# Aberdeen Australia Equity Fund, Inc. (NYSE MKT: IAF)
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Daily Data

At close Oct 17, 2014

Market Price$7.71
Unadjusted NAV**$7.93

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. 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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Aberdeen Australia Equity Fund, Inc. (NYSE MKT: IAF)*

Investment Objective

The Fund’s principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited (“ASX”). The Fund’s secondary investment objective is current income.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab. 


Investing in the Asia-Pacific Region

As the West grapples with its debt issues, we believe that the structural soundness of the Asia-Pacific region will help deliver long-term opportunities for investors.

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Fund Managers’ Monthly Report

August 2014

  • Australian equities rose in August. Market sentiment was buoyed by upbeat corporate results, with more than a third of locally-listed companies exceeding expectations.
  • However, the gains were capped by weakness in the commodities sector, exacerbated by a significant fall in iron ore prices. The decline was triggered by lackluster manufacturing data from China and the continuing slide in mainland home prices.
  • Investors were also wary of the unexpected deterioration in the domestic unemployment rate, which reached 6.4% in July. This prompted calls for a stimulatory interest rate cut.
  • In August, we reduced the Fund’s exposure to both beverage company Coca-Cola Amatil and miner Rio Tinto, partly because of their deteriorating prospects, in our opinion, in light of intensifying competition for soft drinks and anemic demand for iron ore, respectively. We also trimmed the holding in shareholder services provider Computershare after the stock’s good year-to-date performance.
  • Conversely, we initiated a position in medical equipment maker Resmed, given our confidence in its market leadership in a structurally growing industry, good management and a net cash balance sheet. We also increased the exposure to oil and gas company Caltex, which posted encouraging results, in our view. We are reassured by its longer-term strategy to focus on distribution and marketing, rather than on the more volatile refinery segment.
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Full investment objective, investment policies and investment restrictions Section 16 Filings


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.

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