Welcome


Aberdeen has been a specialist in closed- end funds since the founding of the firm. Our company’s roots date to the 1870s when we launched a fund designed to help investors reap the rewards of investing in North America – a high-growth, emerging market at the time. While the definition of emerging markets


GARY MARSHALL


CHIEF EXECUTIVE, ABERDEEN ASSET MANAGEMENT


Welcome to the latest issue of Aberdeen Asset Management’s magazine for North American investors.


may have changed, Aberdeen’s focus has not. We continue to deliver investment opportunities in many of the world’s most dynamic, growing regions. Our history of emerging market expertise, combined with local knowledge, helps investors benefit from regions and countries that may be less well understood – or well researched – by other firms.


This issue of The Bulletin has a focus on


investing in emerging markets, in general, and investing in Asia, in particular. Aberdeen believes that investing in Asia is too important to ignore and we thoroughly research this exciting region for our Asia-Pacific focused closed-end funds. I sincerely hope that you enjoy this issue


of The Bulletin. Please visit our website at www.aberdeen-asset.us/cef for more information and take a look at our Closed- End Fund Talk channel for timely fund manager webcasts at www.aberdeen-asset. us/aam.nsf/usClosed/aberdeentv


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NEWS & REVIEW The latest news from Aberdeen and a review of our activities in the U.S. for the past 12 months.


ANALYST'S REPORT Mike Taggart, CFA, closed-end fund strategist at Morningstar, discusses the structural advantages of closed-end funds.


CHAIRMAN'S VIEW Non-executive chairman of many of Aberdeen Asset Management’s closed-end funds, P. Gerald Malone, explains the role of a board of director as the steward of shareholder capital.


ASIAN MARKETS China has come a very long way in a generation but the concept of Chinese capitalism post-Mao is very new. This article reviews the state of corporate governance in China today.


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GLOBAL ECONOMY Anthony Michael, Aberdeen’s head of fixed income, Asia-Pacific, discusses why Asia’s bond markets represent compelling opportunities.


U.S. FEATURE Martijn Cremers of the Yale School of Management reviews a new measurement tool he calls Active Share, which he designed to help investors evaluate performance.


GLOBAL EMERGING MARKETS Devon Kaloo, head of Aberdeen’s emerging markets team, discusses why emerging markets still present long-term investment opportunities.


BRAZIL FEATURE Former President Lula’s economic reforms transformed Brazil into a modern success story, intertwined with the growth of China.


POSTCARDS FROM INDONESIA AND INDIA


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