JPMorgan Asian Investment Trust beat its benchmark with a return on net assets of +41.3% in the year to the end of September.
The return to shareholders was +38.7%, reflecting a disappointing widening of the company's discount from 11.7% to 13.4%.
Chairman James M Long said: "These results marked a continuation of the positive turnaround in the vompany's performance, with the return on net assets representing an outperformance against its benchmark, the MSCI Asia ex Japan Index, of 5.1 percentage points, building on the 3.4 percentage points outperformance in 2015.
"It is also a point of pride to note that our recent investment returns have been accomplished with the lowest total charges ratio of all our peers in the Asia ex-Japan sector."
At 8:31am: (LON:JAI) JPMorgan Asian Investment Trust Plc share price was +2.75p at 279.75p