11th Nov 2019 11:40
London, UK, 11 November 2019
Edison issues review on Aberdeen New Thai Investment Trust (ANW)
Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust specialising in Thai equities. It aims to deliver a high level of long-term capital growth, employing a bottom-up approach to invest in a relatively concentrated portfolio of around 40 stocks, representing the manager's highest-conviction ideas. The trust has delivered strong absolute returns over the past 10 years, with an annualised NAV total return of 15.4%. Thai companies are well-placed to benefit from the rapid growth of its less-developed neighbours of Cambodia, Laos, Myanmar and Vietnam (CLMV), which offer a large and significantly underpenetrated market for goods and services.
ANW currently trades at a 14.2% discount to cum-income NAV, which is slightly narrower than its three-year average of 14.8%. The board introduced a number of measures in 2018 to broaden the appeal of the fund and help support a narrowing of the discount. These include the introduction of an interim dividend and an increase in the total payout. ANW's 3.4% yield is the highest among peers.
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