Edison reviews on Aberdeen New Thai Inv Trust

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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Helena Coles, +44 (0)20 3681 2522

Gavin Wood, +44 (0)20 3681 2503

investmenttrusts@edisongroup.com

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