TIDMIAT 
 
LEGAL ENTITY IDENTIFIER: 549300YM9USHRKIET173 
 
                            INVESCO ASIA TRUST PLC 
 
      Half-Yearly Financial Report for the Six Months to 31 October 2021 
 
Investment Objective 
 
The Company's objective is to provide long-term capital growth by investing in 
a diversified portfolio of Asian and Australasian companies. The Company aims 
to achieve growth in its net asset value (NAV) in excess of the Benchmark 
Index, the MSCI AC Asia ex Japan Index (total return, net of withholding tax, 
in sterling terms). 
 
Financial Information and Performance Statistics 
 
The Benchmark index of the Company is the MSCI AC Asia ex Japan Index (total 
return, net of withholding tax, in sterling terms). 
 
  Total Return Statistics(1) 
 
  (dividends reinvested) 
 
                                                           Six Months  Year ended 
                                                                   to 
 
                                                           31 October    30 April 
 
                                                                 2021        2021 
 
Net asset value (NAV)(1)(2)                                     -5.5%       56.4% 
 
Share price(1)                                                  -4.9%       58.5% 
 
Benchmark index)(1)(2)                                          -6.2%       34.8% 
 
 
Capital Statistics 
 
                                                                   At          At 
 
                                                           31 October    30 April 
 
                                                                 2021        2021   change % 
 
 
Net assets (£'000)                                            265,649     281,252      -5.5% 
 
NAV per share(2)                                              397.36p     420.70p      -5.5% 
 
Share price(1)                                               367.00p      386.00p      -4.9% 
 
Benchmark index (capital)(1)(2)                              1,107.98    1,195.23      -7.3% 
 
Discount(2) per ordinary share                                 (7.6)%      (8.2)% 
 
Average discount over six months/year(1)(2)                    (9.3)%     (10.7)% 
 
Gearing(2): 
 
  - gross                                                         nil        0.7% 
 
  - net                                                           nil         nil 
 
  - net cash                                                   (4.8)%      (0.9)% 
 
 
(1)           Source: Refinitiv. 
 
(2)  Alternative Performance Measures (APM), see pages 15 and 16 for the 
explanation and reconciliations of APMs. Further details are provided in the 
Glossary of Terms and Alternative Performance Measures in the Company's 2021 
Annual Financial Report. 
 
Chairman's Statement 
 
Highlights: 
 
.               Share price total return -4.9% and NAV total return of -5.5%, 
both outperformed the benchmark index total return of -6.2%; 
 
.               Discount narrowed to 7.6%; 
 
.               Fiona Yang, appointed Co-Manager, working closely with Ian 
Hargreaves; and 
 
.               Normal format AGM held on 2 September 2021, post pandemic. 
 
After spectacular performance in the Company's year to 30 April 2021 (NAV up 
56.4% vs the MSCI AC Asia ex Japan Index up 34.8%), it is no surprise to record 
a period of consolidation. In the subsequent six months it is encouraging that 
both our NAV and share price have slightly outperformed the index, even though 
all three were down a little in absolute terms. Over the six months to 31 
October 2021, the NAV per share total return was -5.5%, the share price total 
return was -4.9% and the benchmark index total return was -6.2%. 
 
The discount narrowed slightly from 8.2% to 7.6% over the period, trading in a 
range of 5.9% to 14.1% with an average of 9.3%. 
 
The other highlight of the period was that we were able to hold our Annual 
General Meeting (AGM) in its normal format on 2 September 2021 with the formal 
AGM, a presentation from manager Ian Hargreaves and then further informal 
discussion with shareholders over drinks and nibbles. 
 
We appointed Myriam Madden to the Board on 4 November 2021 with the intention 
of her taking over from Fleur Meijs as Audit Chair in early 2022. Fleur will 
take on additional responsibilities at UWC (United World College), an 
international network of schools, and has indicated she wishes to step down 
from our Board after serving six years. She has served the Company strongly and 
we wish her well in her new, time-consuming role. September 2022 will mark the 
AGM after the ninth anniversary of Owen Jonathan joining the Board, the point 
at which Directors usually retire. So we will shortly commence a search to find 
a replacement for Owen and the Board will settle back to its normal number of 
four Directors after Owen retires. 
 
Shareholders will know that, in order to stimulate more demand for the 
Company's shares, we try to provide a strong investment case and a strong 
corporate proposition at the same time. 
 
The Investment Case 
 
The investment case rests on accessing the attractions of Asian equity markets 
through the institutional expertise of Ian Hargreaves' team at Invesco. The 
Asian team is strong  and well-resourced and we are pleased to have just 
announced that Fiona Yang, a key member of the team since 2017, is stepping up 
to become our Co-Manager and will be working even more closely with Ian both on 
our portfolio and meeting shareholders and potential investors. Their 
investment process can be summarised as "valuation not value" and has been very 
successful with what are called institutional clients such as pension funds and 
sovereign wealth investors. 
 
Cumulative Total Return (dividends reinvested) to 31 October 2021(1) 
 
                                                             One     Three      Five       Ten 
 
                                                            Year     Years     Years     Years 
 
Net asset value (NAV)                                      19.1%     49.3%     61.5%    197.2% 
 
Share price                                                25.7%     61.2%     69.4%    215.7% 
 
Benchmark index(2)                                          6.4%     38.0%     48.5%    134.8% 
 
(1)           Source: Refinitiv. 
 
(2)  The benchmark index of the Company was changed on 1 May 2015 to the MSCI 
AC Asia ex Japan Index from the MSCI AC Asia Pacific ex Japan Index (both 
indices total return, net of withholding tax, sterling terms). 
 
The Corporate Proposition 
 
We strengthened our corporate proposition a year ago by introducing an enhanced 
dividend policy by which we pay a dividend of approximately 2% of NAV every six 
months, using our revenue and capital reserves to supplement portfolio income 
when necessary. We also announced a performance conditional tender offer 
through which the Board undertakes to effect a tender offer for up to 25% of 
the Company's issued share capital at a 2% discount to prevailing NAV per share 
(after deduction of tender costs) in the event that the Company's NAV 
cum-income total return performance over the five years to 30 April 2025 fails 
to beat the MSCI AC Asia ex Japan Index (net of withholding tax, total return 
in GBP) by 0.5% per annum over the five years on a cumulative basis. 
 
The other aspects of our Corporate Proposition are listed in the 2021 Annual 
Financial Report's Chairman's Statement and include a three-yearly continuation 
vote (the next one being due in September 2022), engaging more individual 
shareholders, active use of gearing, "skin in the game" of Directors' and 
managers' shareholdings and a new, lower tiered management fee. 
 
Update 
 
From 31 October 2021 to 20 January 2022, the NAV total return has been +2.3%, 
outperforming the index return of -0.6%. The share price total return has been 
+1.3%, with the discount widening to 8.7%. 
 
Outlook 
 
It is fairly easy to identify the issues dominating the investment outlook for 
Asian equities but very difficult to predict which way they will go. Not 
surprisingly, Covid-19 has dominated the news everywhere over the last two 
years. If the worst is behind us and the world is starting to return to normal 
then that should be positive for global equity markets including Asia. Asia is 
seen as having had a relatively good crisis, with lockdowns and travel 
restrictions keeping confirmed cases to relatively low levels. But what if 
their populations are still vulnerable to the latest variants, especially if 
levels of vaccination and vaccination efficacy are relatively low? 
 
Covid-19 also demonstrated how dependent the world had become on just-in-time 
supply chain management and has led to widespread disruption of both production 
and transportation of key components and products. Asian companies that can 
help reduce this dependence will be in strong demand but there is also the risk 
that Western companies will turn to more locally sourced suppliers. 
 
ESG is another area that can be seen as both a risk and opportunity for Asian 
companies. As a whole, ESG standards are perceived as higher amongst European 
and American companies than in Asia. That is one of the reasons why Asian 
companies typically trade at cheaper valuations and there is a risk that the 
gap gets wider. But there is also the opportunity for the valuation gap to 
narrow as Asian companies embrace ESG. The emphasis of the Glasgow COP-26 
summit in November on net zero (companies and countries giving target dates by 
which they intend to be net zero producers of CO2) brings extra focus and 
clarity to all. Ian and Fiona discuss our portfolio through a net zero lens in 
a special section of their portfolio managers' report. 
 
The recovery from 2020's lockdowns plus the disruptions to supply chains in 
2021 have led to a resurgence of inflation in the Western economies. Again this 
provides risks and opportunities to companies, depending upon how quickly their 
input costs and wage bills are rising and what ability they have to raise 
prices to their customers. It is interesting that there has not been much 
inflationary pressure within Asian countries. Perhaps that is due to them being 
less affected by Covid-19; it is too early to tell. 
 
Political considerations also provide substantial risks and opportunities. That 
has always been true of investing in Asia, with surprise events such as missile 
firings, army-led coups and violent crackdowns affecting market valuations 
sharply at various times over the last forty years, along with the current 
heightened geo-political risk. One approach was to ignore politics, reckoning 
that such events would only have a temporary impact; but the cumulative effect 
has been to widen the valuation discount between Asian and Western markets. If 
you have a tolerance towards political risk then you would consider a widening 
political discount to be an investment opportunity but you would need to 
remember that we do not know how China's approach to Taiwan will develop nor 
how stable will North Korea be, to name just two such considerations. 
 
All of these issues and others will take time to resolve. There will be 
companies, sectors and countries that are winners and losers and there will 
probably be a wide dispersion in their stock market returns. These are 
certainly interesting times for an active Asian equity investor. 
 
Neil Rogan 
 
Chairman 
 
24 January 2022 
 
Portfolio Manager's Report 
 
Portfolio Manager 
 
Ian Hargreaves was promoted to Co-Head of the Asian & Emerging Markets Equities 
team in September 2018. Ian manages pan-Asian portfolios and covers the entire 
Asian region in his remit. He started his investment career with Invesco Asia 
Pacific in Hong Kong in 1994 as an investment analyst where he was responsible 
for coverage of Indonesia, South Korea and the Indian sub-continent, as well as 
managing several regional institutional client accounts. Ian returned to the UK 
to join Invesco's Asian Equities team in 2005, working on the portfolio as part 
of the investment team. He was appointed as joint Portfolio Manager in 2011 and 
became the sole Portfolio Manager on 1 January 2015, up until the appointment 
of Fiona Yang as Co-Manager in January 2022. 
 
Portfolio Manager 
 
Fiona Yang joined Invesco in August 2017 and is a member of the Henley-based 
Asian & Emerging Markets Equities team. Currently, Fiona is the lead fund 
manager on the Invesco Asian Equity Income Fund and provides stock and sector 
research covering the wider Asia ex-Japan region with a focus on China H and 
A share markets. She started her career with Goldman Sachs in July 2012, 
initially within their graduate programme, before becoming a member of their 
Asian Equity sales team, where she was a China product specialist. Fiona will 
relocate to Invesco's Singapore office in February, whilst still remaining an 
integral part of the Henley-based team. In recognition of her skill, growing 
experience and achievements, Fiona was appointed Co-Manager of the Invesco Asia 
Trust plc in January 2022. 
 
How has the Company performed in the period under review? 
 
The Company's net asset value return was -5.5% (total return, in sterling 
terms) over the six months to 31 October 2021, which compares to the benchmark 
MSCI AC Asia ex Japan Index total return of -6.2%. 
 
Having recovered strongly from last year's lows, Asian markets have struggled 
for direction over the last six months. China concerns have dominated, more 
than offsetting positive re-opening momentum from markets such as India and 
Indonesia, where Covid-19 concerns have started to ease as infection rates fall 
back and vaccination programs accelerate after a slow start. 
 
Given that the authorities in China had already started to tighten credit since 
2020, signs of moderating growth were to be expected. The tightening rules on 
debt in the property sector impacted the most leveraged developers but it was 
the extent of regulatory tightening on the 'new economy' sectors which 
surprised markets leading to a fall in valuations from over-extended levels. 
 
Against this backdrop, portfolio performance has proved to be relatively 
resilient, outperforming its benchmark index. Having an underweight position in 
China has helped, with stock selection in Hong Kong and Indonesia also 
contributing positively. Exposure to more cyclical and 'old economy' sectors 
has also added value. 
 
Although valuations are now broadly more 'normal', beneath the surface we 
continue to see significant divergence not just between, but within different 
sectors, with scope to lean into areas of excessive pessimism, while avoiding 
frothy areas of the market. We are wary of investment narratives which rely on 
a cyclical recovery being extrapolated too far forward, as we saw with some of 
last year's Covid-beneficiaries and the Chinese stock markets. Exuberance 
towards China has given way to disappointment and pessimism, and a much more 
favourable risk premium is now being offered to investors as we enter 2022. 
Meanwhile, South East Asian markets have been relatively weak, which we feel 
underappreciates their re-opening potential. 
 
What have been the biggest contributors? 
 
There have been strong returns from stocks in more cyclical areas, which have 
outperformed supported by reflation/ reopening trends, while previously 
favoured technology/internet stocks have lagged. 
 
Pacific Basin Shipping was one of the best performers, benefiting from 
materially improved freight rates as strong demand for minor bulk and grains 
broadened out from China to the rest of the world. Earnings expectations for 
2021 have been raised by nearly 200% over the last 6 months, reflecting the 
short supply of cargo ships after a long downcycle for bulk shipping. Some 
analysts see supply/demand imbalances persisting into 2023, in part because 
society's decarbonisation agenda disincentivises additional supply, a tailwind 
for freight prices and profitability. 
 
India was the best performing market in the region, with ICICI Bank, Housing 
Development Finance Corporation (HDFC) and Shriram Transport Finance 
significant contributors, as asset quality and earnings proved less sensitive 
to the pandemic than first feared. Larsen & Toubro ('L&T') also made strong 
gains, with the Indian government placing greater emphasis on public investment 
to kick-start the economic cycle, while L&T management appear bullish on the 
prospects for a recovery in private capex, with its bid pipeline improving 
domestically and internationally. The portfolio's exposure to Indonesia has 
also added value, with the reopening of the economy seeing strong share price 
gains for PT Bank Negara Indonesia Persero, auto conglomerate Astra 
International and Telkom Indonesia. 
 
While China was a source of weakness, it was also home to some of the 
portfolio's best performing stocks, including MingYang Smart Energy. The 
Chinese wind turbine manufacturer is an expected beneficiary of the 
authorities' big plans to reduce carbon emissions, targeting peak carbon 
emissions by 2030 and carbon neutrality by 2060. With wind power having reached 
grid parity in China, subsidies for both onshore and offshore wind projects are 
to be removed. We believe that this will help quash the perception that the 
sector is dependent on government support, allowing investors to focus more 
clearly on the long-term growth opportunity available, with the valuation gap 
to European peers still significant, even after the recent rally. 
 
And detractors? 
 
Several of the biggest detractors were from China, although our underweight 
position compensated for this on a relative basis. We cover below those stocks 
impacted by regulatory tightening and property-related concerns separately, 
given how much attention these topics have drawn. Elsewhere, Aurobindo Pharma 
underperformed due to relatively weak results and the market's reaction to a 
small, misjudged (then cancelled) acquisition. LG has been weak amidst 
expectations that 3Q earnings (at LG Chem and LG Electronics) would be impacted 
by provisions related to the GM EV battery recall. Meanwhile, Covid-related 
chip and component shortages have disrupted supply chains, with miniature lens 
manufacturer Largan Precision and Hyundai Motor both impacted by the slower 
than expected recovery, although the medium-term outlook for both remains 
bright, in our view. 
 
The biggest single detractor was Autohome, the leading internet content 
provider for autos in China and a relatively new holding for the trust. The 
market has been quick to discount the threat of intensifying competition, but 
having reappraised the investment case, we believe that Autohome's competitive 
advantages are being underappreciated. The greater quality of their traffic, 
still more than the next two players combined, gets better conversion rates, 
which should be sustainable given investment in hard to replicate value-added 
services. The company's net cash balance sheet (over 50% of market cap) and 
free cash flow generation are additional sources of comfort. 
 
What are the regulatory headwinds in China? 
 
The portfolio continues to have selective exposure to Chinese internet 
companies, which as a group has been struggling with regulatory tightening and 
concerns over a broader economic slowdown. There are multiple strands to recent 
policy action, although the emphasis is on the need for more inclusive economic 
growth and 'common prosperity'. New measures introduced have been focused on 
combating anti-trust practices, ensuring data security as well as safeguarding 
employees and families. 
 
When we examine the absolute earnings impact from these changes, it appears 
small relative to the market reaction. We added exposure to some of our 
holdings when the fall in share prices appeared to be excessive during peak 
negativity. This proved judicious given the subsequent rebound but the bigger 
issue for earnings is not the direct impact of regulation, but the prospect 
that company management will restrain profit growth in the hope of avoiding 
additional regulatory scrutiny. We would distinguish between companies with a 
corporate culture vulnerable to attracting scrutiny versus those with a more 
prudent approach to doing business, better aligned to the government's goals 
and regulatory trends. 
 
Longer-term, the regulatory tightening may prove positive if it leads to 
healthier competition. The abundance of capital available to loss-making 
ventures allowed them to take market share from businesses relying on organic 
growth. However, it seems far-fetched to expect the government to permanently 
undermine one of the more vibrant sectors of the economy, particularly one so 
potentially instrumental in narrowing the technology gap with the US (a key 
government aim). The sector remains an interesting opportunity set with the 
levelling of the playing field. 
 
Portfolio activity in this area included adding to NetEase and Tencent on 
weakness, which reflected our longer-term conviction. We did sell Tencent Music 
Entertainment, finding it harder to see how it can overcome the extent of the 
regulatory change on its business. We knew that its exclusivity agreements with 
major record labels would soon be ending, allowing competitors (like NetEase) 
to offer the same content. However, increased regulation of social 
entertainment and live streaming has led the company to lower its revenue 
guidance, a development that fundamentally undermined the original investment 
thesis. 
 
Evergrande: China's Lehman moment? 
 
The market has had to contend with concerns surrounding the over-leveraged 
property developer China Evergrande Group, and the potential for collateral 
damage in other areas of the economy. This caused weakness in holdings such as 
Ping An Insurance and Suofeiya Home Collection, although the one Chinese real 
estate developer we do own - China Overseas Land and Investment - proved more 
resilient. 
 
Evergrande's liquidity issue is the consequence of government-led rules to 
reduce leverage in the sector. Given the size of the property sector in China 
it is unsurprising that this slowdown is having ramifications for economic 
growth more widely. Implementing such measures during a global recovery 
appeared sensible and we would disagree with the parallels being made with the 
US mortgage crisis. These are unfounded because China has been reducing 
financial risks by deleveraging for well over 5 years now while keeping credit 
growth below nominal GDP growth. Although Tier One cities such as Shanghai or 
Beijing remain unaffordable on average income, as in most other major cities 
across the world, affordability rates at the national level have improved over 
the last few years as incomes have continued to rise. Also, home buyers in 
China still require large down payments (around 40%) in contrast to the debt 
fuelled purchases in the US prior to the global financial crisis. A policy 
misjudgment by tightening too much is a risk but the authorities appear to be 
already easing at the margins, selectively loosening restrictions on mortgage 
lending for example. We expect an easing of financial conditions but would not 
expect a major shift in their dual objective to de-risk the economy while 
maintaining an acceptable level of growth. 
 
What about the property-related exposure: Ping An and Suofeiya? 
 
Ping An Insurance, one of China's largest insurance companies, has been 
undergoing a period of agency reform. When combined with a period of weak 
demand for insurance products and fears about its exposure to the property 
market, has dampened sentiment towards the stock. 
 
However, with no exposure to Evergrande and less than 5% of insurance funds 
invested in property, the risk here is contained. While agency reform is 
unsettling in the short-term, a better agency force will ultimately improve the 
quality of its earnings. It is comforting that Ping An has capital ratios well 
in excess of regulatory limits and recently increased its dividend, 
demonstrating confidence in its capital position. We are happy to hold and have 
been adding. 
 
Suofeiya Home Collection is a fitted furniture designer and manufacturer. 
Evergrande was one of its customers although only representing around 5% of its 
2021 revenues. Its exposure to developers is generally limited because it 
prefers to sell directly to end-consumers (c. 80% of revenues). Although the 
stock was also weak, the business managed to mitigate the property issues and 
saw double-digit profit growth quarter-over-quarter in the 3rd quarter of 2021, 
well ahead of expectations. Our approach is to value  conservatively the 
revenue contribution and outstanding receivables from Evergrande at zero going 
forward. Suofeiya's long-term growth prospects remain intact, with its superior 
brand and product quality leaving it well placed to gain further market share 
in what remains a highly fragmented and under-penetrated market. We have added 
on weakness. 
 
Other changes in positioning? 
 
We invest in companies that we believe are worth more than the market believes. 
The portfolio continues to have a balance between tech/internet and 
'virus-sensitive' stocks in more cyclical areas. While the tilt towards 
cyclicals has increased over the last twelve months, we are still able to find 
undervalued growth opportunities in companies with sustainable growth prospects 
and believe that a balanced portfolio with multiple sources of alpha is 
warranted. 
 
The negative headlines and market volatility in China mean that this has been 
an area of focus. As can be seen in the chart below, we have been gradually 
reducing our underweight position in Hong Kong and China. Policymakers remain 
committed to improving the quality, rather than quantity, of growth and 
reducing financial risk, while monetary policy in China appears relatively 
orthodox in comparison with that in developed markets. 
 
Invesco Asia Trust plc - active weight in Hong Kong/China 
 
As well as adding to existing holdings that we like on weakness, we have 
introduced three new holdings. Market contagion in China has negatively 
affected Gree Electric Appliances and A-Living Smart City Services, and it is 
our view that their growth prospects and strong balance sheets are not being 
reflected in their valuation. Gree is the world's largest manufacturer of air 
conditioners and home appliances, which is expected to be a beneficiary of 
rising demand for smart technology and energy-saving appliances in the home 
devices space. Penetration rates for such products remains low in China. 
A-Living is a property management company trading at a significant discount to 
its peers, despite consistently generating positive free cash flow and having a 
decent growth outlook. Thirdly, we introduced Tingyi, a leading producer of 
instant noodles, beverages and convenience food. 
 
Elsewhere, we introduced Newcrest Mining, which despite a more gold-friendly 
environment is trading at a significant discount to its net asset value. 
Furthermore, the market does not seem to have given Newcrest much credit for 
its relatively significant copper exposure, which should reduce the cyclicality 
of earnings. In turn, we've continued to reduce exposure to Taiwanese tech 
companies after a period of strong performance, with a risk of mean reversion 
in earnings. We've also continued to add exposure to existing holdings in 
Indonesia, where near-term uncertainty is starting to lift, and valuations 
still appear attractive. 
 
What is Invesco's Approach to 'Net Zero'? 
 
For Invesco as Manager, climate change is a strategic priority. As a result of 
our commitment to the Net Zero Asset Managers initiative, implementing a Net 
Zero Alignment (NZA) and engagement strategy will take on growing importance 
for the Manager. 
 
Although NZA is not yet a target for Invesco Asia Trust plc, companies' climate 
transition plans were the most common topic of our targeted ESG engagements in 
2021. As can be seen from the chart below, the portfolio's carbon intensity has 
already started to trend lower, and is below that of the benchmark index. For 
that trend to continue, we need to see more net zero commitments from Asian 
companies. 
 
As at 31 October 2021, the portfolio had investments in 54 different companies, 
of which 24 have already made a net zero commitment (representing c.37% of the 
portfolio). For those companies yet to commit, we have been enquiring as to 
their plans, encouraging them to make a commitment and adopt a NZA target. 
 
This process is still at a relatively early stage, but all these 30 companies 
already have sustainability reports that cover carbon emissions reduction 
plans, so it feels like a commitment to NZA is the next logical step. Given the 
level of engagement that these companies are having with investors such as 
ourselves, we think it likely that the proportion of companies with a net zero 
commitment will increase significantly over the next 3-5 years. However, 
different countries are at different stages in moving towards NZA, and we do 
not expect progress to be smooth. 
 
For the portfolio's more mature holdings, it is critically important to 
understand plans for transition to NZA and any associated costs that may be 
incurred pursuing them. The Korean steel manufacturer POSCO - one of the 
world's largest - makes for a good example in this regard. Currently, the 
company has a high level of carbon emissions, but as pledged by the Korean 
government it aims to be carbon neutral by 2050. Its pathway to achieving this 
is largely through hydrogen-based steelmaking, which may have fundamental 
implications on cash flow, profitability and valuations if capex rises 
materially. Although POSCO is one of the sector's most efficient producers, 
with seemingly good governance practices, it is clear that we need to closely 
monitor capex levels, progress on hydrogen-based steelmaking and overall 
climate policy, as well as focusing on other ESG issues in scope, such as 
gender diversity and corporate governance. 
 
Are there grounds for optimism? 
 
At headline level the valuations of Asian markets have pulled back from what we 
considered to be unsustainable levels at the turn of the year (see chart 
below). We do not believe that this is the end of the cycle, more of a pause as 
earnings and growth of book value catch-up. 
 
Markets are pricing in a continued improvement in earnings, which feels logical 
to us given that the recovery from the Covid-pandemic is still at a tentative 
stage in some parts of world, with a tailwind from stimulus measures and 
relatively low inventories on a global basis. The financial system is also in a 
much better place than investors initially feared, a marked difference to the 
backdrop in the recovery from the global financial crisis. 
 
However, it is reasonable to expect a more gradual uptrend in earnings from 
here, still positive but with the rate of change likely to have peaked. On one 
hand, supply chain disruptions remain a feature of the post-Covid backdrop, 
with unmet demand spilling well into 2022. On the other, inflationary pressures 
are likely to depress the operating margins of price takers. As markets digest 
these complexities and potential policy changes, there is much scope for active 
stock pickers to capitalise on misunderstood, idiosyncratic opportunities, 
especially given that valuation discrepancies within markets and sectors remain 
wide. 
 
As conditions gradually normalise, with travel restrictions lifted on the back 
of higher vaccination rates, we find scope for optimism towards re-opening 
plays in areas such as Thailand and Indonesia. Consumption has generally been 
weak, which contrasts with strong demand seen in developed markets, but we 
would caution extrapolating recent trends too far into the future. 
 
Although the initial benefit of massive monetary and fiscal stimulus measures 
has been realised and is likely to remain a tailwind to economic activity for a 
while longer, a riskier point for markets lies ahead as governments in 
developed markets are forced to start charting a course back to policy 
orthodoxy. This contrasts with Asia's conventional policy stance. 
 
Finally, inflationary pressures are likely to remain a focus for investors. We 
feel that the best way to insure our portfolio against a more adverse inflation 
outcome is to avoid stocks whose current market valuations cannot be justified 
by their future cashflows even at current low interest rates. We believe this 
is an environment that suits our investment approach, with a laser focus on 
valuation, seeking to find opportunities where the market has failed to 
correctly price the multi speed nature of the recovery. 
 
Ian Hargreaves 
 
Fiona Yang 
 
Portfolio Managers 
 
24 January 2022 
 
Principal Risks and Uncertainties 
 
The Board has carried out a robust assessment of the risks facing the Company, 
including emerging risks. These include those that would threaten its business 
model, future performance, solvency and liquidity. The principal risks that 
follow are those identified by the Board after consideration of mitigating 
factors. In the view of the Board, these principal risks and uncertainties are 
as much applicable to the remaining six months of the financial year as they 
were to the six months under review. 
 
Category and Principal Risk Description       Mitigating Procedures and Controls 
 
Strategic Risk 
 
Market and Political Risk                     The Company has a diversified investment 
The Company's investments are traded on Asian portfolio by country and by stock. Its 
and Australasian stock markets as well as the investment trust structure means no forced 
UK. The principal risk for investors in the   sales need to take place and investments can 
Company is a significant fall and/or a        be held over a longer term horizon. The 
prolonged period of decline in these markets. Manager evaluates and assesses political risk 
This could be triggered by unfavourable       as part of the stock selection and asset 
developments within the region or events      allocation policy which is monitored at every 
outside it. The extreme volatility            Board meeting. 
experienced in March 2020 from the market     However, there are few ways to mitigate 
reaction to the Covid-19 virus exemplifies    absolute market and political risk because it 
this risk, which had a marked effect on both  is engendered by factors which are outside 
the valuation of the Company's portfolio of   the control of the Board and the Manager. 
investments and the discount to net asset     These factors include the general health of 
value at which the Company's shares trade.    the world economy, interest rates, inflation, 
Political developments can also create risks  government policies, industry conditions, 
to the value of the Company's assets, such as political, military and diplomatic events, 
US-China trade tensions and unrest in Hong    changes to legislation, and changing investor 
Kong, or impact on the GBP foreign exchange   demand and sentiment. Such factors may give 
rate. Political risk has always been a        rise to high levels of volatility in the 
feature of investing in stock markets and it  prices of investments held by the Company. 
is particularly so in Asia. Asia encompasses 
a variety of political systems and there are 
many examples of diplomatic skirmishes and 
military tensions, and sometimes these resort 
to military engagement. Moreover, the 
involvement in Asia of the United States and 
European countries can reduce or raise 
tensions. 
 
Investment Objectives                         The Board receives regular reports reviewing 
The Company's investment objectives and       the Company's investment performance against 
structure are no longer meeting investors'    its stated objectives and peer group, and 
demands.                                      reports from discussions with its brokers and 
                                              major shareholders. The Board also has a 
                                              separate annual strategy meeting. 
 
Wide Discount                                 The Board receives regular reports from both 
Lack of liquidity and lack of marketability   the Manager and the Company's broker on the 
of the Company's shares leading to stagnant   Company's share price performance, level of 
share price and wide discount.                share price discount to NAV and recent 
A persistently high discount may lead to      trading activity in the Company's shares. The 
buybacks of the Company's shares and result   Board has introduced initiatives to help 
in the shrinkage of the Company.              address the Company's share rating including 
                                              a performance conditional tender in 2025 and 
                                              the enhanced dividend policy. It may seek to 
                                              reduce the volatility and absolute level of 
                                              the share price discount to NAV for 
                                              shareholders through buying back shares 
                                              within the stated limit. The Board also 
                                              receives regular reports on marketing 
                                              meetings with shareholders and prospective 
                                              investors and works to ensure that the 
                                              Company's investment proposition is actively 
                                              marketed through relevant messaging across 
                                              many distribution channels. 
 
Investment Management Risk 
 
Performance                                   The Board regularly compares the Company's 
Portfolio Manager consistently underperforms  NAV performance over both the short and long 
the benchmark and/or peer group over 3-5      term to that of the benchmark and peer group 
years.                                        as well as reviewing the portfolio's 
                                              performance against benchmark (attribution) 
                                              and risk adjusted performance (volatility, 
                                              beta, tracking error, Sharpe ratio) of the 
                                              Company and its peers. The Board also 
                                              receives reports on and reviews: the 
                                              portfolio and ESG considerations that are 
                                              integrated as part of investment 
                                              decision-making, transactions in the period, 
                                              active positions, gearing position and, if 
                                              applicable, hedging. 
 
Key Person Dependency                         The appointment of Fiona Yang as Co-Manager 
Either or both of the Portfolio Managers (Ian has mitigated the risk of key person 
Hargreaves and Fiona Yang) ceases to be       dependency. Also, the Portfolio Managers work 
Portfolio Manager or are incapacitated or     within Invesco's Asian & Emerging Markets 
otherwise unavailable.                        team. Ian Hargreaves and William Lam are 
                                              Co-Heads of this team. The Portfolio Managers 
                                              are supported by the wider team. 
 
Currency Fluctuation Risk                     With the exception of borrowings in foreign 
Exposure to currency fluctuation risk         currency, the Company does not normally hedge 
negatively impacts the Company's NAV. The     its currency positions but may do so should 
movement of exchange rates may have an        the Portfolio Manager or the Board feel this 
unfavourable or favourable impact on returns  to be appropriate. Contracts are limited to 
as nearly all of the Company's assets are     currencies and amounts commensurate with the 
non-sterling denominated.                     asset exposure. The foreign currency exposure 
                                              of the Company is reviewed at Board meetings. 
 
Third Party Service Providers Risk 
 
Unsatisfactory Performance of Third Party     Details of how the Board monitors the 
Service Providers                             services provided by the Manager and other 
Failure by any third-party service provider   third-party service providers, and the key 
to carry out its obligations to the Company   elements designed to provide effective 
in accordance with the terms of its           internal control, are included in the 
appointment could have a materially           internal control and risk management section 
detrimental impact on the operations of the   in the 2021 Annual Financial Report on pages 
Company and could affect the ability of the   20 and 21. 
Company to successfully pursue its investment 
policy and expose the Company to reputational 
risk. Disruption to the accounting, payment 
systems or custody records could prevent the 
accurate reporting and monitoring of the 
Company's financial position. 
 
Information Technology Resilience and         As well as regular review of TPPs' audited 
Security                                      service organisation control reports by the 
The Company's operational structure means     Audit Committee, the Board receives regular 
that all cyber risk (information and physical updates on the Manager's information and 
security) arises at its third party service   cyber security. The Board monitors TPPs' 
providers (TPPs). This cyber risk includes    business continuity plans and testing - 
fraud, sabotage or crime perpetrated against  including the TPPs and Manager's regular 
the Company or any of its TPPs.               'live' testing of workplace recovery 
                                              arrangements. 
 
Operational Resilience                        The Manager's business continuity plans are 
The Company's operational capability relies   reviewed on an ongoing basis and the 
upon the ability of its TPPs to continue      Directors are satisfied that the Manager has 
working throughout the disruption caused by a in place robust plans and infrastructure to 
major event such as the Covid-19 pandemic.    minimise the impact on its operations so that 
                                              the Company can continue to trade, meet 
                                              regulatory obligations, report and meet 
                                              shareholder requirements. 
                                              As the impact of Covid-19 continues, the 
                                              Manager has mandated work from home 
                                              arrangements and implemented split team 
                                              working for those whose work is deemed 
                                              necessary to be carried out on business 
                                              premises. Any meetings are held virtually or 
                                              via conference calls. Other similar working 
                                              arrangements are in place for the Company's 
                                              third-party service providers. The Board 
                                              receives regular update reports from the 
                                              Manager and TPPs on business continuity 
                                              processes. 
 
Twenty-five Largest Holdings 
 
AT 31 OCTOBER 2021 
 
Ordinary shares unless stated otherwise 
 
? The industry group is based on MSCI and Standard & Poor's Global Industry 
Classification Standard. 
 
                                                                         At Market 
 
                                                                             Value       % of 
 
Company                                  Industry group?     Country         £'000  Portfolio 
 
Taiwan Semiconductor                  Semiconductors and      Taiwan        18,012        6.8 
Manufacturing                    Semiconductor Equipment 
 
TencentR                         Media And Entertainment       China        16,516        6.2 
 
Samsung Electronics              Technology Hardware and South Korea        15,578        5.9 
                                               Equipment 
 
Alibaba                                        Retailing       China        11,341        4.3 
 
Invesco Liquidity Funds -              Money Market Fund     Ireland        10,371        3.9 
US Dollar 
 
Housing Development                                Banks       India         9,891        3.7 
Finance 
 
  Corporation 
 
ICICI Bank - ADR                                   Banks       India         9,451        3.6 
 
MingYang Smart EnergyA                     Capital Goods       China         8,331        3.1 
 
JD.com - ADR                                   Retailing       China         7,868        3.0 
 
AIA                                            Insurance   Hong Kong         7,784        2.9 
 
Larsen & Toubro                            Capital Goods       India         6,472        2.5 
 
NetEase - ADR                    Media and Entertainment       China         6,168        2.3 
 
United Overseas Bank                               Banks   Singapore         6,109        2.3 
 
Ping An InsuranceH                             Insurance       China         5,418        2.1 
 
POSCO                                          Materials South Korea         5,366        2.0 
 
Hon Hai Precision                Technology Hardware and      Taiwan         5,268        2.0 
Industry                                       Equipment 
 
Astra International           Automobiles and Components   Indonesia         5,207        2.0 
 
Shriram Transport Finance         Diversified Financials       India         5,149        1.9 
                                                                                             CK Asset                                     Real Estate   Hong Kong         4,973        1.9 
 
PT Bank Negara Indonesia                           Banks   Indonesia         4,966        1.9 
Persero 
 
QBE Insurance                                  Insurance   Australia         4,828        1.8 
 
China Overseas Land and                      Real Estate   Hong Kong         4,752        1.8 
Investment 
 
Hyundai Motor -               Automobiles and Components South Korea         4,646        1.8 
preference shares 
 
Mahindra & Mahindra           Automobiles and Components       India         4,588        1.7 
 
Dongfeng MotorH               Automobiles and Components       China         3,852        1.5 
 
                                                                           192,905       72.9 
 
Other Investments (30)                                                      71,671       27.1 
 
Total Holdings (55)                                                        264,576      100.0 
 
ADR/ADS:      American Depositary Receipts/Shares - are certificates that 
represent shares in the relevant stock and are issued by a US bank. They are 
denominated and pay dividends in US dollars. 
 
H:                     H-Shares - shares issued by companies incorporated in 
the People's Republic of China (PRC) and listed on the Hong Kong Stock 
Exchange. 
 
R:                      Red Chip Holdings - holdings in companies incorporated 
outside the PRC, listed on the Hong Kong Stock Exchange, and controlled by PRC 
entities by way of direct or indirect shareholding and/or representation on the 
board. 
 
A:                      A-Shares are shares that denominated in Renminbi and 
traded on the Shanghai and Shenzhen stock exchanges. 
 
Governance 
 
Going Concern 
 
The financial statements have been prepared on a going concern basis. 
 
The Directors took into consideration the uncertain economic outlook in the 
wake of the Covid-19 pandemic and the operational implications and consider the 
preparation of the financial statements on a going concern basis to be the 
appropriate basis. The Directors have a reasonable expectation that the Company 
has adequate resources to continue in operational existence for a period of at 
least 12 months after signing the balance sheet, for the same reasons as set 
out in the Viability Statement in the Company's 2021 Annual Financial Report. 
In considering this, the Directors took into account: 
 
.                               the diversified portfolio of readily realisable 
securities which can be used to meet short-term funding commitments; 
 
.                               the ability of the Company to meet all of its 
liabilities and ongoing expenses from its assets; and 
 
.                               revenue forecasts for the forthcoming year. 
 
As discussed in Principal Risks and Uncertainties, the Company's operations and 
those of its core service providers have been adapted to deal with the 
restrictions imposed in the UK as a result of the Covid-19 pandemic. 
 
Related Party Transactions 
 
Under United Kingdom Generally Accepted Accounting Practice (UK Accounting 
Standards and applicable law), the Company has identified the Directors and 
their dependents as related parties. No other related parties have been 
identified. No transactions with related parties have taken place which have 
materially affected the financial position or the performance of the Company. 
 
Directors' Responsibility Statement in respect of the preparation of the 
half-yearly financial report 
 
The Directors are responsible for preparing the half-yearly financial report 
using accounting policies consistent with applicable law and UK Accounting 
Standards. 
 
The Directors confirm that to the best of their knowledge: 
 
-     the condensed set of financial statements contained within the 
half-yearly financial report have been prepared in accordance with the FRC's 
FRS 104 Interim Financial Reporting; 
 
-     the interim management report includes a fair review of the information 
required by 4.2.7R and 4.2.8R of the FCA's Disclosure Guidance and Transparency 
Rules; and 
 
-     the interim management report includes a fair review of the information 
required on related party transactions. 
 
The half-yearly financial report has not been audited or reviewed by the 
Company's auditor. 
 
Signed on behalf of the Board of Directors. 
 
Neil Rogan 
 
Chairman 
 
24 January 2022 
 
Condensed Income Statement 
 
FOR THE SIX MONTHSED 31 OCTOBER 
 
                                                2021                          2020 
 
                                     Revenue  Capital      Total    Revenue   Capital      Total 
 
                                      return   return     return     return    return     return 
 
                                       £'000    £'000      £'000      £'000     £'000      £'000 
 
(Losses)/gains on investments held         - (17,938)   (17,938)          -    42,366     42,366 
at fair value 
 
(Losses)/gains on foreign exchange         -     (27)       (27)          -       163        163 
 
Income - note 2                        3,981       62      4,043      3,753         -      3,753 
 
Investment management fee - note 3     (247)    (740)      (987)      (210)     (629)      (839) 
 
Other expenses                         (326)      (3)      (329)      (286)       (3)      (289) 
 
Net return before finance costs and 
 
  taxation                             3,408 (18,646)   (15,238)      3,257    41,897     45,154 
 
Finance costs - note 3                   (5)     (15)       (20)       (13)      (39)       (52) 
 
Return on ordinary activities 
 
  before taxation                      3,403 (18,661)   (15,258)      3,244    41,858     45,102 
 
Tax on ordinary activities - note 4    (345)        -      (345)      (321)         -      (321) 
 
Return on ordinary activities after 
 
  taxation for the financial period    3,058 (18,661)   (15,603)      2,923    41,858     44,781 
 
Return per ordinary share 
 
Basic                                  4.57p (27.91)p   (23.34)p      4.37p    62.61p     66.98p 
 
Weighted average number of ordinary 
shares 
 
  in issue during the period                          66,853,287                      66,853,287 
 
The total column of this statement represents the Company's profit and loss 
account, prepared in accordance with UK Accounting Standards. The return on 
ordinary activities after taxation is the total comprehensive income and 
therefore no additional statement of other comprehensive income is presented. 
The supplementary revenue and capital columns are presented for information 
purposes in accordance with the Statement of Recommended Practice issued by the 
Association of Investment Companies. All items in the above statement derive 
from continuing operations of the Company. No operations were acquired or 
discontinued in the period. 
 
Condensed Statement of Changes in Equity 
 
FOR THE SIX MONTHSED 31 OCTOBER 
 
                                              Capital 
 
                                     Share Redemption   Special   Capital    Revenue 
 
                                   Capital    Reserve   Reserve   Reserve    Reserve     Total 
 
                                     £'000      £'000     £'000     £'000      £'000     £'000 
 
For the six months ended 31 
October 2021 
 
At 30 April 2021                     7,500      5,624    34,827   229,438      3,863   281,252 
 
Return on ordinary activities            -          -         -  (18,661)      3,058  (15,603) 
 
At 31 October 2021                   7,500      5,624    34,827   210,777      6,921   265,649 
 
For the six months ended 31 
October 2020 
 
At 30 April 2020                     7,500      5,624    34,827   134,968      4,029   186,948 
 
Return on ordinary activities            -          -         -    41,858      2,923    44,781 
 
At 31 October 2020                   7,500      5,624    34,827   176,826      6,952   231,729 
 
Condensed Balance Sheet 
 
Registered Number 3011768 
 
                                                                    At 31     At 30 April 
                                                                  October 
 
                                                                     2021            2021 
 
                                                                    £'000           £'000 
 
Fixed assets 
 
Investments held at fair value through profit or loss - note      264,576         279,058 
7 
 
Current assets 
 
Tax recoverable                                                       162             237 
 
VAT recoverable                                                        26              21 
 
Prepayments and accrued income                                        119             292 
 
Cash and cash equivalents                                           2,373           4,584 
 
                                                                    2,680           5,134 
 
Creditors: amounts falling due within one year 
 
Bank facility                                                           -         (2,096) 
 
Amounts due to brokers                                              (867)           (136) 
 
Accruals                                                            (740)           (708) 
 
                                                                  (1,607)         (2,940) 
 
Net current assets                                                  1,073           2,194 
 
Net assets                                                        265,649         281,252 
 
Capital and reserves 
 
Share capital                                                       7,500           7,500 
 
Other reserves: 
 
  Capital redemption reserve                                        5,624           5,624 
 
  Special reserve                                                  34,827          34,827 
 
  Capital reserve                                                 210,777         229,438 
 
  Revenue reserve                                                   6,921           3,863 
 
Total shareholders' funds                                         265,649         281,252 
 
Net asset value per ordinary share 
 
Basic                                                             397.36p         420.70p 
 
Number of 10p ordinary shares in issue at the period end -     66,853,287      66,853,287 
note 6 
 
Notes to the Financial Condensed Statements 
 
1.          Accounting Policies 
 
The condensed financial statements have been prepared in accordance with 
applicable United Kingdom Accounting Standards and applicable law (UK Generally 
Accepted Accounting Practice), including FRS 102 The Financial Reporting 
Standard applicable in the UK and Republic of Ireland, FRS 104 Interim 
Financial Reporting and the Statement of Recommended Practice Financial 
Statements of Investment Trust Companies and Venture Capital Trusts, issued by 
the Association of Investment Companies in April 2021. The financial statements 
are issued on a going concern basis. 
 
The accounting policies applied to these condensed financial statements are 
consistent with those applied in the Company's 2021 Annual Financial Report. 
 
2.          Income 
 
                                                            Six months to Six months to 
 
                                                               31 October    31 October 
 
                                                                     2021          2020 
 
                                                                    £'000         £'000 
 
Income from investments: 
 
Overseas dividends  - ordinary                                      3,689        3,605 
 
                                - special                             292           148 
 
Total income                                                        3,981         3,753 
 
Special dividends of £62,000 were recognised in capital during the period (31 
October 2020: £nil) 
 
3.          Management Fee, Performance Fees and Finance Costs 
 
Investment management fee and finance costs on any borrowings are charged 75% 
to capital and 25% to revenue. A management fee is payable quarterly in arrears 
and is equal to 0.75% per annum of the value of the Company's total assets less 
current liabilities (including any short-term borrowings) under management at 
the end of the relevant quarter and 0.65% per annum for any net assets over £ 
250 million. 
 
4.          Taxation and Investment Trust Status 
 
It is the intention of the Directors to conduct the affairs of the Company so 
that it satisfies the conditions for approval as an investment trust company. 
As such, no tax liability arises on capital gains. The tax charge represents 
withholding tax suffered on overseas income. 
 
5.          Dividends paid on Ordinary Shares 
 
As noted in the Chairman's Statement, an interim dividend of 7.70p per share 
was paid on 25 November 2021 to shareholders on the register on 5 November 
2021. Shares were marked ex-dividend on 4 November 2021. 
 
In accordance with accounting standards, dividends payable after the period end 
have not been recognised as a liability. 
 
6.          Share Capital, including Movements 
 
Share capital represents the total number of shares in issue, including 
treasury shares. 
 
(a)        Ordinary Shares of 10p each 
 
                                                             Six months to      Year to 
 
                                                                31 October     30 April 
 
                                                                      2021         2021 
 
Number of ordinary shares in issue: 
 
Brought forward                                                 66,853,287   66,853,287 
 
Shares bought back into treasury                                         -            - 
 
Carried forward                                                 66,853,287   66,853,287 
 
(b)        Treasury Shares 
 
                                                              Six months to      Year to 
 
                                                                 31 October     30 April 
 
                                                                       2021         2021 
 
Number of treasury shares held: 
 
Brought forward                                                   8,146,594    8,146,594 
 
Shares bought back into treasury                                          -            - 
 
Carried forward                                                   8,146,594    8,146,594 
 
Total ordinary shares                                            74,999,881   74,999,881 
 
During the period the Company has not bought back or re-issued any shares into 
or from treasury (30 April 2021: nil). 
 
Subsequent to the period end no ordinary shares were bought back into treasury 
or cancelled. 
 
7.          Classification Under Fair Value Hierarchy 
 
FRS 102 sets out three fair value levels. These are: 
 
Level 1 - The unadjusted quoted price in an active market for identical assets 
that the entity can access at the measurement date. 
 
Level 2 - Inputs other than quoted prices included within Level 1 that are 
observable (i.e. developed using market data) for the asset or liability, 
either directly or indirectly. 
 
Level 3 - Inputs are unobservable (i.e. for which market data is unavailable) 
for the asset or liability. 
 
The fair value hierarchy analysis for investments held at fair value at the 
period end is as follows: 
 
                                                                 31 October    30 April 
 
                                                                       2021        2021 
 
                                                                      £'000       £'000 
 
Financial assets designated at fair value 
 
Level 1                                                             254,106     278,955 
 
Level 2                                                              10,371           - 
 
Level 3                                                                  99         103 
 
Total for financial assets                                          264,576     279,058 
 
The Level 2 investment consists of one holding in the Invesco Liquidity Funds - 
US Dollar money market fund (30 April 2021: £nil). 
 
The Level 3 investment consists of one holding in Lime Co. (30 April 2021: Lime 
Co.). 
 
8.          Status of Half-Yearly Financial Report 
 
The financial information contained in this half-yearly report does not 
constitute statutory accounts as defined in section 434 of the Companies Act 
2006. The financial information for the half years ended 31 October 2021 and 31 
October 2020 has not been audited. The figures and financial information for 
the year ended 30 April 2021 are extracted and abridged from the latest audited 
accounts and do not constitute the statutory accounts for that year. Those 
accounts have been delivered to the Registrar of Companies and included the 
Report of the Independent Auditor, which was unqualified and did not include a 
statement under section 498 of the Companies Act 2006. 
 
By order of the Board 
 
Invesco Asset Management Limited 
 
Company Secretary 
 
24 January 2022 
 
Glossary of Terms and Alternative Performance Measures 
 
Alternative Performance Measure (APM) 
 
An APM is a measure of performance or financial position that is not defined in 
applicable accounting standards and cannot be directly derived from the 
financial statements. The calculations shown in the corresponding tables are 
for the six months ended 31 October 2021 and the year ended 30 April 2021. The 
APMs listed here are widely used in reporting within the investment company 
sector and consequently aid comparability. 
 
Benchmark (or Benchmark Index) 
 
A standard against which performance can be measured, usually an index that 
averages the performance of companies in a stock market or a segment of the 
market. The benchmark used in these accounts is the MSCI AC Asia ex Japan Index 
(total return, net of withholding tax, in sterling terms). This benchmark index 
does not include Australia and New Zealand. 
 
Discount/Premium (APM) 
 
Discount is a measure of the amount by which the mid-market price of an 
investment company share is lower than the underlying net asset value (NAV) of 
that share. Conversely, Premium is a measure of the amount by which the 
mid-market price of an investment company share is higher than the underlying 
net asset value of that share. In this interim financial report the discount is 
expressed as a percentage of the net asset value per share and is calculated 
according to the formula set out below. If the shares are trading at a premium 
the result of the below calculation will be positive and if they are trading at 
a discount it will be negative. 
 
                                                                     At 31 October At 30 April 
 
                                                     Page                     2021        2021 
 
Share price                                             1          a       367.00p     386.00p 
 
Net asset value per share                              12          b       397.36p     420.70p 
 
Discount                                                  c = (a-b)/        (7.6)%      (8.2)% 
                                                                   b 
 
The average discount for the period/year is the arithmetic average, over a 
period/year, of the daily discount calculated on the same basis as shown above. 
 
Gearing 
 
The gearing percentage reflects the amount of borrowings that a company has 
invested. This figure indicates the extra amount by which net assets, or 
shareholders' funds, would move if the value of a company's investments were to 
rise or fall. A positive percentage indicates the extent to which net assets 
are geared; a nil gearing percentage, or 'nil', shows a company is ungeared. A 
negative percentage indicates that a company is not fully invested and is 
holding net cash as described below. 
 
There are several methods of calculating gearing and the following has been 
used in this report: 
 
Gross Gearing (APM) 
 
This reflects the amount of gross borrowings in use by a company and takes no 
account of any cash balances. It is based on gross borrowings as a percentage 
of net assets. 
 
                                                                At 31 October At 30 April 
 
                                                                         2021        2021 
 
                                                Page                    £'000       £'000 
 
Bank facility                                     12                        -       2,096 
 
Gross borrowings                                              a             -       2,096 
 
Net asset value                                   12          b       265,649     281,252 
 
Gross gearing                                           c = a/b           nil        0.7% 
 
Net Gearing or Net Cash (APM) 
 
Net gearing reflects the amount of net borrowings invested, i.e. borrowings 
less cash and cash equivalents (incl. investments in money market funds). It is 
based on net borrowings as a percentage of net assets. Net cash reflects the 
net exposure to cash and cash equivalents, as a percentage of net assets, after 
any offset against total borrowings. 
 
                                                                At 31 October At 30 April 
 
                                                                         2021        2021 
 
                                                Page                    £'000       £'000 
 
Bank facility                                     12                        -       2,096 
 
Less: cash and cash equivalents                   12                  (2,373)     (4,584) 
 
Less: Invesco Liquidity Fund - US Dollar                             (10,371)           - 
(money market fund) 
 
Net cash                                                      a      (12,744)     (2,488) 
 
Net asset value                                   12          b       265,649     281,252 
 
Net gearing/(net cash)                                  c = a/b        (4.8)%      (0.9)% 
 
Net Asset Value (NAV) 
 
Also described as shareholder's funds the NAV is the value of total assets less 
liabilities. Liabilities for this purpose include current and long-term 
liabilities. The NAV per ordinary share is calculated by dividing the net 
assets by the number of ordinary shares in issue. For accounting purposes 
assets are valued at fair (usually market) value and liabilities are valued at 
par (their repayment - often nominal - value). 
 
Total Return 
 
Total return is the theoretical return to shareholders that measures the 
combined effect of any dividends paid, together with the rise or fall in the 
share price or NAV. In this half-yearly financial report these return figures 
have been sourced from Refinitiv who calculate returns on an industry 
comparative basis. 
 
Net Asset Value Total Return (APM) 
 
Total return on net asset value per share, assuming dividends paid by the 
Company were reinvested into the shares of the Company at the NAV per share at 
the time the shares were quoted ex-dividend. 
 
Share Price Total Return (APM) 
 
Total return to shareholders, on a mid-market price basis, assuming all 
dividends received were reinvested, without transaction costs, into the shares 
of the Company at the time the shares were quoted ex-dividend. 
 
                                                                      Net Asset     Share 
 
Six Months Ended 31 October 2021                      Page                Value     Price 
 
As at 31 October 2021                                    1              397.36p   367.00p 
 
As at 30 April 2021                                      1              420.70p   386.00p 
 
Change in period                                                   a      -5.5%     -4.9% 
 
Impact of dividend reinvestments(1)                                b       0.0%      0.0% 
 
Total return for the period                                  c = a+b      -5.5%     -4.9% 
 
                                                                      Net Asset     Share 
 
Year Ended at 30 April 2021                           Page                Value     Price 
 
As at 30 April 2021                                      1              420.70p   386.00p 
 
As at 30 April 2020                                      1              279.64p   254.00p 
 
Change in year                                                     a      50.4%     52.0% 
 
Impact of dividend reinvestments(1)                                b       6.0%      6.5% 
 
Total return for the year                                    c = a+b      56.4%     58.5% 
 
(1)  No dividends have been paid during six months to 31 October 2021 (year to 
30 April 2021: 15.10p). NAV or share price falls subsequent to the reinvestment 
date consequently further reduce the returns, vice versa if NAV or share price 
rises. 
 
Benchmark 
 
Total return on the benchmark is on a mid-market value basis, assuming all 
dividends received were reinvested, without transaction costs, into the shares 
of the underlying companies at the time the shares were quoted ex-dividend. 
 
Directors, Investment Manager and Administration 
 
Directors 
 
Neil Rogan (Chairman of the Board, Management Engagement and 
 
 Nomination Committees) 
 
Fleur Meijs (Chairman of the Audit and Remuneration Committees)? 
 
Owen Jonathan (Senior Independent Director)? 
 
Vanessa Donegan? 
 
Myriam Madden (appointed 4 November 2021)? 
 
All Directors are members of the Management Engagement, Remuneration and 
Nomination Committees 
 
?              Member of the Audit Committee 
 
Registered Office and Company Number 
 
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH 
 
Registered in England and Wales: No. 3011768 
 
Alternative Investment Fund Manager (Manager) 
 
Invesco Fund Managers Limited 
 
Company Secretary 
 
Invesco Asset Management Limited 
 
Company Secretarial contact: Andrea Davidson 
 
Correspondence Address 
 
43-45 Portman Square, London W1H 6LY 
 
020 3753 1000 
 
Email: IAT@invesco.com 
 
Depositary and Custodian 
 
The Bank of New York Mellon (International) Limited 
 
1 Canada Square, London E14 5AL 
 
Corporate Broker 
 
Investec Bank plc 
 
30 Gresham Street, London EC2V 7QP 
 
General Data Protection Regulation 
 
The Company's privacy notice can be found at www.invesco.co.uk/invescoasia 
 
Invesco Client Services 
 
Invesco has a Client Services Team, available to assist you from 8.30am to 6pm 
Monday to Friday (excluding UK Bank Holidays). Please note no investment advice 
can be given. Phone: 0800 085 8677. 
 
 www.invesco.co.uk/investmenttrusts 
 
Registrar 
 
Link Group 
 
Central Square, 29 Wellington Street, Leeds, LS1 4DL 
 
If you hold shares directly and have queries relating to your shareholding, you 
should contact the Registrar on 0371 664 0300. Calls are charged at the 
standard geographic rate and will vary by provider. 
 
From outside the UK: +44 (0)371 664 0300. Calls from outside the UK will be 
charged at the applicable international rate. Lines are open from 9am to 
5.30pm, Monday to Friday (excluding Bank Holidays in England and Wales). 
 
Shareholders can also access their holding details via Link's website 
www.signalshares.com 
 
Link Group provides on-line and telephone share dealing services to existing 
shareholders who are not seeking advice on buying or selling. This service is 
available at www.linksharedeal.com or 0371 664 0445. Calls are charged at the 
standard geographic rate and will vary by provider. Calls from outside the UK 
will be charged at the applicable international rate. Lines are open 9.00am to 
5.30pm Monday to Friday (excluding Bank Holidays in England and Wales). 
 
Link Group is the business name of Link Market Services Trustees Limited. 
 
Investor Warning 
 
The Company, Invesco and the Registrar would never contact members of the 
public to offer services or require any type of upfront payment. If you suspect 
you have been approached by fraudsters, please contact the FCA consumer 
helpline on 0800 111 6768 and Action Fraud on 0300 123 2040. Further details 
for reporting frauds, or attempted frauds, can be found on page 79 of the 
Company's 2021 Annual Financial Report. 
 
The Association of Investment Companies 
 
The Company is a member of the Association of Investment Companies. Contact 
details are as follows: 
 
Phone: 020 7282 5555 
 
Email: enquiries@theaic.co.uk 
 
Website: www.theaic.co.uk 
 
Website 
 
Information relating to the Company can be found on the Company's section of 
the Manager's website at www.invesco.co.uk/invescoasia 
 
The contents of websites referred to in this document, or accessible from links 
within those websites, are not incorporated into, nor do they form part of, 
this document. 
 
The Company's ordinary shares qualify to be considered as a mainstream 
investment product suitable for promotion to retail investors. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

January 24, 2022 02:02 ET (07:02 GMT)

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