Asia Dragon Trust PLC

Capturing growth from world-class Asian companies


Morningstar rating:
4 out of 5

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Latest news

An update from our investment managers, Adrian Lim and Pruksa Iamthongthong - 18 September 2020

Asian equities advanced in August. Improving macro data that hinted at a broadening economic recovery, alongside hopes of fresh stimulus in the US and parts of Asia, buoyed stocks. Fast-tracked approvals of potential Covid-19 vaccines in Russia and China also lifted sentiment. However, US-China relations descended to new lows as the White House barred companies from dealing with two Chinese apps and slapped further restrictions on Huawei. This, along with China’s souring relations with India, capped gains. Meanwhile, some countries, including South Korea, imposed localised lockdowns as infections rose.

The recent rallies suggest that some markets may have run ahead of their fundamentals. The economic outlook remains uncertain, and there is still a risk of new Covid-19 waves. Further complicating matters is the worrying geopolitical backdrop. Notably, provocations between the US and China are likely to intensify in the lead-up to the US presidential elections in November. Meanwhile, recent corporate earnings have also been mixed. Companies in some sectors have shown resilience, but others remained weak. Therefore, we continue to maintain cautious while being nimble in managing the portfolio, even as we expect better data through the second half of the year as economies recover.  Accommodative central banks also provide some support for stocks.

In the longer term, we are positioning for a post-pandemic world, which will have a structural impact on companies, industries and even economies. We are also giving thought to where we should be invested along the technology supply chain, within the context of worsening US-China relations. Nonetheless, Asia’s attractions are undimmed. It is home to an abundance of good quality companies, with clear earnings drivers, robust balance sheets, and healthy cash levels. Besides, the region remains the fastest-growing in the world, with structural growth drivers that will continue to play out in years to come. Hence, we will stay disciplined in putting capital to work on our best ideas that will generate sustainable returns over the long run.

About us

Capturing growth from world-class Asian companies

As a long-term, cornerstone investment in Asian equity markets, Asia Dragon Trust seeks to provide investors with access to high quality companies - companies we believe to be attractively valued with effective management, good cash flows and healthy balance sheets.

Leading: in a market of diverse corporate quality, our intensive approach seeks to bring together world-class, quality Asian companies that are transforming their sector and setting governance standards.

Long term: as one of the largest Asian investment trusts, our size and extensive manager experience make Asia Dragon a solid cornerstone investment looking to drive steady, long-term growth from a volatile but unmissable region.

Local: at the heart of Asia for over 30 years, our broad and deep in-country presence gives us regional insight from a global perspective and outstanding corporate access across this complex, wide-ranging and fast-changing market.

Key people

Adrian Lim

Adrian Lim

Investment Director

Adrian Lim is a senior investment manager on the Asia Pacific (ex Japan) equity team. Adrian originally joined Aberdeen in 2000 as a manager in private equity, on the acquisition of Murray Johnstone, but transferred to his current post soon afterwards. Previously, Adrian worked for Arthur Andersen LLP as an associate director advising clients on mergers & acquisitions in the region.

Adrian graduated with a BAcc from Nanyang Technological University, Singapore. He is a CFA Charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Pruksa Iamthongthong

Pruksa Iamthongthong

Investment Director

Pruksa Iamthongthong is an Investment Director on the Asian Equities team

Pruksa graduated with a BA in Business Administration from Chulalongkorn University, Thailand and is a CFA Charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Flavia Cheong

Flavia Cheong

Head of Equities - Asia Pacific ex Japan

Flavia Cheong is Head of Asia Pacific ex Japan Equity on the Asian Equities team, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Standard Investments (Asia) in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Adrian Lim

    Investment Director

    Adrian Lim is a senior investment manager on the Asia Pacific (ex Japan) equity team. Adrian originally joined Aberdeen in 2000 as a manager in private equity, on the acquisition of Murray Johnstone, but transferred to his current post soon afterwards. Previously, Adrian worked for Arthur Andersen LLP as an associate director advising clients on mergers & acquisitions in the region.

    Adrian graduated with a BAcc from Nanyang Technological University, Singapore. He is a CFA Charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Pruksa Iamthongthong

    Investment Director

    Pruksa Iamthongthong is an Investment Director on the Asian Equities team

    Pruksa graduated with a BA in Business Administration from Chulalongkorn University, Thailand and is a CFA Charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Flavia Cheong

    Head of Equities - Asia Pacific ex Japan

    Flavia Cheong is Head of Asia Pacific ex Japan Equity on the Asian Equities team, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Standard Investments (Asia) in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

James Will

James Will

Chairman of Board and Chairman of Nomination and Management Engagement Committees

James Will, appointed on 1 October 2018 and Chairman since 3 July 2019, is a former Chairman of law firm Shepherd and Wedderburn LLP where he was a senior corporate partner, heading its financial sector practice. He has experience of working with companies in a wide range of industry sectors including financial services, technology, energy and life sciences. He is Chairman of The Scottish Investment Trust plc and Audit Chairman of Herald Investment Trust plc.
gaynor coley

Gaynor Coley

Non-executive Director and Audit Committee Chairman

Gaynor Coley, appointed on 3 July 2019, is a qualified chartered accountant with over 30 years’ experience in private and public sector finance and governance. She is currently the Audit Committee Chairman of Lowland Investment Company and SQN Secured Investment Fund. She is also chairman of The Wave Group Ltd and a number of private companies. She was previously the Director of Public Programmes at the Royal Botanic Gardens Kew, Managing Director of the Eden Project in Cornwall and Director of Finance at Plymouth University.
Kathryn Langridge

Kathryn Langridge

Non-Executive Director

Kathryn Langridge, appointed on 29 October 2012, has 30 years’ experience in the investment industry. She is currently head of global emerging markets equity at Manulife. She was previously fund management director for global emerging equities at Jupiter Asset Management, head of global emerging markets team at Lloyd George Management, where she was responsible for developing investment strategy and managing equity portfolios across a range of emerging markets. She also worked at INVESCO Perpetual for 17 years where she had been head of Asian investments and head of international equity products. She began her career in Asia with Jardine Fleming.
Peter Maynard

Peter Maynard

Non-Executive Director

Peter Maynard qualified as a solicitor and was Group Legal Director at Prudential plc from 1998 to 2009 and Company Secretary from July 1999. Prior to that he was with HSBC for 14 years during which time he was variously a Director of HSBC Investment Bank, President and Chief Executive Officer of James Capel Inc in New York and finally Deputy Group Legal Adviser. Recently he has been the Head of Group Governance and Regulatory Compliance at Old Mutual plc. He is a former chairman of the GC100 and was a supervisory board member of the London Business School Centre for Corporate Governance. He is a non-executive director of Brunner Investment Trust plc .
Charlie Ricketts

Charlie Ricketts

Senior Independent Non-executive Director and Remuneration Committee Chairman

Charlie Ricketts, appointed on 19 April 2016, has over 30 years' experience within the investment funds arena. He was, until 2014, the head of investment funds at Cenkos Securities, providing equity capital markets services to the fund management industry and to investment trust companies. He was previously a managing director of UBS Investment Bank and head of investment funds. He began his investment career as an investment director of Johnson Fry and then head of marketing and investment product development at Gartmore Investment Management. Charlie is a non-executive director of Templeton Emerging Markets Investment Trust and is co-Founder of the charity Carefreebreaks.
Susan Sternglass Noble

Susan Sternglass Noble

Non-executive Director

Susan has over 30 years’ experience of investment management and analysis, specialising in financial sector equities, with focus on global, European and Asian mandates. She holds a B.A. in Asian Studies from Cornell University and a M.S. in Foreign Service from Georgetown University and is a Mandarin Chinese speaker. Susan held senior roles at Goldman Sachs, JP Morgan, CQS and AXA Investment Managers. More recently she has held a number of board, advisory and policy roles with a focus on corporate governance and investment stewardship. Susan is a non-executive director of Unity Trust Bank, a senior adviser to The Investor Forum and trustee of the charity, Link Age Southwark. She was previously a specialist adviser to the Treasury Select Committee of the House of Commons and a Commissioner on the Dormant Assets Commission.
  • James Will

    Chairman of Board and Chairman of Nomination and Management Engagement Committees

    James Will, appointed on 1 October 2018 and Chairman since 3 July 2019, is a former Chairman of law firm Shepherd and Wedderburn LLP where he was a senior corporate partner, heading its financial sector practice. He has experience of working with companies in a wide range of industry sectors including financial services, technology, energy and life sciences. He is Chairman of The Scottish Investment Trust plc and Audit Chairman of Herald Investment Trust plc.
  • Gaynor Coley

    Non-executive Director and Audit Committee Chairman

    Gaynor Coley, appointed on 3 July 2019, is a qualified chartered accountant with over 30 years’ experience in private and public sector finance and governance. She is currently the Audit Committee Chairman of Lowland Investment Company and SQN Secured Investment Fund. She is also chairman of The Wave Group Ltd and a number of private companies. She was previously the Director of Public Programmes at the Royal Botanic Gardens Kew, Managing Director of the Eden Project in Cornwall and Director of Finance at Plymouth University.
  • Kathryn Langridge

    Non-Executive Director

    Kathryn Langridge, appointed on 29 October 2012, has 30 years’ experience in the investment industry. She is currently head of global emerging markets equity at Manulife. She was previously fund management director for global emerging equities at Jupiter Asset Management, head of global emerging markets team at Lloyd George Management, where she was responsible for developing investment strategy and managing equity portfolios across a range of emerging markets. She also worked at INVESCO Perpetual for 17 years where she had been head of Asian investments and head of international equity products. She began her career in Asia with Jardine Fleming.
  • Peter Maynard

    Non-Executive Director

    Peter Maynard qualified as a solicitor and was Group Legal Director at Prudential plc from 1998 to 2009 and Company Secretary from July 1999. Prior to that he was with HSBC for 14 years during which time he was variously a Director of HSBC Investment Bank, President and Chief Executive Officer of James Capel Inc in New York and finally Deputy Group Legal Adviser. Recently he has been the Head of Group Governance and Regulatory Compliance at Old Mutual plc. He is a former chairman of the GC100 and was a supervisory board member of the London Business School Centre for Corporate Governance. He is a non-executive director of Brunner Investment Trust plc .
  • Charlie Ricketts

    Senior Independent Non-executive Director and Remuneration Committee Chairman

    Charlie Ricketts, appointed on 19 April 2016, has over 30 years' experience within the investment funds arena. He was, until 2014, the head of investment funds at Cenkos Securities, providing equity capital markets services to the fund management industry and to investment trust companies. He was previously a managing director of UBS Investment Bank and head of investment funds. He began his investment career as an investment director of Johnson Fry and then head of marketing and investment product development at Gartmore Investment Management. Charlie is a non-executive director of Templeton Emerging Markets Investment Trust and is co-Founder of the charity Carefreebreaks.
  • Susan Sternglass Noble

    Non-executive Director

    Susan has over 30 years’ experience of investment management and analysis, specialising in financial sector equities, with focus on global, European and Asian mandates. She holds a B.A. in Asian Studies from Cornell University and a M.S. in Foreign Service from Georgetown University and is a Mandarin Chinese speaker. Susan held senior roles at Goldman Sachs, JP Morgan, CQS and AXA Investment Managers. More recently she has held a number of board, advisory and policy roles with a focus on corporate governance and investment stewardship. Susan is a non-executive director of Unity Trust Bank, a senior adviser to The Investor Forum and trustee of the charity, Link Age Southwark. She was previously a specialist adviser to the Treasury Select Committee of the House of Commons and a Commissioner on the Dormant Assets Commission.

 

Financial calendar

Year End 31 August
Accounts Published November
Annual General Meeting December
Dividend Paid December

Trust details

Asia Dragon Trust plc

Registered Office:
1 George Street
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC106049

Launch Date: September 1987

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
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