At close Jan 22, 2015
The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.
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Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: FAX)
The Fund’s investment objective is to seek current income. The Fund may also achieve incidental capital appreciation. The Fund will seek to achieve its investment objective through investment in Australian and Asian debt securities.
For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.
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.
Full investment objective, investment policies and investment restrictions
Section 16 Filings
Fund Managers’ Monthly Report
- Asian local currency bond markets remained well supported in November, as policymakers appeared increasingly
concerned with faltering economic growth. Japanese Prime Minister Shinzo Abe called a snap election and
postponed a sales tax hike, placing further pressure on the yen. China injected liquidity and unexpectedly cut
interest rates. The European Central Bank announced it would expand its balance sheet by €1 trillion (roughly
US$1.25 trillion), which fuelled speculation of further monetary easing measures.
- Another market driver was the tumble in oil prices to a five-year low, after the Organization of the Petroleum
Exporting Countries (OPEC) followed the lead of its biggest producer, Saudi Arabia, and resisted calls to lower
output. This was seen as positive for oil-importing countries India and Indonesia, as their governments cut subsidies
to alleviate the fiscal burden. 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, as well as weaker industrial production, fixed asset investment and
credit growth. In Thailand, intermediate-term bonds outpaced the rest of the market, as decelerating third-quarter
growth increased the likelihood of a rate cut. Philippine investors bought longer-dated bonds, given the pause in the
central bank’s normalization cycle in view of benign inflation.
- Australian government bonds outperformed comparable-durationG 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.
Domestic data were mostly positive. 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%.
G Duration is an estimate of bond price sensitivity to changes in interest rates. The higher the duration, the greater the
change (i.e., high risk) in relation to interest-rate movements.
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