Aberdeen Asian Income Fund Limited

Targeting rising income and growth from high-quality Asian companies, selected first-hand by our local teams

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Latest news

An update from our investment manager, Yoojeong Oh - 14 September 2020

The outlook for Asian corporates remains unclear as we tentatively begin to come out of lockdown restrictions, with some countries having more success than others. Increasing stimulus and the re-opening of economies across the region have been a positive but equity markets have been kept in check by worsening US-China relations, reinforcing our view that uncertainty is always just around the corner.

At a global level, access to financing and capital markets has been a challenge for corporates and for the resumption of economic growth, as a lack of cash flow can hinder a company's ability to pay their workers, invest in manufacturing and pay dividends. Another physical constraint has come from the postponement of annual general meetings (AGMs) to comply with social distancing measures, which means that shareholder voting to approve dividends has also been delayed. As a result, we have seen companies worldwide making the difficult decision to hold back dividends for this year in order to protect their balance sheets and weather this period of uncertainty. 

Here in Asia, we continue to focus on balance sheet strength and cash flow generation as key measures of both quality and ability to pay dividends. It has been our long held belief that good quality companies that can emerge as winners through various market cycles are those that do not need to rely on external capital markets or short term borrowings. This can be seen in the fund characteristics where the underlying net debt to equity ratio of the fund is better than that of the benchmark, whilst returns on equity and assets are higher for the fund than the benchmark. Importantly, the dividend yield on the fund also continues to remain higher than the benchmark and we have enjoyed some positive dividend surprises from a few of our holdings as well this year. 

What we have done during this period of volatility is to opportunistically buy more of the companies that we like that are cheaper today than they have been historically. We believe that although the disruption has been severe, the impact will likely be temporary and quality companies will emerge as winners longer term given their business strengths. 

Whilst we expect markets to remain volatile in the near term, we are encouraged by the swift and decisive measures put in place by governments across the region to help consumers and stimulate the domestic economies. Looking ahead, we believe that the structural growth trends in Asia will remain intact and that current valuations present opportunities for long term investors such as ourselves. For now, fixed payout ratios in Asia point to a risk of dividend reduction given lower profitability from business disruption. However, our focus on robust balance sheets and resilient cash flows means that our holdings are better prepared to manage this dividend risk given lower gearing levels and larger cash balances, and look increasingly attractive to income investors. We have also built up a cash reserve which covers over two thirds of the annual dividend commitment which helps to provide a further cushion during these unprecedented times.

About us

Targeting rising income from high-quality Asian companies, selected first-hand by our local teams

Aberdeen Asian Income Fund aims to allow long term investors to benefit from the growth prospects of Asian companies, including those with above average dividend yields.

Our high conviction portfolio is hand-picked by our team based on-the-ground in the region. We focus on high-quality companies with solid balance sheets and proven track records in their ability to pay dividends over the long term.

Learn more about the portfolio



Hear more from our investment manager Yoojeong Oh:

 

Key people

Yoojeong Oh

Yoojeong Oh

Investment Director

Yoojeong Oh is an Investment Director on the Asian Equities Team at Aberdeen Standard Investments. Yoojeong joined Aberdeen in 2005 and was initially a member of the UK and European Equities Team in London before moving to Singapore.

Yoojeong graduated with an MEng in Engineering, Economics and Management from the University of Oxford and is a CFA® charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Christina Woon

Christina Woon

Investment Manager

Christina Woon is an Investment Manager on the Asian Equities Team at Aberdeen Standard Investments. Christina joined Aberdeen Asset Management in January 2013 as a graduate. Christina holds a Bachelor of Accountancy from Singapore Management University. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Flavia Cheong

Flavia Cheong

Head of Equities - Asia Pacific ex Japan

Flavia Cheong is Head of Asia Pacific ex Japan Equity on the Asian Equities team, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Standard Investments (Asia) in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Hugh Young

Hugh Young

Managing Director - Asia

Hugh Young is the Managing Director - Asia of Aberdeen Standard Investments. He was formerly a main board director and Head of Investments for Aberdeen Asset Management (before its merger with Standard Life plc). Hugh joined Aberdeen in 1985 to manage Asian equities from London, having started his investment career in 1980. He founded Singapore-based Aberdeen Asia in 1992 and since then he has built the company into one of the largest and most well-respected managers of such assets globally. Hugh is a director of a number of group subsidiary companies and group-managed investment trusts and funds. Hugh graduated with a BA (Hons) in Politics from Exeter University.

  • Yoojeong Oh

    Investment Director

    Yoojeong Oh is an Investment Director on the Asian Equities Team at Aberdeen Standard Investments. Yoojeong joined Aberdeen in 2005 and was initially a member of the UK and European Equities Team in London before moving to Singapore.

    Yoojeong graduated with an MEng in Engineering, Economics and Management from the University of Oxford and is a CFA® charterholder.

    CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Christina Woon

    Investment Manager

    Christina Woon is an Investment Manager on the Asian Equities Team at Aberdeen Standard Investments. Christina joined Aberdeen Asset Management in January 2013 as a graduate. Christina holds a Bachelor of Accountancy from Singapore Management University. She is a CFA charterholder.

    CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Flavia Cheong

    Head of Equities - Asia Pacific ex Japan

    Flavia Cheong is Head of Asia Pacific ex Japan Equity on the Asian Equities team, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Standard Investments (Asia) in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Hugh Young

    Managing Director - Asia

    Hugh Young is the Managing Director - Asia of Aberdeen Standard Investments. He was formerly a main board director and Head of Investments for Aberdeen Asset Management (before its merger with Standard Life plc). Hugh joined Aberdeen in 1985 to manage Asian equities from London, having started his investment career in 1980. He founded Singapore-based Aberdeen Asia in 1992 and since then he has built the company into one of the largest and most well-respected managers of such assets globally. Hugh is a director of a number of group subsidiary companies and group-managed investment trusts and funds. Hugh graduated with a BA (Hons) in Politics from Exeter University.

Charles Clarke

Charles Clarke

Chairman

Charles was appointed to the Board on 29 March 2012. He is a Jersey residentially-qualified graduate chartered accountant and former senior partner of KPMG in the Channel Islands who has previously worked for KPMG in Kuala Lumpur. Charles has a portfolio of independent NED appointments and runs an offshore corporate governance consultancy.
Ian Cadby

Ian Cadby

Non-Executive Director

Ian was appointed to the Board on 11 May 2016. He is a Jersey residentially-qualified board executive and investment manager with over 33 years' experience within the asset management and wealth management industry spanning a number of jurisdictions including Asia. Ian is the former Group CEO of Ermitage Ltd with extensive experience in derivatives trading, board strategy, corporate governance and risk management. Ian is also a director of CQS New City High Yield Fund Limited.
Mark Florence

Mark Florance

Audit Committee Chairman

Mark was appointed to the Board on 10 May 2017. He is a Singapore Permanent Resident with over 25 years' experience in corporate finance advisory, mergers and acquisitions, equity capital markets, debt capital markets and debt restructuring in Asia at Arthur Andersen and NM Rothschild & Sons Limited. He is on the board of Butterfield (Singapore) Pte Limited and is an independent member of the investment committee of renewable energy fund, Climate Investor One and water fund, Climate Investor Two.
Nicky McCabe

Nicky McCabe

Non-Executive Director

Nicky was appointed to the Board on 16 May 2018. She was formerly head of product and investment trusts at Fidelity International with experience across the full spectrum of asset management in back office operations, the investment team, proprietary investment, distribution and product management. Nicky is currently a non-executive director of Fidelity Special Values Investment Trust PLC, Bristol University, Artemis Investment Management Limited, Vitality Life Insurance and the charity Tomorrow's People.
Krystyna Nowak

Krystyna Nowak

Senior Independent Director

Krystyna was appointed to the Board on 7 May 2015. She is a partner at Ridgeway Partners and former Managing Director of the Board Practice at Norman Broadbent. She studied at Oxford University, before joining Citibank, originally in London followed by nine years in Hong Kong and Singapore.
Hugh Young

Hugh Young

Non-Executive Director

Hugh was appointed to the Board on 11 November 2005. He is a resident of Singapore and is ASI's managing director of the Asia Pacific Region and responsible for all the Standard Life Aberdeen Group's operations in Asia. He is also a director of Aberdeen New Dawn Investment Trust PLC, Aberdeen Australia Equity Fund Inc., Aberdeen Asia-Pacific Income Investment Company Limited, Aberdeen Standard Asia Focus PLC (Alternate) and The India Fund Inc.
  • Charles Clarke

    Chairman

    Charles was appointed to the Board on 29 March 2012. He is a Jersey residentially-qualified graduate chartered accountant and former senior partner of KPMG in the Channel Islands who has previously worked for KPMG in Kuala Lumpur. Charles has a portfolio of independent NED appointments and runs an offshore corporate governance consultancy.
  • Ian Cadby

    Non-Executive Director

    Ian was appointed to the Board on 11 May 2016. He is a Jersey residentially-qualified board executive and investment manager with over 33 years' experience within the asset management and wealth management industry spanning a number of jurisdictions including Asia. Ian is the former Group CEO of Ermitage Ltd with extensive experience in derivatives trading, board strategy, corporate governance and risk management. Ian is also a director of CQS New City High Yield Fund Limited.
  • Mark Florance

    Audit Committee Chairman

    Mark was appointed to the Board on 10 May 2017. He is a Singapore Permanent Resident with over 25 years' experience in corporate finance advisory, mergers and acquisitions, equity capital markets, debt capital markets and debt restructuring in Asia at Arthur Andersen and NM Rothschild & Sons Limited. He is on the board of Butterfield (Singapore) Pte Limited and is an independent member of the investment committee of renewable energy fund, Climate Investor One and water fund, Climate Investor Two.
  • Nicky McCabe

    Non-Executive Director

    Nicky was appointed to the Board on 16 May 2018. She was formerly head of product and investment trusts at Fidelity International with experience across the full spectrum of asset management in back office operations, the investment team, proprietary investment, distribution and product management. Nicky is currently a non-executive director of Fidelity Special Values Investment Trust PLC, Bristol University, Artemis Investment Management Limited, Vitality Life Insurance and the charity Tomorrow's People.
  • Krystyna Nowak

    Senior Independent Director

    Krystyna was appointed to the Board on 7 May 2015. She is a partner at Ridgeway Partners and former Managing Director of the Board Practice at Norman Broadbent. She studied at Oxford University, before joining Citibank, originally in London followed by nine years in Hong Kong and Singapore.
  • Hugh Young

    Non-Executive Director

    Hugh was appointed to the Board on 11 November 2005. He is a resident of Singapore and is ASI's managing director of the Asia Pacific Region and responsible for all the Standard Life Aberdeen Group's operations in Asia. He is also a director of Aberdeen New Dawn Investment Trust PLC, Aberdeen Australia Equity Fund Inc., Aberdeen Asia-Pacific Income Investment Company Limited, Aberdeen Standard Asia Focus PLC (Alternate) and The India Fund Inc.

 

Financial calendar

Year End 31 December
Accounts Published April
Annual General Meeting May
Dividend Paid February, May, August, November

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

Launch Date: December 2005

Risk Warning
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