Aberdeen Standard Asia Focus PLC

Asia Equities

New for 2019. A potential turnaround tale

This trust is not for the fainthearted. It has gearing of more than 12% of its net assets and invests in volatile Asian markets. The trust has found itself at the bottom of the performance league table, but a recent revamp gives us confidence in its future. It replaces the underperforming Scottish Oriental Smaller Companies.

In November 2018 Aberdeen Asian Smaller Companies investment trust changed tack and was renamed Aberdeen Standard Asia Focus. It retains its focus on small companies, but it will be more concentrated, with the number of holdings falling from 80 to 60, 30 of which will be considered ‘core’.

Markuz Jaffe, an analyst at Cantor Fitzgerald says: “­ is has helped further differentiate the fund from its peers and other Asian equity funds managed by Aberdeen Standard Investments, and could prove interesting when emerging markets, notably China, have been out of favour for much of 2018.”

Veteran Asia investor Hugh Young has been promoted to lead manager. The trust had previously been managed by a five strong team, including Young, in Singapore.

Young believes small firms in Asia, with their greater exposure to domestic markets, provide investors with a comparatively safe harbour from the trade disputes and currency fluctuations that have been dominating the news from the region. He likes quality companies that are well positioned to benefit from emerging technological trends and growing demand for better-quality products and services.

The trust has recently traded at a discount to net assets of 17%, which compares favourably with -10% or less during most of 2017, potentially offering investors a good Hugh Young entry point.

Narrative and ratings content all as of January 2019.  

See all Money Observer rated funds
Name
Aberdeen Standard Asia Focus PLC
Manager
Aberdeen Standard Investments
Type
Closed Ended Investment Company
ISIN
GB0000100767
Sector
Asia Pacific Smaller Companies
Launched
19/10/1995
OCF
1.16 %
Risk Rating
1
3 Year Sharpe
0.29
3 Year Alpha
2.66
Yield
1.4 %
Benchmark
Not Benchmarked
Fund Size
£ 362.01 million
NAV
1,233
Gearing
101
Discount Premium
-13
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 USD 1.5bn at time of investment) in the economies of Asia and Australasia, excluding Japan.
Holding %
Bank OCBC NISP Tbk 3.98 %
John Keells Holdings PLC 3.36 %
Asian Terminals Inc 3.22 %
Cebu Holdings Inc 2.92 %
Hana Microelectronics PCL 2.80 %
Oriental Holdings Bhd 2.79 %
PT Ultrajaya Milk Industry & Trading Co Tbk 2.57 %
Convenience Retail Asia Ltd 2.52 %
Dah Sing Financial Holdings Ltd 2.49 %
M P Evans Group PLC 2.37 %
Region %
Asia - Emerging 68.40 %
Asia - Developed 24.32 %
Sector %
Consumer Cyclical 20.67 %
Financial Services 20.23 %
Industrials 14.64 %
Real Estate 11.32 %
Consumer Defensive 10.48 %
Technology 9.07 %
Name
Aberdeen Standard Investments
Address
EC4M 9HH, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Pruksa Iamthongthong
Joined 10/19/1995

Pruksa Iamthongthong is an Investment Director on the Asian Equities Team at Aberdeen Standard Investments. Pruksa joined Aberdeen Asset Management in 2007. Pruksa graduated with a BA in Business Administration from Chulalongkorn University, Thailand and is a CFA® charterholder.

Gabriel Sacks
Joined 10/19/1995

Gabriel joined ASI in 2008 as part of the London-based Global Emerging Markets Equities team and transferred to Asian Equities in 2018. Gabriel graduated with a MA (Hons) in Land Economy from Selwyn College, Cambridge University and is a CFA Charterholder.

Hugh Young
Joined 10/19/1995

Hugh Young is Managing Director − Asia for Aberdeen Standard Investments. He was formerly a board director and head of Investment for Legacy Aberdeen (before its merger with Standard Life plc). Mr. Young joined Legacy Aberdeen in 1985 to manage Asian equities form its London office, having started his investment career in 1980. He founded Singapore-based Aberdeen asset Management Asia Limited in 1992. Mr. Young is a director of a number of Legacy Aberdeen subsidiary companies and of investment trusts and funds managed by Aberdeen Standard Investments. Mr. Young graduated with a BA (Hons) in Politics from Exeter University.

Data provided by Morningstar.

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