# Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: FAX)
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Daily Data

At close Dec 18, 2014

Market Price$5.49

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)

Investment Objective

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.

Investing in Asia Pacific

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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Fund Managers’ Monthly Report

November 2014

  • Asian local currency bond markets performed well in October, as bond yields fell across most markets and currencies received some respite from the broad U.S. dollar rally. A sharp drop in oil prices fuelled global deflationary concerns. Combined with renewed weakness in Europe, slowing growth in China and weak data in the U.S., this pushed back expectations with respect to the timing of U.S. interest rate hikes, even as the U.S. Federal Reserve (Fed) ended its asset purchases, driving a rally in U.S. Treasuries. Concurrently, both the European Central Bank (ECB) and Bank of Japan (BOJ) moved to expand their quantitative easing (QE) programs. Also weighing on investors’ minds was a sharp sell-off in European periphery market yields and concerns over a potential Ebola epidemic.
  • Economic data was sluggish across most of Asia. Central banks kept interest rates unchanged as inflation slowed and growth pressures mounted. The exception was Korea, where policymakers cut the benchmark rate by 25 basis points. As a result, bonds rallied, but the won underperformed, hurt by contagion from the yen’s sharp depreciation following the BOJ’s QE announcement. In the rest of the region, there is scope for the central banks in Thailand and India to ease policy rates over the coming quarters.
  • Indonesia’s bond market and currency outperformed their peers. The rally was due to positive sentiment around Joko Widodo’s inauguration. In addition, the government indicated a hike in fuel prices in early November, which would ease the fiscal burden. Another solid performer was India, where bonds and the rupee strengthened owing to robust auction demand, moderating inflation and optimism that the Modi government would accelerate reforms following election wins in two key states.
  • Chinese bonds rallied and the yuan rose against the U.S. dollar after signs of policy easing by the central bank. Economic growth slowed to 7.3% in the third quarter, while consumer prices decelerated in September. Thailand’s growth outlook remained subdued, reflected in the first fall in consumer confidence in five months, which led the cabinet to approve stimulus measures worth 364.5 billion baht. The bond market performed well, but the baht was weak.
  • In both Malaysia and the Philippines, buying interest was focused on longer-term bonds, whereas the short end lagged. The peso and the ringgit closed flat against the U.S. dollar. Bond markets in Singapore and Hong Kong rose in tandem with U.S. Treasuries. Along with the baht and won, the Singapore dollar underperformed other regional currencies.
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