Interim Management Statement

RNS Number : 4554V

Aberdeen Asian Income Fund Limited

02 November 2010

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 30 September 2010

To the members of Aberdeen Asian Income Fund Limited

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 July 2010 to 30 September 2010, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

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.

Benchmark

The Company's portfolio is constructed without reference to the composition of any stockmarket index or benchmark. It is likely, therefore, that there will be periods when its performance will be quite unlike that of any index or benchmark and there can be no assurance that such divergence will be wholly or even primarily to the Company's advantage. The Company and Manager measures its performance against the MSCI AC Asia Pacific ex Japan Index (in sterling terms).

Material events

On 26 August 2010 the Company announced its half yearly results for the six months ended 30 June 2010.  On 14 September 2010 the Company posted its Half Yearly Report to shareholders.

On 15 July 2010 the Company declared a second interim dividend of 1.25p per Ordinary share, payable on 14 August 2010 to Ordinary shareholders on the register at close of business on 23 July 2010.

On 19 October 2010, 885,062 new Ordinary shares were allotted following the exercise of 885,062 Warrants in the period to 14 October 2010.

On 19 October 2010 the Company declared a third interim dividend of 1.25p per Ordinary share, payable on 19 November 2010 to Ordinary shareholders on the register at close of business on 29 October 2010.

During the period under review a total of 2,725,000 new Ordinary shares were issued for cash at a premium to the prevailing net asset value.  Subsequent to the period end a further 774,001 shares were issued for cash at a premium to the prevailing net asset value.

The borrowings at the period end represented the equivalent of £10.9m drawn in USD and HKD (USD6.557m drawn to 30 November 2010 and HKD81.841m drawn to 30 November 2010).

Ten largest equity holdings at 30 September 2010

	%
Deutsche Bank AG Indonesian Credit Linked Note*	5.5
Taiwan Semiconductor	4.6
Swire Pacific 'A' & 'B'	4.4
British American Tobacco	4.4
Taiwan Mobile	4.3
Siam Cement	4.3
QBE Insurance	4.0
United Overseas Bank	3.9
Oversea-Chinese Banking Corp.	3.9
Guinness Anchor	3.2
Total	42.5

*  Credit linked note issued by Deutsche Bank AG and linked to the Indonesian Government Bond 10% 15/07/17 as the underlying asset.

Country allocation as at 30 September 2010

Country			%
	Singapore	22.8
	Australia	18.2
	Malaysia	17.8
	Thailand	12.3
	Taiwan	8.9
	Hong Kong	7.2
	Indonesia	6.7
	China	2.4
	Philippines	1.6
	New Zealand	1.3
	Cash	0.8
	Total	100.0

General description of Company's financial position and performance as at 30 September 2010

	£m
Gross Assets	200.1
Debt	10.9
Actual gearing*	5.8

*  Gearing is expressed as a percentage of gross assets divided by shareholders' funds.

Cumulative Performance

	as at	1 month	3 months	6 months	1 year	3 years
	30/09/2010	%	%	%	%	%
Share Price	160.5	6.5	8.8	12.0	30.5	69.1
NAV	154.8	5.4	8.1	9.4	25.1	50.1
Warrant 2013 Price	36.8	21.5	26.7	13.1	44.1	24.6
MSCI AC Asia Pacific ex Japan		9.2	12.4	3.8	18.6	19.0

Discrete Performance

	Year ended 30/09/2010	Year ended 30/09/2009	Year ended 30/09/2008	Year ended 30/09/2007
	%	%	%	%
Share Price	30.5	41.8	-8.6	18.7
NAV	25.1	30.5	-8.1	24.6
Warrant 2013 Price	44.1	85.5	-53.4	28.3
MSCI AC Asia Pacific ex Japan	18.6	40.6	-28.6	46.7

Total Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

NAV returns based on NAVs excluding income and with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 1 July 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.asian-income.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Aberdeen Asian Income Fund Limited

Aberdeen Private Wealth Management Limited, Secretary

2 November 2010

 

END

 

 

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