Overview
Asia Dragon Trust (formerly Edinburgh Dragon : EFM) aims to achieve long term capital growth through investment in the Far East. The company’s benchmark index is the MSCI All Country Asia (ex Japan) Index. Investments are made in stock markets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns.
We have written notes that explain how the fund works:
“Returning to form“, published in August 2016, looks at how Asia Dragon is focused on the Asia ex Japan region and how quality has not been rewarded due to very low interest rates
“An artificial reality?“, published in April 2016, the managers believe that policies of central banks and governments have created environments where valuations are no longer based on reality
“Focused on quality“, published in September 2015, notes how Asia Dragon is managed and the makeup of its current portfolio positioning
You can access the manager’s website here
Research History
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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07 Dec 2022 64 min read
QuotedData’s Economic and Political Monthly Roundup December 2022
Economic and Political Monthly Roundup Investment companies | Monthly | December 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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26 Nov 2021 2 min read
QuotedData’s ESG Webinar – Governance Day Playback
On the 18th November QuotedData hosted the last of our three ESG focused webinars. This Governance webinar highligthed managers who actively engage with investee companies to ensure best practices are introduced and maintained and the shareholders are a key consideration in the management of businesses. We would like to thank all our speakers and our […]
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12 Nov 2020 5 min read
QuotedData’s Economic Roundup – November 2020
Economic and Political Monthly Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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19 Jun 2020 1 min read
QuotedData’s weekly roundup 19 June 2020
James Carthew’s weekly news roundup show for Friday, 19 June, covers investing in batteries, Tritax Big Box REIT’s new shed for Amazon, the potential demise of Gabelli Value Plus+ (we always hated the ‘+’), why Lindsell Train’s managers should have taken the performance fee that they earned and European Opportunities big loss on Wirecard. It also […]
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07 May 2020 4 min read
QuotedData’s Economic Roundup – May 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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07 Jun 2019 5 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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15 Apr 2019 6 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
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1 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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13 Mar 2018 1 min read
QuotedData’s investment companies roundup – March 2018
QuotedData investment companies roundup – March 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2018. Kindly sponsored by Baillie Gifford. Equity markets continued to run up in early February, supported by strong corporate earnings […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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10 Oct 2016 1 min read
Pacific Horizon – Brave new world
Marten & Co published an update on the company entitled Pacific Horizon – Brave new world The company’s performance has started to improve over the past few months, yet Baillie Gifford’s Ewan Markson-Brown and Roderick Snell, thinks that there is still considerable potential for the portfolio. He believes that some of the themes that he […]
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09 Aug 2016 1 min read
Edinburgh Dragon – Returning to form
Edinburgh Dragon – Returning to form is Marten & Co’s latest update note on the fund, published in August 2016 Edinburgh Dragon Trust (EFM) is the largest and one of the most liquid investment companies focused on the Asia ex Japan region. Its strong focus on quality has served it well over the long term. […]
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1 min read
Edinburgh Dragon – Returning to form
Edinburgh Dragon Trust (EFM) is the largest and one of the most liquid investment companies focused on the Asia ex Japan region. Its strong focus on quality has served it well over the long term. EFM’s manager says that an environment of very low interest rates has distorted markets, with the result that EFM’s focus […]
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19 Apr 2016 1 min read
Edinburgh Dragon – An artificial reality?
Edinburgh Dragon – An artificial reality? Edinburgh Dragon Trust (EFM) is the largest and one of the most easily tradeable investment companies in the AIC’s Asia ex Japan sector. The fund manager aims to buy high-quality companies at attractive valuations – an approach that has been applied consistently for many years. The manager believes that […]
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1 min read
Edinburgh Dragon – An artificial reality?
Please click the link above to access our latest research on Edinburgh Dragon Edinburgh Dragon Trust (EFM) is the largest and one of the most easily tradeable investment companies in the AIC’s Asia ex Japan sector. The fund manager aims to buy high-quality companies at attractive valuations – an approach that has been applied consistently […]
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11 Sep 2015 1 min read
Edinburgh Dragon – Focused on Quality
Edinburgh Dragon – Focused on Quality Marten and Co publishes its first initiation of coverage note on Edinburgh Dragon (EFM) Edinburgh Dragon (EFM) has some natural advantages as the largest and one of the most liquid Asian investment companies. Its focus on buying high quality companies at attractive valuations appears to have served it well […]
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1 min read
Edinburgh Dragon – Focused on Quality
Edinburgh Dragon (EFM) has some natural advantages as the largest and one of the most liquid Asian investment companies. Its focus on buying high quality companies at attractive valuations appears to have served it well over the long term but in recent years its performance has lagged its peer group. However, the manager believes current […]
News
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14 Feb 2025 1 min read
Invesco Asia Trust completes merger with Asia Dragon Trust
Invesco Asia Trust (IAT) has competed its merger with Asia Dragon Trust (DGN) after Asia Dragon shareholders approved the combination yesterday. Invesco Asia Trust has acquired around £544m of assets from DGN in consideration for the issue of 142,619,864 new shares to DGN shareholders. The number of new shares to be issued was calculated based […]
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12 Feb 2025 2 min read
QuotedData’s morning briefing 12 February 2025 – DGN, TENT, BOOT
In QuotedData’s morning briefing 12 February 2025 Asia Dragon (DGN) has announced the results of the elections for its combination with Invesco Asia Trust (IAT): 30.92% of shares opted for the rollover option while 69.08% of shares opted for the cash option, which was limited to 25% of the shares in issue (less shares held […]
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06 Feb 2025 2 min read
QuotedData’s morning briefing 6 February 2025 – JARA, DGN, IAT, TRIG, GPE, SRE, GRIO
In QuotedData’s morning briefing 6 February 2025: JPMorgan Core Real Assets (JARA) will return £33.7m to shareholders by way of a compulsory redemption of up to 34,753,090 shares at 97.0465p per share on 27 February 2025. For example, a holder of 10,000 shares will have 1,688 shares redeemed, and will receive £1,638 in cash. Although […]
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05 Feb 2025 4 min read
QuotedData’s morning briefing 5 February 2025 – TPOU, RKW, MGCI, JEMA, CGL, DGN, OIG, CREI, AIRE, LABS, THRL, HGEN
In QuotedData’s morning briefing 5 February 2025: Third Point Investors has published its investor letter for Q4 2024. Third Point’s flagship Offshore Fund achieved a 9.1% gain in Q4 2024 and 24.2% for the full calendar year. Returns for the full year were driven by positive results across all strategies, including equities, corporate and structured […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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19 Dec 2024 3 min read
More details published on Invesco Asia / Asia Dragon combination
Invesco Asia and Asia Dragon have published circulars ahead of the proposed combination of the two trusts. The combination will be undertaken through a scheme of reconstruction and winding-up of Asia Dragon under section 110 of the Insolvency Act 1986. As at 12 December 2024, Invesco Asia and Asia Dragon have each received an irrevocable […]
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25 Nov 2024 9 min read
Asia Dragon posts mixed returns
Asia Dragon (DGN) has published its annual results for the year ended 31 August 2024, during which the MSCI AC Asia ex Japan Index rose 12.0% in sterling total return terms, while DGN’s net asset value (NAV) increased 9.3% on the same total return basis. The share price rose from 353p to 404p over the […]
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01 Nov 2024 1 min read
QuotedData’s weekly news show 1st November 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Golden Prospect Precious Metals (0:22) Asia Dragon / Invesco Asia (4:08) Ashoka WhiteOak Emerging Markets (8:49) Andrew McHattie pondered whether it was right to chase the big jump in Tetragon’s share price (10:10). Tetragon […]
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28 Oct 2024 4 min read
Asia Dragon Trust and Invesco Asia Trust to merge
The boards of Asia Dragon Trust and Invesco Asia have agreed heads of terms on a proposed combination of the two companies. The Asia Dragon board said it received interest from a large number of management groups during its strategic review but said that it believed Invesco Asia’s active core Asia (ex-Japan) investment strategy, alongside its […]
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04 Oct 2024 3 min read
Lift off in China
Long suffering Chinese investors finally have something to cheer about. The CSI 300, the broad-based index of China’s largest companies, is now up an astonishing 27% off its mid-September lows as the People’s Bank of China (PBoC) and politburo announced an array of measures and fiscal rhetoric to support equity markets and the broader economy. […]
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21 May 2024 2 min read
Asia Dragon Trust announces strategic review
The Asia Dragon Trust (DGN) announced a strategic review. This follows the recent proposal to combine with Ashoka WhiteOak Emerging Markets (AWEM) which was announced on 7 May 2024. Background to the strategic review In July 2023, the company announced a proposed combination with abrdn New Dawn Investment Trust to create an enlarged company with […]
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10 May 2024 1 min read
QuotedData’s weekly news show 10th May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aquila European Renewables (0:12) • North American Income (4:51) • Ashoka WhiteOak Emerging / Asia Dragon (7:49) This week’s interview was with Richard Pindar from Literacy […]
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09 May 2024 2 min read
QuotedData’s morning briefing 9 May 2024 – SONG, DGN, AWEM, EOT, GSEO, THRL, AIRE, SOHO, SMT
In QuotedData’s morning briefing 9 May 2024: Concord Bidco, the bidding vehicle for the Alchemy/Concord Chorus bid for Hipgnosis (SONG), says that its offer of $1.25 per Hipgnosis share is final and will not be increased. [QD comment: as we suspected, Concord was unable/unwilling to better Blackstone’s $1.30 bid, which at the current exchange rate […]
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07 May 2024 4 min read
Ashoka WhiteOak Emerging Markets announces proposed transaction with the Asia Dragon Trust
Ashoka WhiteOak Emerging Markets (AWEM) has announced a proposed transaction with the Asia Dragon Trust (DGN). The proposal is supported in principle by a majority of DGN shareholders, with the company highlighting the opportunity for Asia Dragon shareholders to join an outperforming investment trust, with market-leading structural features, zero management fee and an annual redemption facility. […]
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23 Apr 2024 1 min read
QuotedData’s morning briefing 23 April 2024 – DGN
In QuotedData’s morning briefing 23 April 2024: Asia Dragon Trust (DGN) announced its interim results for the six months to 29 February 2024. The company’s NAV total return increased by 1.5% over the period, underperforming the MSCI All-Country Asia ex Japan Index benchmark, which delivered a 3.7% increase. The share price total return was 2%, […]
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19 Apr 2024 4 min read
QD view – Hot stuff
Forget the Magnificent Seven, the Indian stock market has been the unsung hero of the past decade. The MSCI India has delivered an annualised return of 13.6%[1], that puts it ahead of the MSCI World (9.97%) and its emerging market peers (3.33%). The returns from the country’s small-and mid-cap sector have been even higher. With […]
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09 Feb 2024 4 min read
QD view – This dragon needs to awake from its slumber
The Chinese year of the Dragon begins tomorrow, 10 February 2024. Dragons are associated with prosperity and abundance. This has been conspicuously absent from 2023’s year of the Rabbit, which has delivered a combination of volatile geopolitics, domestic economic weakness and unwelcome regulation. Chinese markets are now the ultimate contrarian investment option. Can they revive […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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09 Nov 2023 2 min read
QuotedData’s morning briefing 9 November 2023 – MUT, JZCP, HOT, DGN, AEI, HOME, RGL, SHED
In QuotedData’s morning briefing 9 November 2023: Murray Income says it will pay three interim dividends of 9.5p in December, March 2024 and June 2024. Up from 8.25p for the previous financial year. The directors are trying to rebalance the trust’s quarterly dividends in order to accelerate payments to shareholders. As a result, the board […]
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03 Nov 2023 7 min read
Asia Dragon Trust weighed down by China exposure
Asia Dragon Trust (DGN) has announced its annual results for the year ended 31 August 2023. During the year, DGN provided NAV and share price total returns of -16.7% and -19.5% respectively while its benchmark, the MSCI Asia ex Japan Index, returned -8.4% on a comparable basis (all in sterling terms). Much of DGN’s underperformance […]
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21 Jul 2023 1 min read
QuotedData’s weekly news show 21st July 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • abrdn New Dawn/Asia Dragon (0:27) • Digital9 Infrastructure (7:44) This week’s interview was with Ian Lance from Temple Bar – watch it again here.
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6 min read
abrdn New Dawn announces proposed combination with Asia Dragon Trust
abrdn New Dawn Investment Trust (ABD) has announced that it has agreed to terms with the board of Asia Dragon Trust in respect of a proposed combination of the two trusts. The combination, if approved by each company’s shareholders, will be effected by way of a scheme of reconstruction and winding up of abrdn New Dawn […]
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01 Nov 2022 6 min read
China’s COVID problem holds back Asia Dragon
Over the 12 months to the end of August 2022, Asia Dragon delieverd a return on NAV of -8.4%, a little behind the return on its benchmark, MSCI AC Asia ex Japan, of -7.1%. A widening discount left investors with a return of -11.8%. The dividend was maintained at 6.5p and this was not fully […]
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01 Aug 2022 3 min read
QuotedData’s morning briefing 1 August 2022
In QuotedData’s morning briefing 1 August 2022: Harmony Energy Income (HEIT) has completed the acquisition of the first pipeline project from Harmony Energy Limited: a 99 MW / 198 MWh energy storage project known as “Bumpers”. It has also executed contracts with Tesla for the supply, construction, maintenance and optimisation of the Bumpers project, with a […]
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22 Apr 2022 4 min read
QuotedData’s morning briefing 22 April 2022
In QuotedData’s morning briefing 22 April 2022: Asia Dragon (DGN) has published its interim results for the six months ended 28 February 2022. During the period, DGN delivered an NAV total return of -7.7% in sterling terms, outperforming the -8.1% fall in the benchmark, the MSCI AC Asia Pacific (ex Japan) Index (also in sterling […]
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29 Oct 2021 3 min read
Asia Dragon outperforms during volatile year for Asian markets
Asia Dragon outperforms during volatile year for Asian markets – Asia Dragon (DGN) has posted its annual results for the year to 31 August 2021. During the period, its NAV rose by 20.5%, well ahead of its benchmark, the MSCI Asia ex Japan Index, which increased by 14.7% on a comparable basis. The share price […]
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22 Oct 2021 3 min read
QD view – busy boards
I have long thought that one of the great strengths of the investment companies sector is the boards of independent directors working on investors’ behalf to keep managers and other service providers in check, keep a lid on overheads and ensuring that shareholders are treated fairly. While not every investment company is a shining example […]
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21 Oct 2021 1 min read
Asia Dragon plans conditional tender offers
Asia Dragon plans conditional tender offers – Asia Dragon Trust says that, provided its shareholders vote to continue the company at the upcoming AGM in December 2021, it intends to introduce five-yearly performance-related conditional tender offers in addition to its regular continuation votes. If, on an NAV total return basis, the company beats its benchmark […]
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18 Oct 2021 1 min read
Natalie Kenway from ESG Clarity will be providing opening remarks at QuotedData’s Annual ESG Conference
Following the success of our ESG Webinar Series in November/December 2020, we will be hosting this year’s ESG Webinar Series on 16th, 17th and 18th November 2021. Each morning will focus on a different aspect of ESG with managers having the opportunity to present on their companies and how the specific aspects of ESG are embedded in […]
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30 Oct 2020 3 min read
Asia Dragon held back by defensive holdings and exposure to India and Singapore
Asia Dragon (DGN) reported annual results to 31 August 2020. The trust, previously known as Edinburgh Dragon, delivered an NAV increase of 4.7% and a market return of 4% (both on a total return basis). DGN’s benchmark, the MSCI Asia ex Japan index, fared better, returning 10.9%. DGN’s manager said that much of the stock market exuberance was fuelled […]
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04 Nov 2019 2 min read
New name for Edinburgh Dragon
We woke this morning to annual results from Asia Dragon Trust – which was a bit confusing as it is not a fund we have ever heard of – turns out that Edinburgh Dragon’s board decided to change the name of the trust with immediate effect – the ticker becomes DGN. Given that this is […]
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08 May 2019 1 min read
QuotedData’s other news 8 May 2019
JZ Capital Partners (JZCP) reported annual results covering the period to February 28, 2019. The company, which mainly invests in US and European microcap companies and US real estate, delivered an NAV return of +0.6%. David Zalaznick, JZCP’s co-founder and investment adviser, said: “We are pleased with the continued strong underlying performance of the US and European microcap […]
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2 min read
Edinburgh Dragon picks some winners in China while Korea and India lag
Edinburgh Dragon picks some winners in China while Korea and India lag – Edinburgh Dragon Trust (EFM) has reported half-year results this morning, covering the period to Ferbruary 28, 2019. Total return NAV was down 1.1% and the share price up 1.2% in the comparison period to August 31, 2018. Moutai a highlight EFM’s chairman, […]
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01 Feb 2019 4 min read
Aberdeen Emerging: underlying managers struggled in 2018
Aberdeen Emerging: underlying managers struggled in 2018 – Aberdeen Emerging Markets underperformed the MSCI Emerging Markets Index over the year to the end of October 2018, returning -12.4% in NAV terms against -9.0% for the benchmark. The discount widened, leaving shareholders with a return of -15.7%. total dividends of 21p were paid in accordance with the […]
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02 Nov 2018 1 min read
Edinburgh Dragon offers 30% tender offer
Edinburgh Dragon offers 30% tender offer – Edinburgh Dragon Trust has released its results or the year ended 31 August 2018. The trust’s NAV total return for the year came in a whisker ahead of the return on its benchmark (2.3% versus 2.2%). The shares did a bit better, returning 3.4% as the discount narrowed a little. […]
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02 Nov 2017 3 min read
Aberdeen stays as manager of Edinburgh Dragon on a reduced fee
Aberdeen stays as manager of Edinburgh Dragon on a reduced fee – Edinburgh Dragon says that, for the year ended 31 August 2017, the NAV rose by 21.6% on a total return basis. However, this performance was less than the benchmark’s increase of 27.2% in sterling terms. Following concerns over performance, the Board undertook a detailed […]
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03 Nov 2016 3 min read
Edinburgh Dragon’s performance picks up
For the year to 31 August 2016, Edinburgh Dragon’s NAV rose by 31.9% on a total return basis. This was slightly less than the MSCI All Country Asia (ex Japan) Index ‘s increase of 33.0% in sterling terms. Most of these returns were generated in the second half of the year when Edinburgh Dragon’s performance picked up, […]
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19 Aug 2016 1 min read
EDINBURGH DRAGON TRUST: Investment trust roars back with 40% gain in six months
The good times are returning for shareholders in Edinburgh Dragon, an investment trust that seeks to generate returns from investing across diverse Far Eastern stock markets. After making a number of mistakes two to three years ago, the management team, led by Singapore-based Adrian Lim, is back on form. Over the past six months, the […]
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21 Dec 2015 3 min read
Henderson Alternative Strategies sees performance pick up in second half
Henderson Alternative Strategies Trust has announced its annual results for the year ended 30 September 2015. During the period, the Company delivered a NAV total return of -5.0% compared with a 0.8% rise in its FTSE World Total Return Index global equity benchmark. However, the board say that they are very encouraged to see that […]
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1 min read
The best investment trusts for investing in Asia right now
Chinese volatility in early August and the ‘Black Monday’ falls that followed may seem like big enough warning signals to avoid investing in Asia altogether. However, it is worth remembering that for most countries in the Asia (ex-Japan) region expected long-term growth remains attractive relative to more developed economies, and the region has much more […]
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03 Nov 2015 3 min read
Edinburgh Dragon’s China underweight impacts performance
Edinburgh Dragon Trust has announced its final results for the year ended 31 August 2015. During the year the trust’s NAV fell 12.4%, in total return terms, underperforming its MSCI All Country Asia (ex Japan) benchmark which fell 9.1% (all in sterling terms). During the period, the share price fell by 12.8% to 235.8p, as […]
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30 Apr 2015 1 min read
Chinese underweight contributes to Edinburgh Dragon’s mild underperformance
Edinburgh Dragon‘s recent half yearly results report a rise in NAV of 3.7% during the six-months to 28 February 2015, underperforming its MSCI All-Countries Asia (ex-Japan) Index which rose 5.9% (all in Sterling adjusted terms). The company reports that this was due to be underweight China (the Chinese stock market outperformed the broader region during […]
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04 Nov 2014 1 min read
Edinburgh Dragon hurt by Standard Chartered and City Developments
EFM : Edinburgh Dragon hurt by Standard Chartered and City Developments Edinburgh Dragon underperformed its benchmark over the year that ended on 31 August 2014, delivering a 10.4% return on net assets as compared to a 13.2% return, in Sterling terms, on the MSCI All Countries Asia ex Japan Index. The report says the problem […]
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30 Apr 2014 1 min read
Edinburgh Dragon : EFM – half year figures
Edinburgh Dragon’s figures for the six months ended 28 February 2014 show a fall of 5% I total return terms for the company’s net assert value – 4% worse than the 1% fall in its benchmark index. The Chairman attributes this Edinburgh Dragon’s holdings in Greater China and Singapore.
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In The Press
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29 Nov 2024 1 min read
Boards’ focus on discounts improves corporate governance
James Carthew for Citywire Investment Trust Insider, 29 November 2024: This has been a year of radical change in investment companies. However, unlike previous periods of heightened corporate activity among listed closed-end funds, boards have mostly initiated corporate action themselves rather than having it forced upon them. Share price ratings in the sector weakened for […]
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23 Jul 2024 1 min read
Investment trust insider on the Trump-effect on emerging markets
Investment trust insider on the Trump-effect on emerging markets – James Carthew: A Trump win won’t thump all emerging markets If Donald Trump is re-elected as US president it is likely to be unhelpful for emerging markets, but countries, businesses and fund managers will navigate the inevitable gyrations. Recent events have increased expectations of a […]
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29 May 2024 1 min read
Will ‘activist investors’ turn these trusts around?
by Dave Baxter, Investors’ Chronicle, May 29, 2024: When Elliott Investment Management cut its stake in Scottish Mortgage (SMT) below 5 per cent earlier this month, it’s likely to have prompted a sigh of relief from the trust’s board.. The case for activists Activists are not always a helpful presence for other shareholders given that […]
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04 Jan 2024 1 min read
How do last year’s investment trust mergers stack up?
by Dave Baxter, Investors’ Chronicle, January 3, 2024: Even the last working day before Christmas was far from short of investment trust news. The board of Octopus Renewables Infrastructure (ORIT) announced an intention to merge with its peer Aquila European Renewables (AERI) on the morning of 22 December… The plan has received a lukewarm response […]
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16 Aug 2023 1 min read
Investment trust insider on the return of arbitrageurs
Investment trust insider on the return of arbitrageurs – James Carthew: The unfit trusts at risk from an ‘arb’ attack Investment company bargains abound following the discount widening that has plagued the sector. We have seen some welcome proactive moves by boards to address the problem. What does not seem to have emerged yet is […]
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02 Aug 2023 1 min read
Investment trust insider on corporate actions in abrdn’s funds
James Carthew: Need to cut charges lies behind Abrdn and trust changes The pace of change within the investment company sector appears to be accelerating. Just in the last few weeks we have seen Asset Value Investors win the mandate to run MIGO Opportunities (MIGO), though likely with the same management team as before, which […]
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24 Jul 2023 1 min read
Abrdn set to fold New Dawn trust into Asia Dragon
Alex Sebastian, Portfolio Adviser, 24 JULY 2023: Abrdn has proposed folding the New Dawn investment trust into Asia Dragon. If the move is approved it would create a £700m Asian equities focused entity. The pair have a similar remit and a significant commonality of equities holdings. A merger could create efficiencies within the running of […]
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21 Jul 2023 1 min read
Asia Dragon to swallow Abrdn New Dawn in merger of stragglers
Gavin Lumsden, Citywire Investment Trust Insider, 21 July 2023: The tide of corporate actions sweeping the investment trust world has reached the Asia Pacific sector with Abrdn New Dawn (ABD) agreeing to merge with stablemate Asia Dragon (DGN). If approved by shareholders, the scheme of reconstruction of New Dawn and transfer of assets to Asia […]
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13 Jun 2022 2 min read
A dangerous pariah? Or is China a mighty beast investors can’t afford to shun?
By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 12 June 2022: Investing in emerging markets is often a step too far for investors with an ethical bent. Human rights issues and exploitation of labour put them off. Nowhere in the emerging markets world are these issues currently more prominent than in China, still the engine room […]
