# The Asia Tigers Fund, Inc. (NYSE: GRR)
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Daily Data

At close Feb 26, 2015

Market Price$11.55
Unadjusted NAV**$13.06

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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The Asia Tigers Fund, Inc. (NYSE: GRR)

Investment Objective

The Fund’s investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in equity securities of Asian companies.

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

Hugh Young

Fund Manager Interview

Aberdeen’s Head of Asian Equities, Hugh Young, discusses third quarter performance, why market volatility has returned and a regional outlook.

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Fund Managers’ Monthly Report

December 2014

  • Asian equities fell in U.S. dollar terms in December, hurt by the Russian ruble’s collapse amid the weaker oil price, which ignited fears of contagion emanating from emerging markets. Expectations of an imminent U.S. Federal Reserve rate hike also pared gains. Conversely, Chinese A-shares continued their liquidity-driven rally.
  • In Fund-related news, Samsung Electronics plans to hike its full-year dividend by up to 50% in an effort to boost shareholder returns. This action, following the company’s recent share buyback, lifted the stock price.
  • Lender Standard Chartered will sell its Hong Kong and Shenzhen consumer finance units as part of its strategy to shed non-core businesses.
  • Cheaper oil should lower costs for our holdings but shares of energy-related companies, such as PetroChina and Singapore rig-builder Keppel Corp., have not escaped unscathed. On the positive side, PetroChina possesses one of the world’s largest gas reserves and continues to improve its efficiency, while Keppel Corp’s order book remains buttressed by contract wins.
  • In December, we took some profits from Taiwan Semiconductor Manufacturing Co. (TSMC) after the stock rose just over 30% in the 2014 calendar year and was trading near its 52-week high as investors were cheered by indications that earnings momentum could be stronger than management’s earlier forecasts. In Singapore, we pared the position in lender OCBC after subscribing to its rights issue and opting for the dividend in the form of stock rather than cash. Both were priced at a significant discount to the company’s shares. In our view, the lender remains one of the more conservatively managed banks within the Fund.
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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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