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

At close Jul 21, 2014

Market Price$9.02
Unadjusted NAV**$9.02

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. 

Investing in Asia Pacific

Aberdeen Australia Equity Fund, Inc. Webcast Replay

In this webcast, Aberdeen's Mark Daniels gives an update on the Aberdeen Australia Equity Fund, Inc. Mark covers fund performance, recent portfolio positioning and provides some macro commentary and outlook for Australian equities.

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Investing in the Asia-Pacific Region

As the West grapples with its debt issues, we believe that the structural soundness of the Asia-Pacific region will help deliver long-term opportunities for investors.

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Fund Managers’ Monthly Report

May 2014

  • Australian equities, as measured by the MSCI Australia Index, 1edged higher in May, but lagged the broader MSCI AC Asia-Pacific ex Japan Index, which tracks 10 developed and emerging market country indices. Investor sentiment was hampered by headwinds, such as worries over anemic economic data from China that hindered the resources sector, and the austerity budget proposed by the Conservative Party.
  • On the economic front, business confidence improved somewhat but consumer sentiment took a beating, even as the unemployment rate was unchanged at 5.8%. The central bank held its benchmark interest rate steady as it lowered its near-term inflation forecasts. Meanwhile, the tough federal budget hiked taxes for the top income bracket and slashed A$60 billion (approximately US$56.4 billion in spending on areas such as education and the elderly.
  • In Fund-related corporate news, retailer Woolworths announced robust third-quarter 2014 results, with standout performances in its food and liquor, as well as retail gasoline segments. However, gains were held back by relative weakness in its discount store, home improvement and New Zealand divisions.
  • During the month, we increased the Fund’s exposure to Woodside Petroleum after management rejected what it viewed as an unfavorable deal in Israel’s Leviathan basin. We believe that the move significantly lowered the risks associated with the expansion of the company’s overseas exploration. We also gained greater comfort in the strength of its balance sheet and free cash-flow generation, as it ramped up its existing Australian projects and concluded favorable liquefied natural gas (LNG) contract negotiations with key customers.

1 The MSCI Australia Index measures the performance of the large- and mid-cap segments of the Australia market. The index covers approximately 85% of the free-float-adjusted market capitalization in Australia.

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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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