17 Dec 2018 12:22
London, UK, 17 December 2018
Edison issues review on Aberdeen New Thai Investment Trust (ANW)
Aberdeen New Thai Investment Trust (ANW) was launched in 1989 and is the only Thailand-focused investment trust listed in London. It aims to deliver a high level of long-term capital growth through investing in a relatively concentrated portfolio of quality companies, following a disciplined bottom-up approach. The Thai equity market has been relatively resilient this year compared to MSCI AC Asia ex-Japan and MSCI Emerging Markets, reflecting Thailand's solid economic fundamentals. The manager believes Thai companies are particularly well-placed to benefit from the fast-growing neighbouring economies of Cambodia, Laos, Myanmar and Vietnam, and ANW offers some indirect exposure to these markets. The trust has delivered strong absolute returns over the past 10 years; an annualised NAV total return of 20.5%. Recent returns, however, have lagged the benchmark and the shares have traded at a persistently wide discount to cum-income NAV. In May 2018, the board announced a package of changes to address these issues which, if successful, should support further narrowing of the discount.
ANW's current 12.4% discount to cum-income NAV is slightly below its three-year average of 15.6% and at the bottom of the 12.4% to 21.3% over this period. The board recently announced a package of changes aiming to improve returns to shareholders, without affecting the investment process. Should these be successful, there is scope for the discount to tighten further over time.
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