Aberdeen New Thai Investment Trust

Repositioned and ready to bounce on recovery

29 January 2021

Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on investing in Thailand and the manager Aberdeen Standard Investments (ASI) believes the Thai equity market remains inefficient. During 2020, the ANW team rebalanced the portfolio. ANW was not well positioned for the unforeseen pandemic and subsequent market rout, and performance disappointed. Nevertheless, the manager picked up undervalued stocks during the 2020 sell-off. The manager expects quality companies within the rebalanced portfolio that are market leaders to better weather the impacts of the pandemic and generate sustainable long-term returns. MORE »

Positive prospects for long-term investors

13 May 2020

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. MORE »

Fast-growing region supports growth prospects

11 November 2019

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. MORE »

Long-established Thailand equities specialist

13 June 2019

Aberdeen New Thai Investment Trust (ANW) aims to deliver a high level of long-term capital growth, with the manager following a rigorous bottom-up, stock selection driven investment process. The trust has delivered strong absolute returns over the past 10 years, with an annualised NAV total return of 18.1%. Over the near term, the manager expects the ongoing US-China trade dispute to weigh on Thai equity market sentiment. However, it believes longer-term prospects remain very attractive. The portfolio is shifting in favour of small caps, where the manager can find less well-discovered, high-quality companies that are mispriced relative to their long-term intrinsic value. MORE »

Strong long-term absolute performance

17 December 2018

Aberdeen New Thai Investment Trust (ANW) was launched in 1989 and is the only Thailand-focused investment trust listed in London. It aims to deliver a high level of long-term capital growth through investing in a relatively concentrated portfolio of quality companies, following a disciplined bottom-up approach. The Thai equity market has been relatively resilient this year compared to MSCI AC Asia ex-Japan and MSCI Emerging Markets, reflecting Thailand’s solid economic fundamentals. The manager believes Thai companies are particularly well-placed to benefit from the fast-growing neighbouring economies of Cambodia, Laos, Myanmar and Vietnam, and ANW offers some indirect exposure to these markets. The trust has delivered strong absolute returns over the past 10 years; an annualised NAV total return of 20.5%. Recent returns, however, have lagged the benchmark and the shares have traded at a persistently wide discount to cum-income NAV. In May 2018, the board announced a package of changes to address these issues which, if successful, should support further narrowing of the discount. MORE »

Changes proposed to boost shareholder returns

21 May 2018

Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on Thailand. The manager follows a disciplined, bottom-up investment approach to find quality companies that are attractively valued. Through its investments, the trust also provides exposure to Thailand’s fast-growing neighbours of Cambodia, Laos, Myanmar and Vietnam. Launched in 1989, ANW has delivered strong absolute long-term returns; since inception to end-April 2018, the trust has achieved an annualised NAV total return of 14.4%. However, in more recent years, returns have lagged the benchmark and the shares have persistently traded at a meaningful discount to cum-income NAV. On 2 May 2018, the board proposed a number of changes to address these issues. MORE »

Long-term Thai equities specialist

13 November 2017

Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on Thailand. Launched in 1989, the managers have a long history of investing in the country, as well as the resources to support its bottom-up focus on identifying quality stocks to build a concentrated, yet diversified portfolio to generate long-term capital growth. This approach has delivered solid absolute performance with lower than market beta over three and five years. Thailand’s economic recovery is proving stronger than expected, with scope to become more broad-based, which could support investment opportunities. The fund is currently trading at a wider than average discount to cum-income NAV of 16.6% and the board is committed to narrow this discount. MORE »

Specialist investor in Thailand

30 June 2017

Aberdeen New Thai Investment Trust (ANW) is the only investment trust listed on the London Stock Exchange with an exclusive focus on Thai equities. An experienced Bangkok-based team supports the trust’s fundamental, bottom-up driven investment approach. Longer-term returns have slightly lagged the index, but volatility is also lower with a beta of 0.9 over five years. Following a largely liquidity-driven rally in 2016, the Thai equity market has returned to fundamentals, which is more favourable to ANW’s approach. Trading at a discount to NAV (including income) of 16.3% and with a 2.0% dividend yield, investors looking for exposure to Thailand and its fast-growing neighbours may find ANW of interest. MORE »

Gaining exposure to dynamic ASEAN region

21 December 2016

Aberdeen New Thai Investment Trust (ANW) has built a track record of more than 25 years as a specialist investor in Thai equities. The manager focuses on high-quality, cash-generative companies, which underpin ANW’s sector-leading 1.8% dividend yield. ANW’s NAV performance has been strong over one year, but lagged the SET index rally, which was led by more speculative stocks. The Thai stock market was largely unaffected by the passing of King Bhumibol in October but a short-term softening of economic activity is likely as the country mourns. However, an improving economic outlook and opportunities for Thai companies to expand into the dynamic ASEAN region are encouraging prospects for the medium term. MORE »

Thai market relatively resilient despite headwinds

16 September 2015

Aberdeen New Thai Investment Trust (ANW) is an actively managed closed-ended fund investing in companies listed in Thailand. The trust targets capital growth rather than income, but the manager’s focus on cash-generative companies with strong balance sheets makes yield a differentiating feature and ANW has the highest yield among peers. While recent performance has been affected by political unrest and a resulting economic slowdown, the Thai market has outpaced many Asian markets over the long-term, and the manager points to opportunities for Thai companies to expand into faster growing neighbouring ASEAN countries. MORE »

More optimistic economic outlook for 2015

18 November 2014

Aberdeen New Thai Investment Trust (ANW) provides selective exposure to Thai equities. The Aberdeen Asian equities team takes a long-term approach to stock selection with a strong emphasis on quality, aiming to deliver above-average capital growth. Performance has been strong in 2014 with returns closely matching the benchmark SET Index during the market rally. The recent re-rating may moderate near-term upside, but the potential for economic growth to accelerate over the next 12 months provides a supportive backdrop for corporate earnings growth. ANW’s 1.8% dividend yield places it close to the top of the peer group. MORE »

Positive market sentiment prevailing

25 June 2014

Aberdeen New Thai Investment Trust (ANW) provides selective exposure to Thai equities. After significant weakness last year, the SET index has actually gained c 20% in 2014, despite political turmoil and the military coup, signalling confidence in the resilience of the economy. While much remains unresolved, history suggests a sanguine view can be justified and the manager is hopeful that GDP growth, after slowing in the first half, will begin to bounce back in the second half given improving consumer confidence. ANW trades at the upper end of its recent discount range and offers a peer-leading 2% yield. MORE »

Valuation improves with correction

13 September 2013

Reflecting recent economic and political tensions, the Thai SET index is now c 20% below its five-year high in May (ytd the SET has returned 9.2%). Company valuations do not look overstretched and the manager of Aberdeen New Thai (ANW) has been reallocating the recent proceeds from the sale of the trust’s holding in Siam Makro (c 7% of the portfolio), primarily into existing holdings where he sees the most value. MORE »

A very good year

14 January 2013

Following on from an eventful 2011, which saw both a landslide election victory and the worst flooding in 50 years, Thailand’s economy has recovered strongly during 2012. Reflecting this, the Thai equity market has also provided a strong performance during the last 12 months, with the Thai SET returning 39.5% (total return, sterling adjusted). Aberdeen New Thai (ANW) has beaten this benchmark, returning 55.7% and 60.3% in terms of NAV and price total return respectively. The outperformance of the Thai market versus regional peers (MSCI Asia ex-Japan Index) continues a very long trend and ANW remains at the top of its AIC Asia-Pacific peer group in terms of share price total return performance over one, three and five years. Thai equity market valuations are not as cheap as they have been historically, but the economy continues to recover well from the flooding and company earnings, and dividends, are growing. MORE »

Long-term performance record

12 June 2012

Despite the worst flooding Thailand has suffered for 50 years, the Thai equity market is up over 12 months, bucking a generally weak global and regional equity market trend. Aberdeen New Thai (ANW) has done better still, returning 29.2% and 22.5% in terms of NAV and price total return respectively, against a rise in the Thai SET (sterling adjusted) of 17.6% during the past 12 months. The outperformance of the Thai market versus regional peers (MSCI Asia ex Japan Index) continues a very long trend. ANW is currently top of its AIC Asia-Pacific peer group in terms of share price total return performance over one, three and five years, and offers the second highest yield in its sector. The Thai market valuation is not as cheap as it has been at times in the past, but the economy is recovering well from the flooding, company earnings and dividends are growing, and the political environment is settled. MORE »

Strong long-term performance

28 November 2011

Reflecting broader difficulties in global equity markets the Thai SET (sterling adjusted) has fallen 1.4% during the past 12 months. Against this backdrop, Aberdeen New Thai (ANW) has added value, in absolute terms, returning 0.8% and 1.7% in terms of NAV and price total return respectively. However, during the past 12 months, ANW has provided substantial outperformance against broader Asian stock markets, as measured by the MSCI AC Asia Ex-Japan Index, and has also outperformed the FTSE World Index. This pattern is consistent over the longer term with ANW providing some very compelling outperformance. ANW currently offers the highest yield in the ‘Country specialist: Asia Pacific’ sub sector. MORE »