Daily Data
At close Jun, 17 2013
| NAV | $6.24 |
| Price | $7.25 |
| Premium/Discount | 16.19% |
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
Anthony Michael, head of Aberdeen’s Asia-Pacific Fixed Income Team discusses the Aberdeen Asia-Pacific Income Investment Company Limited (FAP) and the outlook for Asian 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
January 2013
- Most Asian local currency bond markets posted modest gains in December. Initially, Greece’s successful debt buyback program and signs of a turnaround in China whetted risk appetite. The U.S. Federal Reserve expanded its quantitative easing and indicated that short-term rates could stay near zero for longer. But risk aversion returned as Eurozone conditions worsened and U.S. budget talks to avert a fiscal cliff stalled (a stopgap deal was reached in early January).
- Bonds in India and Indonesia outperformed versus the overall market while gains in the Philippines were moderate. The relatively higher yields of these three markets attracted foreign capital. Central banks in the region kept monetary policy unchanged as inflation held steady.
- The Philippine central bank imposed curbs to stem speculative inflows that would fuel rapid currency appreciation.
- Australian government bond yields rose across the curve, with three- and 10-year yields up 11 basis points (bps) and 12 bps, respectively. The Reserve Bank of Australia cut the cash rate by 25 bps to 3%, ahead of an expected economic slowdown, down to a level not seen since the height of the global financial crisis in 2009.
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.
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.