Aberdeen Global - Hozam Plaza

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Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityUnited States - 42.91%Adobe Systems 236,900 7,684 3.01Cisco Systems 648,900 12,391 4.86Cognizant Technology Solutions 153,400 10,720 4.20Comcast 221,000 7,900 3.10EMC 469,700 12,811 5.02IBM 38,000 7,879 3.09Intel 203,400 4,608 1.81Microsoft 366,500 10,905 4.28Oracle 507,200 15,959 6.26QUALCOMM 183,400 11,454 4.49Texas Instruments 259,100 7,139 2.79109,450 42.91Equities 247,156 96.89Transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 247,156 96.89Other transferable securities and money market instrumentsEquities - nilItaly - nilCosmo Bioscience 14,500 - -Equities - -Other transferable securities and money market instruments - -Total transferable securities and money market instruments 247,156 96.89Total investments 247,156 96.89Other net assets 7,927 3.11Total 255,083 100.00∞A portion of this security is on loan at the year end.184 <strong>Aberdeen</strong> <strong>Global</strong> - Technology Equity
UK EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the UK Equity -A Accumulation shares increased by 19.54% compared to an increaseof 17.25% in the benchmark, the FTSE All-Share Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, GBP.Manager’s reviewUK equities rose in the year under review. Sentiment wasbuoyed by Greece’s second bailout, the European Central Bank’smassive liquidity injection and hopes of further central bank action.However, deteriorating economic data, persistent speculation of aGreek Eurozone exit and concerns over Europe’s debt problems paredgains. The domestic economy continued to contract as industrialoutput and retail sales remained weak. The central bank expandedits asset purchases by a further £50 billion to help boost growth, whilekeeping interest rates at historic lows. Towards period-end, the marketwas lifted by the Bank of England’s stimulus measures, the EuropeanCentral Bank’s bond-buying plan, as well as a third round ofquantitative easing in the US.Portfolio reviewAt the stock level, Prudential contributed the most to relative returnas the UK insurer posted good results driven by firm growth in Asia.The Fund also benefited from holding Rolls Royce as the engine makeroutperformed with positive sales in the expanding airline industry androbust demand for new orders. Specialty chemicals producer CrodaInternational also added to performance as growth remained resilientdue to its focus on higher margin differentiated products and furtherexpansion into emerging markets.In portfolio activity, we introduced Spirax-Sarco Engineering, aleading global provider of steam control products, because of its solidcompetitive position and compelling growth opportunities, backed bya good track record and net cash balance sheet.Against this, we sold Mothercare and insurer Aviva to invest in morecompelling opportunities elsewhere, as well as media company DailyMail & General Trust on concerns over its outlook. In addition, weadded to Standard Chartered on price weakness following allegationsof money laundering for Iran. A subsequent US$340 million settlementwas reached with New York authorities; the lender will continue towork with them to review its historical compliance.OutlookFundamental differences over how to fix the debt crisis persist. Evenif these were to be resolved, the Continent still faces the prospect ofa prolonged period of recession caused by the cumulative weight toausterity measures across the region. The UK has not been spared.Coupled with weakened domestic demand and lower earningsexpectations, valuations now appear less appealing after a four-monthrally. But relative to the struggling Eurozone nations, the UK marketremains attractive. We have confidence in our holdings and believethey have the wherewithal to survive the current headwinds to emergestronger, supported by their solid fundamentals.In contrast, our positions in baby goods retailer Mothercare andinternational supermarket Tesco hurt the Fund. Mothercare was unableto overcome persistent concerns over the deteriorating prospects in itsUK business, which prompted a profit warning by the company. Tesco’sshare price was weak following a disappointing report that revealedfalling like-for-like sales over the Christmas period; its market sharewas also squeezed by low-cost grocers and upmarket retailers. Ourlack of exposure to Diageo also detracted from performance, as thebeer and spirits producer released good results driven by emergingmarkets and demand for its premium whiskies.www.aberdeen-asset.com185
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ContentsIncorporation..............
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Investment Manager’s ReviewInvest
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NET ASSET VALUE HISTORY (CONTINUED)
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FundBaseCurrency30.09.12%30.09.11%3
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American EquityFor the year ended 3
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Market ValueUS$’000Percentage oft
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Statement of Net AssetsAs at 30 Sep
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Asian Local Currency Short Duration
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Portfolio StatementAs at 30 Septemb
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Financial derivative instruments -
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Asian Property ShareFor the year en
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Asian Smaller CompaniesFor the year
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Australasian EquityFor the year end
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Brazil BondFor the period from 15 J
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Brazil EquityFor the period from 15
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Percentage ofSecurityQuantityMarket
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Market Value€’000Percentage oft
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Percentage ofSecurity Coupon (%) Ma
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Emerging Markets EquityFor the year
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Emerging Markets Infrastructure Equ
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Emerging Markets Local Currency Bon
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UnrealisedGains/(Losses)US$’000Pe
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Ethical World EquityFor the year en
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Market Value€’000Percentage oft
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Market ValueJP¥’000Percentage of
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Japanese Smaller CompaniesFor the y
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Latin American EquityFor the year e
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Multi-Manager World EquityFor the p
Page 135 and 136: Portfolio StatementAs at 30 Septemb
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Page 157 and 158: Percentage ofSecurity Coupon (%) Ma
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Page 161 and 162: UnrealisedGains/(Losses)€’000Pe
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Page 183 and 184: Technology EquityFor the year ended
Page 185: Portfolio StatementAs at 30 Septemb
Page 197 and 198: World Equity IncomeFor the year end
Page 201 and 202: Percentage ofSecurityQuantityMarket
Page 205 and 206: SecurityQuantityMarket ValueUS$’0
Page 211 and 212: Notes to the Financial Statements1
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Page 217 and 218: 4.7 Operational expensesOperational
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Page 232 and 233: RISK MANAGEMENT CONTINUEDAberdeen G
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MANAGEMENT AND ADMINISTRATION CONTI
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General InformationFurther Informat
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Further InformationAberdeen GlobalA
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