Interim Management Statement

RNS Number : 6107G

Aberdeen Asian Income Fund Limited

08 May 2014

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 31 March 2014

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 January 2014 to 31 March 2014, 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 18 February 2014 the Company paid a fourth interim dividend in respect of the year ended 31 December 2013 of 2.5p.

On 21 February 2014 the Company announced that, with effect from 21 February 2014, its registered office address had changed from No.1 Seaton Place St Helier to 1^st Floor, Sir Walter Raleigh House, 48 - 50 Esplanade, St Helier, Jersey JE2 3QB.

On 27 March 2014 the Company released its Annual Financial Report Announcement for the year ended 31 December 2014.

On 17 April 2014 the Company declared a first quarterly interim dividend of 1.8p in respect of the year ending 31 December 2014 payable on 16 May 2014.

Also on 17 April 2014, the Company announced that it had entered into a new unsecured three year £30 million multi currency revolving facility agreement with Scotiabank (Ireland) Limited which replaced a £15 million secured facility that matured on 17 April 2014. Under the new facility the existing drawings of HKD102.8 million and USD11.0 million were rolled to 16 May 2014 at all-in rates of 1.1621% and 1.1014% respectively.

On 8 May 2014 the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to allow the Company to buy back shares (up to 14.99% of the issued share capital); to permit the Company to hold shares in treasury; and to disapply pre-emption rights up to 10% of the issued share capital (19,373,338 Ordinary shares as at 8 May 2014).

Ten largest equity holdings at 31 March 2014

	%
Taiwan Semiconductor	3.2
HSBC	3.1
Singapore Telecommunications	3.1
Keppel	3.1
BHP Billiton	2.9
Oversea-Chinese Banking Corp.	2.8
Singapore Post	2.7
Jardine Cycle & Carriage	2.7
Woolworths	2.7
SP Ausnet	2.6
Total	28.9

Country allocation as at 31 March 2014

Country	%
Singapore	28.9
Australia	20.2
Thailand	10.4
Hong Kong	9.3
Malaysia	8.9
China	6.1
Taiwan	5.6
Japan	5.0
Sri Lanka	2.4
New Zealand	1.6
Cash	1.6
Total	100.0

General description of Company's financial position and performance as at 31 March 2014

	£m
Gross Assets	384.1
Debt	14.6
Cash	7.6
Net Gearing*	1.9

*Net gearing is expressed as a percentage of gross assets, which includes current year revenue, less cash/cash equivalents divided by shareholders' funds.

Cumulative Performance %

	as at 31/03/2014	1 month	3 months	6 months	1 year	3 years	5 years
Share Price	185.0p	-1.9	-3.9	-10.0	-20.5	27.4	128.2
NAV*	190.7p	3.5	0.9	-3.9	-13.2	30.1	133.8
MSCI AC Asia Pacific ex Japan		2.3	0.4	0.4	-6.5	2.4	92.1

Discrete Performance %

	31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Share Price	-20.5	33.7	19.8	15.6	54.9
NAV*	-13.2	30.3	15.1	18.0	52.3
MSCI AC Asia Pacific ex Japan	-6.5	17.0	-6.4	12.0	67.5

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.

* Including current year revenue.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

The Board is not aware of any significant events or transactions which have occurred between 1 January 2014 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

8 May 2014

 

END

 

 

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