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 29-Oct-2014

Ord
Price205.00p
NAV198.71p
Prem/-Disc3.16%

Warrants
Price118.75p


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

 
 
 
 
 

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 13
Flavia Cheong, Investment Director

In this webcast Flavia Cheong gives an update on a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

September 2014

Market Review

Asian equities fell in September as signs of recovery in America fortified the US dollar and renewed expectations of a sooner-than-expected rate hike, which dimmed the appeal of regional assets. Disappointing economic news from China and Japan also hurt sentiment, as did protests in Hong Kong demanding more electoral freedom.

Portfolio Review

In September, we participated in the rights issue of OCBC as it came at an attractive 25% discount and will help shore up the lender’s balance sheet after its acquisition of Wing Hang Bank. We added to our positions in stocks that were more attractively valued and offer higher dividend yields, such as Indo Tambangrayah Megah in Indonesia and Li & Fung in Hong Kong. Against this, we took partial profits from Singapore Post on price strength.

In portfolio-related news, HSBC agreed to pay a US$550 million fine to US regulators for mortgage-backed securities that Fannie Mae and Freddie Mac purchased between 2005 and 2007, when the bank was under the previous leadership. We believe that the current management has taken steps to prevent similar occurrences.

In Australia, BHP Billiton and Rio Tinto’s share prices continued to be weak on the back of falling iron ore prices. BHP is reportedly considering a London listing for the spin-off of its non-core assets due to the level of investor interest there. This is in addition to potential listings in Australia and South Africa. It is encouraging that the board and management are listening to all shareholders and moving quickly to address their concerns. QBE Insurance made changes to its directors, with CFO Pat Regan the notable addition. Overall, this appears to be part of the chairman’s efforts to refresh the board.

Outlook

Looking ahead, the anticipated end to US quantitative easing in October and higher interest rates in 2015 could scare more capital out of the region. Chinese growth remains uncertain, with slower activity posing risks to the property sector, provincial government finances and corporate balance sheets. At the extreme, this could heighten social unrest. Nevertheless, Beijing’s coffers are deep and a closed capital account makes it less vulnerable to flighty foreign funds. In Hong Kong, the pro-democracy protests have disrupted business and risk becoming protracted if a compromise cannot be reached. In India and Indonesia, recent events have highlighted how factional politics can thwart the new governments’ reform agendas. On the plus side, these same governments have the people’s mandate, which over the long term should give them the confidence to carry out much needed restructuring. Policymakers are also more proactive than before, having taken steps to help buffer against potentially higher interest rates. At the corporate level, we observe efforts to boost margins through cost cuts and reorganisation, although this has yet to translate into a broader trend of improving profitability across the region.


Source: Monthly Factsheet Aberdeen Asset Managers Limited