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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
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See latest monthly factsheet below for performance history.
At close 04-Dec-2013Ord
Source: Morningstar, NAV = Net Asset Value, excluding income.
No.1 Seaton Place,
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, Andrew Gillan gives an update on a wide range of subjects including the Trust’s performance, the geographic and sectoral positioning of the portfolio and an outlook for the Trust.
With effect from 4 February 2013, the Company's C Shares were converted into Ordinary Shares of no par value using a conversion ratio of 0.5092 Ordinary Shares for every one C Share held at the conversion record date of 1 February 2013.
Asian equities rose in October amid signs of resilience in some regional economies. Markets also gained from improving global risk appetite following the last-minute deal to reopen the US government and suspend the debt ceiling. Third-quarter GDP rose 7.8% in China, reversing the slowdown in previous quarters. Data were also upbeat in Singapore and Korea, but Taiwan’s expansion was hampered by sluggish exports. India’s manufacturing sector contracted further as output and new orders declined. India raised interest rates to target inflation, while Singapore will allow its currency to appreciate gradually.
In October, we introduced Sri Lanka-based DFCC Bank’s US dollar-denominated 5-year bonds issued at an attractive yield of 9.625%. DFCC is conservatively run and management has an established track record of navigating through volatile periods. In other news, BHP Billiton announced a solid September operational review, helped by initiatives to optimise the western Australia iron ore supply chain. The miner also raised its iron ore production forecast for fiscal year 2014, in view of rising Chinese demand. Taiwan Mobile’s results were ahead of our estimates on the back of strong sales of smartphone packages. The company won the bid for two blocks in the recent 4G spectrum auction, paving the way for the launch of 4G services.
Focus is likely to shift to China’s meeting of top leaders to discuss the next phase of the country’s growth. The government could prove its mettle, yet it may be months or years before the full impact of reforms is felt. Until then, the mainland is in for a period of restructuring and, along with the rest of Asia, would have to adjust to a slower pace of growth. Meanwhile, improving US data and the lack of a clear signal from the Fed regarding its pace of stimulus have brought forward the prospect of tapering. Before that happens, however, markets could continue to be liquidity-led. We think that the withdrawal of easy money is not a bad thing, given the artificial support for share prices. Over the longer term, we would prefer to see share price gains driven by improvements in company fundamentals and earnings growth. On this front, we are confident of the holdings in our portfolio, given their financial strength and sound business models, which should help them weather the current headwinds and place them on a firmer footing to enjoy a growth recovery.
Source: Monthly Factsheet Aberdeen Asset Managers Limited