Interim Management Statement

RNS Number : 7624B

Aberdeen Asian Income Fund Limited

02 November 2009

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 30 September 2009

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 2009 to 30 September 2009, 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 27 August 2009 the company announced its half yearly results for the six months ended 30 June 2009. On 14 September 2009 the Company posted its Half Yearly Report to shareholders.

On 28 August 2009 the Company paid a first interim dividend in respect of the year ending 31 December 2009 of 2.0p.

During the period under review, the Company issued for cash 150,000 new Ordinary shares and there are now 109,340,000 Ordinary shares in issue.

The borrowings at the period end represented the equivalent of £10.7m drawn in USD and HKD (USD6.535m drawn to 30 November 2009 and HKD81.525m drawn to 30 November 2009).

Ten largest equity holdings at 30 September 2009

	%
DB Indo CLN 10% 22/7/17 IDR 'FR28'	6.0
Siam Cement	5.2
Taiwan Mobile	4.9
Swire Pacific	4.7
British American Tobacco	4.6
Taiwan Semiconductor	4.6
QBE Insurance Group	4.2
United Overseas Bank	4.2
Commonwealth Bank	4.1
PTT Exploration and Production	4.1
Total	46.6

Country allocation as at 30 September 2009

Country	%
Singapore	22.5
Malaysia	15.6
Australia	15.1
Thailand	14.7
Taiwan	9.5
Indonesia	8.0
Hong Kong	6.2
China	3.0
New Zealand	2.1
Philippines	1.4
Cash	1.9
Total	100.0

General description of Company's financial position and performance as at 30 September 2009

	£m
Gross Assets	156.3
Debt	10.7
Actual gearing	7.3

Cumulative Performance

	as at	1 month	3 months	6 months	1 year	3 years
	30/9/2009	%	%	%	%	%
Share Price	128.0	6.7	16.1	33.0	41.8	53.8
NAV	128.7	7.9	20.4	33.8	30.5	49.5
Warrant 2013 Price	25.5	12.1	15.9	117.0	85.5	10.9
MSCI AC Asia Pacific ex Japan		11.7	26.5	46.6	40.6	47.1

Discrete Performance

	30/9/2009	30/9/2008	30/9/2007
	%	%	%
Share Price	41.8	-8.6	18.7
NAV	30.5	-8.1	24.6
Warrant 2013 Price	85.5	-53.4	28.3
MSCI AC Asia Pacific ex Japan	40.6	-28.6	46.7

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

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 1 July 2009 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 2009

 

END

 

 

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