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Aberdeen New Thai Investment Trust (LON:ANW) is the only London-listed investment trust focused on Thailand. The manager follows a disciplined, bottom-up investment approach to find quality companies that are attractively valued. Through its investments, the trust also provides exposure to Thailand’s fast-growing neighbors of Cambodia, Laos, Myanmar and Vietnam. Launched in 1989, ANW has delivered strong absolute long-term returns; since inception to end-April 2018, the trust has achieved an annualized NAV total return of 14.4%. However, in more recent years, returns have lagged the benchmark and the shares have persistently traded at a meaningful discount to cum-income NAV. On 2 May 2018, the board proposed a number of changes to address these issues.
Investment strategy: Rigorous bottom-up approach
ANW’s investment objective is to generate a high level of capital growth through investing in Thai companies. The investment process is relatively unconstrained and led by stock selection to find high-quality, well-managed companies with robust balance sheets, that are attractively valued. A well-resourced and experienced Asian team, which includes four Bangkok-based investment managers, supports this rigorous process, which involves around 1,000 company visits each year. The portfolio of around 40 stocks therefore represents the manager’s highest conviction ideas on a long-term investment horizon.
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