ABRDN GLOBAL INCOME FUND, INC. PHILADELPHIA, Jan. 26, 2017 /PRNewswire/ -- Aberdeen Global Income Fund, Inc. (the "Fund") (NYSE MKT: FCO), a closed-end bond fund, announced today its performance data and portfolio composition as of December 31, 2016.
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The Fund's total returns for various periods through December 31, 2016 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price, and are stated net-of-fees):
Period NAV Total Return % Market Price Total Return %
------ ----------------- --------------------------
Cumulative Annualized Cumulative Annualized
---------- ---------- ---------- ----------
Since
Inception 409.1 6.8 323.1 6.0
(March
1992)
------
10-years 56.9 4.6 41.9 3.6
-------- ---- --- ---- ---
5-years 1.5 0.3 -12.9 -2.7
------- --- --- ----- ----
3-years -0.4 -0.1 1.2 0.4
------- ---- ---- --- ---
1-year 9.2 14.5
------ --- ----
The Fund's returns, which are denominated in U.S. dollars, are affected by the performance of the U.S. dollar against the various currencies listed below.
As of December 31, 2016, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
------------------ --------------------
Australia 12.9 14.3
--------- ---- ----
United Kingdom - 2.6
-------------- --- ---
Canada - 1.0
------ --- ---
New Zealand 3.8 7.4
----------- --- ---
United States 63.2* 18.7
------------- ---- ----
Europe 2.5 16.0**
------ --- -----
Asia 15.1 20.9
---- ---- ----
Africa 0.8 5.2
------ --- ---
Caribbean - 0.6
--------- --- ---
Latin America 1.7 13.3
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*Of which 50.0% is invested in US$ denominated bonds issued by foreign issuers.
**Europe is comprised of: Eastern Europe 9.2%, Western Europe 6.4% and European
Union 0.4%.
As of December 31, 2016, the top ten holdings of the portfolio based on total assets were as follows:
Holding Coupon / Maturity (%)
------- ----------------- ---
New Zealand Government Bond 6.00%, 05/15/2021 4.9
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Australia Government Bond 6.00%, 02/15/2017 3.2
------------------------- ----------------- ---
Russia Government Bond 7.05%, 01/19/2028 2.4
---------------------- ----------------- ---
Landwirtschaftliche Rentenbank 6.25%, 04/13/2018 2.2
------------------------------ ----------------- ---
New Zealand Government Bond 3.00%, 04/15/2020 2.1
--------------------------- ----------------- ---
Malaysia Government Bond 4.74%, 03/15/2046 2.0
------------------------ ----------------- ---
Singapore Government Bond 2.13%, 06/01/2026 1.9
------------------------- ----------------- ---
Australia Government Bond 4.75%, 04/21/2027 1.8
------------------------- ----------------- ---
Malaysia Government Bond 4.25%, 05/31/2035 1.5
------------------------ ----------------- ---
The World Bank Group 5.75%, 10/21/2019 1.5
-------------------- ----------------- ---
TOTAL 23.5
----- ----
As of December 31, 2016 the holdings of the portfolio represented approximately 52.6% sovereign and state government securities, 42.4% corporates, 1.8% supranationals and 3.2% cash.
As of December 31, 2016 the holdings of the portfolio represented approximately 63.0% invested in Developed Markets, 16.1% in Investment Grade Developed Markets and 20.9% in Sub-Investment Grade Developed Markets. Developed Markets are those countries contained in the Citigroup World Government Bond Index, New Zealand, Luxembourg and the Hong Kong Special Administrative Region. Investment Grade Developing Markets are those countries whose sovereign debt is rated not less than Baa3 by Moody's Investors Services Inc. ("Moody's") or BBB- by Standard & Poor's ("S&P") or comparably rated by another appropriate nationally or internationally recognized ratings agency. Sub-Investment Grade Developing Markets are those countries that are not Developed Markets or Investment Grade Developing Markets.
As of December 31, 2016, the Fund's net assets, including US$31.5 million in bank borrowing, amounted to US$108.8 million with a net asset value per share of common stock of US$8.87.
As of December 31, 2016, 25.6% of the portfolio was invested in securities where either the issue or the issuer was rated "A" or better by multiple rating agencies. The credit quality and maturity breakdown of the portfolio was as follows:
Credit Quality (%)
---
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B CCC NR
------- ----- --- ------- ----- --- --- ---
15.5 9.7 0.4 7.8 19.1 22.0 7.4 18.1
---- --- --- --- ---- ---- --- ----
Maturity (%)
---
<3 Years 3-5 Years 5-10 Years >>10 Years
-------- --------- ---------- ----------
18.7 18.5 39.3 23.5
---- ---- ---- ----
As of December 31, 2016, the average maturity of the portfolio was 8.4 years.
The Fund has in place leverage in the form of a loan facility. The outstanding balance on the loan as of December 31, 2016 is US$31,500,000, which represents no change from the previous month.
The leverage is used with the intent of enhancing returns by borrowing at interest rates that are lower than the relatively higher yields of the emerging market fixed income securities in which the Fund invests. The Fund has entered into interest rate swap agreements in order to fix the interest payable on a portion of the bank loan facility. Details regarding the revolving credit loan facility and the interest rate swap agreements are contained in the Fund's annual and semi-annual reports to shareholders.
Important Information
Aberdeen Asset Management Inc., the Fund's Administrator, has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Administrator, Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen Asset Management Limited (the Investment Adviser), Aberdeen Asset Managers Limited (the Sub-Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective.
Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown. Inception date March 12, 1992.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com
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SOURCE Aberdeen Global Income Fund, Inc.
