ABRDN ASIA-PACIFIC INCOME FUND INC PHILADELPHIA, Sept. 22, 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 August 31, 2017.
The Fund's total returns for various periods through August 31, 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 1,074.1 8.2 979.4 7.9
(April
1986)
------
10-years 77.1 5.9 77.6 5.9
-------- ---- --- ---- ---
5-years 6.4 1.3 -5.5 -1.1
------- --- --- ---- ----
3-years 4.3 1.4 7.8 2.5
------- --- --- --- ---
1-year 4.5 5.5
------ --- ---
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 August 31, 2017, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
------------------ --------------------
Australia 28.1 29.2
--------- ---- ----
Supranational - 3.9
------------- --- ---
United States* 44.7 0.9
------------- ---- ---
United Kingdom - 1.3
-------------- --- ---
Norway - 0.4
------ --- ---
Germany - 2.5
------- --- ---
Netherlands - 0.3
----------- --- ---
Mauritius - 0.2
--------- --- ---
Bahrain - 0.2
------- --- ---
United Arab Emirates - 1.1
-------------------- --- ---
Kuwait - 0.4
------ --- ---
Japan 0.3 -
----- --- ---
South Korea 2.3 4.7
----------- --- ---
Philippines 0.1 2.8
----------- --- ---
Malaysia 1.3 3.2
-------- --- ---
Mongolia - 0.1
-------- --- ---
Singapore 1.9 2.7
--------- --- ---
Thailand 0.2 2.8
-------- --- ---
Hong Kong - 5.0
--------- --- ---
Indonesia 9.2 11.9
--------- --- ----
China 1.0 11.6
----- --- ----
India 9.8 13.4
----- --- ----
Sri Lanka 1.1 1.4
--------- --- ---
* Of which 39.8% invested in US$ denominated bonds issued by foreign issuers.
As of August 31, 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 4.0
------------------------- ----------------- ---
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
------------------------ ----------------- ---
Treasury Corporation of Victoria 6.00%, 10/17/2022 1.7
-------------------------------- ----------------- ---
Australia Government Bond 5.75%, 07/15/2022 1.6
------------------------- ----------------- ---
India Government Bond 8.12%, 12/10/2020 1.6
--------------------- ----------------- ---
Indonesia Government Bond 8.75%, 05/15/2031 1.5
------------------------- ----------------- ---
Australia Government Bond 3.25%, 04/21/2025 1.5
------------------------- ----------------- ---
TOTAL 19.9
----- ----
As of August 31, 2017 the holdings of the portfolio represented approximately 50.1% sovereign and state government securities, 45.1% corporates, 4.0% supranationals and 0.8% cash.
As of August 31, 2017, the Fund's net assets, including US$600 million in leverage, amounted to US$2,006.4 million with a net asset value per share of US$5.58.
As of August 31, 2017, 49.2% 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
------- ----- --- ------- ----- --- --- ---
29.3 8.1 11.8 23.7 4.4 3.3 0.1 19.3
---- --- ---- ---- --- --- --- ----
Maturity (%)
-----------
<3 Years 3-5 Years 5-10 Years >>10 Years
-------- --------- ---------- ----------
25.9 22.4 34.1 17.6
---- ---- ---- ----
As of August 31, 2017, the average maturity of the portfolio was 7.7 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 August 31, 2017 is US$600,000,000, which represents no change from the previous month.
As of August 31, 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 "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.
The Investment Manager, Investment Adviser, Sub-Adviser and Administrator are each a subsidiary of Aberdeen Asset Management PLC ("Aberdeen PLC"). The merger of Standard Life plc and Aberdeen PLC, announced on March 6, 2017 ("Merger"), closed on August 14, 2017. Aberdeen PLC became a direct subsidiary of Standard Life plc as a result of the Merger and the combined company changed its name to Standard Life Aberdeen plc. Shareholders of the Fund are not required to take any action as a result of the Merger. Following the Merger, the Fund's Investment Manager, Investment Adviser, Sub-Adviser and Administrator are each an indirect subsidiary of Standard Life Aberdeen plc, but otherwise did not change. The investment management, advisory, sub-advisory and administration agreements for the Fund, the services provided under the agreements, and the fees charged for services did not change as a result of the Merger. The portfolio management team for the Fund did not 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.
