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

At close Jul 29, 2014

Market Price$14.57
Unadjusted NAV**$16.30

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.


Emerging Markets Equities Video Update

Devan Kaloo, Aberdeen's Head of Global Emerging Markets, speaks to the recent slowdown in emerging market equities and explains why he believes the asset class offers value in the long run.

Important Information


Fund Managers’ Monthly Report

May 2014

  • Shares of smaller companies in emerging markets rose along with their large-cap counterparts in May. Investor sentiment was buoyed by better-than-expected Chinese factory data and signs that major central banks will keep monetary policy accommodative to support growth.
  • India, Russia and Turkey led the advance. In India, Narendra Modi's election as prime minister and optimism over his reform pledge sent local equities higher. Russia rebounded from previous months' losses on hopes that Petro Poroshenko's election as Ukraine's president will ease tension between the two nations. President Vladimir Putin's visit to China, which generated bilateral business deals, notably Gazprom's US$400 billion gas deal with China National Petroleum Corp., PetroChina's state-owned parent, also supported the market. Turkey rose on the back of a lower current account deficit and easing monetary conditions.
  • In Fund-related corporate news, Brazilian software firm Totvs paid 50.1 million reais (roughly US$ 22.2 million) to buy Virtual Age, a software company for the textile and apparel business. Totvs could pay an additional 25 million reais (about US $11.1 million) if Virtual Age achieves its financial targets. The purchase is in line with the company's diversification strategy and may potentially strengthen the company's presence in this segment.
  • Quarterly earnings of many of the Fund’s holdings met expectations. Notably, Brazilian shopping mall operator Iguatemi benefited from higher rents and improved margins despite the challenging operating environment. An increase in domestic passenger numbers supported Mexican airport operator OMA. Port services provider Wilson Sons' solid operating profits and net income growth reflected good performance across its main divisions.
  • In May, we added to the Fund’s holding in retailer Giordano on weakness, while trimming ASM International and Vale Indonesia following a period of strong share price performance. We also exited the position in F&N Malaysia on valuation grounds.
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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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