NEW YORK--(BUSINESS WIRE)--The Asia Tigers Fund, Inc. (NYSE:GRR; the “Fund”), a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities, today announced unaudited results for the three months ended January 31, 2011.
For the three months ended January 31, 2011, the Fund's net investment loss totaled $152,192. Net realized gain and net change in unrealized loss for the three months ended January 31, 2011, were $7,112,148 and $4,363,889, respectively. For the three months ended January 31, 2010, the Fund's net investment loss totaled $178,037. Net realized gain and net change in unrealized loss for the three months ended January 31, 2010, were $4,608,192 and $2,861,856, respectively.
On January 31, 2011, total net assets of the Fund were $67,864,522 and the net asset value (“NAV”) per share was $20.02, based on 3,389,470 shares outstanding. The Fund's common stock closed at $19.69 per share on the New York Stock Exchange on January 31, 2011, representing a discount of 1.65 % to the Fund's January 31, 2011 NAV. On January 31, 2010, total net assets of the Fund were $70,586,975 and the NAV per share was $18.96, based on 3,722,326 shares outstanding. The Fund's common stock closed at $17.58 per share on the New York Stock Exchange on January 29, 2010, representing a discount of 7.28 % to the Fund's January 31, 2010 NAV.
For the three months ended January 31, 2011, the Fund conducted one periodic repurchase offer. The repurchase offer commenced on December 23, 2010, and expired on January 14, 2011. In connection with the repurchase offer, the Fund purchased 177,853 shares of capital stock at an approximate cost of $3,580,621 net of a 2% repurchase fee of $71,710.
On January 31, 2011, investments in common stocks of Asian companies totaled $67,515,859 (or 99.49% of the Fund's net assets) and investments in rights totaled $4,589 (or less than 0.01% of the Fund’s net assets). Cash and cash equivalents (including foreign currency and repurchase agreements) totaled $659,825 (or 0.97% of the Fund's net assets), and liabilities in excess of other assets totaled $315,751 (or 0.46% of the Fund's net assets), resulting in net assets of $67,864,522. Key holdings and country allocations as of January 31, 2011, are set forth below.
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Key Holdings and Country Allocations |
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Top Ten Holdings at January 31, 2011 |
% of Net Assets |
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| 1. Samsung Electronics – (South Korea – Electronic Components) | 5.2 | % | |
| 2. Taiwan Semiconductor – (Taiwan – Semiconductor Components) | 3.7 | % | |
| 3. China Mobile, Ltd. – (Hong Kong – Cellular Telecommunications) | 2.7 | % | |
| 4. Hon Hai Precision Industry Co. (Taiwan – Electronic Components) | 2.6 | % | |
| 5. China Construction Bank Corp. – (China – Banks) | 2.2 | % | |
| 6. PetroChina Co., Ltd. – (China – Oil Companies) | 2.2 | % | |
| 7. Industrial & Commercial Bank of China, Ltd. – (China – Banks) | 2.1 | % | |
| 8. Cheung Kong Holdings, Ltd. – (Hong Kong – Real Estate) | 1.8 | % | |
| 9. LG Chem, Ltd. – (South Korea – Chemicals) | 1.7 | % | |
| 10. Hutchison Whampoa, Ltd. (Hong Kong – Diversified Operations) | 1.6 | % | |
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Portfolio Composition by Country at January 31, 2011 |
% of Net Assets |
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| 1. South Korea | 23.6 | % | |
| 2. Hong Kong | 17.5 | % | |
| 3. China | 15.6 | % | |
| 4. Taiwan | 15.2 | % | |
| 5. Singapore | 9.2 | % | |
| 6. India | 7.7 | % | |
| 7. Malaysia | 3.9 | % | |
| 8. Indonesia | 3.4 | % | |
| 9. Thailand | 2.4 | % | |
| 10. United Kingdom | 0.7 | % | |
| 11. Sri Lanka | 0.3 | % | |
The holdings and allocations listed above were accurate as of the date shown and are subject to change without notice. Any securities discussed should not be a recommendation to buy or sell and there is no guarantee that these securities will be held nor should it be assumed that they were or will be profitable. Past performance does not guarantee future results.
The Fund is a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities. The Fund conducts semi-annual repurchase offers and is traded on the New York Stock Exchange under the trading symbol “GRR”.
Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group L.P.
Information on the Fund can be obtained on the Blackstone website (www.blackstone.com) or by calling the Fund’s toll-free phone number at 1-866-800-8933.
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s filings with the Securities and Exchange Commission.