Interim Management Statement

RNS Number : 3060R

Aberdeen Asian Income Fund Limited

01 November 2011

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 30 September 2011

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 2011 to 30 September 2011, 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 14 July 2011 the Company declared a second interim dividend of 1.5p per Ordinary share, payable on 25 August 2011 to Ordinary shareholders on the register at close of business on 22 July 2011.

On 23 August 2011 the Company announced its half yearly results for the six months ended 30 June 2011.  On 7 September 2011 the Company posted its Half Yearly Report to shareholders.

On 5 October 2011, 5,800 new Ordinary shares were allotted following the exercise of 5,800 Warrants in the period to 4 October 2011.

On 18 October 2011 the Company declared a third interim dividend of 1.5p per Ordinary share, payable on 18 November 2011 to Ordinary shareholders on the register at close of business on 28 October 2011.

During the period under review a total of 3,025,000 new Ordinary shares were issued for cash at a premium to the prevailing net asset value.  Subsequent to the period end a further 1,000,000 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 20 March 2012 and HKD81.841m drawn to 20 March 2012).

Ten largest equity holdings at 30 September 2011

	%
Deutsche Bank AG Indonesian Credit Linked Note*	5.4
Taiwan Semiconductor	4.8
Taiwan Mobile	4.5
QBE Insurance	3.9
DiGi.com	3.8
Guinness Anchor	3.6
British American Tobacco	3.6
Oversea-Chinese Banking Corp.	3.5
Siam Makro	3.5
United Overseas Bank	3.3
Total	39.9

*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 2011

Country		%
Singapore	20.8
Australia	18.8
Malaysia	13.9
Thailand	11.0
Hong Kong	9.6
Taiwan	9.4
Indonesia	5.4
China	4.8
Philippines	2.0
Japan	1.6
New Zealand	1.6
Cash	1.1
Total	100.0

General description of Company's financial position and performance as at 30 September 2011

	£m
Gross Assets	225.7
Debt	10.9
Actual gearing*	5.1

*  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	5 years
	30/09/2011	%	%	%	%	%	%
Share Price	158.1p	-8.6	-10.4	-0.8	2.3	89.3	105.4
NAV	152.4p	-6.8	-9.9	-5.0	2.4	67.2	91.5
Warrant 2013 Price	42.8p	-7.6	-11.9	5.6	16.3	210.9	85.9
MSCI AC Asia Pacific ex Japan		-9.6	-18.1	-18.3	-11.8	47.0	53.9

Discrete Performance

	Year ended 30/09/2011	Year ended 30/09/2010	Year ended 30/09/2009	Year ended 30/09/2008	Year ended 30/09/2007
	%	%	%	%	%
Share Price	2.3	30.5	41.8	-8.6	18.7
NAV	2.4	25.1	30.5	-8.1	24.6
Warrant 2013 Price	16.3	44.1	85.5	-53.4	28.3
MSCI AC Asia Pacific ex Japan	-11.8	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 2011 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.*

*Neither the Company's website nor the content of any website accessible from hyperlinks on that website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement

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

1 November 2011

 

END

 

 

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