31st Mar 2014 14:08
LONDON (Alliance News) - Aberdeen Asian Smaller Companies Investment Trust PLC said Monday that its net asset value fell by 16% in the first-half of the year, massively underperforming its benchmark.
The trust's net asset value fell by 16% in the six months to January 31. This compares with falls in the MSCI AC Asia Pacific ex Japan Index and MSCI AC Asia Pacific ex Japan Small Cap Index of 5.8% and 4.8%, respectively.
The trust said that the relative strength of sterling over this period contributed over 9% of the fall in the NAV.
For the same period, its share price declined almost 21% to 784.25 pence, as the valuation accorded by the stock market moved from a premium to net asset value of 0.7% to a discount of 6.2%, the trust said.
Shares in the trust fell 0.8% to 798.00 pence per share Monday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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