Asia Dragon Trust PLC

Capturing growth from world-class Asian companies


Morningstar rating:
4 out of 5

Daily prices as of {{asOfDate}}

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Latest news

An update from our investment managers, Adrian Lim and Pruksa Iamthongthong - 21 May 2020

Unsurprisingly, there is little clarity and this means volatility is here to stay. A recovery in growth will depend on many things. How effective the monetary and fiscal responses are in stimulating economies. How soon the covid-19 outbreak dissipates. How quickly financial and liquidity conditions return to normal levels. How confident consumers are to go out and open their wallets again. How confident companies are to resume their capital spending again.

Nevertheless, we take comfort in that our companies have solid balance sheets and they have endured similar disruptions in the past. We believe that the fundamentals of our invested companies remain intact and should be relatively more resilient during such times. As the market has been indiscriminate during this sell-off, we intend to be opportunistic amidst the uncertainty.

Across most sectors, we have seen guidance downgrades in the first quarter of 2020. It is too early to ascertain the potential impact on the rest of the year, but the longer the covid-19 outbreak persists, the higher the certainty that this disruption would hold back a sharp recovery in the second half of the year. Global growth and supply chain worries amid the covid-19 outbreak and subdued domestic consumption make earnings expectations vulnerable to further cuts. We would expect the first seven months of 2020 to be a challenging period for earnings. More recently, quite a number of our holdings have already cut or withdrawn guidance. Some are beefing up liquidity via capital raising whilst we have seen a tighter rein on capex spending and discretionary costs across the board.

At the portfolio level, we have been vigilant about liquidity risks around our companies. Most of our companies have low liquidity risks backed by the strength of their balance sheet and rightly so given the quality bias in our investing philosophy.

More broadly, despite significant short-term challenges, we still think that Asia is relatively more buffered than elsewhere in the world. It remains the fastest-growing major region globally. It also accounts for more than two-thirds of global growth. Broadly, long-term structural trends are also in Asia's favour. These include the consuming power of a growing and wealthier middle class. Rapid urbanisation also increases the need for better infrastructure. Asia continues to remain at the forefront of technology shifts. The adoption of 5G is progressing, along with autonomous driving. Prospects for high-power computing, data centres and servers remain compelling, whilst AI complexity would boost semiconductor demand and overall market expansion. Autonomous driving is also likely to be a new growth engine.

Asia remains structurally attractive in the long run and while we are cautious given the fluidity of the current situation, we believe that volatility presents a good opportunity for us to selectively build our quality positions at a more attractive price.

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 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 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

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

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 .
Iain McLaren

Iain McLaren

Non-Executive Director

Iain McLaren, appointed on 6 September 2010, is a chartered accountant and was a Partner at KPMG for 27 years, including Senior Partner in Scotland from 1999 to 2004, retiring from the firm in 2008. He is the Senior Independent Director and Audit Committee Chairman of Cairn Energy Plc. He is also Chairman of F&C UK High Income Trust Plc and a non-executive director of Baillie Gifford Shin Nippon Plc, Ecofin Global Utilities and Infrastructure Trust plc and a director of a number of other companies. He is a former President of Institute of Chartered Accountants of Scotland.
Charlie Ricketts

Charlie Ricketts

Independent Non-Executive Director

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 founded Crix Capital, a consultancy, enterprise philanthropy and venture funding business. 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 head of marketing and investment product development at Gartmore Investment Management.
  • James Will

    Chairman

    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

    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 .
  • Iain McLaren

    Non-Executive Director

    Iain McLaren, appointed on 6 September 2010, is a chartered accountant and was a Partner at KPMG for 27 years, including Senior Partner in Scotland from 1999 to 2004, retiring from the firm in 2008. He is the Senior Independent Director and Audit Committee Chairman of Cairn Energy Plc. He is also Chairman of F&C UK High Income Trust Plc and a non-executive director of Baillie Gifford Shin Nippon Plc, Ecofin Global Utilities and Infrastructure Trust plc and a director of a number of other companies. He is a former President of Institute of Chartered Accountants of Scotland.
  • Charlie Ricketts

    Independent Non-Executive Director

    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 founded Crix Capital, a consultancy, enterprise philanthropy and venture funding business. 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 head of marketing and investment product development at Gartmore Investment Management.

 

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.
Read the detailed risk warning 
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