Welcome to our update for the month ending 31 May 2023.
Please find below the links to our monthly reports that include: the latest fund managers' commentaries on their portfolios, performance summaries, up-to-date largest holdings, geographical breakdowns (where applicable), sector allocations and current gearing levels for the investment trusts managed by abrdn.Access the reports  >Asia Pacific EquitiesMost Asian markets fell in May as investors focused on the US debt ceiling talks and signs that Chinas recovery may be stalling. Global EquitiesThe global economic backdrop continued to be dominated by increasingly divergent trends in growth, interest rates and inflation. Indian EquitiesIndian equities rose in May, outperforming the broader Asia-Pacific region as well as global emerging markets.  Japanese EquitiesJapanese equities rose for the fifth straight month in May, in contrast to wider falls in global markets. Multi-AssetIt was a volatile month with investors focusing on the US debt ceiling, core inflation prints and US job openings data.North American EquitiesUS equities ended the month slightly higher as an agreement was reached on raising the US debt ceiling, reducing the risk of a potentially disastrous default.Real EstateAccording to the MSCI Monthly Index, total returns for April (the latest data available) were 0.5%, down from Marchs 0.7%. UK Equities There was a sharp move higher in UK government bond yields, reflecting continued high levels of inflation, robust consumption and strong wage growth data.Reports
abrdn Asia Focus plc Monthly Report Website
abrdn Asian Income Fund Limited Monthly Report Website
abrdn China Investment Company Limited Monthly Report Website
abrdn Diversified Income and Growth plc Monthly Report Website
abrdn Equity Income Trust plc Monthly Report Website
abrdn European Logistics Income plc Quarterly Report Website
abrdn Japan Investment Trust plc Monthly Report Website
abrdn New Dawn Investment Trust plc Monthly Report Website
abrdn New India Investment Trust plc Monthly Report Website
abrdn Private Equity Opportunities Trust plc Monthly Report Website
abrdn Property Income Trust Limited Quarterly Report Website
abrdn Smaller Companies Income Trust plc Monthly Report Website
abrdn UK Smaller Companies Growth Trust plc Monthly Report Website
Asia Dragon Trust plc Monthly Report Website
Dunedin Income Growth Investment Trust PLC Monthly Report Website
Murray Income Trust PLC Monthly Report Website
Murray International Trust PLC Monthly Report Website
Shires Income PLC Monthly Report Website
The North American Income Trust plc Monthly Report Website
UK Commercial Property REIT Quarterly Report Website
Recent broadcasts
Finding the best UK stocks for income: As Dunedin Income Growth Investment Trust celebrates its 150th anniversary, co-manager Rebecca Maclean, speaks to Kepler about the trust's strategy. She looks at several companies in the portfolio and explains the reasoning behind the investments. Listen here.
How will emerging markets benefit from nearshoring?: Gabriel Sacks, fund manager of abrdn Asia Focus, speaks with Nick Robinson, senior investment director, on the abrdn Emerging Markets Equity podcast discussing evolving trends to try to identify and profit from opportunities in the region. Listen here.
Far Ralia site update from abrdn Property Income Trust: Lead manager Jason Baggaley talks through the trusts purchase of the 1,400 hectares Far Ralia site in the Cairngorm National Park, as well as the reforestation, peatland restoration and biodiversity improvements currently underway there. Watch here.
A day in the life of a fund manager: Thomas Moore takes us with him for 'a day in the life' as manager of abrdn Equity Income Trust. Thomas speaks about how  how he fits together different pieces of the investment puzzle to deliver an income from UK shares to his investors. Watch here.
Murray Income Trust manager update: Charles Luke gives an update on the Trust's current positioning, recent portfolio and key portfolio changes. Watch here.

For regular, timely updates on all of our investment companies, please follow us on Twitter and LinkedIn. Important informationInvestment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results.

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