Aberdeen Global - Hozam Plaza

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Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUnited Arab Emirates - 8.12%DP World 6.8500 02/07/37 1,240,000 1,337 0.97Dubai Electricity & Water 7.3750 21/10/20 1,420,000 1,660 1.20Emaar Sukuk (EMTN) ∞ 6.4000 18/07/19 950,000 1,006 0.73Emaar Sukuk (EMTN) ∞ 8.5000 03/08/16 800,000 899 0.65IPIC 5.5000 01/03/22 2,250,000 2,551 1.84Jafz Sukuk 7.0000 19/06/19 1,900,000 2,056 1.49MAF Global Securities ∞ 5.2500 05/07/19 1,650,000 1,709 1.2411,218 8.12Venezuela - 1.36%Petroleos De Venezuela 8.5000 02/11/17 2,100,000 1,887 1.36Corporate bonds 130,505 94.35Government Bonds - 0.32%Mongolia - 0.32%Development Bank of Mongolia 5.7500 21/03/17 420,000 442 0.32Government Bonds 442 0.32Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 130,947 94.67Other transferable securities and money market instruments - 0.38%Brazil Other Transferable - 0.38%OSX Leasing 9.2500 20/03/15 500,000 519 0.38Other transferable securities and money market instruments 519 0.38Total transferable securities and money market instruments 131,466 95.05Financial derivative instruments - 0.09%Forward Currency Contracts - 0.09%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR USD 14/12/12 111,185 142,333 1 -EUR USD 14/12/12 272,989 358,830 (7) (0.01)EUR USD 14/12/12 5,429,876 6,857,064 134 0.10Unrealised gains on forward currency exchange contracts 128 0.09Unrealised gains on financial derivative instruments 128 0.09Total investments 131,594 95.14Other net assets 6,718 4.86Total 138,312 100.00∞A portion of this security is on loan at the year end.68 Aberdeen Global - Emerging Markets Corporate Bond
Emerging Markets EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of theEmerging Markets Equity - A Accumulation shares increasedby 22.28% compared to an increase of 17.33% in the benchmark,the MSCI Emerging Markets Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewEmerging markets equities posted solid gains during the year underreview, despite persistent global growth fears and continued headwindsfrom Europe. Stock markets rebounded after a weak start amid reliefthat the Eurozone was saved from a breakup and signs of improvementin the US economy. Ample liquidity injections by leading central banksas well as the US Federal Reserve’s pledge to keep interest rates lowfor an extended period also bolstered investor sentiment. However,the rally proved short-lived as a sharper-than-expected slowdownacross the developing world and resurgent fears over the solvency ofperipheral European nations clouded recovery prospects. Marketsquickly regained their momentum until the period-end after majorcentral banks unveiled extraordinary support to bolster growth.During the year, we introduced global miner BHP Billiton, given itsattractive valuations, diversified commodity exposure and good trackrecord of being cost efficient. We also initiated a position in Philippineconglomerate Ayala, which trades at a discount to the value of itsunderlying entities. Conversely, we divested Sri Lankan bank DFCC andsold Indian mobile phone operator Bharti Airtel on concerns over theincreasingly competitive domestic operating environment.OutlookSince the recent round of central bank easing, worries overthe health of the global economy has returned to focus. Europe’sfundamentals have not changed, the US is still in danger of slippingback into recession as the fiscal cliff looms and China is growing ata more modest pace. Emerging stock markets are therefore likely toremain subdued, with the outlook susceptible to further economicor policy disappointments. Earnings growth in the short term isalso expected to be marginal in the circumstances. During suchtimes, balance sheet strength and managing growth in a relativelyconservative and disciplined manner become even more importantand these are the very attributes that characterise many ofour holdings.Portfolio reviewAt the stock level, several Mexican holdings were key contributorsto relative return. These included lender Grupo Fianciero Banorte,beverage company and convenience store operator FEMSA as well asairport operator Grupo Aeroportuario de Sur, all of which were buoyedby healthy earnings and a positive domestic outlook. The fund benefited,too, from holding Tenaris; the Argentine steel-pipe maker continued todo well, aided by improving margins and healthy revenues.Conversely, Vale lagged because of softer iron ore prices and thataffected its results. Given the cautious outlook, the Brazilian minerhas reduced capital spending this year and divested non-core assets,including its Colombian coal operations and stakes in offshore oiland gas blocks, to improve capital allocation. Turkish lender Akbankfaced pressure after Citibank’s sale of more than half its stake in thecompany and its quarterly profits fell below expectations. Indianmotorcycle maker Hero MotoCorp also underperformed. The companyposted robust quarterly results that were supported by its solid productmix and pricing power. However, its share price lagged the domesticmarket on concerns that future demand would fall in tandem with theweak economy, shrinking rural incomes and a rise in fuel prices afterthe government cut subsidies.www.aberdeen-asset.com69
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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
Page 19 and 20: Market ValueUS$’000Percentage oft
Page 21 and 22: Statement of Net AssetsAs at 30 Sep
Page 23: Market ValueUS$’000Percentage oft
Page 30 and 31: Asian Local Currency Short Duration
Page 32 and 33: Portfolio StatementAs at 30 Septemb
Page 34 and 35: Financial derivative instruments -
Page 36: Asian Property ShareFor the year en
Page 40 and 41: Asian Smaller CompaniesFor the year
Page 42: Portfolio StatementAs at 30 Septemb
Page 45 and 46: Australasian EquityFor the year end
Page 49 and 50: Brazil BondFor the period from 15 J
Page 52: Brazil EquityFor the period from 15
Page 59 and 60: Percentage ofSecurityQuantityMarket
Page 63 and 64: Market Value€’000Percentage oft
Page 69: Percentage ofSecurity Coupon (%) Ma
Page 77 and 78: Emerging Markets Infrastructure Equ
Page 83 and 84: Emerging Markets Local Currency Bon
Page 89 and 90: UnrealisedGains/(Losses)US$’000Pe
Page 95 and 96: Ethical World EquityFor the year en
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Statement of Net AssetsAs at 30 Sep
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Market ValueJP¥’000Percentage of
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Japanese Smaller CompaniesFor the y
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Portfolio StatementAs at 30 Septemb
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Latin American EquityFor the year e
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Multi-Manager World EquityFor the p
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Market ValueUS$’000Percentage oft
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Russian EquityFor the year ended 30
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Select Emerging Markets BondFor the
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Percentage ofSecurity Coupon (%) Ma
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Financial derivative instruments -
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Percentage ofSecurity Coupon (%) Ma
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Market Value€’000Percentage oft
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UnrealisedGains/(Losses)€’000Pe
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Market Value£’000Percentage ofto
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Financial derivative instruments -
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Select Sterling Financials BondFor
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Technology EquityFor the year ended
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UK EquityFor the year ended 30 Sept
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World Equity IncomeFor the year end
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Percentage ofSecurityQuantityMarket
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SecurityQuantityMarket ValueUS$’0
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Notes to the Financial Statements1
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3.3 B share classClass B shares are
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4.4 Domiciliary agent, registrar, p
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4.7 Operational expensesOperational
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Brazil Bond (expressed in USD unles
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Emerging Markets Smaller Companies
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Frontier Markets Equity (expressed
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Date Class D-2 Equalisation Distrib
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Fund Amount on Loan US$ Counterpart
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Fund Name ‘000Latin American Equi
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RISK MANAGEMENT CONTINUEDAberdeen G
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RISK MANAGEMENT CONTINUEDModel assu
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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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