Aberdeen Global - Hozam Plaza

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Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Equities 3,587,347 95.02Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 3,587,347 95.02Total investments 3,587,347 95.02Other net assets 188,077 4.98Total 3,775,424 100.00∞A portion of this security is on loan at the year end.194 Aberdeen Global - World Equity
World Equity IncomeFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of theWorld Equity Income - E Income shares increased by 22.82%compared to an increase of 27.57% in the benchmark, theMSCI World Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewGlobal equities rallied in the year under review, largely drivenby the vast amount of liquidity injected into the global financialsystem. Developed markets generally outperformed their emergingcounterparts. Throughout the period, the Eurozone debt crisis andslowing economic activity dominated sentiment. Notably, the tenuousrecovery in the US and a significant deceleration in China’s growth casta pall over the global economic outlook. But risk appetite returnedfollowing efforts by major central banks to provide emergency loans toEuropean banks, while Britain and Japan expanded quantitative easing.In particular, the European Central Bank (ECB)’s long-term refinancingoperation for lenders raised investors’ hopes, as did news of the €130billion Greek bailout. Optimism that funding pressures would easewas also boosted by the ECB’s interest rate cuts to a historic low andbond-buying programme, known as Outright Monetary Transactions.As well, the US Federal Reserve’s (Fed) third round of quantitativeeasing lifted sentiment towards the end of the period.Portfolio reviewThe Fund’s underperformance was largely a result of the underweightto the US, where the stock market outperformed following the Fed’spolicy easing.Conversely, holdings in the financials and health care sectorsdetracted from relative return. Australia’s QBE Insurance was weigheddown by low yields from its investment portfolio, coupled with a seriesof natural disasters, including the floods in Thailand and the worst USdrought since the 1950s. Nevertheless, we remain comfortable withholding QBE because of its well-diversified global business, which isguided by capable management. Spanish insurer Mapfre and Japan’sTakeda Pharmaceutical were hurt by weak economic growth anda deteriorating outlook respectively; these holdings weresubsequently sold.Other portfolio transactions included the introduction of Canadianfertiliser producer Potash Corp, which is a market leader that benefitsfrom a strong asset base and robust long term demand drivers. Othernew additions were Japan’s Daito Trust Construction, UnileverIndonesia and PepsiCo, on the back of their decent dividend growthand yields.OutlookWhile recent stimulus efforts by major central banks may have liftedmarkets, these stop-gap measures appear to succeed only in boostingshort-term sentiment and inflating asset prices, instead of providingviable long-term solutions. Evidently, central bank policies onlycontribute to half of the equation, with the other half dependent ongovernment spending via fiscal policies. At present, we remain waryof several events, including the looming “fiscal cliff” in the US and thepossibility of a Chinese hard landing, which will have a dire impact onexport-dependent economies. On the corporate front, the earningsoutlook appears challenging. As such, we maintain a cautious stance.At the stock level, holdings in the consumer staples sector, includingPhilip Morris International and Pepsico in the US, British AmericanTobacco, Unilever Indonesia, Brazilian tobacco company Souza Cruz,as well as Mexican companies FEMSA and Kimberly-Clark Mexico, wereamong the main contributors to relative performance, with their strongbalance sheets and stable cash flows proving to be attractive qualities.Energy holdings such as Italian-listed pipemaker Tenaris were alsoamong the top contributors to relative return, boosted by the risein the oil price.www.aberdeen-asset.com195
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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$’000Pe
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Ethical World EquityFor the year en
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Market Value€’000Percentage oft
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Market ValueJP¥’000Percentage of
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Japanese Smaller CompaniesFor the y
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Latin American EquityFor the year e
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Multi-Manager World EquityFor the p
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Russian EquityFor the year ended 30
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Page 145 and 146: Select Emerging Markets BondFor the
Page 147 and 148: Portfolio StatementAs at 30 Septemb
Page 149 and 150: Percentage ofSecurity Coupon (%) Ma
Page 151 and 152: Market ValueUS$’000Percentage oft
Page 153 and 154: Financial derivative instruments -
Page 155 and 156: Statement of Net AssetsAs at 30 Sep
Page 157 and 158: Percentage ofSecurity Coupon (%) Ma
Page 159 and 160: Market Value€’000Percentage oft
Page 161 and 162: UnrealisedGains/(Losses)€’000Pe
Page 165 and 166: Market Value£’000Percentage ofto
Page 171 and 172: Financial derivative instruments -
Page 179 and 180: Select Sterling Financials BondFor
Page 183 and 184: Technology EquityFor the year ended
Page 187 and 188: UK EquityFor the year ended 30 Sept
Page 195: Market ValueUS$’000Percentage oft
Page 201 and 202: Percentage ofSecurityQuantityMarket
Page 205 and 206: SecurityQuantityMarket ValueUS$’0
Page 209 and 210: Market ValueUS$’000Percentage oft
Page 211 and 212: Notes to the Financial Statements1
Page 213 and 214: 3.3 B share classClass B shares are
Page 215 and 216: 4.4 Domiciliary agent, registrar, p
Page 217 and 218: 4.7 Operational expensesOperational
Page 219 and 220: Brazil Bond (expressed in USD unles
Page 221 and 222: Emerging Markets Smaller Companies
Page 223 and 224: Frontier Markets Equity (expressed
Page 225 and 226: Date Class D-2 Equalisation Distrib
Page 227 and 228: Fund Amount on Loan US$ Counterpart
Page 229: Fund Name ‘000Latin American Equi
Page 232 and 233: RISK MANAGEMENT CONTINUEDAberdeen G
Page 234 and 235: RISK MANAGEMENT CONTINUEDModel assu
Page 236 and 237: MANAGEMENT AND ADMINISTRATION CONTI
Page 238 and 239: General InformationFurther Informat
Page 240: Further InformationAberdeen GlobalA
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Aberdeen Global - Hozam Plaza

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