Aberdeen Asia-Pacific Income Fund, Inc. Announces Performance Data and
Portfolio Composition
PHILADELPHIA, Nov. 2 /PRNewswire-FirstCall/ -- 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 September 30, 2009.
The Fund's total returns for various periods through September 30, 2009 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 680.8 9.2 650.5 9.0
(April 1986)
10-years 142.4 9.3 146.7 9.5
5-years 49.2 8.3 45.2 7.8
3-years 27.9 8.6 29.1 8.9
1-year 18.3 35.5
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 September 30, 2009, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
Australia 44.5 48.8
New Zealand 0.3 0.3
United States* 39.2 2.8
South Korea 2.9 13.8
Philippines 1.2 7.4
Malaysia 1.4 5.4
Singapore 1.9 3.3
Thailand 0.9 2.3
Hong Kong 0.1 5.7
Indonesia 0.8 5.8
China 4.3 1.3
India 1.7 3.1
Taiwan 0.8 -
* Of which 34.9% is invested in US$ denominated
bonds issued by foreign issuers.
As of September 30, 2009, the top ten holdings of the portfolio based on total
assets were as follows:
Holding Coupon / Maturity (%)
Western Australia Treasury Corporation 8.00%, 06/15/2013 5.3
Western Australia Treasury Corporation 8.00%, 07/15/2017 4.1
Queensland Treasury Corporation 6.00%, 10/14/2015 1.7
European Investment Bank 6.50%, 08/07/2019 1.3
Kreditanstalt fuer Wiederaufbau 7.50%, 08/26/2011 1.2
International Finance Corporation 7.50%, 02/28/2013 1.2
Commonwealth Bank of Australia 8.50%, 06/24/2011 1.2
Queensland Treasury Corporation 6.50%, 04/16/2012 1.1
Treasury Corporation of Victoria 6.25%, 10/15/2012 1.1
Korea Treasury Bond 6.91%, 07/18/2011 1.0
TOTAL 19.2
As of September 30, 2009 the holdings of the portfolio represented
approximately 39.3% sovereign and state government securities, 1.1%
supranationals, 54.5% corporates, 3.0% cash and 2.1% asset backed securities.
As of September 30, 2009, the Fund's net assets, including $600 million in
bank borrowing, amounted to US$2,281 million with a net asset value per share
of US$6.44.
As of September 30, 2009, 72.2% 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 (%)
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B
30.2 10.7 31.3 10.4 16.4 1.0
As of September 30, 2009, the average credit quality of the portfolio was A+.
Maturity (%)
< 3 Years 3-5 Years 5-10 Years > 10 Years
30.0 25.6 32.9 11.5
As of September 30, 2009, the average maturity of the portfolio was 7.4 years.
A revolving credit loan facility, in the amount of $600,000,000, was entered
into on April 18, 2008 with the Bank of Nova Scotia, in order to fund the
redemption of the Fund's Auction Market Preferred Stock ("AMPS") that took
place in April 2008. The outstanding balance on the loan as of September 30,
2009 is $600,000,000 which represents an increase of $50,000,000 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, which represents
69% 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.
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 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
SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
Investor Relations, Aberdeen Asset Management Inc., +1-800-522-5465,
InvestorRelations@aberdeen-asset.com
