Aberdeen Global II - Self Bank

More documents

Recommendations

Info

Swap contracts - (0.49)%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesUnrealisedgains/(losses)US$'000Percentage oftotal net assets%Cross currency swap contracts - (0.30%)Citigroup KRW 23/06/21 1,070,000 5.2400% 6 MONTH USD LIBOR/KRW 11 0.01Credit Suisse KRW 01/07/11 2,750,000,000 3.8500% 6 MONTH USD LIBOR/KRW 26 0.01UBS PHP 17/11/11 233,850,000 3.1500% 6 MONTH USD LIBOR/PHP (431) (0.23)UBS PHP 17/11/12 70,155,000 3.7500% 6 MONTH USD LIBOR/PHP (163) (0.09)Unrealised losses on cross currency swap contracts (557) (0.30)Unrealisedgains/(losses)US$'000Percentage oftotal net assets%Counterparty Ccy Termination Notional Fund Pays Fund ReceivesInterest rate swap contracts - (0.19)%Citigroup KRW 17/11/11 2,400,000,000 4.6600% 3 MONTH KRW-CD (9) -Credit Suisse KRW 27/03/18 5,000,000,000 5.0700% 3 MONTH KRW-CD (297) (0.16)Credit Suisse THB 29/10/12 260,000,000 3.2200% 6 MONTH TBH-SOR (7) -UBS KRW 15/03/20 2,500,000,000 4.4350% 3 MONTH KRW-CD (64) (0.03)Unrealised losses on interest rate swap contracts (377) (0.19)Unrealised losses on swap contracts (934) (0.49)Unrealised losses on financial derivative instruments (827) (0.42)Total investments 178,761 95.43Other net assets 8,568 4.57Total 187,329 100.0018 Aberdeen Global IIAsia Fixed Income
Australian Dollar BondFor the period 24 September 2010 to 30 June 2011PerformanceFor the period 24 September 2010 to 30 June 2011, the value of Australian Dollar Bond - A Accumulation shares increased by 3.93%compared to an increase of 4.29% in the benchmark, JP Morgan Government Bond Index Traded AUD.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, AUD.Corporate activityOn 24 September 2010, Credit Suisse Bond Fund (Lux) AU$ Aberdeen transferred its assets into the Aberdeen Global II - Australian DollarBond Fund resulting in a contribution in kind worth AU$131 million in investments and cash.Shareholders involved in the transfer were given A shares in the Aberdeen Global II - Australian Dollar Bond Fund for every 1 share previouslyheld in Credit Suisse Bond Fund (Lux) AU$ Aberdeen as follows:Contribution inCredit Suisse Bond Fund (Lux) Share Class Aberdeen Global II Share Classkind (‘000) Transfer RatioAU$ Aberdeen A Australian Dollar Bond Fund A-1 AU$53,177 1.000300090AU$ Aberdeen B Australian Dollar Bond Fund A-2 AU$77,642 1.000300090Manager’s reviewAs per the 2009/10 year, outright yield levels for Australian bondslargely moved within widely defined ranges. 3 year bonds rangedbetween 5.4% and 4.3% and the equivalent range for 10 yearswas 5.8% and 4.75%. The period from late September 2010 tomid 2011 was characterised by two broad phases for Australianyields. First, from September 2010 to early 2011 yields rose as themarket recovered from the European sovereign crisis of mid 2010and Australian economic growth prospects were robust. The USbond market was also a significant driver of global yields during thisperiod. Treasury yields reached their lowest point since Q4 2008during October 2010, in anticipation of the Federal Reserve’s secondso-called quantitative easing program or QE2. From this point,Treasury yields rose consistently through to early 2011 as economicdata generally surprised in a positive way and global growthprospects were relatively strong. In addition, the Reserve Bank ofAustralia raised overnight cash rates in November 2010, the timingof which surprised the market.The second phase of yield moves was from February 2011 onwards,when over the following five months yields fell back towards thelow levels reached in mid 2010. The causes of this move lowerincluded: slowing growth prospects in the West and in Asia as policymakers tried to slow growth to fight inflation; the re-emergence ofthe European sovereign crisis including Greece, Ireland and Portugal;and finally the weakening in domestic demand seen in Australia,exacerbated by the adverse weather conditions from early in 2011.Late in the period under review, the European bond market beganto price in higher risks for nations such as Italy and Spain, with yieldspreads rising dramatically versus German bunds. This impactedcredit markets and financials in particular, with knock-on effects toequities and government bonds including those in Australia.Credit markets for the period under review also moved in distinctphases. The initial recovery from the mid-2010 European sovereigncrisis saw spreads narrowing and credit strongly outperforminggovernment bonds. This out-performance persisted until early 2011,from which point spreads moved broadly in a sideways fashionversus government bonds until May. From this point on, investorsbegan to sell credit assets and spreads widened more aggressively,largely in response to the growing risks coming from Europe and thedownturn in equity markets. However, the scale of the widening incredit spreads seen in mid 2011 is less severe than that of mid 2010.Corporate revenue and profit results were actually sound for most ofthe period. There is an argument that credit quality metrics are attheir best level in decades for many sectors. However, the broadershifts in market sentiment were more powerful drivers of spreadsduring the period.Portfolio reviewThe Fund underperformed the benchmark over the period.However, we were able to add value via the duration strategy untilthe end of the review period by moving between long and shortduration positions towards the extreme end of the range for yields.Throughout the period our view on the fair value levels for Australianyields was little changed. However, we did expect a rise in yieldsin the early part of 2011, correspondingly moving to a larger shortduration position. This was a negative impact on performance laterin the review period however, as yields fell despite a constructiveoutlook for the Australian economy.The slope strategy added value in late 2010 by being positioned fora flatter Australian yield curve. We neutralised this position in early2011 at attractive levels and have waited for further opportunitiesto initiate trades which benefit from a steepening yield curve (wherelonger-dated yields rise relative to shorter-dated).Aberdeen Global II 19Australian Dollar Bond
Page 2 and 3: ContentsIncorporation..............
Page 4 and 5: Chairman’s StatementInvestment Ma
Page 8 and 9: Performance HistoryFundBaseCurrency
Page 11: Asia Fixed IncomeFor the period 24
Page 14: Portfolio StatementAs at 30 June 20
Page 17: Market ValueUS$’000Percentage of
Page 22 and 23: Relative value strategies largely a
Page 24 and 25: Portfolio StatementAs at 30 June 20
Page 26 and 27: Canadian Dollar BondFor the period
Page 30 and 31: Statement of Net AssetsAs at 30 Jun
Page 32 and 33: Portfolio Statement continuedMarket
Page 34: Emerging Europe Fixed IncomeFor the
Page 38 and 39: Emerging Markets Fixed Income Alpha
Page 40: Portfolio StatementAs at 30 June 20
Page 44 and 45: Euro Aggregate BondFor the year end
Page 50 and 51: Portfolio Statement continuedBuy Se
Page 52: Statement of Net AssetsAs at 30 Jun
Page 55 and 56: Security Coupon (%) Maturity Nomina
Page 57: Financial derivative instrumentsFor
Page 64 and 65: Statement of Net AssetsAs at 30 Jun
Page 66 and 67: Portfolio Statement continuedSecuri
Page 68 and 69: Global Aggregate BondFor the year e
Page 70 and 71:
Statement of Net AssetsAs at 30 Jun
Page 72 and 73:
Portfolio Statement continuedSecuri
Page 74 and 75:
Portfolio Statement continuedMarket
Page 76 and 77:
Page 78 and 79:
Portfolio Statement continuedSecuri
Page 80 and 81:
Page 82 and 83:
Portfolio Statement continuedFinanc
Page 84 and 85:
Portfolio Statement continuedCounte
Page 86 and 87:
In the eurozone, we expect the ECB
Page 88 and 89:
Portfolio StatementAs at 30 June 20
Page 90 and 91:
Page 94 and 95:
Portfolio Statement continuedSwap c
Page 96 and 97:
Page 98 and 99:
Portfolio Statement continuedUnreal
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Portfolio Statement continuedForwar
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Multi Asset Asia PacificFor the per
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126:
Page 129 and 130:
Page 131 and 132:
Security Coupon (%) Maturity Nomina
Page 133 and 134:
OutlookAs the Federal Reserve conti
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Sterling Aggregate BondFor the year
Page 141 and 142:
Page 143 and 144:
Market Value£’000Percentage of t
Page 145 and 146:
Page 147 and 148:
Swap contracts - 0.07%Unrealisedgai
Page 149 and 150:
Page 151 and 152:
Forward currency exchange contracts
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Market Value£’000Percentage of t
Page 161 and 162:
US Dollar BondFor the period 24 Sep
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
US Dollar High Yield BondFor the ye
Page 169 and 170:
Page 171 and 172:
Market ValueUS$’000Percentage of
Page 173 and 174:
Swap contracts - (0.19)%Unrealisedg
Page 175 and 176:
no physical settlement, the factor
Page 177 and 178:
If a request to switch Shares would
Page 179 and 180:
FundShare classExpense Cap(%)Index
Page 181 and 182:
Emerging Europe Fixed Income (expre
Page 183 and 184:
Date Share Class Group Net Income E
Page 185 and 186:
Date Share Class Group Net Income E
Page 188 and 189:
Notes to the Financial Statements c
Page 190 and 191:
Report of the Réviseur D’Entrepr
Page 192 and 193:
CHAIRMANDIRECTORSChristopher G Litt
Page 194 and 195:
European Savings DirectiveFrom 1 Ju
Page 196:
Aberdeen Asset Managers Limited(UK
show all

Aberdeen Global II - Self Bank

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?