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

At close Dec 18, 2014

NAV$14.64
Market Price$13.12
Premium/(Discount)-10.38%
Unadjusted NAV**$14.62

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

October 2014

 
  • Emerging stock markets sold off in September after rallying for the past few months. 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$81.7 billion) into the five biggest stateowned lenders to make up for a soft patch in the economy. Further Western sanctions against Russia and protests in Hong Kong added to geopolitical uncertainty.
  • Brazil, Turkey, South Africa and Russia, the main laggards, were hampered by domestic factors. Brazilian equities tumbled and the real weakened after opinion polls showed president Dilma Rousseff’s re-election bid regaining lost ground. This lowered expectations that a more business-friendly administration will be elected to kick-start the flagging economy. Turkey’s decline was partly due to fears of Fed tightening and lackluster second-quarter gross domestic product (GDP) growth. South Africa fell as subdued commodity prices and worries about Chinese growth weighed on resources stocks. In Russia, a tenuous ceasefire with Ukraine and speculation that Moscow may impose capital controls hurt the local stockmarket and the rouble; this was subsequently refuted by the central bank. The Kremlin also warned it may retaliate with additional import curbs after the U.S. and European Union (EU) expanded sanctions. Several companies were unexpectedly included in the new sanctions restricting technology transfers.
  • Korea led the decline in emerging Asia, as local exporters were hurt by the won’s strength against the yen. In India, investors were rattled by the Supreme Court’s decision to cancel and re-auction more than 200 coal-mining licenses, and impose US$1.2 billion in fines on owners. The verdict is likely to unsettle both the power sector, which depends on a stable coal supply, and some public-sector banks, which have the largest exposure to the affected businesses. Our emerging markets portfolios have no exposure to local power companies or public-sector banks. Indonesia also came under pressure after the parliament scrapped direct regional elections, a move that is widely seen as a blow to President-elect Joko Widodo. This is a setback for governance and accountability. Infrastructure-related spending also could be hurt if plans were challenged by local administrations, while the long-overdue fuel subsidy reduction hangs in the balance.

*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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**Disclaimer

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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