A proven ‘all-weather’ trust with greater scale

Invesco Asia Dragon Trust (IAD) is approaching its first anniversary of the merger between Invesco Asia Trust and Asia Dragon Trust with a strong 12-month NAV total return (TR) of 26.5% to end-December 2025, aided by a robust Chinese equity market and the rally in Asian tech stocks, among others. A notable theme across IAD’s portfolio recently has been attractive shareholder returns (dividends and buybacks) of companies in China, South Korea and ASEAN countries. In South Korea, shareholder returns were assisted by the government’s Corporate Value-Up programme. IAD’s managers highlight the combination of still-reasonable average valuations across the region (below the average valuations of US peers), a solid double-digit corporate earning...