abrdn Asia Focus manager Hugh Young to retire after 43 years
Hugh Young (pictured) is retiring from the industry after 43 years.
In the trust's annual results for the year to 31 July, it revealed that its net asset value (total return) grew 7.6% throughout the year, compared to the MSCI AC Asia ex-Japan Small Cap index growth of 8%.
Since 31 July, the trust's NAV is down 2.2% compared to a 0.3% rise in the index, according to data from the Association of Investment Companies.
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Investments in China, Hong Kong and Singapore dragged performance for the trust, with key detractors including Chinese JOINN Laboratories, Sinoma Science & Technology and Dah Sing, along with Singaporean holding company Yoma, according to the report.
However, the trust continued to add to its China position based on volatility and attractive valuation, aided by a change of mandate last year which saw the removal of the limit on company size at initiation.
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Numis analysts Ash Nandi and Gavin Trodd said that the «key news» from the results was Young's retirement, which introduced an element of «key man risk».
«However, succession planning has been in the pipeline for a while, with the appointment of Flavia Cheong as co-manager alongside Hugh Young and Gabriel Sacks back in November 2021,» they added. Xin-Yao Ng has also been appointed as a co-manager.
The managers have worked alongside Young for 15 and five years respectively, which the analysts believed «should ensure a smooth transition».
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