TIDMAAIF
RNS Number : 7624B
Aberdeen Asian Income Fund Limited
02 November 2009
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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 GBP10.7m 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 | 6.0 |
| 'FR28' | |
+------------------------------+--------+
| 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 | 4.1 |
| Production | |
+------------------------------+--------+
| 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
+-----------------------------------+------------------------------------+
| | GBPm |
+-----------------------------------+------------------------------------+
| Gross Assets | 156.3 |
+-----------------------------------+------------------------------------+
| Debt | 10.7 |
+-----------------------------------+------------------------------------+
| | |
+-----------------------------------+------------------------------------+
| Actual gearing | 7.3 |
+-----------------------------------+------------------------------------+
Cumulative Performance
+------------------------+-----------+---------+---------+---------+---------+---------+
| | as at | 1 month | 3 | 6 | 1 year | 3 years |
| | | | months | months | | |
+------------------------+-----------+---------+---------+---------+---------+---------+
| | 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 | | 11.7 | 26.5 | 46.6 | 40.6 | 47.1 |
| ex Japan | | | | | | |
+------------------------+-----------+---------+---------+---------+---------+---------+
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 | 40.6 | -28.6 | 46.7 |
| ex Japan | | | |
+------------------------+-----------+-----------+-----------+
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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