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The Singapore Fund, Inc. (NYSE: SGF)
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At close Jun 17, 2013
| NAV | $15.07 |
| Price | $13.35 |
| Premium/(Discount) | -11.41% |
| Unadjusted NAV** | $15.07 |
NAV and prices are provided by Morningstar. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.
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The Singapore Fund, Inc. (NYSE: SGF)
Investment Objective
The Fund’s investment objective is long-term capital appreciation which it seeks through investment primarily in Singapore equity securities.
Fund Managers’ Monthly Report
April 2013
- Singapore equities rose in April, supported by resilient domestic earnings and Japan’s quantitative easing. This occurred despite slowing economic growth in China, weak data in Europe and the U.S., and a less upbeat global outlook from the International Monetary Fund (IMF.
- The central bank held monetary policy steady even though initial estimates showed the economy contracting in the first quarter, given persistent inflationary pressures. Exports fell by less than expected in March, as a rebound in pharmaceuticals mitigated weaker electronics shipments.
- The Fund’s core holdings performed well in the March quarter. Banks OCBC, UOB and DBS reported healthy loan growth in their regional operations and higher fee income. Keppel Corp's offshore and marine division continued to win contracts while margins exceeded earlier guidance. In contrast, Hong Leong Finance's net interest margin came under pressure. Singapore Press Holdings' property rental income was overshadowed by the weak newspaper segment.
- In April, we initiated a position in Silverlake Axis, a provider of core banking software solutions with a leading position in Southeast Asia. In our view, Silverlake has a good operating track record, is well-positioned for regional growth, and has been paying out dividends from solid recurring cash flows. Against this, we took partial profits in Singapore Press Holdings after its share price rallied on news that it plans to spin off retail mall assets via a real estate investment trust.
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Disclaimer
Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.