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

At close Jan 23, 2015

Market Price$6.85
Unadjusted NAV**$7.38

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. 


Fund Managers’ Monthly Report

November 2014

  • Australian equities fell in November as investor sentiment was dented by continued weakness in commodity prices. Crude oil prices sank to a five-year low after the Organization of the Petroleum Exporting Countries (OPEC), following Saudi Arabia’s lead, resisted calls for a cut in output and left production targets unchanged. Iron ore prices also declined due to the ongoing supply glut and soft demand.
  • Economic data remained mixed. The unemployment rate stayed flat, whereas full-time job numbers continued to improve and the labor participation rate exceeded market expectations. In September, retail sales posted their strongest monthly gain since February 2013.
  • In Fund-related news, shares of retailer Woolworths declined sharply despite the company posting robust results for the first quarter of its 2015 fiscal year that were broadly in line with our expectations. Investors were worried that Woolworths might follow the way of its peer Tesco (which the Fund does not hold), which appears to be struggling amid fierce price competition, and that its above-sector margins were unsustainable over the long term. We remain watchful over the situation. Miner Rio Tinto reiterated its plan to return capital to shareholders. In contrast, miner BHP Billiton said it would focus on shoring up its balance sheet before returning additional capital to shareholders.
  • There were no major changes to the Fund in November.
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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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