Aberdeen Asian Income Fund Limited
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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.

 
 

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 16-Apr-2014

Ord
Price198.50p
NAV192.15p
Prem/-Disc3.30%

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.

 

Asia Pacific ex japan Equities Update

February 2014


 
 

Aberdeen Asian Income Fund Limited Half-Year Report for the six months ended 30 June 2013
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 and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

February 2014

Market Review

Easing concerns over Fed tapering and emerging markets contagion, coupled with Janet Yellen’s assurance to keep US rates low, lifted Asian equities in February. The recent sell-off, which appeared excessive, also helped revive risk appetite. Within Southeast Asia, further support came from some better-than-expected GDP numbers. However, Chinese shares wobbled on disappointing manufacturing news, with further uncertainty fuelled by the yuan’s tumble.

Portfolio Review

In February, we exited from Singapore Press, whose core newspaper business has been in gradual decline. In addition, the hidden value in the property business has largely been realised after it was spun off and cash has been returned to shareholders in the form of a special dividend. The company was also trading at a higher valuation relative to its peers. With the proceeds, we topped up positions in Giordano and Far East Hospitality Trust. Their share prices have been weak but the companies remain cash flow generative, which has enabled them to offer attractive dividend yields relative to their peers.

In corporate news, BHP Billiton is slashing capital investments amid rising overcapacity and weaker commodity prices. This has allowed the company to post positive free cash flow for the first time since 2011. We are pleased that there were no further surprises in QBE Insurance’s fourth-quarter results and, having met incoming chairman William Marston Becker, we are supportive of the changes at the board level.

Our Singapore banks DBS, OCBC and UOB all registered robust annual loan growth, although interest margins contracted due to the competitive environment. In comparison, HSBC’s revenues were weaker than expected, particularly in its global banking and markets segment. We think its strategy of cross-selling across its divisions, while taking advantage of its global network should stand it in good stead in its Asian expansion.

Outlook

The prospect of tighter liquidity after years of central bank largesse has been factored into share prices to some extent. However, questions remain as to the speed and scale of withdrawal. Still, the odds of a precipitous tightening are small given the mixed outlook on the US jobs front. Furthermore, bolder monetary action from other parts of the rich world cannot be ruled out, as in the case of Japan and Europe, both of which remain under the threat of deflation. Meanwhile, Russian interference in Ukraine has heightened geopolitical risks, although the impact on the broader global economy appears limited. Against this backdrop, volatility is likely to persist. Discounting these external uncertainties, however, Asia’s prospects remain undiminished. The region is far less vulnerable than it was during the 1997-98 financial crisis. Government finances are healthier, debt levels are lower and countries have moved to flexible exchange rates. In China, fears of weaker growth and defaults appear overblown. Its government’s coffers are full and recent bailouts of failing investment trusts suggest it is willing to do whatever it takes to prevent a rout. The current cyclical slowdown in Asia should pass, and companies that have taken this time to exact capital discipline amid waning demand should be well positioned for an imminent recovery. Earnings revisions have also stabilised somewhat. Valuations have become more palatable, hovering below long-term averages, which could throw up some opportunities for the far-sighted investor.


Source: Monthly Factsheet Aberdeen Asset Managers Limited