# Aberdeen Asia-Pacific Income Investment Company Limited
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At close Oct, 23 2014


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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.


Message from Asian Fixed Income Team

In light of the balance of risks being tilted toward a weaker AUD, we implemented an underweight strategy to the AUD in all of the funds; which we currently hold.

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Adam McCabe

Fund Manager Interview

Adam McCabe, Head of Asian Fixed Income, discusses why we believe Asia’s fundamentals remain robust, with rising incomes and an expanding middle class underpinning domestic demand.

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Manager's Monthly Report

August 2014

  • Asian fixed income markets traded cautiously in August, with weakness in shorter-term bonds, as geopolitical tensions persisted in Ukraine and the Middle East against a fragile economic backdrop. There were signs of policy divergence in the West. The U.S. Federal Reserve appeared headed for policy normalization, whereas the European Central Bank might unveil fresh stimulus, as data continued to disappoint amid heightening deflation risks.
  • Short-end bonds also lagged the broader market in India and Indonesia. Despite leaving monetary policy unchanged, India’s central bank cut liquidity ratio requirements for banks and highlighted rising inflation risks. Second-quarter gross domestic product (GDP) growth accelerated to 5.7% year-on-year, driven by stronger agricultural output and solid growth in manufacturing and industry. In Indonesia, the constitutional court upheld Joko Widodo’s election win. The central bank kept policy rates unchanged, given that its tight stance was keeping inflation in check and supporting the current account adjustment. Philippine, intermediate-term bonds sold off following comments from central bank governor Tetango over rising inflationary pressures, while the economy expanded faster than expected.
  • In Australia, wage and job growth was subdued, but elsewhere economic data indicated a modest expansion. Firmer retail sales underlined the recovery of consumer confidence, while business confidence and conditions also improved. Nonetheless, long-dated bond yields fell by about 20 basis points (bps) to 3.3% as a result of geopolitical concerns and European Central Bank policy expectations. The short-dated segment was better anchored, however, with yields falling 8 bps to 2.6%, reflecting the neutral stance of the Reserve Bank of Australia. Domestic semi-government bonds outperformed supranational bonds, while corporate securities outperformed government bonds amid stable credit spreads.

1 The Consumer Price Index is a measure of the change in the weighted average prices of a basket of consumer goods and services, such as transportation, food and medical care.


Investment Policies

In order to achieve its investment objective, the Company may invest up to 80% of its total assets in "Asian-Pacific debt securities", and may be denominated in an Asian-Pacific 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.


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.


The Fund pays dividends monthly out of net investment income and realized capital gains, and to the extent necessary, paid in capital.

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