NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- Aberdeen Global Income Fund, Inc. , a closed-end bond fund, announced today its performance data and portfolio composition as of December 31, 2006.
The Fund's total returns for various periods through December 31, 2006 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price, and are stated net-of-fees):
Period NAV Total Return % Market Price Total Return %
Cumulative Annualized Cumulative Annualized
Since Inception
(March 1992) 224.5 8.3 198.2 7.6
10-years 100.9 7.2 140.1 9.2
5-years 94.3 14.2 115.0 16.5
3-years 22.5 7.0 13.9 4.4
1-year 6.6 10.8
The Fund's returns, which are denominated in U.S. dollars, are affected by the performance of the U.S. dollar against the various currencies listed below.
As of December 31, 2006, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
Australia 24.5 22.2
Canada 15.6 17.6
New Zealand 12.9 10.2
United Kingdom 15.1 13.4
United States 13.4 * 6.4
Europe (ex UK) 10.6 12.2
Asia 3.0 5.5
Emerging Markets 4.9 12.5
* Of which 9.7% is invested in US$ denominated bonds issued
by foreign issuers.
As of December 31, 2006, the Fund's net assets, including US$30 million in preferred stock, amounted to US$155.5 million with a net asset value per share of common stock of US$13.48.
As of December 31, 2006, 84.9% of the portfolio was invested in securities where either the issue or the issuer was rated "A" or better, or judged by the Investment Manager to be of equivalent quality. The credit quality and maturity breakdown of the portfolio was as follows:
Credit Quality (%)
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B
62.2 9.6 13.1 1.6 9.5 4.0
Maturity (%)
<3 Years 3-5 Years 5-10 Years >10 Years
30.5 13.4 29.3 26.8
As of December 31, 2006, the average maturity of the portfolio was 9.3 years.
The Fund has outstanding $30 million of auction market preferred stock ("AMPS") which, depending upon market conditions, may have a positive impact on the net asset value attributable to the holders of the Fund's common stock. The AMPS are used with the intent of enhancing returns by borrowing at U.S. interest rates and investing the proceeds in relatively higher yielding global fixed-income securities. In order to minimize the impact of fluctuations in U.S. interest rates on the costs associated with the AMPS, the Fund has entered into an interest rate swap agreement, enabling the Fund to lock in fixed interest rates for 80% of the outstanding AMPS. Details regarding this interest rate swap agreement are contained in the Fund's annual report to shareholders.
There can be no assurance that the Fund will have an interest rate swap in place at any given time nor can there be any assurance that, if an interest rate swap is in place, it will be successful in hedging the Fund's interest rate risk with respect to the AMPS. The implementation of this strategy is at the discretion of the AMPS Hedging Committee of the Fund's Board of Directors.
Important Information
Aberdeen Asset Management Inc., the Fund's Administrator, has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Administrator, Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen Asset Management Limited (the Investment Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information.
Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Inception date April 13, 1992.
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