Interim Management Statement

RNS Number : 8370H

Aberdeen Asian Income Fund Limited

10 November 2008

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 30 September 2008

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 30 June 2008 to 30 September 2008, 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 21 August 2008 the company announced its half yearly results for the six months ended 30 June 2008. On 2 September 2008 the Company posted its Half Yearly Report to shareholders.

On 28 August 2008 the Company paid a first interim dividend in respect of the year ending 31 December 2008 of 2.0p.

During the period under review, the Company purchased for cancellation 250,000 Ordinary shares for cancellation. To date the Company has purchased and cancelled 1,470,000 Ordinary shares and there are now 108,530,000 Ordinary shares in issue.

The borrowings at the period end represented the equivalent of £16.8m drawn in USD and HKD (USD12.22m drawn to 24 November 2008 and HKD 137.67m drawn to 24 November 2008).  

Ten largest equity holdings at 30 September 2008

	%
Deutsche Bank FRN 2017	5.4
British American Tobacco	4.6
Taiwan Mobile	4.5
Taiwan Semiconductor	3.9
PTT Exploration and Production	3.7
Singapore Technologies Engineering	3.6
United Overseas Bank	3.6
Telstra Corporation	3.5
QBE Insurance Group	3.3
Oversea-Chinese Banking Corp	3.3
Total	39.4

Country allocation as at 30 September 2008

Country	%
Singapore	23.1
Australia	15.0
Malaysia	14.5
Thailand	11.6
Taiwan	11.3
Indonesia	9.0
Hong Kong	7.0
New Zealand	1.7
China	1.7
Philippines	1.5
Cash	3.6
Total	100.0

General description of Company's financial position and performance as at 30 September 2008

	£m
Gross Assets	131.7
Debt	16.8
Actual gearing	14.6%

Cumulative Performance

	as at	1 month	3 months	6 months	1 year
	30/09/2008
Share Price	94.5	-11.1	-11.1	-15.2	-8.6
NAV	103.2	-7.7	-7.0	-12.3	-8.1
Warrant 2013 Price	13.8	-16.7	-14.1	-31.3	-53.4
MSCI AC Asia Pacific ex Japan		-14.8	-15.0	-19.0	-28.6

Discrete Performance

	30/09/2008	30/09/2007
Share Price	-8.6	18.7
NAV	-8.1	24.6
Warrant 2013 Price	-53.4	28.3
MSCI AC Asia Pacific ex Japan	-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 30 June 2008 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 Asset Management PLC, Secretary

10 November 2008

 

END

 

 

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