Money Makers

Aberdeen Asian Income (ticker: AAIF) was launched in December 2005 and celebrates its 20th anniversary later this month. Since its IPO, aided by modest gearing throughout, it has posted total returns of just over 9% a year, roughly a percentage point a year ahead of its regional benchmark but with less volatility. Although AAIF traded at a premium for several years following the financial crisis, the last decade has seen it mostly trade at a discount of around 10%, despite having a policy of buying back its shares when its discount exceeds 5%. At the start of 2024, the basis for the management...