UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08050
The Asia Tigers Fund, Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103
Aberdeen Asset Management, Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103
Registrant’s telephone number, including area code: 866-839-5205
Date of fiscal year end: October 31
Date of reporting period: January 31, 2012
| Item 1. | Schedule of Investments. |
The Schedule of Investments is attached herewith.
| The Asia Tigers Fund, Inc. | ||||
| Schedule of Investments | ||||
| As of January 31, 2012 (unaudited) | ||||
| No. of Shares |
Description |
Value (US$) | ||||
| EQUITY SECURITIES-98.6% |
| |||||
| China-8.0% |
| |||||
| Oil, Gas, & Consumable Fuels-3.8% |
| |||||
| 1,390,000 |
PetroChina Co., Ltd. H | $ | 2,032,704 | |||
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| Wireless Telecommunication Services-4.2% |
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| 216,700 | China Mobile, Ltd. | 2,216,043 | ||||
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| Total China (cost $2,916,361) | 4,248,747 | |||||
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| Hong Kong-27.3% |
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| Commercial Banks-3.8% |
| |||||
| 154,000 | HSBC Holdings PLC | 1,292,849 | ||||
| 8,522 | HSBC Holdings PLC-ADR | 356,475 | ||||
| 41,000 | Wing Hang Bank, Ltd. | 378,038 | ||||
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| 2,027,362 | ||||||
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| Communications Equipment-0.9% |
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| 48,000 | VTech Holdings, Ltd. | 500,458 | ||||
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| Distributors-1.9% |
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| 466,000 | Li & Fung, Ltd. | 1,019,197 | ||||
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| Diversified Financial Services-0.9% |
| |||||
| 26,700 | Hong Kong Exchanges & Clearing, Ltd | 463,450 | ||||
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| Food & Staples Retailing-1.8% |
| |||||
| 95,400 | Dairy Farm International Holdings, Ltd. | 935,874 | ||||
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|
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| Industrial Conglomerates-4.1% |
| |||||
| 70,000 | Jardine Strategic Holdings, Ltd. | 2,181,200 | ||||
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| Insurance-2.1% |
| |||||
| 340,000 | AIA Group, Ltd. | 1,135,599 | ||||
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| Real Estate Investment Trusts-0.9% |
| |||||
| 131,000 | Link Real Estate Investment Trust | 477,239 | ||||
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| Real Estate Management & Development-7.0% |
| |||||
| 74,700 | Cheung Kong Holdings, Ltd. | 1,005,697 | ||||
| 85,000 | Sun Hung Kai Properties, Ltd. | 1,177,252 | ||||
| 727,500 | Swire Pacific, Ltd. B | 1,544,220 | ||||
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| 3,727,169 | ||||||
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| Semiconductors & Semiconductor Equipment-2.5% |
| |||||
| 105,600 | ASM Pacific Technology, Ltd. | 1,359,066 | ||||
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| Specialty Retail-1.4% |
| |||||
| 199,000 | Luk Fook Holdings (International), Ltd. | 733,948 | ||||
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| Total Hong Kong (cost $12,320,273) | 14,560,562 | |||||
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| INDIA-12.4% |
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| Automobiles-1.6% |
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| 22,500 | Hero Motocorp, Ltd. | 848,170 | ||||
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| Commercial Banks-2.0% |
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| 57,706 | ICICI Bank, Ltd. | 1,052,701 | ||||
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| Containers & Packaging-0.2% |
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| 39,692 | HSIL, Ltd | 103,555 | ||||
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| Household Durables-0.7% |
| |||||
| 8,188 | TTK Prestige, Ltd. | 392,848 | ||||
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| IT Services-4.2% |
| |||||
| 40,281 | Infosys, Ltd. | 2,234,905 | ||||
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| The Asia Tigers Fund, Inc. | ||||
| Schedule of Investments | ||||
| As of January 31, 2012 (unaudited) | ||||
| No. of Shares |
Description |
Value (US$) | ||||
| Thrifts & Mortgage Finance-3.7% |
| |||||
| 140,000 | Housing Development Finance Corp., Ltd. | 1,972,798 | ||||
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| Total India (cost $5,685,287) | 6,604,977 | |||||
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| INDONESIA-1.2% |
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| Household Products-1.2% |
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| 300,000 | PT Unilever Indonesia Tbk (cost $647,673) | 654,060 | ||||
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| MALAYSIA-7.0% |
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| Chemicals-0.7% |
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| 172,000 | Petronas Chemicals Group Bhd | 377,133 | ||||
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| Commercial Banks-2.2% |
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| 241,700 | CIMB Group Holdings Bhd | 549,029 | ||||
| 140,000 | Public Bank Bhd.(Foreign) | 624,984 | ||||
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| 1,174,013 | ||||||
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| Health Care Equipment & Supplies-1.4% |
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| 462,500 | Top Glove Corp. Bhd | 769,313 | ||||
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| Hotels, Restaurants, & Leisure-1.6% |
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| 232,900 | Genting Bhd | 851,364 | ||||
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| Tobacco-1.1% |
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| 35,000 | British American Tobacco Bhd | 568,376 | ||||
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| Total Malaysia (cost $2,630,558) | 3,740,199 | |||||
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| PHILIPPINES-1.5% |
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| Commercial Banks-0.3% |
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| 128,200 | Bank of the Philippine Islands | 181,307 | ||||
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| Real Estate Management & Development-1.2% |
| |||||
| 1,500,000 | Ayala Land, Inc. | 617,698 | ||||
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| Total Philippines (cost $804,936) | 799,005 | |||||
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| SINGAPORE-19.3% |
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| Aerospace & Defense-3.1% |
| |||||
| 700,000 | Singapore Technologies Engineering, Ltd. | 1,644,305 | ||||
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| Airlines-1.8% |
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| 110,000 | Singapore Airlines, Ltd. | 972,250 | ||||
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| Commercial Banks-6.5% |
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| 51,000 | DBS Group Holdings, Ltd. | 550,265 | ||||
| 423,000 | Oversea-Chinese Banking Corp., Ltd. | 2,896,683 | ||||
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| 3,446,948 | ||||||
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| Diversified Telecommunication Services-2.8% |
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| 600,000 | Singapore Telecommunications, Ltd. | 1,481,068 | ||||
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| Industrial Conglomerates-1.4% |
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| 90,300 | Keppel Corp., Ltd. | 780,153 | ||||
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| Real Estate Management & Development-3.7% |
| |||||
| 250,000 | City Developments, Ltd. | 1,962,814 | ||||
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| Total Singapore (cost $9,189,439) | 10,287,538 | |||||
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| SOUTH KOREA-6.9% |
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| Semiconductors & Semiconductor Equipment-6.9% |
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| 3,713 | Samsung Electronics Co., Ltd. (cost $983,727) | 3,658,958 | ||||
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| TAIWAN-6.5% |
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| Semiconductors & Semiconductor Equipment-4.4% |
| |||||
| 888,583 | Taiwan Semiconductor Manufacturing Co., Ltd. | 2,357,542 | ||||
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| Wireless Telecommunication Services-2.1% |
| |||||
| 360,000 | Taiwan Mobile Co., Ltd. | 1,088,973 | ||||
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|
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| Total Taiwan (cost $2,366,041) | 3,446,515 | |||||
| The Asia Tigers Fund, Inc. | ||||
| Schedule of Investments | ||||
| As of January 31, 2012 (unaudited) | ||||
| No. of Shares |
Description |
Value (US$) | ||||
| THAILAND-4.2% | ||||||
| Commercial Banks-1.1% |
| |||||
| 140,900 | Kasikornbank PCL (NVDR) | 587,748 | ||||
|
|
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| Oil, Gas, & Consumable Fuels-3.1% |
| |||||
| 290,000 | PTT Exploration & Production PCL (Foreign) | 1,659,822 | ||||
|
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| Total Thailand (cost $2,151,832) | 2,247,570 | |||||
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| UNITED KINGDOM-4.3% |
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| Commercial Banks-4.3% |
| |||||
| 95,000 | Standard Chartered PLC (London Listed) (cost $2,150,268) | 2,299,706 | ||||
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|
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| Total Investments-98.6% (cost $41,846,395) | 52,547,837 | |||||
|
|
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| Cash and Other Assets in Excess of Liabilities—1.4% | 757,817 | |||||
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| Net Assets-100.0% | $ | 53,305,654 | ||||
Footnotes and Abbreviations
| ADR | American Depository Receipts |
| NVDR | Non-Voting Depository Receipts |
The Asia Tigers Fund, Inc.
Notes to the Schedule of Investments (unaudited)
January 31, 2012
(a) Security Valuation:
Investments are stated at estimated fair value in the accompanying financial statements. All securities for which market quotations are readily available are valued at:
(i) the last sales price prior to the time of determination if there was a sale on the date of determination,
(ii) the mean between the last current bid and asked prices, if there was no sales price on such date and bid and asked quotations are available, or
(iii) the last available closing price if no bid or asked price is available on such date, if deemed representative of fair value.
Securities that are traded over-the-counter are valued, if bid and asked quotations are available, at the mean between the current bid and asked prices. Securities for which sales prices and bid and asked quotations are not available on the date of determination or for which the spread between the bid and asked prices is considered excessive may be valued at the most recently available prices or quotations under policies adopted by the Board of Directors. Investments in short-term debt securities having a maturity of 60 days or less are generally valued at amortized cost which approximates market value. Securities for which market values are not readily ascertainable are carried at fair value as determined in good faith by or under the supervision of the Board of Directors. The net asset value per share of the Fund is calculated daily.
The Fund is required to disclose information regarding the fair value measurements of the Fund’s assets and liabilities. Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The disclosure requirements utilize a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
For the period ended January 31, 2012, there have been no significant changes to the valuation procedures approved by the board.
The Asia Tigers Fund, Inc.
Notes to the Schedule of Investments (unaudited) (continued)
January 31, 2012
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1 – quoted prices in active markets for identical securities.
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments, information provided by the General Partner or Investee Companies such as publicly traded prices, financial statements, capital statements.)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2012, in valuing the Fund’s investments carried at value. Refer to the Schedule of Investments for a detailed breakout of the security types.
| Investments, at value | Level 1 | Level 2 | Level 3 | Balance as of 1/31/2012 |
||||||||||||
| Financials |
$ | 21,126,552 | $ | — | $ | — | $ | 21,126,552 | ||||||||
| Information Technology |
10,110,929 | — | — | 10,110,929 | ||||||||||||
| Industrials |
5,577,907 | — | — | 5,577,907 | ||||||||||||
| Telecommunications |
4,786,086 | — | — | 4,786,086 | ||||||||||||
| Consumer Discretionary |
3,845,526 | — | — | 3,845,526 | ||||||||||||
| Energy |
3,692,526 | — | — | 3,692,526 | ||||||||||||
| Consumer Staples |
2,158,310 | — | — | 2,158,310 | ||||||||||||
| Health Care |
769,313 | — | — | 769,313 | ||||||||||||
| Materials |
480,688 | — | — | 480,688 | ||||||||||||
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| Total |
$ | 52,547,837 | $ | — | $ | — | $ | 52,547,837 | ||||||||
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The Fund held no level 2 or 3 securities at January 31, 2012.
For the three month period ended January 31, 2012, there were no significant transfers in or out of Level 1, Level 2, and Level 3 fair value measurements and no significant changes to the fair valuation methologies.
(b) Repurchase Agreements:
The Fund may enter into repurchase agreements, whereby securities are purchased from a counterparty under an agreement to resell them at a future date at the same price plus accrued interest. The Fund is exposed to credit risk on repurchase agreements to the extent that the counterparty defaults on its obligation to repurchase the securities, and the market value of such securities held by the Fund, including any accrued interest or dividends on such securities, is less than the face amount of the repurchase agreement plus accrued interest. As of January 31, 2012 the Fund did not hold a repurchase agreement.
(c) Foreign Currency Translation:
Foreign currency amounts are translated into U.S. Dollars on the following basis:
(i) market value of investment securities, other assets and liabilities – at the exchange rates at the current daily rates of exchange; and
(ii) purchases and sales of investment securities, income and expenses – at the rate of exchange prevailing on the respective dates of such transactions.
The Asia Tigers Fund, Inc.
Notes to the Schedule of Investments (unaudited) (continued)
January 31, 2012
The Fund generally does not isolate that portion of the results of operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting period. However, the Fund isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the reporting period.
Net exchange gain/(loss) is realized from sales and maturities of portfolio securities, sales of foreign currencies, settlement of securities transactions, dividends, interest and foreign withholding taxes recorded on the Fund’s books. Net unrealized foreign exchange appreciation/(depreciation) includes changes in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate. The net realized and unrealized foreign exchange gain/(loss) shown in the composition of net assets represents foreign exchange gain/(loss) for book purposes that may not have been recognized for tax purposes.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.
(d) Security Transactions and Investment Income:
Securities transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income is recorded on an accrual basis. Expenses are recorded on an accrual basis.
(e) Distributions:
On an annual basis, the Fund intends to distribute its net realized capital gains, if any, by way of a final distribution to be declared during the calendar quarter ending December 31. Dividends and distributions to shareholders are recorded on the ex-dividend date.
Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies
(f) Federal Income Tax Cost:
At January 31, 2012, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $41,976,456, $10,643,342, $(71,961) and $10,571,381 respectively.
The Asia Tigers Fund, Inc.
Notes to the Schedule of Investments (unaudited) (continued)
January 31, 2012
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is also available on the website of the Securities and Exchange Commission at www.sec.gov.
(g) Subsequent Events:
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no disclosures or adjustments were required to the report as of January 31, 2012.
| Item 2. | Controls and Procedures. |
| (a) | It is the conclusion of the Registrant’s principal executive officer and principal financial officer that the effectiveness of the Registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the Registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the Registrant has been accumulated and communicated to the Registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| Item 3. | Exhibits. |
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| The Asia Tigers Fund, Inc. | ||
| By: | /s/ Alan Goodson | |
| Alan Goodson, President | ||
| Principal Executive Officer | ||
| Date: March 26, 2012 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Alan Goodson | |
| Alan Goodson, President | ||
| Principal Executive Officer | ||
| Date: March 26, 2012 | ||
| By: | /s/ Andrea Melia | |
| Andrea Melia, Treasurer | ||
| Principal Financial Officer | ||
| Date: March 26, 2012 | ||