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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 investment products 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.
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 is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 06-Mar-2014Ord
Source: Morningstar, NAV = Net Asset Value, excluding income.
Sir Walter Raleigh House
48 – 50 Esplanade
Incorporated in Jersey with registered number 91671
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.
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 and an outlook for the Trust.
In a nervous start to 2014, Asian equity markets registered their biggest monthly fall in half a year in January. Familiar worries of waning economic growth in China and the Federal Reserve’s tapering, which sliced another US$10 billion from monthly asset purchases, rattled investors. Emerging market currencies, particularly those from countries that rely heavily on short-term foreign currency loans, suffered from contagion fears and accentuated the declines in stock markets. Central banks’ attempts to staunch the depreciations proved futile. The flight to safety, however, benefited the yen, seen as a safe haven amid the broader turmoil.
In corporate news, we met with QBE Insurance’s group CEO John Neal and are encouraged by the company’s efforts to fix its US operations. We feel the additional provisions are sufficient, while refreshment of the board and management should bear fruit in the medium term. Canon appointed its first two independent directors, in a step forward for corporate governance in Japan. Singapore lender OCBC is in exclusive talks to acquire Hong Kong’s Wing Hang Bank, which will give it a foothold in the Greater China region. The deal should improve its trade financing capabilities with access to the offshore yuan market. There were no major portfolio changes in January.
The current anxiety in markets could persist as the prospect of tighter liquidity and higher interest rates continue to influence sentiment. Emerging markets with gaping deficits would remain most vulnerable and a further retreat in their currencies could present a policy dilemma in a slow growth environment. India and Indonesia come to mind. At the corporate level, the banking sector could see margins and profits squeezed should interest rates trend higher. Consumers, meanwhile, appear to be holding back as household debt levels ratchet up, particularly in markets such as Malaysia and Thailand. In Japan, the yen’s relative weakness, despite its monthly advance in January, has resulted in imported inflation against a backdrop of zero wage growth. We are less sanguine than policymakers regarding the consumption tax hike in April. We do not see how spending would not be affected. The downside risk is great for the Japanese equity market, given its stellar performance in 2013. That said, the recent pullback has actually been a good thing as it has taken the froth out of markets. The sooner stimulus is unwound, the better for markets as they can return to fundamentals. We believe fundamentals in Asia remain sound over the long term.
Source: Monthly Factsheet Aberdeen Asset Managers Limited