest Co PLC
22 October 2014
ASIAN TOTAL RETURN INVESTMENT COMPANY PLC
Interim Management Statement for the Quarter ended 30 September 2014
The Board of Asian Total Return Investment Company plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 July 2014 to 30 September 2014.
Investment Objective
The Company's investment objective is to provide a high rate of return through investment in equities and equity-related securities of companies trading in the Asia Pacific region (excluding Japan). The Company seeks to offer a degree of capital preservation through tactical use of derivative instruments.
Material Events or Transactions
Appointment of Alternative Investment Fund Manager
During the period, pursuant to the Alternative Investment Fund Managers Directive ("AIFMD"), the Company appointed Schroder Unit Trusts Limited ("SUTL") as its Alternative Investment Fund Managerto provide portfolio management, risk management and company secretarial services to the Company. In order to facilitate this appointment, the Company has terminated its existing investment management agreement with Schroder Investment Management Limited ("SIM") and has entered into a new agreement with SUTL. Under these new arrangements, certain functions have been delegated from SUTL to SIM and investment management has been further sub-delegated to Schroder Investment Management (Singapore) Limited.
Appointment of Depositary
During the period, pursuant to the AIFMD, the Company appointed HSBC Bank plc as its Depositary, responsible for, inter alia, cash monitoring, custody of financial instruments, verification of ownership of assets and oversight.
Directorate Change
Mike Holt was appointed as a non-executive Director of the Company, with effect from 1 July 2014.
Mr Holt is currently Group Finance Director of Low & Bonar PLC, an international performance materials group. He is also a trustee (and treasurer) of Target Ovarian Cancer. Prior to joining Low & Bonar in 2010, he was Group Finance Director of Vp plc for six years and had previously held a number of senior financial positions with Rolls-Royce group plc in the UK, the USA and Hong Kong. He is a Fellow of The Institute of Chartered Accountants in England & Wales.
The election of Mr Holt as a Director of the Company will be proposed at the next Annual General Meeting.
Retirement of Director
As part of the planned refreshment of the Board, Mr Hugh Aldous retired as a Director of the Company with effect from 22 October 2014.
The Board would like to take this opportunity to thank Mr Aldous for his invaluable contribution to the Company during his tenure as a Director and Chairman of the Audit Committee of nearly 11 years.
No other material events or transactions have taken place in respect of the Company between 1 July 2014 and the date of publication of this Statement.
Company Statistics as at 30 September 2014
| Net assets | £147.7 million |
| Net asset value ("NAV") per Ordinary share | 200.14p |
| Share price | 186.0p |
| Discount | 7.1% |
| Number of portfolio holdings | 62 |
| Net cash | 1.1% |
Cumulative Performance to 30 September 2014
| Total returns over: | 3 months | 6 months | 1 year | |
| Share price | 6.13% | 9.41% | 8.64% | |
| NAV per Ordinary share Peer group net asset value (arithmetic average) |
5.88% 5.86% |
8.75% 10.70% |
10.30% 11.87% |
|
| MSCI AC Asia Pacific (ex Japan) Index | 2.03% | 5.49% | 5.84% | |
Source: Morningstar
Portfolio Information as at 30 September 2014
Ten Largest Holdings
| Stock Name | Country of listing |
Market Value (£) | % of NAV |
| Jardine Strategic | Hong Kong | 5,460,260 | 3.7 |
| Taiwan Semiconductor Manufacturing | Taiwan | 4,856,982 | 3.3 |
| Kasikornbank | Thailand | 4,555,286 | 3.1 |
| Jardine Matheson | Hong Kong | 4,544,034 | 3.1 |
| AIA | Hong Kong | 4,095,887 | 2.8 |
| Wuxi Pharmatech | China | 4,076,698 | 2.8 |
| Techtronic Industries | Hong Kong | 4,054,402 | 2.7 |
| Swire Properties | Hong Kong | 3,778,383 | 2.6 |
| Ayala Land | Philippines | 3,616,059 | 2.4 |
| Brambles | Australia | 3,612,355 | 2.4 |
Geographical Analysis
| Country of Listing | % of NAV |
| Hong Kong/China | 39.1 |
| Thailand | 11.4 |
| Taiwan | 10.0 |
| Australia | 9.2 |
| Philippines | 7.8 |
| India | 7.3 |
| Singapore | 5.2 |
| Indonesia | 2.8 |
| Korea | 1.6 |
| Malaysia | 0.5 |
| Other | 3.0 |
| Options | 0.9 |
| Net current assets | 1.2 |
Sector Breakdown
| Sector | % of NAV |
| Financials | 25.3 |
| Industrials | 23.1 |
| Consumer Goods | 13.7 |
| Technology | 9.8 |
| Healthcare | 8.5 |
| Consumer Services | 7.7 |
| Basic Materials | 3.5 |
| Consumer Discretionary | 1.9 |
| Consumer Staples | 1.9 |
| Oil and Gas | 1.5 |
| General Retailers | 1.0 |
| Options | 0.9 |
| Net current assets | 1.2 |
Changes to Share Capital during the Quarter ended 30 September 2014
| Issued Ordinary shares of 5p each | |
| At 1 July 2014 | 73,931,141 |
| Shares repurchased into Treasury during the period Shares in issue at 30 September 2014 (excluding shares held in Treasury) |
115,000 73,816,141 |
| Shares held in Treasury Shares in issue at 30 September 2014 (including shares held in Treasury) |
11,388,671 85,204,812 |
Following the quarter end, 347,000 Ordinary shares have been repurchased into Treasury. As at the date of this Statement, 73,469,141 Ordinary shares are in issue and 11,735,671 shares are held in Treasury. Each Ordinary share carries one voting right. The total number of voting rights in the Company as at the date of this Statement is 73,469,141.
Company Information as at 30 September 2014
SEDOL Code 0871079
Sector Equity Investment Instruments
Launch Date 26 November 1987
Financial Year End 31 December
Company website: www.asiantotalreturninvestmentcompany.com
22 October 2014
Enquiries:
John Spedding
Schroder Investment Management Limited
Company Secretary
Tel: 020 7658 3206
This information is provided by RNS
The company news service from the London Stock Exchange
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