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Aberdeen Australia Equity Fund, Inc. (NYSE MKT: IAF)
- (EDT)
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At close May 23, 2013
| NAV | $9.92 |
| Price | $10.32 |
| Premium/(Discount) | 4.03% |
| Unadjusted NAV** | $9.90 |
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 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.
Download brochureFund Managers’ Monthly Report
March 2013
- Australian equities rose in February amid a largely positive corporate earnings reporting season. The Top-performing sectors for the month were consumer staples and banks, while materials, as well as defensive sectors such as telecommunications and utilities, continued to lag the overall market.
- The Central bank left interest rates unchanged at 3%. Both the 2013 gross domestic product (GDP) and inflation forecast were downgraded.
- The unemployment rate remained at 5.4% in January, while retail sales dipped from the previous month.
- In corporate news, Commonwealth Bank of Australia’s net profits improved in the first half of its 2013 fiscal year, driven by non-interest income. Although impairment expenses grew, management noted that it is confident the bank is sufficiently capitalized. Westfield Group reported full-year 2012 results that met expectations, helped by an improvement in U.S. occupancy. Westfield Retail Trust’s income grew almost 3%, in line with expectations, attributable to good occupancy levels and healthy sales.
- In February, we added to Coca Cola Amatil, given its market-leading position and growth potential in Indonesia, and trimmed gambling services company Tatts Group, as we believe that its current valuation does not reflect the lack of future earnings growth.
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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.