Aberdeen Asia Focus beats benchmark in first half, eyes new volatility

(Alliance News) - Aberdeen Asia Focus PLC on Monday said it delivered a strong performance in the first half, outperforming the benchmark, but sees renewed volatility ahead due to the strikes in Iran.

The investor in Asian industries and economies said its net asset value per share was 421.69 pence at January 31, a 23% increase from 342.93 pence 12 months prior and a 5.3 from 381.72 pence at the end of July.

NAV total return was over 11% in the six months to the end of January, beating the benchmark MSCI AC Asia Ex Japan Small Cap Index which instead delivered 9.0% in the same period.

Despite the solid performance, the company noted that the outperformance was driven primarily by the portfolio manager's stock picks rather than by broader market moves, reflecting its focus on under-researched smaller companies.

"The portfolio benefited from exposure to specialist companies in niche areas within the AI and electronics ecosystem across Taiwan and Korea...as market returns were narrowly concentrated within the artificial intelligence thematic and its related supply chains", Chair Krishna Shanmuganathan said.

The company set a dividend target of 6.43 pence per share, up 0.2% from the previous year's 6.42 pence per share target and total dividend.

The board "aims to maintain its long-standing progressive dividend policy, which has now been in place for 30 years", Aberdeen Asia Focus said, and expects to join the next generation of 'dividend heroes' compiled by the Association of Investment Companies.

In her outlook, Shanmuganathan says that strikes in Iran have re-introduced a source of global risk through volatility in oil prices and its likely effect on overall risk appetite.

However, most companies in Aberdeen Asia Focus's portfolio generate revenues from domestic demand across Asia.

"Asia's domestic resilience, global leadership and structural growth will continue to create attractive long‑term opportunities," Shanmuganathan added.

Shares in Aberdeen Asia Focus were down 0.8% to 371.09 pence each on Monday morning in London.

By Martin Miraglia, Alliance News reporter

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