TIDMIAT

INVESCO Asia Trust PLC

19 August 2022

London, UK, 19 August 2022

Edison issues review on Invesco Asia Trust (IAT)

Despite the setback in Asian markets during Q122, Invesco Asia Trust (IAT) continues to generate a double-digit annualised NAV total return (c 11.5% in sterling over the past 10 years), supported by consistent income. It pays a regular six-monthly dividend equivalent to 2% of NAV (4% per year). In January 2022, the fund management team was enhanced when Fiona Yang was appointed co-manager alongside Ian Hargreaves, who has run the portfolio since 2011 (from 2015 as sole manager). IAT's team targets double-digit annualised returns from each portfolio holding over a rolling three-year period.

Despite a challenging past 12 months for Asian equities, IAT's NAV total return (TR) of -0.5% over the 12 months to end-July was cushioned by active management of the portfolio, which outperformed the benchmark (-8.2% TR). During 2021 the portfolio (56 holdings at 30 June 2022) was positioned away from technology/internet outperformers towards more cyclical/'value' stocks by design, and its one-year performance benefited considerably from blending growth and value styles. Hargreaves has also achieved solid absolute and relative performance over his tenure. We believe that dividend enhancement, introduced by the board in 2020 with a yield target of 4% of NAV per year and two semi-annual dividend payments, brings additional stability to the fund's performance and underlines the board's focus on total return.

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August 19, 2022 02:00 ET (06:00 GMT)

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