At close Feb 26, 2015
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 Asia-Pacific Income Fund, Inc. (NYSE MKT: FAX)
The Fund’s investment objective is to seek current income. The Fund may also achieve incidental capital appreciation. The Fund will seek to achieve its investment objective through investment in Australian and Asian debt securities.
For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.
Fund Manager Interview
Adam McCabe, Head of Asian Fixed Income, discusses why we believe Asia’s fundamentals remain robust, with rising incomes and an expanding middle class underpinning domestic demand.
Full investment objective, investment policies and investment restrictions
Section 16 Filings
Fund Managers’ Monthly Report
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- December marked a quiet end to 2014 for Asian fixed income markets. Bond yields closed broadly higher,
most currencies weakened against the U.S. dollar and credit markets posted marginal losses.
- A further decline in oil prices triggered a ruble rout, forcing the Russian central bank to support the currency
and raise its benchmark rate sharply. Some relief came from the U.S. Federal Reserve’s pledge to take its time
to tighten monetary policy. In Asia, inflation eased further. Japan unveiled a 3.5 trillion yen (roughly US$29.5
billion) stimulus package following Prime Minister Shinzo Abe’s big election win, while China eased the loan-todeposit
ratio in a bid to help boost liquidity.
- For local currency bonds, Singapore and Hong Kong lagged, as yields in both markets tracked the weakness
in U.S. Treasuries. Malaysian bonds were dampened by a depreciating ringgit, resulting in outflows.
- Indian bond yields rallied on benign inflation and disappointing industrial production. The government of Prime
Minister Narendra Modi also provided cause for optimism that reform was not only on track but also accelerating.
- Most Asian currencies fell against the U.S. dollar, led by the ringgit, Taiwan dollar, Indian rupee and Indonesian rupiah.
However, the Korean won posted decent gains, partly owing to exporters selling U.S. dollars to repatriate earnings.
- Asian credit markets fell marginally, with Indonesian high-yield and Chinese property names the primary laggards.
- Australian bond yields ended sharply lower, reflecting increasing concerns over domestic growth. Three- and
10-year year yields fell by corresponding margins of 26 and 28 basis points to 2.13% and 2.74%, respectively.
The credit market posted marginal gains. Economic data were mixed. Third-quarter growth was lower than
expected. While retail spending and employment were firm, more recent data showed waning confidence among
businesses and consumers. The central bank left the cash rate unchanged at 2.5%.
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