Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Grupo Aeroportuario Sur ADS 214,100 18,935 1.41Grupo Financiero Banorte 10,128,300 57,328 4.27Kimberly Clark De Mexico 11,279,664 26,924 2.01Organizacion Soriana 'B' 7,311,336 23,801 1.77Urbi Desarrollos Urbanos 4,811,678 2,953 0.22Wal-mart De Mexico 9,675,000 27,218 2.03285,714 21.28Equities 1,314,436 97.86Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 1,314,436 97.86Financial derivative instruments - 0.02%Forward currency exchange contracts - 0.02%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR USD 04/10/12 3,314 4,260 - -EUR USD 14/12/12 9,801,573 12,377,818 243 0.02EUR USD 14/12/12 370,724 474,924 2 -EUR USD 14/12/12 242,598 313,145 (1) -EUR USD 14/12/12 220,700 289,424 (5) -EUR USD 14/12/12 252,492 327,166 (2) -USD EUR 01/10/12 230,529 178,056 1 -USD EUR 02/10/12 44,570 34,677 - -Unrealised gains on forward currency exchange contracts 238 0.02Unrealised gains on financial derivative instruments 238 0.02Total investments 1,314,674 97.88Other net assets 28,428 2.12Total 1,343,102 100.00130 <strong>Aberdeen</strong> <strong>Global</strong> - Latin American Equity
Multi-Manager World EquityFor the period from 16 December 2011 to 30 September 2012Commencement of FundThe Fund was launched in the period ended 30 September 2012. The first net asset value (NAV) calculation for the Fund was 19 December 2011.Corporate activityOn 16 December 2011, the <strong>Aberdeen</strong> Multi Fund(Lux) Funds amalgamated into the <strong>Aberdeen</strong> <strong>Global</strong> – Multi Manager World Equity Fundresulting in a contribution in kind worth €67,853 million in investments and cash. Shareholders involved in the amalgamation received newshares in <strong>Aberdeen</strong> <strong>Global</strong> – Multi Manager World Equity Fund as follows:<strong>Aberdeen</strong> Multi Fund (Lux) Share Class <strong>Aberdeen</strong> <strong>Global</strong> Share Class Contribution in kind (€’000) Merger RatioBalanced <strong>Global</strong> A – 2 Multi – Manager World Equity A – 2 3,396 1.400725842Constellation <strong>Global</strong> A – 2 Multi – Manager World Equity A – 2 15,052 1.558795267Constellation <strong>Global</strong> I – 2 Multi – Manager World Equity I – 2 30,280 124.951783946Equity Europe A – 2 Multi – Manager World Equity A – 2 9,682 1.558169993Moderation A – 2 Multi – Manager World Equity A – 2 9,443 1.112716059PerformanceFor the period 16 December 2011 to 30 September 2012, the value ofthe Multi Manager World Equity – A Accumulation shares increased by18.86% compared to an increase of 26.17% in the benchmark, theMSCI AC World Net Return Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewOver the review period, global equity markets postedrobust double-digit gains despite slowing economic growthand heightened fears over peripheral Europe. Sector rotationand market volatility were significant themes through the year,given persistent concerns over the fiscal challenges in Europe andother developed economies. Nonetheless, policy action by majorcentral banks drove equities higher. Newly appointed EuropeanCentral Bank (ECB) president Mario Draghi took concrete measuresto reduce Eurozone contagion risks by cutting interest rates,implementing long-term refinancing operations and providing capitalfor Spanish banks. He also indicated that the ECB would do “whateverit takes” to preserve the single currency. Elsewhere, the US FederalReserve launched a third round of quantitative easing, while othercentral banks, including the People’s Bank of China, also eased policy.We initiated a new position in the Skandia Fisher <strong>Global</strong> EmergingMarkets Fund. Managed by a select committee of five senior investors,this portfolio draws from a significant research resource and is overseenby Ken Fisher. Introduced as a core emerging markets proposition, theposition is expected to compliment the value-sensitive First State<strong>Global</strong> Emerging Leaders allocation.OutlookWhile we are mindful that the situation in Europe remainsunresolved and the US fiscal challenges will need to be managedby the newly elected US administration, we are also conscious ofthe upside risks in markets. With decisive policy action in the US andEurope, the rise in equity markets has been fuelled by the anchoringof long-term rates at very low levels. However, significant fiscalchallenges remain and the initial boost to confidence as a result ofpolicy action will become more muted over the coming months. Theopen nature of the steps taken is significant and there are grounds forbelieving that macroeconomic data will improve at the margin in thefinal months of the year. However, we are within a period of companyreporting that coincided with the US presidential elections. Hence, wehave retained a balance between the blend of underlying managers andoverall asset allocation within the portfolio.Portfolio reviewRobust returns were generated across equity markets, withleadership rotating from the US to Europe over the period. TheBlackrock Continental European Flexible Fund gained 26.1% whileJOHCM Continental European was 20.3% higher. ThreadneedleAmerican Extended Alpha advanced by 23.1% while Brown AdvisoryUS Equity Growth, M&G American and Montag & Caldwell US EquityLarge Cap Growth posted solid returns of 21.8%, 20.2% and 19.2%respectively. The biggest detractor was the investment in Japan, whereGLG Core Alpha declined by 1.0% and Morant Wright Nippon Yieldadvanced by 9.3%.www.aberdeen-asset.com131
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