# Aberdeen Asia-Pacific Income Investment Company Limited
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Daily Data

At close Nov, 27 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.

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

September 2014

  • It was a weak September for Asian bond markets and currencies, as the prospect of tighter U.S. monetary policy quelled appetite for emerging-market assets and buoyed the U.S. dollar. In addition, geopolitical risks in Ukraine and the Middle East, as well as economic weakness in China and Europe, clouded the still uncertain global recovery.
  • Indian bonds posted gains as inflation started to ease, the current account deficit narrowed, and the government undertook bond buybacks worth almost 130 billion rupees (about US$2.1 billion). Rating agency Standard & Poor’s (S&P) also upgraded the country’s credit outlook from negative to stable. S&P noted that the improved political environment would facilitate reforms that could bolster growth and fiscal management.
  • In contrast, longer-dated bonds in Hong Kong and Singapore tracked U.S. Treasury weakness. The Indonesian Parliament passed a law scrapping direct local elections, which was perceived as a political setback for Presidentelect Joko Widodo because it eroded the individual’s right to choose leaders, subverting the power to the opposition-controlled Parliament. This hurt the rupiah and domestic bonds.
  • The Philippine market saw virtually flat returns for the month after the central bank raised the overnight borrowing and lending rates, as well as the special deposit account facility, by 25 basis points each.
  • Australian bonds weakened in volatile trading, led by longer-term bonds, reflecting broader concerns over weak commodity prices and China’s economic slowdown. The domestic economy expanded 0.5% in the second quarter. More recent data were mixed, as consumer confidence and business conditions softened but the jobless rate fell in September. The central bank reaffirmed its neutral stance by leaving its benchmark interest rate unchanged at 2.5%. Corporate credits outperformed their developed-market peers, owing to tighter spreads in financial bonds.

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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