TORONTO, Dec. 2, 2014 /CNW/ -- Aberdeen Asia-Pacific Income Investment Company Limited (the "Company") (TSX: FAP), a closed-end investment company trading on The Toronto Stock Exchange, today announced performance data and portfolio composition details as of October 31, 2014.
The Company's total returns for various periods through October 31, 2014 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 (%)
|
|
Cumulative
|
Annualized
|
Cumulative
|
Annualized
|
|
Since inception
(June 1986)
|
695.6
|
7.6
|
643.8
|
7.3
|
|
10-years
|
52.6
|
4.3
|
47.9
|
4.0
|
|
5-years
|
29.5
|
5.3
|
32.9
|
5.8
|
|
3-years
|
9.1
|
2.9
|
-3.2
|
-1.1
|
|
1-year
|
9.4
|
-5.2
|
The Company's returns, which are denominated in Canadian dollars, are affected by the performance of the Canadian dollar against the various currencies listed below.
As of October 31, 2014, the portfolio was invested as follows:
|
Currency Exposure (%)
|
Geographic Exposure (%)
|
|
Australia
|
22.4
|
22.0
|
|
New Zealand
|
0.1
|
0.5
|
|
United States *
|
22.7
|
1.7
|
|
Canada
|
0.1
|
0.2
|
|
Mexico
|
11.7
|
11.7
|
|
Brazil
|
8.7
|
8.7
|
|
Turkey
|
7.0
|
7.0
|
|
South Korea
|
-
|
0.6
|
|
Singapore
|
-
|
0.1
|
|
Thailand
|
-
|
1.7
|
|
Philippines
|
-
|
3.4
|
|
Malaysia
|
-
|
1.0
|
|
India
|
14.3
|
15.5
|
|
China
|
-
|
3.8
|
|
Hong Kong
|
-
|
3.1
|
|
Indonesia
|
10.5
|
16.5
|
|
Sri Lanka
|
2.5
|
2.5
|
*Of which 22.7% held in US$ denominated bonds issued by foreign issuers.
As of October 31, 2014, the top ten holdings of the portfolio based on total assets were as follows:
|
Holding
|
Coupon / Maturity
|
(%)
|
|
Brazil Notas do Tesouro Nacional (Series F)
|
10.00%, 01/01/2015
|
4.2
|
|
Mexican Bonos
|
8.50%, 05/31/2029
|
3.7
|
|
Turkey Government Bond
|
10.50%, 01/15/2020
|
3.6
|
|
Turkey Government Bond
|
10.00%, 06/17/2015
|
3.4
|
|
Indonesia Government Bond, JP Morgan Credit Linked Note
|
10.50%, 08/19/2030
|
3.0
|
|
Indonesia Government Bond, Standard Chartered Credit Linked Note
|
10.50%, 08/19/2030
|
3.0
|
|
India Government Bond
|
8.28%, 09/21/2027
|
2.7
|
|
Brazil Notas do Tesouro Nacional (Series F)
|
10.00%, 01/01/2017
|
2.7
|
|
Australia Government Bond
|
5.50%, 01/21/2018
|
2.6
|
|
Mexican Bonos
|
8.50%, 12/13/2018
|
2.4
|
|
TOTAL
|
|
31.3
|
As of October 31, 2014 the holdings of the portfolio represented approximately 70.1% sovereign and state government securities, 24.0% corporates, 4.2% supranationals, 0.1% mortgage backed securities and 1.6% cash.
As of October 31, 2014, the Company's net assets, including C$122.0 million in bank borrowing, amounted to C$420.4 million. The net asset value per ordinary share was C$5.65.
As of October 31, 2014, 37.8% of the portfolio was invested in securities where either the issue or the issuer was rated "A" or better by multiple rating agencies.
The credit quality and maturity breakdown of the portfolio was as follows:
|
Credit Quality (%)
|
|
AAA/Aaa
|
AA/Aa
|
A
|
BBB/Baa
|
BB/Ba
|
B
|
NR
|
|
18.4
|
4.4
|
15.0
|
31.0
|
24.8
|
4.1
|
2.3
|
|
Maturity (%)
|
|
<3 Years
|
3-5 Years
|
5-10 Years
|
>10 Years
|
|
25.7
|
18.2
|
29.5
|
26.6
|
As of October 31, 2014, the average maturity of the portfolio was 7.2 years.
The Company has in place leverage in the form of a loan facility. The outstanding balance on the loan as of October 31, 2014 is US$108,200,000, which represents no change from the previous month.
The leverage is used with the intent of enhancing returns by borrowing at interest rates that are lower than the relatively higher yields of the Asian-Pacific fixed income securities in which the Company invests. The Company has entered into interest rate swap agreements in order to fix the interest payable on a portion of the credit facility. Details regarding the revolving credit loan facility and the interest rate swap agreements are contained in the Company's annual and semi-annual reports to shareholders.
Important Information
Aberdeen Asset Management Inc. ("AAMI"), the Company's administrator, has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Company, AAMI, Aberdeen Asset Management Asia Limited (the investment manager), Aberdeen Asset Management Limited (the investment adviser), Aberdeen Asset Managers Limited (the sub-adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Company's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Company will achieve its investment objective.
Total return figures are stated net-of-fees, in C$ and represent past performance. They assume reinvestment of dividends at the dividend reinvestment price on the ex-dividend date and include long-term capital gains. The returns are not adjusted for any issuance of rights or warrants by the Company. 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 June 13, 1986.
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of future financial performance and condition of the Company, are factors and assumptions which, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Shareholders are cautioned that actual results are subject to a number of risks and uncertainties, including general economic and market factors, including credit, currency, political and interest-rate risks and could differ materially from what is currently expected. The Company has no specific intention of updating any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com
Logo- http://photos.prnewswire.com/prnh/20121106/NE07292LOGO
SOURCE Aberdeen Asia-Pacific Income Investment Company Limited
Aberdeen Asset Management Inc., Investor Relations, 800-992-6341, InvestorRelations@aberdeen-asset.com, http://www.aberdeen-asset.comCopyright CNW Group 2014