# Aberdeen Indonesia Fund, Inc. (NYSE MKT: IF)
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Daily Data

At close Oct 22, 2014

Market Price$9.21
Unadjusted NAV**$10.37

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 Indonesia Fund, Inc. (NYSE MKT: IF)

Investment Objective

The Fund seeks long-term capital appreciation as a primary objective and income as a secondary objective, by investing primarily in Indonesian securities.

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

Investment Policies

It is the policy of the Fund to invest its assets in Indonesian equity and debt securities. For these purposes, “Indonesian securities” means securities traded principally on stock exchanges in Indonesia.

The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.

Hugh Young

Asian Equities Fund Manager Interview

The Association of South East Asian Nations (ASEAN) region has been a major part of Aberdeen’s Asian equity portfolios for quite some time. Aberdeen’s Head of Asian Equities, Hugh Young, speaks to the equity performance of ASEAN countries and explains why he believes the ASEAN region presents compelling investment opportunities.

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Bharat Joshi

Fund Manager Interview

Investment Manager Bharat Joshi discusses Indonesia’s incoming president, economy performance, investment opportunities and Fund performance.

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Fund Managers’ Monthly Report

August 2014

  • The MSCI Indonesia Index flirted with all-time highs in August after the Constitutional Court rejected Prabowo Subianto’s appeal over the presidential election result, confirming Joko Widodo’s inauguration on October 20. However, a weaker rupiah owing to softer economic data, weighed on returns in U.S. dollar terms.
  • Widodo introduced an advisory team to smoothen his transition to power. The team, comprising experts and politicians, will draw up policies for the new government.
  • Second-quarter gross domestic product expanded by a slower-than-expected rate of 5.1%. Weaker exports and lower government spending were partly cushioned by strong domestic consumption growth.
  • The central bank reported a larger-than-expected second-quarter current account deficit, but kept its key policy rates unchanged. However, the current account is generally projected to improve in the coming quarters, as Indonesia reached a deal with Freeport-McMoRan and Newmont Mining to resume exports of copper concentrate after a six-month standoff. Both companies agreed to negotiate an amended Contract of Work which would involve the construction of an Indonesian smelter plant—which we feel is a boost for Indonesia’s goal of moving up the value-added chain for commodities.
  • In Fund-related corporate results, both cement makers Indocement and Holcim saw improved sales but earnings were subdued by higher depreciation charges, while Holcim also suffered foreign exchange losses on its borrowings. Bank Permata’s numbers were slightly behind our forecast despite posting healthy loan growth, as weaker margins and higher loan provisions weighed on earnings growth. Pharmaceutical firm Merck Indonesia posted better sales attributable to improved domestic consumption. Meanwhile, cosmetics maker Mandom Indonesia reported robust sales from domestic and export markets, but rising packaging and promotion costs pulled earnings lower. Coal producer Indo Tambang Megah’s (ITMG) numbers met expectations. Revenues fell on lower average selling prices but earnings improved because of better cost discipline.
  • During the month, we trimmed positions in Mandom Indonesia and Wintermar Offshore Marine on strong share price performance, and reinvested the proceeds into the holding in Hero Supermarket, whose shares have lagged those of its peers for the year to date.
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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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