13 Jun 2019 13:16
London, UK, 13 June 2019
Edison publishes review on Aberdeen New Thai Investment Trust (ANW)
Aberdeen New Thai Investment Trust (ANW) aims to deliver a high level of long-term capital growth, with the manager following a rigorous bottom-up, stock selection driven investment process. The trust has delivered strong absolute returns over the past 10 years, with an annualised NAV total return of 18.1%. Over the near term, the manager expects the ongoing US-China trade dispute to weigh on Thai equity market sentiment. However, it believes longer-term prospects remain very attractive. The portfolio is shifting in favour of small caps, where the manager can find less well-discovered, high-quality companies that are mispriced relative to their long-term intrinsic value.
ANW trades at a discount to cum-income NAV of 15.1%, which is one of the widest among peers. The board introduced a number of changes in 2018 to help improve returns to shareholders and seek to tighten the discount, including a significant increase in the dividend, resulting in an attractive yield of 3.1%. These measures may help ANW's discount to narrow over time.
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Gavin Wood, +44 (0)20 3681 2503
investmenttrusts@edisongroup.com
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