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Invesco Asia Trust net asset value falls but underperforms benchmark

27th Jan 2023 12:09

(Alliance News) - Invesco Asia Trust PLC on Friday reported that its net asset value outperformed its benchmark, despite a fall, as it anticipated the economies of Asian countries to grow faster than those of countries in the West.

Invesco is an Asia-focused investor with a focus on long-term capital growth.

The company said net asset value as at October 31 fell 13% to 327.62 pence each from 377.21p at April 30.

Half-year NAV total return was negative 13%, outperforming its benchmark index which returned negative 15%. Invesco's benchmark is the MSCI AC Asia ex Japan Index total return, net of withholding tax, in sterling terms.

Looking ahead, the company said that "cheap" Asian stock market valuations, compared to their long-term averages, are compelling. Further, it anticipates global headwinds such as inflation to reduce by the end of 2023, with Covid becoming less of an issue for China.

While the outlook remained "highly uncertain," Invesco Asia highlighted the resilience of economies of Asian countries, which it expects to grow faster than Western economies.

The firm said: "In January 2023, we visited companies in Indonesia and Singapore and were all struck by the sharp contrast between the gloom and doom of the West and the positive outlook held by nearly everyone we met."

Invesco Asia Trust shares were virtually flat at 375.00 pence each in London on Friday morning.

By Tom Budszus, Alliance News reporter

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