MARTIN CURRIE ASIA UNCONSTRAINED TRUST PLC
MARTIN CURRIE PACIFIC TRUST PLC
INTERIM MANAGEMENT STATEMENT
COVERING THE PERIOD FROM 1 APRIL 2014 TO 30 JUNE 2014
Manager's commentary
Asian equities had a much stronger second quarter this year. Both the US and Europe are increasing imports, which bodes well for global and Asian trade flows. At the regional level, India and Taiwan led the field while Indonesia brought up the rear. By sector, energy and IT did the best, while consumer discretionary fared the worst.
The company rose 1.8%, but underperformed the benchmark, which was up by 3.6%. The biggest detractor was port operator China Merchants Holdings due to profit taking after a strong performance in the second half of 2013. Car-part manufacturer Takata's share price continued to be impacted by a product recall, as costs mount up. Social networking and game firm Gree and Australian railroad company Aurizon were other notable negatives during the period.
On the other side, the top contributor was diversified financial firm Orix; it is increasing its return on equity by focusing on higher-return business lines. Chinese automobile manufacturer Dongfeng Motor did well during the period, buoyed by earnings upgrades. Other notable contributors were Chinese oil producer CNOOC and South Korean chemical firm LG Chem.
The company's holding in China 'A' share fund S2 Shares has been written off during the period to 31 March 2014.
On 10 July the shareholders voted overwhelmingly in favour of changing the investment objective and policy of the company to an Asia ex Japan mandate, unconstrained by any benchmark, with the objective of achieving returns commensurate with Asia ex Japan GDP growth. We aim to accomplish this with a portfolio of 20-30 stocks, combined with a long-term investment horizon.
Andr e w Gr aham
PROFILE
Objectiv e T o achie v e long-t erm r e turns b y in v es tmen t in the ma tur e and de v eloping mark e ts of Asia and the P acific Basin *
Benchmark MSCI A C Asia P acific inde x (Japan fix eda t 25%) *
Sect or F ar E as t including Japan
Launch 1985
* On 10 July 2014 shareholders voted in favour of a change to the company's investment objective and policy. Please see the manager's commentary and visit www.martincurriepacific.com.
PORTFOLIO
Country alloc a tion
31 Mar | 30 June | |
Japan | 28.4% | 24.8% |
Hong K ong | 12.7% | 13.1% |
Aus tr alia | 12.0% | 12.6% |
China | 13.0% | 12.4% |
South K or ea | 10.2% | 9.2% |
T aiw an | 7.7% | 7.5% |
Singapore | 5.1% | 6.5% |
India | 4.0% | 3.4% |
United Kingdom | 3.2% | 3.2% |
Malaysia | 2.8% | 2.5% |
Thailand | 5.7% | 1.7% |
Indonesia | 0.9% | 0.4% |
Cash | 0.9% | 2.7% |
Gearing | (3.0%) | - |
Top 10 holdings (31.8% of total portfolio)
Common w ealth Bank of Aus tr alia | 4.1% |
Taiwan Semiconductor | 3.9% |
Samsung Electronics | 3.5% |
AIA | 3.2% |
BHP Billiton | 3.2% |
Mitsubishi UF J Financial | 3.0% |
Hitachi Limited | 2.8% |
China Construction Bank | 2.8% |
Woolworths | 2.7% |
Canon | 2.6% |
Number of holdings | 62 |
Number of c oun tries | 12 |
K e y f acts
T ot al ne t asse ts £135.4m
Shar e price (p) 279.0
Ne t asse t v alue per shar e (p) 320.4
Disc oun t (pr emium) 12.9%
Hist oric ne t yield 2.3%
Source for historic yield: Martin Currie as at 30 June 2014.
The historic yield reflects dividends declared for the previous financial year as a percentage of the mid-market share price, as at the date shown. Investors may be subject to tax on their dividends.
PERFORMANCE
Discr e t e perf ormance o v er 12 mon ths t o 30 June
2014 | 2013 | 2012 | 2011 | 2010 | |
Shar e Price | 0.5% | 14.7% | (3.3%) | 10.2% | 19.1% |
NAV | (3.6%) | 13.0% | (4.6%) | 12.8% | 20.3% |
Benchmark | 3.0% | 17.0% | (8.8%) | 14.5% | 23.2% |
Cumula tiv e perf ormance o v er periods t o 30 June 2014
One month | Three months | Six months | One year | Three years | Five years | |
Shar e Price | (0.7%) | 5.8% | 0.4% | 0.5% | 11.4% | 46.2% |
NA V | (0.1%) | 1.8% | (3.2%) | (3.6%) | 3.9% | 41.1% |
Benchmark | 0.5% | 3.6% | 2.3% | 3.0% | 9.8% | 54.9% |
Source: Martin Currie and Morningstar. Bid to bid basis with net income reinvested over the periods shown in sterling terms. These figures do not include the costs of buying and selling shares in an investment trust. If these were included, performance figures would be reduced.
On 1 July 2011 the index changed from MSCI AC Asia Pacific index to the MSCI AC Asia Pacific (Japan fixed at 25%) index.
Past performance is not a guide to future returns.
Capital structure
Or dinar y shar es 42,250,097*
*Following shareholder approval on 10 July 2014, a tender offer for 10% of the company's issued share capital (4,225,010 shares) was completed on 22 July 2014 reducing the company's shares in issue to 38,025,087.
Board of Directors
P a trick Giff or d* (chairman)
John Sc ott
P e t er E dw ar ds
Harr y W ells
Gr eg or y Shenkman
Anja Balf our
*Patrick Gifford retired as Chairman and a director of the company on 10 July 2014 and was succeeded, as Chairman, by Harry Wells.
Material events
During the period, the Board announced proposals to change the investment objective and policy of the company, and a tender offer for up to 10 per cent of the company's issued share capital at a price close to net asset value. On 10 July 2014, shareholders approved the change to the company's investment objective and policy and tender offer. Further details on the company's new investment objective and policy are set out in the manager's commentary and at www.martincurriepacific.com. As a result of the tender offer, the company bought back 4,225,010 ordinary shares of the company, to be cancelled, on 22 July 2014.
Patrick Gifford retired as Chairman and a director of the company on 10 July 2014 and was succeeded, as Chairman, by Harry Wells.
Website
The company has its own website at www.martincurriepacific.com. There you will find further details about the company, information on Martin Currie and daily share prices (and associated risks).
Key information
Y ear end | 31 March |
Annual g ener al mee ting | July |
Dividend paid | January and August |
Investment management fee as at 31 March 2014† | 0.75% (0.75% on net assets up to £150m) (0.60% on net assets over £150m) |
Ongoing charge - 31 March 2014* | 1.3% |
TIDM code | MCP |
Reuters code | MCP.L |
†P er cen t ag e of ne t asse ts.
*P er cen t ag e of shar eholder s' funds. Includes annual manag emen t f ee.
Net asset value and dividend history
As a t | Shar e | NA V | Disc oun t/ | Dividend |
28/29 F eb | price | per shar e | (pr emium) | per shar e |
2000 | 178.8p | 210.9p* | 15.2% | 0.90p |
2001 | 133.8p | 161.0p | 16.9% | 1.00p |
2002 | 112.0p | 140.6p | 20.3% | 1.50p |
2003 | 87.5p | 105.1p | 16.7% | 1.00p |
2004 | 145.0p | 155.6p | 6.8% | 1.40p |
2005 | 165.5p | 175.1p | 5.5% | 1.10p |
2006 | 244.3p | 239.5p | (2.0%) | 1.40p |
2007 | 246.0p | 265.6p | 7.4% | 2.80p |
2008 | 271.3p | 300.8p | 9.8% | 3.10p |
2009 | 169.5p | 209.3p | 19.0% | 3.30p |
2010 | 236.5p | 291.1p | 18.8% | 3.70p |
2011 | 274.3p | 320.7p | 14.5% | 4.50p |
2012 | 276.5p | 330.0p | 16.2% | 5.50p |
2013 | 298.5p | 359.4p | 17.0% | 6.50p |
2014† | 263.8p | 313.4p | 15.8% | 7.50p |
*This is the diluted net asset value until 30 June 2000 when the warrants expired. From 2001 the net asset value is represented.
†As at 31 March 2014. The company year end changed to 31 March from 2014.Past performance is not a guide to future returns.
P as t perf ormance is not a guide t o futur e r e turns.
This information is provided by RNS
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