Title: Factsheet-Invesco Asia Trust plc URL Source: https://is.gd/ULO90E Published Time: Thu, 23 Jan 2025 07:59:40 GMT Markdown Content: # Invesco Asia Trust plc # As at 31 December 2024 www.invesco.co.uk/invescoasia > Please note that on the 18th December 2024, the Board of Invesco Asia Trust published a Circular and Prospectus. These documents provide information relating to the proposal for Asia Dragon Trust Board (“DGN”), to be merged into the Invesco Asia Trust. For further details please visit the website at www.invesco.co.uk/invescoasia > Portfolio Managers: Fiona Yang and Ian Hargreaves Key facts Launched July 1995 1 Ticker IAT.L Total Assets £256.0m Ordinary shares Share Price Cum-Income NAV (debt at fair value) 340.0p 377.5p Discount -9.9% Dividend Yield 2 4.6% Gearing 3 4.6% Shares in issue Ordinary shares 64,691,287 Gearing Borrowing Facility Dividend Policy The Board aims to pay six-monthly dividends in November and April each year, each equivalent to 2% of NAV at the end of September and February respectively, from a combination of the Company’s revenues, revenue reserves and capital reserves as required. Investment objective The Company’s objective is to provide long-term capital growth and income by investing in a diversified portfolio of Asian and Australasian companies. The Company aims to achieve growth in its net asset value (NAV) total return in excess of the Benchmark Index, the MSCI AC Asia ex Japan Index (total return, net of withholding tax, in sterling terms). Further details of the Company’s Investment Policy, Risk and Investment Limits can be found in the Strategic Report contained within the Company’s Annual Financial Report. Ordinary share price, NAV and index cumulative performance % growth > 6 months 1 Year 3 Years 5 Years 10 Years Share Price 6.0 15.8 10.7 44.6 154.7 Net Asset Value 2.5 12.4 11.1 41.4 143.0 MSCI AC Asia ex Japan Index 4 3.0 14.0 3.1 20.1 90.7 Standardised rolling 12-month performance % growth > 31.12.19 31.12.20 31.12.20 31.12.21 31.12.21 31.12.22 31.12.22 31.12.23 31.12.23 31.12.24 Ordinary Share Price 26.1 3.6 -1.1 -3.4 15.8 Net Asset Value 23.4 3.1 1.5 -2.6 12.4 MSCI AC Asia ex Japan Index 4 21.2 -3.8 -9.6 0.0 14.0 Past performance is not a guide to future returns. Ordinary share price performance figures have been calculated using daily closing prices with dividends reinvested. NAV performance figures have been calculated using daily NAV with dividends reinvested. The NAV used includes current period revenue and values debt at fair. The MSCI AC Asia ex Japan Index performance shown is total return. All performance figures are in sterling as at 31 December 2024 except where otherwise stated. Standardised past performance figures are updated on a quarterly basis. Source: Morningstar. > 1 The Company began trading on 11 July 1995, and is one of two successor companies to Drayton Far Eastern investment trust plc. > 2 The total declared and prospective dividends for the current financial year, expressed as a percentage of the Company's value calculated at the last close price. The yield is indicative only and is not guaranteed. > 3 Gearing reflects the amount of net borrowings invested, i.e. borrowings less cash and cash equivalents. It is based on net borrowings as a percentage of net assets. The Company’s gearing policy is determined by the Board. The level of gearing may be varied from time to time in the light of prevailing circumstances, subject to a maximum of 25% of the adjusted net asset value of the Company. > 4 The Company's benchmark changed on 1 May 2015 from the MSCI AC Asia Pacific ex Japan to the MSCI AC Asia ex Japan (both indices total return in sterling terms). The benchmark performance in the table shows the returns of the former index for periods prior to 1 May 2015. Index returns are shown on a total return basis, with income reinvested net of withholding taxes. Before December 2020 Index returns were shown with income reinvested gross of withholding taxes. Top 10 holdings % portfolio Taiwan Semiconductor Manufacturing Taiwan 10.1 Tencent - R China 8.0 HDFC Bank India 5.2 Samsung Electronics South Korea 5.1 AIA Hong Kong 3.9 Kasikornbank - F Thailand 3.5 NetEase - R China 3.0 Alibaba - R China 2.9 United Overseas Bank Singapore 2.5 Shriram Transport Finance India 2.2 Total 46.4 Geographic breakdown % portfolio China 28.2 Indonesia 5.5 Taiwan 15.6 Thailand 3.5 Hong Kong 11.7 Australia 2.5 South Korea 11.4 United Kingdom 2.1 India 10.9 Vietnam 2.0 Singapore 5.8 Ireland 0.8 Total 100.0 10 year dividend payment history (pence/share) Dividend Pence/Share 0 5 10 15 20 3.65 3.65 4.3 5.5 5.7 7 15.1 15.3 14.8 14.1 15 16 17 18 19 20 21 22 23 24 Financial Years Ending 30 April Source: Morningstar. Please note that this chart may include dividends declared but not yet paid. Past performance is not a guide to future returns. Financial calendar and dividend information Year End 30 April Annual Financial Report published July Half-Yearly Financial Report published January Dividend payment dates April and November Annual General Meeting September General information The ordinary shares of the Company are listed on the London Stock Exchange. On an annual basis, shareholder approval is sought to authorise the buy back and issue of shares. This enables the Company to respond to an excess of supply or demand for the Company’s shares in the market. Continuation vote > Vote is every 3 years. The last vote was in 2022, with the next one due in September 2025. On 28 August 2020, the Company announced a conditional tender offer for up to 25 per cent. of the Company’s issued share capital at a discount of 2 per cent. to the prevailing NAV per Share (after deduction of the costs of the tender) in the event that the Company’s NAV cum-income total return performance over the five year period ending 30 April 2025 fails to exceed the Company’s comparator index, the MSCI AC Asia ex Japan Index (total return, in sterling terms) by 0.5 per cent. per annum over the five years on a cumulative basis. Any tender offer will be subject to shareholder approval. _________________________________________________________________________________________ > - Fund Ratings - RSMR Investment Trust Rating: Rayner Spencer Mills Research (RSMR) provide a wide set of recognised and respected ratings, founded on rigorous research, proven expertise and a first-class > reputation. The initial fund analysis takes each Investment Association (IA) sector and looks at a range of performance and risk measures that are appropriate to that sector. Funds and investment trusts that display attractive performance and risk characteristics may then be taken forward for further analysis. RSMR’s quantitative analysis includes review of performance, risk statistics, ongoing charges and fees and fund size and their qualitative analysis includes review of the fund manager/management team background, manager resources, fund philosophy, fund management processes, risk controls and environmental, social and governance (ESG) factors. Selecting funds and investment trusts is only part of the process – the ongoing monitoring of the lists and the procedure for making changes is equally important. For more information on RSMR’s ratings, please visit their website: https://www.rsmr.co.uk/our-research/ # Invesco Asia Trust plc # As at 31 December 2024 Investment risks The value of investments and any income will fluctuate (this may partly be as a result of exchange rate fluctuations) and investors may not get back the full amount invested. The product invests in emerging and developing markets, where difficulties in relation to market liquidity, dealing, settlement and custody problems could arise. The product uses derivatives for efficient portfolio management which may result in increased volatility in the NAV. The use of borrowings may increase the volatility of the NAV and may reduce returns when asset values fall. Important information *R: Red Chip Holdings - Holdings in companies incorporated outside the PRC, listed on the Hong Kong Stock Exchange, and controlled by PRC entities by way of Direct or Indirect shareholding and/or representation on the board. *H: H Shares - Shares issued by companies incorporated in the People's Republic of China and listed on the Hong Kong Stock Exchange. *A: A-Shares are shares that denominated in Renminbi and traded on the Shanghai and Shenzhen stock exchanges. *F: F-Shares are issued by companies incorporated in Thailand that are available to foreign investors only. Thai laws have imposed restrictions on foreign ownership of Thai companies so there is a per-determined limit of these shares. Voting rights are retained with these shares. This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. Views and opinions are based on current market conditions and are subject to change. For more information, please refer to the following documents: the Key Information Document (KID), the Alternative Investment Fund Managers Directive document (AIFMD), and the latest Annual or Half-Yearly Financial Reports. These documents are available upon request using the contact details shown and on the Company’s website. - Kepler Trust Intelligence Income & Growth Rating: Kepler’s ratings are designed to reward trusts which have delivered the characteristics they believe investors ask for of a long-term investment. The innate flaw of quant systems is that they inevitably favour what has worked in the past. However, Kepler have tried to balance this tendency in a number of ways. First, they have attempted to reward those trusts which have done well in the context of their own goals and benchmarks, rather than versus a peer group. Secondly, they have used a long, five-year period for measurement, hoping to capture performance in a variety of conditions. Thirdly, they have also developed a system for measuring some key stylistic factors – growth, value and quality – which can be considered alongside the ratings to build a picture of how trusts might correlate or not. As a final note, they have not considered share price performance in the ratings. While this can be an extra source of return or loss, they believe NAV performance will be the focus of long-term investors, and the longer a holding period, the more important it will be compared to share price as a source of return. The ratings are updated every year by the investment companies team at Kepler Trust Intelligence and you can read the methodology on the Kepler website: https://www.trustintelligence.co.uk/investor/articles/2023-our-ratings. Further information Client Services Telephone 0800 085 8677 Email enquiry@invesco.com Telephone calls may be recorded. www.invesco.co.uk/invescoasia Issued by Invesco Fund Managers Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK Authorised and regulated by the Financial Conduct Authority