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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