# Aberdeen Asia-Pacific Income Investment Company Limited
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At close Feb, 26 2015


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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

December 2014

  • December marked a quiet end to 2014 for Asian fixed income markets. Bond yields closed broadly higher, most currencies weakened against the U.S. dollar and credit markets posted marginal losses.
  • A further decline in oil prices triggered a ruble rout, forcing the Russian central bank to support the currency and raise its benchmark rate sharply. Some relief came from the U.S. Federal Reserve’s pledge to take its time to tighten monetary policy. In Asia, inflation eased further. Japan unveiled a 3.5 trillion yen (roughly US$29.5 billion) stimulus package following Prime Minister Shinzo Abe’s big election win, while China eased the loan-todeposit ratio in a bid to help boost liquidity.
  • In Indonesia, longer-term bonds lagged other maturities, as falling oil prices enabled the government to ditch gasoline subsidies, shaving a huge chunk off its 2015 subsidy bill that will help reduce the budget deficit. Short-term bonds weakened in the Philippines, where the outlook remained underpinned by ongoing debt reduction, favorable growth prospects and lower vulnerability to emerging markets risks. Moody’s upgraded the country’s credit rating.G
  • However, Indian bond yields rallied on benign inflation and disappointing industrial production. The government of Prime Minister Narendra Modi also provided cause for optimism that reform was not only on track but also accelerating.
  • Australian bond yields ended sharply lower, reflecting increasing concerns over domestic growth. Three- and 10-year year yields fell by corresponding margins of 26 and 28 basis points to 2.13% and 2.74%, respectively. The credit market posted marginal gains. Economic data were mixed. Third-quarter growth was lower than expected. While retail spending and employment were firm, more recent data showed waning confidence among businesses and consumers. The central bank left the cash rate unchanged at 2.5%.

GMoody’s Investors Service is an international credit rating agency that evaluates credit risk. The agency’s credit ratings are expressed as letter grades that range from “Aaa” to “C” to communicate the respective agency’s opinion of relative level of credit risk.


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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