Aberdeen Asian Income Fund Limited
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Investor Warning

Please be aware of scams that can affect investors.

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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 27-Mar-2015

Ord
Price198.00p
NAV206.80p
Prem/-Disc-4.26%

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

February 2015

Market Review

Accommodative monetary policy, made possible by still-weak energy and commodity prices, continued to support Asian equities in February.

Portfolio Review

In February, we sold Singapore Post after the stock had a solid run and as the dividend yield no longer appeared attractive.

In corporate news, Standard Chartered announced a sweeping overhaul at the top. Bill Winters will replace Peter Sands as CEO in June. Group executive director Jaspal Bindra will step down this year and chairman John Peace will follow suit in 2016. New independent directors will also be brought on board. We believe these changes should strengthen the bank and position it well for an emerging markets recovery.

On the earnings front, most of our holdings reported results that met or exceeded expectations, including SingTel.

However, quarterly results for the three Singapore banks OCBC, UOB and DBS missed expectations slightly, with growth slowing in tandem with higher provisions. Nevertheless, asset quality remained resilient, with limited exposure to the energy and commodities segment.

Elsewhere, HSBC’s profits were hurt by lower margins and fee income as well as fines for infractions under the previous management’s watch. While the bank still has some housekeeping to complete, we remain confident of its valuable global franchise and management. In Australia, QBE Insurance’s second-half results signalled a clearer turnaround in its business, with management delivering on its strategy to reduce earnings volatility and improve capital positions. Rio Tinto and BHP Billiton reported resilient results despite a challenging pricing environment. With solid free cash flow generation, Rio Tinto announced a higher-than-expected share buyback and a 12% increase in full-year dividend. BHP Billiton also maintained a progressive dividend policy.

Outlook

Deflationary threats have come to the fore, exacerbated by weaker commodity and energy prices in recent months. We maintain the view that cheaper oil and commodities is a good thing as it helps lower costs for consumers and businesses alike. Central banks are likely to continue with more easing measures to spur growth, and this should be supportive of asset prices in the medium term. At the time of writing, India surprised with a second rate cut this year. Conversely, the expected normalisation of Federal Reserve monetary policy and the US dollar’s strength could prove a significant dampener for Asia. In addition, localised headwinds have surfaced. Across Asia, elevated household debt might negate the positive effects of cheaper oil and commodities, while exports will continue to be weighed down by the Chinese slowdown. However, cost cuts and capital preservation in a period of weak demand should boost margins and place well-run companies in good stead for a cyclical upturn.


Source: Monthly Factsheet Aberdeen Asset Managers Limited