TIDMATR
RNS Number : 0408V
Asian Total Return Invest Co PLC
22 October 2014
ASIAN TOTAL RETURN INVESTMENT COMPANY PLC
Interim Management Statement for the Quarter ended 30 September
2014
The Board of Asian Total Return Investment Company plc ("the
Company") is pleased to announce its Interim Management Statement
as required by the UK Listing Authority's Disclosure and
Transparency Rules. This Statement is in respect of the period from
1 July 2014 to 30 September 2014.
Investment Objective
The Company's investment objective is to provide a high rate of
return through investment in equities and equity-related securities
of companies trading in the Asia Pacific region (excluding Japan).
The Company seeks to offer a degree of capital preservation through
tactical use of derivative instruments.
Material Events or Transactions
Appointment of Alternative Investment Fund Manager
During the period, pursuant to the Alternative Investment Fund
Managers Directive ("AIFMD"), the Company appointed Schroder Unit
Trusts Limited ("SUTL") as its Alternative Investment Fund
Managerto provide portfolio management, risk management and company
secretarial services to the Company. In order to facilitate this
appointment, the Company has terminated its existing investment
management agreement with Schroder Investment Management Limited
("SIM") and has entered into a new agreement with SUTL. Under these
new arrangements, certain functions have been delegated from SUTL
to SIM and investment management has been further sub-delegated to
Schroder Investment Management (Singapore) Limited.
Appointment of Depositary
During the period, pursuant to the AIFMD, the Company appointed
HSBC Bank plc as its Depositary, responsible for, inter alia, cash
monitoring, custody of financial instruments, verification of
ownership of assets and oversight.
Directorate Change
Mike Holt was appointed as a non-executive Director of the
Company, with effect from 1 July 2014.
Mr Holt is currently Group Finance Director of Low & Bonar
PLC, an international performance materials group. He is also a
trustee (and treasurer) of Target Ovarian Cancer. Prior to joining
Low & Bonar in 2010, he was Group Finance Director of Vp plc
for six years and had previously held a number of senior financial
positions with Rolls-Royce group plc in the UK, the USA and Hong
Kong. He is a Fellow of The Institute of Chartered Accountants in
England & Wales.
The election of Mr Holt as a Director of the Company will be
proposed at the next Annual General Meeting.
Retirement of Director
As part of the planned refreshment of the Board, Mr Hugh Aldous
retired as a Director of the Company with effect from 22 October
2014.
The Board would like to take this opportunity to thank Mr Aldous
for his invaluable contribution to the Company during his tenure as
a Director and Chairman of the Audit Committee of nearly 11
years.
No other material events or transactions have taken place in
respect of the Company between 1 July 2014 and the date of
publication of this Statement.
Company Statistics as at 30 September 2014
Net assets GBP147.7 million
Net asset value ("NAV")
per Ordinary share 200.14p
Share price 186.0p
Discount 7.1%
Number of portfolio holdings 62
Net cash 1.1%
Cumulative Performance to 30 September 2014
Total returns over: 3 months 6 months 1 year
Share price 6.13% 9.41% 8.64%
NAV per Ordinary share 5.88% 8.75% 10.30%
Peer group net asset value 5.86% 10.70% 11.87%
(arithmetic average)
MSCI AC Asia Pacific (ex
Japan) Index 2.03% 5.49% 5.84%
Source: Morningstar
Portfolio Information as at 30 September 2014
Ten Largest Holdings
Country % of
of Market Value NAV
Stock Name listing (GBP)
Jardine Strategic Hong Kong 5,460,260 3.7
Taiwan Semiconductor
Manufacturing Taiwan 4,856,982 3.3
Kasikornbank Thailand 4,555,286 3.1
Jardine Matheson Hong Kong 4,544,034 3.1
AIA Hong Kong 4,095,887 2.8
Wuxi Pharmatech China 4,076,698 2.8
Techtronic Industries Hong Kong 4,054,402 2.7
Swire Properties Hong Kong 3,778,383 2.6
Ayala Land Philippines 3,616,059 2.4
Brambles Australia 3,612,355 2.4
Geographical Analysis
Country of Listing % of NAV
Hong Kong/China 39.1
Thailand 11.4
Taiwan 10.0
Australia 9.2
Philippines 7.8
India 7.3
Singapore 5.2
Indonesia 2.8
Korea 1.6
Malaysia 0.5
Other 3.0
Options 0.9
Net current assets 1.2
Sector Breakdown
Sector % of NAV
Financials 25.3
Industrials 23.1
Consumer Goods 13.7
Technology 9.8
Healthcare 8.5
Consumer Services 7.7
Basic Materials 3.5
Consumer Discretionary 1.9
Consumer Staples 1.9
Oil and Gas 1.5
General Retailers 1.0
Options 0.9
Net current assets 1.2
Changes to Share Capital during the Quarter ended 30 September
2014
Issued Ordinary
shares of 5p each
At 1 July 2014 73,931,141
Shares repurchased into
Treasury during the period
Shares in issue at 30 September 115,000
2014 (excluding shares held
in Treasury) 73,816,141
Shares held in Treasury
Shares in issue at 30 September 11,388,671
2014 (including shares held
in Treasury) 85,204,812
Following the quarter end, 347,000 Ordinary shares have been
repurchased into Treasury. As at the date of this Statement,
73,469,141 Ordinary shares are in issue and 11,735,671 shares are
held in Treasury. Each Ordinary share carries one voting right. The
total number of voting rights in the Company as at the date of this
Statement is 73,469,141.
Company Information as at 30 September 2014
SEDOL Code 0871079
Sector Equity Investment Instruments
Launch Date 26 November 1987
Financial Year End 31 December
Company website: www.asiantotalreturninvestmentcompany.com
22 October 2014
Enquiries:
John Spedding
Schroder Investment Management Limited
Company Secretary
Tel: 020 7658 3206
This information is provided by RNS
The company news service from the London Stock Exchange
END
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