Aberdeen Global Income Fund, Inc. (the "Fund") (NYSE AMEX:
FCO), a closed-end bond fund, announced today its performance data and portfolio composition as of July 31, 2009.
The Fund's total returns for various periods through July 31, 2009 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
(March 1992) 250.2 7.5 219.5 6.9
10-years 103.2 7.4 131.3 8.8
5-years 34.5 6.1 32.5 5.8
3-years 11.6 3.7 14.4 4.6
1-year -2.4 8.7
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 July 31, 2009, the portfolio was invested as follows:
Currency Exposure % * Geographic Exposure %
Australia 23.2 23.2
United Kingdom 0.6 10.7
Canada 11.6 15.1
New Zealand 11.7 18.7
United States ** 48.2 1.7
Europe (ex UK) 1.1 3.5
Asia 1.4 10.6
Emerging Markets 2.2 16.5
* Currency allocations include impact of all foreign forward currency
exchange contracts.
** Of which 22.3% is invested in US$ denominated bonds issued by foreign
issuers.
As of July 31, 2009, the top ten holdings of the portfolio were as follows:
Holding Coupon / Maturity (%)
United Kingdom GILT 4.25%, 12/07/49 11.5
New Zealand Government 6.00%, 12/15/17 3.9
Canadian Government 10.25%, 03/15/14 3.8
Canadian Government 9.00%, 06/01/25 3.0
Quebec Hydro 9.625%, 07/15/22 2.8
Canadian Government 8.00%, 06/01/23 2.7
Western Australia Treasury Corporation 8.00%, 07/15/17 2.4
Province of British Columbia 9.50%, 01/09/12 2.2
Province of New Brunswick 7.75%, 01/13/14 2.2
Rabo Australia, Ltd. 6.25%, 11/22/11 2.1
TOTAL 36.6
As of July 31, 2009 the holdings of the portfolio represented approximately 60.4% sovereign and state government securities, 3.1% supranationals, 35.0% corporates and 1.5% cash.
As of July 31, 2009, the Fund's net assets, including US$30 million in bank borrowing, amounted to US$128.4 million with a net asset value per share of common stock of US$10.93.
As of July 31, 2009, 68.9% of the portfolio was invested in securities where either the issue or the issuer was rated "A" or better, or judged by the Investment Manager to be of equivalent quality. 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
40.0 16.3 12.6 9.8 17.2 3.9 0.2
As of July 31, 2009, the average credit quality of the portfolio was A+.
Maturity (%)
<3 Years 3-5 Years 5-10 Years >10 Years
29.9 17.6 29.5 23.0
As of July 31, 2009, the average maturity of the portfolio was 9.7 years.
A revolving credit loan facility, in the amount of $30,000,000, was entered into on March 7, 2008 with the Bank of Nova Scotia, in order to fund the redemption of the Fund's Auction Market Preferred Stock ("AMPS") that took place in March 2008. 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 an aggregate notional amount of $21 million, which represents 70% 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), 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.
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. Inception date March 12, 1992.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com'>InvestorRelations@aberdeen-asset.com
