14th May 2020 07:00
London, UK, 13 May 2020
Edison issues review on Aberdeen New Thai Investment Trust (ANW)
Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on investing in Thailand, a country that also gives investors indirect exposure to the harder-to-access, but higher-growth economies of its neighbours Cambodia, Laos, Myanmar and Vietnam (CLMV). ANW was not well positioned for the unforeseen pandemic and subsequent market rout, and performance has disappointed. However, the manager believes the Thai equity market to be inefficient, and says the sell-off is presenting exciting opportunities to invest in quality companies that are mispriced versus their long-term intrinsic value.
As at 13 May 2020, ANW traded on a discount of 15.0% to its cum-income NAV, which is in-line than its three-year average of 14.5%, and a significant recovery from the recent March low of 21.7%. The trust's mid-teens gearing amplified the portfolio's underperformance during the recent market rout, but means ANW should be well placed for positive performance if the outlook on the pandemic improves, and investors refocus on Thailand's longer-term prospects.
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