• Scottish Oriental Smaller Companies Trust (SST) has published its interim results for the six months to 28 February 2025. The company reported a NAV total return of -1.2%, comfortably ahead of the MSCI AC Asia ex Japan Small Cap Index, which fell 5.6% over the same period. The share price rose marginally by 0.1%, narrowing the discount slightly to 13.4%. Relative performance benefited from a shift in allocation away from India and into China and Hong Kong, alongside positive stock selection. The trust’s India exposure fell from 43.1% to 27.1% over the period, while China and Hong Kong increased to 28.3%. A 5-for-1 share split was completed in February to improve liquidity and accessibility. A new lead manager, Sreevardhan Agarwal, was also appointed in November 2024 following the departure of Vinay Agarwal. Eight new holdings were added, including names in China (Haitian International, Stella Holdings), India (Niva Bupa, Godrej Agrovet), ASEAN (Unilever Indonesia, GT Capital), Taiwan (Sporton International), and Australia (Guzman Y Gomez). Three positions were exited due to valuation concerns or industry headwinds. Looking ahead, the board reiterated its long-term focus on domestically oriented, high-quality businesses with strong balance sheets, well-positioned to weather global uncertainty.
• abrdn Asia Focus (AAS) has issued a final reminder to holders of its 2.25% Convertible Unsecured Loan Stock 2025 (CULS) that the last opportunity to convert into ordinary shares will be during the 28-day period ending 31 May 2025. The conversion price is 293p per share, following the share split in 2022. At current market levels, the CULS trade at a slight premium to the conversion value, and holders are advised to consider their options carefully. CULS will be redeemed at par plus accrued interest if not converted. CREST instructions must be submitted by 1.00 p.m. on Friday 30 May, while certificated holders have until 5.00 p.m. on 31 May to lodge their forms. The CULS will be delisted at 8.00 a.m. on 2 June 2025.
• Templeton Emerging Markets Investment Trust (TEM) has provided an update on its debt position. On 29 April 2025, the company drew CNH300m (c. £31m) under its existing £122m revolving loan facility, and on 30 April, repaid £40m of its outstanding £80m sterling debt. As a result, the trust’s total borrowings now stand at approximately £71m, comprising £40m in GBP and CNH300m. The facility allows borrowing in GBP, USD or CNH, at a margin of 1.1% over the relevant market rate, with a 0.4% commitment fee on undrawn amounts. The company has no other borrowings, and as at 30 April, its net gearing was 0.0%, net of portfolio cash. (CNH refers to the offshore Chinese yuan – also called the offshore renminbi – and is the version of China’s currency that is traded outside mainland China, primarily in financial centres like Hong Kong, London, and Singapore. CNY is the onshore yuan, used within mainland China and subject to stricter controls by the People’s Bank of China. CNH is more freely traded and used in international markets).
• AEW UK REIT (AEWU) has reported a flat NAV over the quarter to 31 March 2025 of 110.11p per share (Dec 2024: 110.02p). NAV total return was 1.9% for the quarter including the dividend of 2.0p (Dec 2024 quarter: 2.73%). EPRA earnings for the quarter dropped to 1.71p per share from 2.35p in the previous quarter due to a disposal (the proceeds of which was part deployed towards the end of the month). The group’s portfolio increased in value by 1.4% (Dec 2024 quarter: 1.22% increase) to £204.6m.
• Supermarket Income REIT (SUPR) has completed a £90.0m refinancing through a new unsecured debt facility with Barclays. The facility will be used to refinance the company’s existing secured debt facilities with Wells Fargo and Bayerische Landesbank of £30.0m and £55.4m respectively. These facilities are due to mature in the next 12 months and will now be cancelled in full. The new facility is interest-only and has a maturity of three years, with two one-year extension options at the lender’s discretion, and is priced at a margin of 1.55% above SONIA. The company says that it intends to use the value of the existing interest rate hedges on the refinanced Wells Fargo and Bayerische Landesbank facilities to cap the interest rate on the facility at 5.0% for the three year term, at no additional cost to the company. Following the debt refinancing and completion of the recently announced joint venture, the company has an expected pro-forma LTV of 31%.

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