Aberdeen Asian Income Fund announced its half yearly report for the six months ended 30 June 2019. Share price at the end of the period was 217.0p, representing a discount of -8.6% to the NAV per share. The company announced two dividends totalling 4.5p per share, representing an annualised dividend yield of 4.2%. Net gearing stood at 6.9%.
According to the company, the search for defensive yield played to the portfolio’s favour as its holdings, which have robust balance sheets and cash flow generation, fared better than the broader universe amid concerns of lower interest rates and slowing global growth.
The portfolio’s largest exposures by country were to Singapore and Australia. Both markets outpaced the broader region during the period.
The Board is confident that the company is well-positioned to continue delivering good long-term returns, in terms of dividend yield and capital growth.