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Asia Dragon Trust PLC

Capturing growth from world-class Asian companies


Morningstar rating:
4 out of 5
Invest now

Daily prices as of 18 Oct 2021

Share Price 489.85p

Estimated NAV cum income 563.53p

Estimated NAV ex income 555.46p

Dividend Yield 1.0%

Premium / (Discount) to NAV cum income -12.3%

Premium / (Discount) to NAV ex income -11.1%

Annual General Meeting (AGM)

The 2020 Annual General Meeting had to be held behind closed doors but the Manager has prepared the following presentation which we hope Shareholders find useful. The Board hopes, and intends, that the 2021 Annual General Meeting will be held in person.

Watch co-manager Adrian Lim's recent AGM presentationplay_circle_outline

Latest news

An update from our investment managers, Adrian Lim and Pruksa Iamthongthong - 21 September 2021

Despite renewed outbreaks of Covid-19, regulatory pressures, particularly in China, and niggling worries over inflation and rising rates, we see reasons to be optimistic about Asian equities. While regulatory risks persist in China, we believe the authorities want to strike a good balance between promoting innovation and achieving its political goals. In particular, we prefer high-quality companies that have strong links to domestic consumption. Being in line with the strategic aims of Chinese authorities, the sector should be better positioned to withstand regulatory headwinds.

Meanwhile, US-China geopolitical tensions will continue to drive China’s push for self-sufficiency, which in turn presents investment opportunities, whether in the domestic consumption sector, tech, or green energy. We continue to position our portfolio around structural growth themes such as these that will weather the near-term uncertainties.

Lastly, despite coronavirus-related disruptions, corporate earnings growth across Asia remains likely to rebound this year, led in particular by the robust tech hardware sector.Vaccination rates are now accelerating across the region and should gradually lead to easing restrictions and further economic reopening. This would help mitigate inflationary pressures tied to near-term supply chain bottlenecks. As stock-pickers, we remain focused on companies with pricing power and the ability to pass through cost pressures.

 
Read our latest Kepler research note
Read our manager Pruksa's latest article
Read the Company's latest Regulatory News Service (RNS) announcements

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.

Learn more about the portfolio

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 the company 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

Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn 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 registered trademarks owned by CFA Institute.

  • Adrian Lim

    Adrian Lim

    Investment Director

    Adrian Lim is a senior investment manager on the Asia Pacific (ex Japan) equity team. Adrian originally joined the company 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

    Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn 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 registered 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.
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 Sternglass Noble, appointed on 7 August 2020, 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

    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.
  • 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 Sternglass Noble, appointed on 7 August 2020, 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. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.