Daily Data
At close May, 15 2012
| NAV | $6.54 |
| Price | $7.45 |
| Premium/Discount | 13.91% |
NAV and prices are provided by Morningstar. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.
Fund Manager Interview
Aberdeen recently sat down with Anthony Michael, Head of Fixed Income – Asia Pacific, to discuss Aberdeen’s views on the future opportunities and potential risks in Asia’s bond markets.
Download Fund Manager InterviewContact Us
Tel: +(1) 800 992 6341
Fax: +(1) 866 354 4005
Aberdeen Asia-Pacific Income Investment Company Limited (TSX: FAP)
Investment Objective
The investment objective of the Company is to obtain current income and achieve incidental capital appreciation from investment in long-term debt securities. The Company may invest up to 80% of total assets in securities issued by Asian entities.
Manager's Monthly Report
April 2012
- Asian local currency bonds fell in March as investors remained skittish on a lack of clear market leads. Regional growth eased further, with conflicting manufacturing data signals for China’s economy in particular. But inflation expectations rose amid domestic bond supply pressures and political uncertainty.
- U.S. growth data were more mixed, while rising borrowing costs in Spain fuelled contagion fears in the Eurozone. European finance ministers expanded its rescue fund to €700 billion (roughly US$920 billion) to provide a bigger buffer against peripheral instability.
- Most Asian central banks held interest rates steady, whereas the Philippines lowered rates by 25 basis points. Indian policymakers cut lenders’ cash reserve ratio to ease a liquidity crunch.
- Across most markets, the rise in long-term rates outpaced short-term rates. The key market laggards were Indonesia, the Philippines and Thailand, whereas China was resilient.
- Australian bonds rose despite volatility driven by U.S. Treasury yield movements. Ten-year yields were flat, whereas three-year yields fell. Credit spreads tightened while the Australian dollar fell against the U.S. dollar.
- The JP Morgan Asia Credit Index declined 0.13% as investment sovereigns and high-yield quasi-sovereigns underperformed.
Investment Policies
In order to achieve its investment objective, the Company may invest up to 80% of its total assets in "Asian debt securities", and may be denominated in an Asian Country currency or in Australian, New Zealand or U.S. dollars. At least 20% of the Company's total assets will be invested in "Australian debt securities".
The information contained above provides only a brief summary description of the Company's investment objective and investment policies. Please contact Investor Relations should you wish to receive more detailed information regarding the Company.
Taxation
Shareholders should consult with their tax advisors regarding the taxation of dividends received on shares of the Company and any disposition of shares of the Company. In general, dividends received by a Canadian resident holder of shares of the Company (including dividends reinvested in shares of the Company) must be included in computing the income of the holder for Canadian tax purposes. The gross-up and dividend tax credit rules applicable to dividends received from taxable Canadian corporations will not be applicable, as the Company is not a Canadian corporation.
Dividends
The Fund pays dividends monthly out of net investment income and realized capital gains, and to the extent necessary, paid in capital.