ABRDN ASIA-PACIFIC INCOME FUND INC PHILADELPHIA, July 24, 2017 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc. (the "Fund") (NYSE MKT: FAX), a closed-end bond fund, announced today its performance data and portfolio composition as of June 30, 2017.
The Fund's total returns for various periods through June 30, 2017 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 1,041.7 8.1 937.9 7.8
(April
1986)
------
10-years 68.0 5.3 60.9 4.9
-------- ---- --- ---- ---
5-years 6.2 1.2 -5.1 -1.0
------- --- --- ---- ----
3-years 2.4 0.8 2.0 0.7
------- --- --- --- ---
1-year 4.8 8.6
------ --- ---
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 June 30, 2017, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
------------------ --------------------
Australia 27.9 28.1
--------- ---- ----
Supranational - 3.9
------------- --- ---
United States* 45.0 2.7
------------- ---- ---
United Kingdom - 1.3
-------------- --- ---
Norway - 0.4
------ --- ---
Germany - 2.5
------- --- ---
Netherlands - 0.3
----------- --- ---
United Arab Emirates - 0.9
-------------------- --- ---
Kuwait - 0.8
------ --- ---
Japan - 0.3
----- --- ---
South Korea 2.6 4.7
----------- --- ---
Philippines 0.2 2.9
----------- --- ---
Malaysia 1.9 4.1
-------- --- ---
Mongolia - 0.1
-------- --- ---
Singapore 1.9 2.3
--------- --- ---
Thailand 0.1 2.6
-------- --- ---
Hong Kong - 5.2
--------- --- ---
Indonesia 8.0 11.0
--------- --- ----
China 1.8 11.4
----- --- ----
India 9.7 13.3
----- --- ----
Sri Lanka 0.9 1.2
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* Of which 41.4% invested in US$ denominated bonds issued by foreign issuers.
As of June 30, 2017, the top ten holdings of the portfolio based on total assets were as follows:
Holding Coupon / Maturity (%)
------- ----------------- ---
Australia Government Bond 3.75%, 04/21/2037 3.9
------------------------- ----------------- ---
Australia Government Bond 5.50%, 01/21/2018 2.2
------------------------- ----------------- ---
Queensland Treasury Corporation 6.25%, 06/14/2019 2.0
------------------------------- ----------------- ---
Queensland Treasury Corporation 6.00%, 02/21/2018 1.9
------------------------------- ----------------- ---
State of New South Wales
Australia 6.00%, 02/01/2018 1.9
------------------------ ----------------- ---
Australia Government Bond 5.75%, 07/15/2022 1.6
------------------------- ----------------- ---
Treasury Corporation of
Victoria 6.00%, 10/17/2022 1.6
----------------------- ----------------- ---
Indonesia Government Bond 8.25%, 05/15/2036 1.6
------------------------- ----------------- ---
India Government Bond 8.12%, 12/10/2020 1.6
--------------------- ----------------- ---
Indonesia Government Bond 8.75%, 05/15/2031 1.5
------------------------- ----------------- ---
TOTAL 19.8
----- ----
As of June 30, 2017 the holdings of the portfolio represented approximately 48.2% sovereign and state government securities, 45.2% corporates, 3.9% supranationals and 2.7% cash.
As of June 30, 2017, the Fund's net assets, including US$600 million in leverage, amounted to US$1,985.6 million with a net asset value per share of US$5.50.
As of June 30, 2017, 49.0% 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 CCC NR
------- ----- --- ------- ----- --- --- ---
28.3 7.7 13.0 24.9 3.7 2.7 0.1 19.6
---- --- ---- ---- --- --- --- ----
Maturity (%)
-----------
<3 Years 3-5 Years 5-10 Years >>10 Years
-------- --------- ---------- ----------
26.1 22.0 34.3 17.6
---- ---- ---- ----
As of June 30, 2017, the average maturity of the portfolio was 7.3 years.
The Fund utilizes various forms of leverage as detailed in the Fund's most recent annual reports to shareholders. The outstanding balance of all leverage as of June 30, 2017 is US$600,000,000, which represents an increase of US$25,000,000 from the previous month.
As of June 30, 2017, the Fund's leverage consists of US$50 million in 10-year privately issued mandatorily redeemable preferred stock, US$100 million in 7-year privately placed senior secured notes, US$100 million in 10-year privately placed senior secured notes, US$ 50 million in 15-year privately placed senior secured notes, US$100 million in a 4-year term loan, US$100 million in a 5-year term loan, and US$100 million in a 3-year syndicated revolving credit facility, of which US$100 million is drawn.
Important Information
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 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.
Aberdeen Asset Management Asia Limited (the "Investment Manager"), Aberdeen Asset Management Limited (the "Investment Adviser"), Aberdeen Asset Managers Limited (the "Sub-Adviser") and Aberdeen Asset Management Inc. (the "Administrator") are each a subsidiary of Aberdeen Asset Management PLC ("Aberdeen PLC"). On March 6, 2017, the Boards of Standard Life plc and Aberdeen PLC announced that they had reached an agreement on the terms of a merger ("Merger"). The Boards of each of Standard Life plc and Aberdeen PLC believe that the Merger has a compelling strategic and financial rationale through combining complementary strengths to create a world-class investment group. The Merger is expected to occur in the third quarter of 2017, subject to various conditions and terms, including regulatory approvals. The portfolio management team for the Fund is not expected to change as a result of the Merger. In addition, the agreements that the Fund has with Aberdeen PLC's subsidiary companies, the services provided by such companies, and the fees charged for those services are not expected to change as a result of the Merger.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund'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 Fund will achieve its investment objective.
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
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SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
