Aberdeen Asian Income Fund Limited
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Investor Warning

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NMPI Status

The company currently conducts its affairs so that securities issued by Aberdeen Asian Income Fund Limited can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because the company would qualify as an investment trust if the company were based in the UK.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Private Wealth Management Limited, as a non-European Union manager of Aberdeen Asian Income Fund Limited, a Jersey-based fund, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investments products that do not fall under the existing European Union regime for regulation of certain investment products known as “UCITS”.

Read the PIDD for Aberdeen Asian Income Fund Limited

 
 

Morningstar Ratings

Analyst Rating

Silver Rating No logo

Fund Rating

5 Star Rating
 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 30-Apr-2015

Ord
Price203.25p
NAV206.39p
Prem/-Disc-1.52%

Warrants
Price118.75p


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

 
 

Trust Details

Aberdeen Asian Income Fund Limited

Registered Office:
1st Floor,
Sir Walter Raleigh House
48 – 50 Esplanade
St Helier,
Jersey
JE2 3QB

Incorporated in Jersey with registered number 91671

 

Aberdeen Asian Income Fund Limited

Objective

The objective of Aberdeen Asian Income Fund Limited is to provide investors with a total return primarily through investing in Asian Pacific securities, including those with an above-average yield. The Company does not expect, at least initially, to have any significant Japanese exposure.

 
 

Aberdeen Asian Income Fund Limited Annual Report for the year ended 31 Dec 14
Flavia Cheong, Investment Director, Singapore

In this webcast, Flavia Cheong gives an update on a wide range of subjects including the Trust’s performance, the geographic and sectoral positioning of the portfolio for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

March 2015

Market Review

Key Asian stock markets diverged in March. China and Hong Kong rose after Beijing indicated it was open to further stimulus. Conversely, Australia lagged, while India was hampered by weaker business sentiment and Middle East tensions.

Portfolio Review

In portfolio activity, we added to Hong Kong-listed apparel retailer Giordano, which has a strong cash-generative business and offers an attractive yield of 6.5%. We also topped up Texwinca, whose core textiles-manufacturing business generates the bulk of its cash flow, similar to Giordano. Its net-cash balance sheet enables it to continue to pay attractive dividends, with yields of 7.3%.

Swire Pacific’s profits were driven by its property division. In comparison, earnings at PetroChina’s exploration and production segment fell on cheaper crude. Encouragingly, losses in the chemicals segment narrowed.

Standard Chartered’s profits weakened amid further write-downs, margin pressure and increased regulatory costs. The bank will continue to trim costs, beef up its capital base and target a 10% return on equity in the medium term. Unprofitable businesses will also be axed.

Outlook

Familiar concerns remain. In China, the effects of the slowdown are reverberating through the corporate sector and deflationary threats are rising. Given Beijing’s anti-corruption crackdown and caution surrounding new infrastructure projects, growth is unlikely to pick up. However, the government’s initiative to better connect China to other countries along the Silk Road could help revive the economy. Reforms being rolled out across the region also offer some optimism, although implementation could be long drawn and fraught. Thus, short-term policy measures will likely dictate market direction. Meanwhile, we should see further divergence as central banks everywhere, including China, Japan and Europe, appear to be more accommodative, except in the US. Yet, the normalisation of Fed policy is based on the assumption of a sustainable US recovery, which should bode well for export-led economies in Asia. That said, the region still boasts some of the world’s fastest-growing countries, despite slower expansion. Policymakers have tried to fix structural weaknesses and the region seems better able to withstand short-term fund outflows. At the corporate level, there are few signs of an earnings recovery, but companies are making progress in cutting costs to operate more efficiently. We remain confident in the region’s prospects, given favourable demographics and the anticipated improvement in corporate profitability.


Source: Monthly Factsheet Aberdeen Asset Managers Limited