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Aberdeen Asia-Pacific Income Fu Message Board

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  • CajunJoe_ CajunJoe_ Mar 12, 1999 7:13 AM Flag

    Tender offer for FAX

    02/18 16:08 First Australia Prime Income Fund
    Announces Performance Data and
    <FAX.A>


    First Australia Prime Income Fund Announces Performance
    Data and Portfolio Composition NEW YORK, Feb. 18
    /PRNewswire/ -- First Australia Prime Income Fund, a
    closed-end bond fund (Amex: FAX; PCX), today announced
    performance data for the periods ended December 31, 1998 and
    the portfolio composition details as at January 31,
    1999. First Australia Prime Income Fund's total return
    for various periods from its inception in April 1986
    to December 31, 1998 are provided below. (All
    figures are based on distributions reinvested, including
    long-term capital gains): NAV Return Market Price Return
    Period Cumulative Annualized Cumulative Annualized Since
    inception (April 1986) 199.6% 9.0% p.a. 159.3% 7.8% p.a.
    10-Year 87.6% 6.5% p.a. 89.8% 6.6% p.a. 5-year 8.0% 1.5%
    p.a. -11.8% -2.5% p.a. 3-year -6.0% -2.0% p.a. -18.3%
    -6.5% p.a. 1-year -7.7% -13.5% As of January 31, 1999,
    the average maturity of the portfolio was 6.0 years
    and the breakdown of the maturity and credit quality
    of the portfolio was as follows: Maturity 1 Year 1-5
    Years 5-10 Years 10 Years 9.9% 37.1% 43.0% 10.0% Credit
    Quality AAA/Aaa AA/Aa A BBB/Baa BB/Ba 56.9% 23.2% 3.4%
    4.0% 12.5% As of January 31, 1999, the portfolio was
    invested as follows: Country Currency Australia 82.2%
    82.2% South Korea 9.0% 0.6% Philippines 3.7% 0.9%
    Thailand 3.0% 1.6% China 2.5% 0.1% Hong Kong 0.3% 0.3% New
    Zealand 0.6% 0.6% United States -1.3% 13.7% The Fund's
    cash distribution rate for the 12-month period ended
    January 31, 1999 was 12.3%, based on a share price of
    $5.88. As of January 31, 1999 the Fund's Net Asset Value
    was $6.75 per share. First Australia Prime Income
    Fund, Inc. is managed by EquitiLink International
    Management Limited and is advised by EquitiLink Australia
    Limited. The Manager has prepared this report based on
    information sources believed to be accurate and reliable.
    However, the figures are unaudited and neither the Fund,
    the Manager, the Investment Advisor nor any other
    person guarantees their accuracy. Investors should seek
    their own professional advice before acting on this
    information. EXPLORE EQUITILINK'S WEBSITE:
    http://www.equitilink.com Would you like to receive this information
    electronically? Contact pbaronow@dewerogerson.com. SOURCE The
    First Australia Prime Income Fund, Inc. -0- 02/18/99
    /CONTACT: Brian Sherman of The First Australia Prime Income
    Fund, 011-612-9950-2888; or Richard Strickler of
    EquitiLink USA, 800-522-5465; or Ralph Richardson or Patty
    Baronowski of Dewe Rogerson Inc., 800-323-9995, for First
    Australia Prime Income Fund/ /Web site:
    http://www.equitilink.com/ -- NYTH111 -- 7897 02/18/99 15:53 EST
    http://www.prnewswire.com Copyright PR Newswire 1998. All rights reserved.

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    • do you think all of those statistics really say?
      We both know one thing to be a fact; FAX's market
      value decreased from approximately $10 to $5.30 and its
      NAV didn't fare much better. Please explain in your
      own words what kind of a future that you think FAX
      has based on what you posted.

      I think FAX is a
      good buy at these levels. I feel that way because the
      AUS Dollar is closer to its lows than to its highs
      compared to the US Dollar. It's selling at a healthy
      discount to its underlying NAV. There are several other
      compelling reasons, but I've been wrong before. I'm
      interested in what you think. Please share.

      • 2 Replies to axzl
      • Hello everyone - I posted the FAX statistics for
        point of information only. I think FAX has great value
        right now - especially if you have a IRA and don't have
        to pay taxes on the dividends. I'm 66, and I've been
        invested in and out in FAX since it's beginning, and made
        big loads of money.

        Recently I walked it down
        all the way to 5.50, then purchased $80,000 worth. At
        this time I am not afraid of what it does. As long as
        I am getting those lush dividends, the NAV can stay
        where it is forever.

        I want to invest even more
        now, but you guys have me scared to do that. I'm just
        thinking that I should pull out of open end mutual funds
        at these levels. Cheers- Cajun Joe

      • If you looking for decent capital gains from FAX,
        my advice is look elsewhere. Closed End funds in
        general pay out the max. in current income, principle
        value in general is secondary in what I've seen.


        The US bond market has exploded on the upside in the
        last 10-15 years, but look at the NAV's of most bond
        funds, down. Over the long term they drop. If bond rates
        went up a lot in the next 5 years I'd expect most bond
        fund to decrease to almost nothing after payout and
        bond value drops. DOn't let that happen to your
        money.

        If you want to secure your principle better then you
        may buy the bonds directly as they have a definite
        maturity. Otherwise use stop losses and move on. These are
        not Bank CD alternatives but more like stocks, iMO.
        Have a fail safe system in mind to protect your
        principle.

        IMO, if the AUD goes up a lot then you'll see dividend
        increases, NOT money reinvested to protect NAV value. It's
        the nature of the beast.

        Good Luck.

 
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