Aberdeen New Thai Investment Trust (LON:ANW) is the only London-listed investment trust focused on Thailand. Launched in 1989, the managers have a long history of investing in the country, as well as the resources to support its bottom-up focus on identifying quality stocks to build a concentrated, yet diversified portfolio to generate long-term capital growth. This approach has delivered solid absolute performance with lower than market beta over three and five years. Thailand’s economic recovery is proving stronger than expected, with scope to become more broad-based, which could support investment opportunities. The fund is currently trading at a wider than average discount to cum-income NAV of 16.6% and the board is committed to narrow this discount.
Investment strategy: Long-term capital growth
ANW aims to generate a high level of long-term, above average capital growth by investing in Thai companies. The managers’ disciplined bottom-up approach seeks high-quality, well-managed companies that are able to generate stable, long-term returns through economic cycles. The depth of research is supported by a well-resourced Asian team, including four Bangkok-based investment managers. ANW’s portfolio is relatively concentrated at 40 holdings of the managers’ highest conviction stocks, yet it is well diversified across a broad range of industries.
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