Edison issues review on Invesco Asia Trust (IAT)Source: RNS
London, UK, 2 September 2020
Edison issues review on Invesco Asia Trust (IAT)
Invesco Asia Trust (IAT) has generated an annualised NAV total return of 10.1% over the past 10 years, supported by steady income. The board aims to pay a regular six-monthly dividend equivalent to 2% of NAV. A performance-related conditional tender offer (subject to shareholder approval), announced in August 2020, emphasises the board's focus on total return. The fund manager, Ian Hargreaves, who has co-managed IAT since 2011 and has been sole manager since 2015, aims to outperform the market over three- to five-year rolling periods, following a bottom-up, contrarian approach, blending growth and value. He targets a double-digit annualised return from each portfolio holding. The manager expects his strategy to work well in the current environment.
IAT is trading at a 14.5% discount to its cum-income NAV, compared to its three-year average of 11.8%. The narrowing discount trend of 2019 (with a discount target of c 10%) was interrupted by the pandemic crisis in Q1 this year. Following the recent introduction of the performance-related conditional tender offer and enhanced dividend policy, IAT is well positioned for a narrower discount on the back of acceleration in performance and improving investor sentiment towards Asia.
Click here to view the full report.
All reports published by Edison are available to download free of charge from its website
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information please contact Edison:
Victoria Chernykh, +44 (0) 20 3077 5700
Mel Jenner, +44 (0)20 3077 5720
Learn more at www.edisongroup.com and connect with Edison on:
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Private Policy.