The monthly update for Asia Dragon Trust PLC for the month ending 31 August 2023 highlights various market trends and performance summaries across different regions and sectors. Concerns in the Asia Pacific Equities market were focused on inflation, tightening US monetary policy, and soft economic data from China. Global equity markets experienced higher volatility due to ongoing economic uncertainty. The MSCI India Index fell 1.85% in US dollar terms but outperformed the broader Asia-Pacific ex-Japan region and global emerging market equities. Small caps outperformed large caps in Japanese equities, with the MSCI Japan Small Cap Index rising by 1.77% in yen terms.
Investors in multi-asset portfolios expressed concerns over sustained inflation and higher interest rates, fueled by robust US economic data and high Eurozone inflation. US equities ended lower in August, with the US Federal Reserve's current target rate for the fed funds rate at a 22-year high of 5.25-5.50%. Real estate returns remained flat in July, according to the MSCI Monthly Index. UK equities fell in August following strong wage and inflation data, leading to an increase in interest rate expectations.
The update also provides links to monthly reports for various investment trusts managed by abrdn, including abrdn Asia Focus plc, abrdn Asian Income Fund Limited, abrdn China Investment Company Limited, abrdn Diversified Income and Growth plc, abrdn Equity Income Trust plc, abrdn European Logistics Income plc, abrdn Japan Investment Trust plc, abrdn New Dawn Investment Trust plc, abrdn New India Investment Trust plc, abrdn Private Equity Opportunities Trust plc, abrdn Property Income Trust Limited, abrdn Smaller Companies Income Trust plc, abrdn UK Smaller Companies Growth Trust plc, Asia Dragon Trust plc, Dunedin Income Growth Investment Trust PLC, Murray Income Trust PLC, Murray International Trust PLC, Shires Income PLC, The North American Income Trust plc, and UK Commercial Property REIT.
In addition, the update mentions recent broadcasts, including the Summer Series Global Income Conference, where abrdn's senior economist and fund managers shared their views on income and the current state of the economy. There is also a video discussing the growing imperative for private equity firms to allocate capital in private markets, and an update on the proposed combination of Shires Income and abrdn Smaller Companies Income Trust.
The update concludes with a reminder that investment involves risk and that past performance is not a guide to future results. It also provides links to contact information, unsubscribe options, and the privacy policy of abrdn Investment Trusts.