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

August 2014

Market Review

Uneven economic growth and the prospect of higher US interest rates jostled against hopes of additional stimulus in Europe, returning mixed US dollar-based performances across Asian markets in August.

Portfolio Review

In August, we sold Global Brands, which we had received through the holding in Li & Fung, as its dividend yield is not sufficiently attractive. Elsewhere, we took profits from Singapore Post and Pos Malaysia on the back of price strength. With the proceeds, we introduced Indonesia-based coal miner Indo Tambangraya Megah, Anglo-Australian miner Rio Tinto and emerging markets-focused lender Standard Chartered, all of which have solid yield prospects.

In corporate news, OCBC plans to raise S$3.37 billion in a rights issue to fund its acquisition of Hong Kong bank Wing Hang. On the results front, the Singapore lender, along with compatriots DBS and UOB, reported good loan growth and robust capital adequacy. Meanwhile, HSBC’s earnings fell as good performance in commercial banking was overshadowed by softer revenues in global banking and retail. Positively, asset quality improved. China Mobile posted higher data revenues, but profits fell because of increased expenses and subsidies related to the rollout of 4G handsets and base stations. Nevertheless, the telco made good progress in growing its 4G subscriber base.

Swire Pacific benefited from good results from its subsidiary Swire Properties, which was boosted by residential sales.

BHP Billiton’s board said its preferred option for streamlining its portfolio is to spin off a selection of non-core assets into a separately listed entity, which has the potential to unlock significant value. This came on the back of lower-than-anticipated net profits owing to higher impairments and depreciation as well as weaker commodity prices, which overshadowed cost cuts and improved efficiency.

Outlook

Interest rate decisions taken by major central banks will continue to shape the direction of capital flows into Asia. While Europe and Japan are expected to keep rates pinned to the floor, the US recovery has given investors reason to worry about an earlier-than-expected normalisation of Fed policy. This could result in market volatility over the short term as the cost of capital rises and liquidity declines. Uncertainty is also likely to persist should tensions in Ukraine spike amid claims of widespread Russian troop presence and violence in the Middle East escalate. On the other hand, the prospect of continued selective stimulus in China and additional quantitative easing in Europe could help buffer against any market downside, while gradually improving demand from the US should underpin Asian exports. We remain watchful, but take comfort in the strength of our holdings, which we believe will withstand the current headwinds. Their focus on controlling costs and improving margins should reap dividends when the cycle turns.


Source: Monthly Factsheet Aberdeen Asset Managers Limited