Abrdn New Dawn Investment Trust : Annual Report to 30 April 2023

abrdn New Dawn Investment Trust plc

Annual Report 30 April 2023

Investing in locally chosen, high quality, Asia Pacific companies

newdawn-trust.co.uk

The Company's Investment Manager is based in Singapore, where 4.9% of the Company's total assets are invested.

"Since the year end, the Board has announced that it has agreed heads of terms with the board of Asia Dragon Trust plc ("Asia Dragon") in respect of a proposed combination of the Company with Asia Dragon. Further details are set out in my Chairman's Statement."

Donald Workman, Chairman

"Asia Pacific equities declined over the 12 months to 30 April 2023, amid the uncertainty that weighed on markets globally."

James Thom and Xin-Yao Ng, abrdn Asia Limited

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abrdn New Dawn Investment Trust plc

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Contents

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser.

If you have sold or otherwise transferred all your Ordinary shares in abrdn New Dawn Investment Trust plc, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Overview
Performance Highlights	3
Strategic Report
Chairman's Statement	6
Overview of Strategy	9
Promoting the Success of the Company	13
Performance	16
Investment Manager's Review	18
Principal Risks and Uncertainties	22
Portfolio
Ten Largest Investments	26
Investment Portfolio	27
Changes in Asset Distribution	30
Geographical/Sector Analysis	31
Currency/Market Performance	33
Investment Case Studies	34
Governance
Board of Directors	38
Directors' Report	41
Directors' Remuneration Report	49
Audit and Risk Committee's Report	53
Financial Statements
Statement of Directors' Responsibilities	58
Independent Auditor's Report	59
Statement of Comprehensive Income	66
Statement of Financial Position	67
Statement of Changes in Equity	68
Statement of Cash Flows	69
Notes to the Financial Statements	70
Corporate Information
Information about the Investment Manager	91
The Investment Manager's Approach to ESG	93
Investor Information	98
Glossary of Terms	100
Share Capital History	102
AIFMD Disclosures	104
Alternative Performance Measures	105
Contact Addresses	109

2	abrdn New Dawn Investment Trust plc

Performance Highlights

Net asset value total returnAB

-6.8%

2022	-11.0%

Benchmark total returnBC

-5.2%

	2022		-9.2%

Revenue return per share

4.82p

2022	3.71p

1. Alternative Performance Measure (see pages 105 to 108).
2. Total return represents capital return plus dividends reinvested.
3. MSCI AC Asia Pacific ex Japan Index

Share price total returnAB

-7.3%

2022	-11.8%

Ongoing chargesA

1.13%

2022	1.13%

Dividend per Ordinary share

4.30p

2022	4.30p

Overview

Strategic Report

Portfolio

Governance

Net asset value per share		Mid-Market price per share	Dividends per share
At 30 April - pence					At 30 April - pence						Year ended 30 April - pence
		370.0												4.30	4.30	4.30	4.30	4.30
			325.2			328.5
281.1		299.2				286.0
261.6
					250.0	261.0
						225.0

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Corporate Information Financial Statements

abrdn New Dawn Investment Trust plc

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