Aberdeen Asia-Pacific Income Fund, Inc. (the “Fund”) (NYSE AMEX: FAX), a closed-end bond fund, announced today its performance data and portfolio composition as of January 31, 2011.
The Fund’s total returns for various periods through January 31, 2011 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price and are stated net-of-fees):
|Period||NAV Total Return %||Market Price Total Return %|
The Fund’s returns, which are denominated in U.S. dollars, are affected by the performance of the U.S. dollar against the various currencies listed below.
As of January 31, 2011, the portfolio was invested as follows:
|Currency Exposure %||Geographic Exposure %|
* Of which 35.2% invested in US$ denominated bonds issued by foreign issuers.
As of January 31, 2011, the top ten holdings of the portfolio based on total assets were as follows:
|Holding||Coupon / Maturity||(%)|
|Australia Government Bond||5.75%, 07/15/2022||3.2|
|Australia Government Bond||4.75%, 11/15/2012||3.2|
|Western Australia Treasury Corporation||8.00%, 06/15/2013||2.7|
|Queensland Treasury Corporation||6.00%, 04/21/2016||2.4|
|Korea Treasury Bond||4.50%, 03/10/2015||1.7|
|Queensland Treasury Corporation||6.00%, 06/14/2021||1.7|
|Treasury Corporation of Victoria||5.75%, 11/15/2016||1.7|
|Queensland Treasury Corporation||6.25%, 02/21/2020||1.6|
|India Government||7.02%, 08/17/2016||1.4|
|Australia Government Bond||4.50%, 10/21/2014||1.3|
As of January 31, 2011 the holdings of the portfolio represented approximately 48.5% sovereign and state government securities, 3.6% supranationals, 46.2% corporates, 1.0% cash and 0.7% asset backed securities.
As of January 31, 2011, the Fund’s net assets, including $600 million in bank borrowing, amounted to US$2,483 million with a net asset value per share of US$7.22.
As of January 31, 2011, 66.3% of the portfolio was invested in securities where either the issue or the issuer was rated “A” or better, or judged by the Investment Manager to be of equivalent quality. The credit quality and maturity breakdown of the portfolio was as follows:
|Credit Quality (%)|
|<3 Years||3-5 Years||5-10 Years||>10 Years|
As of January 31, 2011, the average maturity of the portfolio was 7.1 years.
The Fund has in place leverage in the form of a syndicated loan facility that renews annually. The outstanding balance on the loan as of January 31, 2011 is $600,000,000 which represents no change from the previous month.
The leverage is used with the intent of enhancing returns by borrowing at interest rates that are lower than the relatively higher yields of the emerging market fixed income securities in which the Fund invests. The Fund has entered into interest rate swap agreements in order to fix the interest payable on an aggregate notional amount of $412.5 million and Thailand Baht 695 million, which represents 72% of the bank loan facility. Details regarding the revolving credit loan facility and the interest rate swap agreements are contained in the Fund’s annual and semi-annual reports to shareholders.
Aberdeen Asset Management Inc., the Fund’s Administrator, has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Administrator, Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen Asset Management Limited (the Investment Adviser), Aberdeen Asset Management Investment Services Limited (the Sub-Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.
Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown. Inception date April 25, 1986.
If you wish to receive this information electronically, please contact: InvestorRelations@aberdeen-asset.com