# Aberdeen
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. (NYSE MKT: ETF)
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Daily Data

At close Nov 25, 2014

Market Price$14.16
Unadjusted NAV**$15.55

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.


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Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. (NYSE MKT: ETF)

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation. The Fund’s investment policy is to invest at least 80% of the Fund’s net assets in equity securities of emerging market smaller company issuers.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.

Investment Policies

The principal investment objective of the Fund is long-term capital appreciation through investing primarily in equity securities of emerging market smaller company issuers.

The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.


Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. Webcast Replay

Mark Gordon-James, Senior Investment Manager on Aberdeen's Emerging Markets Equity Team, gives an update on the Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. James speaks to current Fund positioning, gives market commentary and speaks to why Aberdeen believes emerging market companies still offer value despite the recent downturn in the asset class.


Fund Managers’ Monthly Report

September 2014

  • Shares of smaller companies in emerging stock markets fell in line with their larger counterparts in September. Upbeat U.S. economic growth rekindled concerns of an earlier-than-expected rate hike by the Federal Reserve (Fed). Markets were also edgy as China dampened hopes of more stimulus after the central bank injected 500 billion yuan (roughly US$82 billion) into the five biggest stateowned lenders in a bid to compensate for a soft patch in the economy. Further Western sanctions against Russia and protests in Hong Kong added to geopolitical uncertainty.
  • Brazil, Turkey and Russia, the main market laggards, were hampered by domestic factors. Brazilian equities tumbled and the real weakened after opinion polls showed President Dilma Rousseff’s reelection bid regaining lost ground. Turkey’s decline was partly due to fears of Fed tightening and lackluster second-quarter gross domestic product (GDP) growth.
  • In Russia, a tenuous ceasefire with Ukraine and speculation that Moscow may impose capital controls hurt the local stock market and the rouble; this was subsequently refuted by the central bank. The Kremlin warned that it may retaliate with additional import curbs after the U.S. and European Union expanded sanctions.
  • In Fund-related news, Iguatemi will buy back 1.8 million shares, or 2% of its free float, over the next 12 months. Although relatively small, the buyback is somewhat positive for the Brazilian mall developer as it may improve demand for its shares and sending a positive market signal.
  • During the month, we added to Romanian bank BRD on an attractive valuation, in our view, and added to Polish “cash and carry” retailer Eurocash following a period of share price underperformance. Against this, we took some profits from the position in Bumrungrad Hospitals as the stock has performed well since January.

*The MSCI Indonesia Index is designed to measure the performance of the large- and mid-cap segments of the Indonesian market. With 30 constituents, the index covers approximately 85% of the Indonesian equity universe.

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Section 16 Filings


Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.

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