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

At close Dec 18, 2014

Market Price$11.31
Unadjusted NAV**$12.70

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

November 2014

  • Asia ex-Japan: Asia has caught the merger and acquisition (M&A) bug spreading globally. The region excluding Japan contributed close to 20% of the US$2.8 trillion in global deals over the first nine months of this year. The trend is fuelled by cash-rich companies, which are capitalizing on low funding costs to swallow weaker rivals or consolidate businesses, with the aim of accelerating growth and improving returns. The M&A option is attractive compared to reinvesting in the business, especially when global demand is sluggish and certain industries are facing excess capacity. This is in addition to returning surplus cash to shareholders via dividends and share buybacks.
  • Japan: Prime Minister Shinzo Abe’s recent call for a snap election may be a tactical gambit linked to a desire to defer a controversial sales tax increase scheduled for October 2015. That would allow more time for Abe’s economic reform agenda to bear fruit. An election victory would give Abe popular support for the move and overcome resistance from those opposed to a delay. The prime minister may also want an election while he still enjoys a clear lead over his political opponents in the opinion polls. It’s a gamble to secure his grip on power before other controversial policies (such as restarting Japan’s nuclear power plants) start to damage his popularity.
  • Thailand: Large Thai banks appear to have weathered this year’s challenging economic climate surprisingly well, reporting good profit growth for the quarter. However, the same cannot be said for smaller lenders, which have found the conditions challenging. Over recent quarters, nonperforming loans (NPLs) have been edging higher across the board. This is particularly damaging to the balance sheets of smaller players, who do not have sufficient non-interest income to offset the bad loans. Nevertheless, capital ratios remain healthy, in our opinion.
  • Deteriorating asset quality is one of the by-products of Thailand’s record-high levels of household debt, which can be pinned, at least in part, on the previous government’s liberal use of populist initiatives. Encouragingly, the interim administration had started to revoke some budget-sapping subsidies in favor of more growth-friendly measures. However, with flagging consumption now topping the list of economic woes, subsidies have reappeared on the agenda as the government endeavors to keep the wheels of the economy turning.
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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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