# Aberdeen Asia-Pacific Income Investment Company Limited
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At close Jan, 29 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

November 2014

  • Asian local currency bond markets remained well-supported in November, as policymakers appeared increasingly concerned with faltering economic growth. Further pressure was placed on the Japanese yen following a snap election and a postponed sales tax hike. China injected liquidity and unexpectedly cut interest rates.
  • Oil prices fell after the Organization of the Petroleum Exporting Countries (OPEC) resisted calls to lower output. This was positive for oil-importing countries India and Indonesia, as their governments cut subsidies to alleviate the fiscal burden. Indonesian bonds rallied, even as the central bank raised rates to mitigate higher fuel costs, while their Indian counterparts were buoyed by an improving trade deficit. In contrast, OPEC’s decision dampened the Malaysian market, as falling oil prices would crimp revenues for the country, which is a net crude exporter.
  • Chinese bonds rose on the back of the rate cuts, weaker industrial production, fixed asset investment and credit growth. Thai intermediate-term bonds outpaced the rest of the market, as decelerating third-quarter growth increased chances of a rate cut. Longer-dated Philippine bonds drew interest, given the pause in the central bank’s normalization cycle amid benign inflation.
  • Australian government bonds outperformed U.S. Treasuries, as 10- and three-year yields fell by 26 and 17 basis points (bps), respectively, whereas 10-year U.S. Treasury yields closed 17 bps lower. Australian retail spending rebounded despite subdued wage growth. Business conditions recorded a significant monthly gain, reflecting improvements in employment, profitability and trading conditions. The central bank reaffirmed its neutral stance, leaving the cash rate unchanged at 2.5%. Meanwhile, credit markets faced a more challenging time amidst concerning global growth prospects. Spreads of corporate bonds closed modestly wider.

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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