Interim Management Statement

RNS Number : 9071S

Aberdeen Asian Income Fund Limited

13 November 2013

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 30 September 2013

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 2013 to 30 September 2013, 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.

Comparative Index

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 measure performance against the MSCI AC Asia Pacific ex Japan Index (in sterling terms).

Material events

On 9 July 2013 the Company declared a second interim dividend of 1.8p per Ordinary share, which was paid on 23 August 2013 to Ordinary shareholders on the register at close of business on 19 July 2013.

On 20 August 2013 the Company announced its half yearly results for the six months ended 30 June 2013.  On 3 September 2013 the Company posted its Half Yearly Report to shareholders.

On 15 October 2013 the Company declared a third interim dividend of 1.8p per Ordinary share, payable on 15 November 2013 to Ordinary shareholders on the register at close of business on 25 October 2013.

During the period under review a total of 675,000 new Ordinary shares were issued for cash at a premium to the prevailing net asset value.  Subsequent to the period end a further 2.25 million Ordinary shares have been issued for cash.

The borrowings at the period end represented the equivalent of £13.3m drawn in USD and HKD (approximately USD11.0m and HKD81.8m).

Ten largest equity holdings at 30 September 2013

	%
HSBC Holdings	3.7
Taiwan Semiconductor Manufacturing	3.3
Singapore Telecommunications	3.1
Oversea-Chinese Banking Corp.	3.0
Guinness Anchor	2.8
Taiwan Mobile	2.7
China Mobile	2.7
British American Tobacco Malaysia	2.7
BHP Billiton	2.7
Singapore Technologies Engineering	2.6
Total	29.3

Country allocation as at 30 September 2013

Country	%
Singapore	27.4
Australia	20.0
Thailand	10.7
Hong Kong	10.1
Malaysia	9.8
China	6.6
Japan	6.2
Taiwan	6.0
New Zealand	1.5
Cash	1.7
Total	100.0

General description of Company's financial position and performance as at 30 September 2013

	£m
Gross Assets**	401.9
Debt	13.3
Net gearing*	0.7

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

**             Includes assets attributable to the C share pool.

Cumulative Performance

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2013	%	%	%	%	%	%
Share Price	210.0p	3.7	(0.6)	(11.7)	4.8	46.1	170.2
NAV*	202.9p	0.1	(4.2)	(9.7)	6.5	44.2	133.6
MSCI AC Asia Pacific ex Japan		1.2	0.6	(6.9)	7.1	10.0	83.4

* Including current year revenue.

Discrete Performance

	Year ended 30/09/2013	Year ended 30/09/2012	Year ended 30/09/2011	Year ended 30/09/2010	Year ended 30/09/2009
	%	%	%	%	%
Share Price	4.8	36.3	2.3	30.5	41.8
NAV*	6.5	32.3	2.3	25.2	29.3
MSCI AC Asia Pacific ex Japan	7.1	16.5	(11.8)	18.6	40.6

* Including current year revenue.

NAV total return is calculated on a NAV to NAV basis with net income reinvested on the ex dividend date. NAV returns are based are on NAVs that exclude current period revenue and with debt valued at par.  Share price total return is calculated on a mid-to-mid basis with net income reinvested on the ex dividend date.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

Past performance is not a guide to future results.

The Board is not aware of any other significant events or transactions which have occurred between 1 July 2013 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

13 November 2013

 

END

 

 

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