1 Feb 2021 08:00
London, UK, 1 February 2021
Edison issues review on Aberdeen New Thai Investment Trust (ANW)
Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on investing in Thailand and the manager Aberdeen Standard Investments (ASI) believes the Thai equity market remains inefficient. During 2020, the ANW team rebalanced the portfolio. ANW was not well positioned for the unforeseen pandemic and subsequent market rout, and performance disappointed. Nevertheless, the manager picked up undervalued stocks during the 2020 sell-off. The manager expects quality companies within the rebalanced portfolio that are market leaders to better weather the impacts of the pandemic and generate sustainable long-term returns.
ANW trades on a 15.4% discount to its cum-income NAV, wider than its three-year average of 14.0%, and a significant recovery from the March 2020 low (21.7%). Its double-digit gearing amplified the portfolio's underperformance in 2020, but means ANW should see improving performance as the country recovers and investors refocus on Thailand's brighter longer-term prospects within Asia.
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