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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 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.
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”.
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 27-Jan-2015Ord
Source: Morningstar, NAV = Net Asset Value, excluding income.
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.
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 for the Trust.
Asian equities fell in US-dollar terms in December, hurt by the Russian rouble’s collapse amid the weaker oil price, which ignited fears of contagion emanating from emerging markets. Expectations of an imminent Federal Reserve rate hike also pared gains. Conversely, Chinese A-shares continued their liquidity-driven rally.
In December, we initiated a position in ICICI Bank's bonds, given the attractiveness of the yield. Aberdeen has been shareholders in the Indian bank for some time and so understands the business well.
In portfolio-related news, Standard Chartered will sell its Hong Kong and Shenzhen consumer finance units as part of its strategy to shed non-core businesses.
Cheaper oil should lower costs for our holdings but energy-related ones, such as PetroChina and Singapore rig-builder Keppel, did not escape unscathed. On the plus side, PetroChina possesses one of the world’s largest gas reserves and continues to improve its efficiency, while Keppel's order book remains buttressed by contract wins.
Asia faces a number of risks in 2015. Key among these is China’s slowing economy. While the potential for a credit crisis remains, we believe Beijing has the balance sheet strength to mitigate systemic risk in its financial markets. Stability has returned to Thailand after the coup but any slip-up by the military could re-ignite unrest. Meanwhile, for many Asian corporates, a more sustainable driver of growth is likely to come from a recovery in the broader global economy, given that they have expanding businesses abroad. This is particularly so for companies in Taiwan as they are export-oriented. In the near term, the prospect of a US rate hike and a stronger dollar could compel fund outflows from Asia. But we think the normalisation of American monetary policy is a good thing as it weans markets off speculative capital. Furthermore, Asia is on a firmer footing today to withstand short-term outflows than back in late 2013, when it experienced the first tremors from tapering. In addition, we are likely to see greater monetary policy divergence. Unlike the US, some Asian economies may choose to cut rates to stimulate demand as inflationary pressures ease on the back of lower oil prices. While this is likely to be a volatile year on the macroeconomic front, we remain confident of the quality of our companies, characterised by prudent management, solid finances and good growth prospects. Notwithstanding higher household debt, Asia’s long-term story still holds, buttressed by rising wealth, young populations and pent-up demand for housing, consumer durables, transport and banking services.
Source: Monthly Factsheet Aberdeen Asset Managers Limited