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 18-Dec-2014

Ord
Price197.00p
NAV191.23p
Prem/-Disc3.02%

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 Half-Year Report for the six months ended 30 June 2014
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

November 2014

Market Review

Most Asian stock markets performed well in sterling terms in November. China’s unexpected interest rate cut buoyed regional share prices, while Chinese A-shares were further bolstered by the commencement of the stock connect trading link between Hong Kong and Shanghai. Japan’s expanded stimulus programme also continued to provide momentum. Conversely, lower oil and commodity prices weighed on Malaysia and Australia.

Portfolio Review

In November, we pared the holdings in China Mobile and Singapore Post on the back of relative share price strength. We also took profits on the holding in Sri Lankan bank DFCC’s bonds. Conversely, we participated in Green Dragon Gas’s recent bond issue in view of its attractive yield. Aberdeen has been shareholders of this company for some time, and so understands the business and underlying risks well.

During Standard Chartered’s investor day, management re-emphasised the bank’s peerless emerging-markets franchise and long-term customer relationships, despite recent problems due partly to the cyclical downturn. The lender also reiterated its cost-savings target of US$400 million next year, through measures such as consolidating retail branches, while targeting up to 10% growth in assets under management.

Elsewhere, Rio Tinto reiterated its plan to return capital to shareholders. In contrast, BHP Billiton said it would focus on shoring up its balance sheet before returning additional capital to shareholders. In third-quarter results, HSBC’s profits were hampered by higher compliance costs and provisions for various fines. However, increased spending on compliance should help reduce the likelihood of future misconduct. SingTel posted an 11% year-on-year growth in second-quarter underlying profits, driven by contributions from its joint ventures and associates, as well as steady growth across its business segments. Notably, the turnaround at its Australian unit Optus appeared to be progressing well.

Outlook

Looking ahead, expectations of an imminent Federal Reserve interest rate hike against the backdrop of a promising US economic recovery are likely to be counterbalanced by the potential for additional stimulus in Europe and China, where growth prospects are less certain. Indeed, comments from Beijing about the threat of slowing inflation have fuelled hopes of further rate cuts there. Japan too is likely to remain on an easing path given ongoing economic risks. Market volatility is thus likely to persist. Meanwhile, the falling oil price could exacerbate deflationary trends. Ultimately, however, cheaper oil represents an opportunity for policymakers to start dismantling expensive fuel subsidy schemes, which India, Indonesia and Malaysia have done, while minimising the impact on consumers. It will also help stimulate economic activity that will underpin the eventual global recovery.


Source: Monthly Factsheet Aberdeen Asset Managers Limited