Title: 242345792.pdf URL Source: https://documentscdn.financialexpress.net/Literature/BED8F1E3540B84BCD886C58B529149B0/242345792.pdf Number of Pages: 5 Markdown Content: invtrusts.co.uk ## Investment objective The Company aims to maximise total return to shareholders over the long term from a portfolio made up predominantly of quoted smaller companies in the economies of Asia excluding Japan. The full investment policy is available for download on the Company's website. ## Comparative benchmark With effect from 1 August 2021 the MSCI AC Asia ex Japan Small Cap Index (currency adjusted) was adopted as the comparative index and performance is also measured against the peer group. Given the Manager’s investment style, it is likely that performance will diverge, possibly quite dramatically in either direction, from the comparative index. The Manager seeks to minimise risk by using in depth research and does not see divergence from an index as risk. ## Cumulative performance (%) as at 30/04/26 1 month 3 months 6 months 1 year 3 years 5 years Since BM Change 31/7/21 Share Price 437.0p 18.1 14.3 17.2 56.2 89.8 94.2 87.6 NAV A 470.9p 14.7 11.5 9.1 44.5 75.4 81.6 70.9 Composite Benchmark 11.5 7.0 8.0 38.9 54.7 48.9 46.7 ## Discrete performance (%) 30/04/26 30/04/25 30/04/24 30/04/23 30/04/22 Share Price 56.2 6.0 14.6 (5.9) 8.7 NAV A 44.5 3.0 17.9 (4.0) 7.8 Composite Benchmark 38.9 (7.8) 20.8 (5.8) 2.1 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 and Factset. Past performance is not a guide to future results. # Aberdeen Asia Focus PLC ## Investing in Asia's smaller listed companies with ## long-term growth prospects Performance Data and Analytics to 30 April 2026 > A Including current year revenue. > B © 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. Morningstar Rating TM > B Morningstar Rating TM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Winner: Best Asia Pacific Trust, Citywire Awards 2025 Ten largest equity holdings (%) Taiwan Union Technology Taiwan 4.3 Precision Tsugami China China 3.7 Chroma Ate Taiwan 3.7 Hansol Chemical Korea 3.2 MP Evans Group United Kingdom 3.0 Hd Hyundai Marine Solution Korea 2.7 Hd Hyundai Electric Korea 2.7 Asia Vital Components Taiwan 2.6 Accton Technology Taiwan 2.6 Mobile World Investment Vietnam 2.5 Total 31.0 Total number of investments 61 Fund risk statistics 3 Years 5 Years Annualised Standard Deviation of Fund 13.68 13.43 Beta 0.91 0.91 Sharpe Ratio 1.12 0.70 Annualised Tracking Error 5.03 4.79 Annualised Information Ratio 0.74 0.85 R-Squared 0.87 0.88 Source: Aberdeen & Factset. Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on gross returns whereas the performance figures are based on net asset value(NAV) returns. All sources (unless indicated): Aberdeen: 30 April 2026. 02 Country allocation (%) Trust MSCI AC Asia ex Japan Small Cap Index Month’s market change Taiwan 23.5 27.4 16.7 India 18.2 23.0 12.2 China 15.7 11.8 1.6 Korea 14.4 19.0 20.3 Vietnam 5.1 - - Hong Kong 4.6 4.3 3.9 Indonesia 4.3 2.3 (1.1) Singapore 3.8 5.4 3.5 Thailand 3.2 2.6 1.3 United Kingdom 3.0 - - Philippines 1.6 0.9 (4.8) Malaysia 1.2 3.3 5.6 Sri Lanka 1.0 - - Cash 0.4 - - Total 100.0 100.0 MSCI AC Asia ex Japan Small Cap. Month’s market change represents the individual country returns calculated using the MSCI Index series (£). Market change is Total Return in GBP. Index may not add up to 100 due to rounding. Source: Aberdeen and MSCI. Key information Calendar Year end 31 July Accounts published October Annual General Meeting December Dividends paid March, June, September, December Launch date October 1995 Fund managers Gabriel Sacks, Xin-Yao Ng, Ongoing charges C 0.91% Annual management fee D 0.85% Market Cap (tiered) Premium/(Discount) with debt at fair value (7.2)% Yield E 1.5% Net cash/(gearing) with debt at par F (5.3)% Active share G 95.6% AIFMD Leverage Limits Gross Notional 2.5x Commitment 2x # Aberdeen Asia Focus PLC Aberdeen Asia Focus PLC ## 1 Year Premium/Discount Chart (%) -15 -12 -9 -6 -3 Apr-26 Feb-26 Dec-25 Oct-25 Aug-25 Jun-25 Apr-25 ## Fund managers’ report Market review April saw a sharp rebound in small-cap equities in the Asia ex Japan region, which was a reversal from early March amid the escalating Middle East conflict. The technology sector, particularly semiconductor hardware, led the market gains with industrials hot on its heels. The key driver for both sectors was sustained investor focus on the appeal of artificial intelligence (AI), which is likely to remain a dominant structural theme for years to come. Small-cap equities in both Taiwan and South Korea were the standouts given the central role of both countries in global semiconductor supply chains. The market’s resilience amid heightened geopolitical uncertainties and an energy crisis might seem counter-intuitive, but it reflects a clear investor preference for sectors and stocks with greater growth visibility and pricing power to pass through cost inflation. On both aspects, the AI value chain stands out, with the results of the big four US hyperscalers, Amazon, Microsoft, Google, and Meta, at the end of April reinforcing this view. They also raised their capex expectations, with both Google and Microsoft further guiding for higher capex heading into 2027. Against this backdrop, the Fund outperformed the regional small-cap index, with the top contributors being AI -linked names, including Taiwan Union Technology and Chroma ATE. Other notable strong performers included Accton Technology and ASMPT. All these holdings have been delivering robust revenue growth that is ahead of market expectations, with Chroma Ate also announcing new products that will expand their addressable market and diversify their client base. > C Expressed as a percentage of average daily net assets for the year ended 31 July 2025. 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 with effect from 1 August 2021, 0.85% per annum for the first £250 million of the Company's market capitalisation, 0.6% per annum for the next £500 million, and 0.5% per annum for market capitalisation of £750 million and above, based on the closing Ordinary share price quoted on the London Stock Exchange multiplied by the number of Ordinary Shares in issue (excluding those held in treasury), valued monthly. > E Calculated using the Company’s publicly announced target dividend yield of 6.4p for the year ending 31 July 2024 and month end share price. > F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. > G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. Fund managers’ report continues overleaf 03 Aberdeen Asia Focus PLC > Aberdeen Asia Focus PLC We do not view AI as a speculative fad but a disruptive force that could have as much of an impact on society as the Internet and combustible engines had in the past. The demand for AI and the changes it brings are real and structural. The risk, as with the dotcom era, rests with the capital markets rather than the technology itself. If growth expectations stretch too far and valuations are increasingly disconnected from the reality of cash flow, excesses will build and a bubble will form from such exuberance. We are not there yet, but recent strong price actions warrant some caution. We remain invested in the AI theme, but we are watching valuations closely and actively seeking opportunities to recycle capital from names where valuations have run far too ahead into exposures offering better risk adjusted returns. Meanwhile, the industrials also added meaningfully to performance, driven by stock selection particularly in our Korean holdings. Hyundai Electric beat consensus expectations on its orders in its latest results, supported by strong demand from North America while pricing is still increasing. The tighter supply of transformers and early traction with hyperscaler and data-centre power projects are driving confidence in sustained growth and margin expansion. Korea Shipbuilding & Offshore Engineering’s solid order flow in April reinforced earnings visibility, with continued demand for LNG and high-value vessels supporting utilisation and margins. Hyundai Marine Solution’s share price also did well after a large data centre-related engine contract triggered a re-think of its revenue exposure. with the potential for new maintenance contracts being linked to such data-centre power projects rather than to the shipping industry alone. There were no major portfolio changes in April. Outlook We have been turning slightly more defensive in recent months, taking profits from our AI-related winners. We have also become more constructive towards India, though the conflict with Iran is clouding the outlook, as India and other emerging Asian markets are oil importers. In China, we have been seeking to position the portfolio more selectively towards new consumption trends, such as music subscription, travel, and pet foods, rather than traditional consumer staples, as well as to industrial- automation businesses, including robotics and advanced technology. More broadly, the portfolio remains highly diversified across countries and sectors, offering shareholders access to a range of secular growth themes in Asia. Since the inception of the trust 30 years ago, we have focused squarely on the highest-quality companies in the region that can thrive under extreme circumstances. Most of the revenues generated by our holdings are driven by domestic growth in Asia. This is complemented by a selection of exceptional export-oriented companies that are global leaders in their fields, with unique products or services that are often irreplaceable, making them extremely resilient businesses. Overall, we remain highly confident in the future growth prospects of our holdings and the broad-based nature of the portfolio. Furthermore, as US exceptionalism conceivably peaks and the administration’s policies become increasingly erratic, investors might want to look elsewhere for growth, value, and diversification. Asia is home to a wealth of high-quality businesses to invest in, many of which are smaller companies that are often overlooked. Assets/Debt (£m) > Gross Assets 705.7 > Debt (Convertable Bonds > + bank loan) > 54.8 > Cash & cash equivalents 20.6 Capital structure > Ordinary shares 138,859,588 > Treasury shares 80,440,590 Allocation of management fees and finance costs > Capital 75% > Revenue 25% Trading details > Reuters/Epic/Bloomberg > code > AAS > ISIN Code GB00BMF19B58 > Sedol code BMF19B5 > Stockbrokers Panmure > Liberum > Market makers SETSmm # i Factsheet Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/aas Contact Private investors trusts@aberdeenp lc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenp lc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenp lc.com ## Fund managers’ report - continued The risks outlined overleaf relating to gearing, emerging markets, small companies and exchange rate movements are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. Important information overleaf 04 Aberdeen Asia Focus PLC Aberdeen Asia Focus PLC Statement of Operating Expenses Publication date: 17 November 2025 Recurring Operating Expenses (£000s) Year ending 31 Jul 2025 % of NAV Year ending 31 Jul 2024 % of NAV % Change (YOY) Management Fee (inc AIFM) 3,276 0.63% 3,076 0.63% 6.5% Administration fees 130 0.03% 119 0.02% 9.2% Custody fees and bank charges 393 0.08% 364 0.07% 8.0% Promotional activities 238 0.05% 210 0.04% 13.3% Directors remuneration 209 0.04% 173 0.04% 20.8% Depositary fees 51 0.01% 49 0.01% 0.0% Registrar fees 79 0.02% 43 0.01% 0.0% Legal and professional fees 250 0.05% 57 0.01% 0.0% Auditors' remuneration 60 0.01% 52 0.01% 15.4% Other administrative expenses 8 0.00% 207 0.04% -96.1% Ongoing Operating Expenses (ex indirect fund management expenses) 4,694 0.91% 4,350 0.89% 7.9% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 4,694 0.91% 4,350 0.89% 7.9% Average Net Asset Value 518,389 488,772 6.1% Operating Expense Ratio (ex indirect fund management expenses) 0.91% 0.89% Operating Expense Ratio (inc indirect fund management expenses) 0.91% 0.89% Transaction costs and other one-off expenses (£000s) Year ending 31 Jul 2025 % of NAV Year ending 31 Jul 2024 % of NAV % Change (YOY) Transaction costs 915 0.18% 703 0.14% 30.2% Performance fees 0.00% 0.00% Other non-recurring expenses 164 0.03% 32 0.01% 412.5% Total 1,079 0.21% 735 0.15% 46.8% Current Service Providers Investment Manager abrdn Fund Managers Limited AIFM abrdn Asia Limited Company Secretary abrdn Holdings Limited Administrator BNP Paribas Fund Services UK Limited Audit PricewaterhouseCoopers LLP Depositary & Custodian BNP Paribas S.A. London Branch Registrar Equiniti Limited Corporate Broker Panmure Liberum Summary of Key Commercial Arrangements The Company has appointed abrdn Fund Managers Limited (“aFML”), a wholly owned subsidiary of Aberdeen plc, as its alternative investment fund manager. aFML has been appointed to provide investment management, risk management, administration and company secretarial services and promotional activities to the Company. The Company’s portfolio is managed by abrdn Asia Limited (“abrdn Asia”) by way of a group delegation agreement in place between aFML and abrdn Asia. aFML has sub-delegated administrative and secretarial services to abrdn Holdings Limited, promotional activities to abrdn Investments Limited (“aIL”) and fund accounting services to BNP Paribas Fund Services UK Limited. The management agreement may be terminated by either the Company or the Manager on the expiry of three months’ written notice. On termination, the Manager would be entitled to receive fees which would otherwise have been due to that date. Investment management fees are charged 25% to revenue and 75% to capital. No performance fee. Fee scale % of Market Cap £0-£250m 0.85% £250m-£750m 0.60% >£750m 0.50% Directors fee rates (£) Year ending 31 Jul 2025 Year ending 31 Jul 2024 % Change (YOY) Chair 49,000 42,000 16.7% Chair of Audit & Risk Committee 40,000 34,000 17.6% Senior Independent Director 33,000 30,000 10.0% Director 33,000 30,000 10.0% Number of Directors 6 7 Important Information The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. 0006300338 For more information visit invtrusts.co.uk ## Important information Risk factors you should consider prior to investing: • The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • The Company invests in smaller companies which are likely to carry a higher degree of risk than larger companies. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. • Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com). Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London, EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.