https://www.investegate.co.uk/announcem ... rt/8158211
CHAIRMAN'S STATEMENT
After a period of difficult relative and absolute performance, it was encouraging to see substantially better investment returns during the first half of our financial year in response to previous restructuring and the planned changes intended to improve capital returns. As Sat has succinctly outlined in the Fund Manager's report, the changes to our portfolio produced better results that reflected the key themes and altered country weightings that were implemented earlier. Better results were supported by both macro factors and company specific developments across the region. Our earlier decision to significantly reduce exposure to China as it struggles to adjust in a post-Covid environment has proven a good one although we have now reached a point that some valuations in that market are too compelling to ignore. As a result, we expect to add selectively in Chinese names at or around current levels, taking advantage of what may well be unusual dividend and profit opportunities.
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Performance
I am pleased to be able to report that the NAV total return for the six months to 29 February 2024 was 8.2%, ahead of the FTSE World Asia Pacific ex Japan Index which returned 5.1% and only slightly behind the MSCI AC Asia Pacific ex Japan High Dividend Yield Index which returned 10.0%. This follows the rebalancing of the portfolio in the latter part of the 2023 calendar year which was addressed in both my statement in the annual report, and the update from the Fund Manager.
Their performance does seem to have picked up recently. They are quite high in my HYPTUSS top up list (siting at #2), but I was holding off topping up as for a while they seemed to be paying the dividend from the capital, but I noticed recently that their performance had started to edge up so maybe they will get a top up soon.