1. Aberdeen New Dawn Investment Trust PLC
Annual Report for the year ended 30 April 2017
August 2017
James Thom, Senior Investment Manager Aberdeen Asset Management

2. Aberdeen New Dawn Investment Trust PLC
Objective
The investment objective of the Company is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan
Benchmark
The Company compares its performance to the currency-adjusted MSCI AC Asia Pacific ex Japan Index
Investment philosophy
The Company’s assets are invested in a diversified portfolio of securities in quoted companies spread across a range of industries and economies in the Asia Pacific region excluding Japan

3. Financial highlights Performance (total return) 1 year return
Share price
+38.8
+34.7
+46.1
Net asset value
+39.0
+37.6
+48.8
MSCI AC Asia Pacific ex Japan Index (currency adjusted)
+36.4
+47.0
+62.1
Source: Aberdeen New Dawn Invest Trust PLC, Annual Report to 30 Apr17
Past performance is not a guide to future results

4. Financial summary As at 30 Apr 17 30 Apr17 30 Apr 16 % Change
Total assetsA (£’000)
315,715
243,229
+29.8
Total equity shareholders’ funds (net assets) (£’000)
286,191
216,243
+32.3
Share price (mid-market)
212.00p
156.00p
+35.9
Net asset value per share (including current year income)
244.90p
179.43p
+36.5
Discount to net asset value (inc current year income)
13.4%
13.1%
MSCI AC Asia Pacific ex Japan Index (currency adjusted, capital gains basis)
703.67
531.87
Source: Aberdeen New Dawn Investment Trust PLC, Annual Report to 30 Apr 17
Past performance is not a guide to future results
A Total assets as per the balance sheet less current liabilities (before deducting prior charges)

5. Country breakdown
Note: Aberdeen China A Share Equity Fund is within the Aberdeen Global range
Source: Aberdeen Asset Management, Apr 17

6. Sector breakdown
Source: Aberdeen Asset Management, Apr 17

7. Investment portfolio – twenty largest investments
As at 30 Apr 17
​Company
Sector
Market value £’000
Total assetsA %
Aberdeen Global – Indian Equity FundB
Collective Investment Scheme
39,165
12.4
Jardine Strategic Holdings
Industrial Conglomerates
16,379
5.2
Samsung Electronics Pref
Technology Hardware Storage & Peripherals
16,151
5.1
Oversea-Chinese Banking Corporation
Banks
13,325
4.2
Taiwan Semiconductor Manufacturing Company
Semiconductors & Semiconductor Equipment
11,660
3.7
Aberdeen Global – China A Share Equity FundB
11,354
3.6
AIA Group
Insurance
10,604
3.4
Ayala Land
Real Estate Management & Development
9,447
3.0
City Developments
9,294
2.9
CSL
Biotechnology
9,173
Top ten equity investments ​
146,552
46.4
Siam Cement (Foreign)
Construction Materials
8,100
2.6
Rio Tinto (London Listing)
Metals & Mining
7,935
2.5
Singapore Telecommunication
Diversified Telecommunications Services
7,342
2.3
China Mobile
Wireless Telecommunication Services
7,296
Bank Central Asia
6,752
2.2
Singapore Technologies Engineering
Aerospace & Defence
6,400
2.0
HSBC Holdings
6,371
Swire Pacific B SharesC
6,278
Aberdeen New India Inv TrustB
Investment Trusts
5,730
1.8
Standard Chartered (London Listing)
5,527
Top twenty equity investments
214,283
67.9
A Total assets as per the balance sheet less current liabilities (before deducting prior charges)
B No double-charging of management fees by Aberdeen.
C 2016 Holding merged two equity holdings, with values split as follows: A shares £475,000 and B shares £6,353,000
Source: New Dawn Investment Trust PLC, Annual Report to 30 Apr 17

8. Outlook
Asian equities resilient in 2017 shrugging off political and economic headwinds elsewhere in the world
Reflects improving fundamentals in Asia with a stable macro backdrop and earnings picking up
Banking stocks, bellwethers of economic conditions, posting better numbers
China has led the gains on tech sector strength and A share inclusion in MSCI indicies
Expect China to remain stable in run up to autumn leadership transition, though debt remains inflated
India reform story continues, though market at all time highs
Corporate fundamentals tracking in line with expectations
Valuations have re-rated, but remain undemanding and attractive relative to developed markets

9. Institutional investors:
Contact details
Should you require further information please do not hesitate to contact us:
Private investors:
Institutional investors:
Andrew Leigh +44 (0)

10. Disclaimer Risk factors you should consider prior to investing:
• The value of investments and the income from them can fall and investors may get back less than the amount invested.
• Past performance is not a guide to future results.
• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.
• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company's assets will result in a magnified movement in the NAV.
• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company's shares.
• The Company may charge expenses to capital which may erode the capital value of the investment.
• Movements in exchange rates will impact on both the level of income received and the capital value of your investment.
• There is no guarantee that the market price of the Company's shares will fully reflect their underlying Net Asset Value.
• As with all stock exchange investments the value of the Company's shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.
• The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down.
• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends.
Other important information:
Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom,.Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer or solicitation to deal in investments.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (