# Aberdeen Australia Equity Fund, Inc. (NYSE MKT: IAF)
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Daily Data

At close Dec 18, 2014

Market Price$7.02
Unadjusted NAV**$7.44

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 Australia Equity Fund, Inc. (NYSE MKT: IAF)*

Investment Objective

The Fund’s principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited (“ASX”). The Fund’s secondary investment objective is current income.

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


Fund Managers’ Monthly Report

October 2014

  • Declines in the value of the Australian dollar (AUD) and commodities combined to pull the local equity market down in September. The AUD suffered a weak month, posting its biggest loss since May 2013, due largely to a resurgent U.S. dollar. The U.S. dollar was strong on a broad front as markets pondered the timing of a first U.S. Federal Reserve (Fed) rate hike. Falling commodity prices also hit the AUD, as did concerns over the strength of the Chinese economy.
  • In Australia, economic data suggests only a modest pace of economic expansion. Consumer confidence, which had plunged in May on news of the proposed federal budget’s tax hikes and reduced spending in areas such as education and the elderly, recovered a few months later before declining again in September. Nevertheless, retail sales have firmed in recent months. Business conditions also softened, reversing the previous month’s considerable improvement and returning to levels consistent with subpar growth. Employment recorded the strongest ever monthly gain in August and the unemployment rate fell from 6.4% to 6.1% after the previous month’s jump. The labor force participation rate has also strengthened recently. The details of the employment report show that part time employment drove most of the strength while the more cyclical full-time component rose only modestly over the month.
  • Elsewhere, gross domestic product (GDP) growth for the second quarter was a firm 0.5%. Net exports were a large drag due to lower commodity prices while inventories were the largest positive followed by private consumption and dwelling investment. Underlying business investment remains a drag on growth. The Reserve Bank of Australia (RBA) again reaffirmed its neutral stance, leaving the cash rate on hold, as widely expected, at 2.5% at its monetary policy meeting in September.
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Full investment objective, investment policies and investment restrictions 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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