Seneca Global Income & Growth swaps Aberdeen Asian Income for small-cap Asian fund

Follows rebound in the region

Jayna Rana
clock • 2 min read

The £80m Seneca Global Income & Growth trust has reduced its holding in the £390m Aberdeen Asian Income trust in favour of a new position in the open-ended $366.1m Samarang Asian Prosperity fund, as it wants to back "asset managers not asset gatherers".

The Seneca trust, co-managed by Tom Delic, has taken a new position in the small cap pan-Asian fund, which is run by Andbank Asset Management's Greg Fisher, which is more favourable than the Aberdeen portfolio due to better performance and a focus on protecting performance with capacity constraints. Delic explained: "Our new position in the Samarang was funded by a reduction in holdings of the Aberdeen Asian Income fund. When comparing the two funds, Samarang's portfolio trades at around a 50% discount to that of Aberdeen's, on simple valuation metrics." He also highlighted the Samara...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment Trusts

Trustpilot