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 19-Sep-2014

Ord
Price204.00p
NAV201.62p
Prem/-Disc1.18%

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

July 2014

Market Review

Asian equities rose in July as markets focused on rosier Chinese economic data, augmented by targeted easing measures and the government redoubling its anti-corruption and reform drive. In Indonesia, Joko Widodo won the presidential election, although his opponent Prabowo Subianto mounted a legal challenge subsequently.

Portfolio Review

There were no major portfolio changes in July. In portfolio-related news, Singapore lender OCBC will now be able to buy all remaining shares and delist Wing Hang, after acquiring 97.5% in the Hong Kong bank. It edged out hedge fund Elliott Management, which had hoped to block the privatisation for a better offer. The deal will allow OCBC to grow in greater China. Canon’s earnings benefited from an improved product mix and cost cuts. BAT Malaysia’s second-quarter results were pleasantly surprising on the back of good domestic sales and exports. Excise hikes imposed earlier this year had less of an impact than expected, thanks to authorities’ crackdown on illicit cigarettes. However, QBE Insurance announced another profit downgrade as management set aside additional reserves in its Latin American business to buffer against increased workers’ compensation claims. The company was also hit by flood-related claims in the UK. Nonetheless, full-year forecasts were maintained.

Taiwan Semiconductor Manufacturing’s results remained solid on robust wafer demand. Profitability rose to a record following better capacity utilisation. However, management gave a more cautious outlook for 2015. Costs and capital expenditure may increase for Taiwan Mobile in the short term as it speeds up its 4G rollout and expansion of its Momo TV shopping unit. However, we view this as a necessary step towards enhancing its core business and facilitating growth in its e-commerce unit. Meanwhile, results met forecasts amid stable contributions from its mobile service division.

Outlook

Still ample liquidity has helped markets stay relatively resilient, despite the weaker macro environment. A premature tightening of US interest rates, however, could upset this trend. On the flip side, tighter monetary policy would signal a US recovery, which should bode well for the region’s exports. An escalation of violence in Ukraine or a further unravelling of Europe’s banking system could also jolt markets. Nevertheless, we remain optimistic about Asia’s long-term prospects, given rising middle class aspirations. Recent elections have put in place new governments that appear focused on reform. Finances are healthy, despite higher leverage at the consumer level. Corporates are seeing cost cuts aid margin recovery. Valuations remain supportive on both an absolute and a relative basis, and we believe prudent stock-picking will reward the patient investor over the long term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited