For Professional Investors (in Switzerland for Qualified Investors) only – Not For Use by Retail Investors
Diversified multi-asset update
Data as of 28 April 2017
Performance background
Over April, both funds generated positive returns;
AG-MAIF returned 1.5% (Class I USD) and AG-MAG
(Class I EUR) returned 1.3%. Since inception the
income fund, the longest running of the two, is up
5.6%pa net of Class I fees - ahead of its cash+4.5%
total return performance aim.
Market
performance
Asset class performance was generally positive over
the month with good performance, in particular from
emerging market debt (+1.4%) and global high yield
(+1.3%). Global equities were also positive, with only
the UK’s FTSE All Share producing negative returns.
Traditional fixed income markets were up marginally.
Cash flow generative assets, including real assets
such as infrastructure and property, produced good
levels of income and positive total returns over the
period.
Over the year to date, most asset classes delivered a
positive return. As such, the funds are up 5.0%
(growth) and 4.7% (income) for the period.
Asset allocation changes
There were no major changes to asset allocations this month. There were however some changes within asset
classes.


In the Aberdeen Global - Multi Asset Income Fund, we continued to reduce our property exposures and
invested in a new infrastructure holding, Bilfinger Berger Global Infrastructure (BBGI), taking advantage of an
attractively priced placing. We also increased our holdings in alternative risk premia (by c.1%), the Aberdeen
Diversified Income and Growth Trust (ADIG) (again by c.1%) and P2P Global Investment.
In the Aberdeen Global - Multi Asset Growth Fund, we have also added a new holding in Bilfinger Berger
Global Infrastructure (BBGI), as well as increased our exposure to the Aberdeen Diversified Income and
Growth Trust (ADIG) and P2P Global Investment.
Source: Bloomberg, April 2017. Performance shown relates to
returns in EUR terms unless otherwise noted.
Bilfinger Berger Global Infrastructure (BBGI) is a closed-ended total
investment
company incorporated in Luxembourg,
* Shown in USD terms
listed on the London Stock Exchange. The company provides exposure
to
a
diverse portfolio of 39
** Shown in GBP geographically
terms
operational Public Private Partnerships / Private Finance Initiative
projects
in the
UK, continental
Europe,
Canada,
***Private
Equity
and European
property shown
in unhedged
EUR
terms
Australia and the USA.
Past performance is not a guide to future results.
Diversified multi-asset update
Aberdeen Global – Multi Asset Income Fund
The Aberdeen Global – Multi Asset Income Fund returned 1.5% net of fees over April.
1 months
3 months
1 year
3 years
(p.a.)
5 years
(p.a.)
Since
inception
(p.a.)
Fund
1.5
4.4
10.6
n/a
n/a
5.6
Cash
0.1
0.2
0.6
n/a
n/a
0.4
Past performance is not a guide to future results
Source: Aberdeen Asset Managers, Bloomberg, Aberdeen Global – Multi Asset income Fund, NAV to NAV class I.
Performance shown in USD terms. Cash represented by 1M US LIBOR
Figures are as at 28 April 2017
Inception date: 1 June 2015
Fund
Return (%pa)
Volatility
(%pa)
Sharpe ratio
Sortino ratio
Beta to
equities*
5.6
5.5
1.0
1.7
0.4
Past performance is not a guide to future results
Source: Aberdeen Asset Managers, Bloomberg, Aberdeen Global – Multi Asset income Fund, USD, NAV to NAV class I.
Performance shown in USD terms.
Figures are as at 28 April 2017
Inception date: 1 June 2015
* Equity represented by MSCI World (USD hedged)
The portfolio as at 28 April 2017 is as set out below,
Source: Aberdeen Asset Managers, Aberdeen Global – Multi Asset income Fund, figures are as at 28 April 2017
2
Diversified multi-asset update
Income contributions
The chart below shows contribution to total expected income by asset class as at 28 April 2017
Special Opportunities
Insurance Linked
Listed Equity
Absolute Return
Property
Infrastructure
Emerging Market Bonds
High Yield
Loans
Asset Backed Securities
The chart below shows the monthly distributions since inception.
Target monthly distribution of 0.375%*
% Distribution
0.50%
0.45% 0.45%
0.42%
0.40%
0.40% 0.40%
0.38%
0.34%
0.40%
0.36% 0.36%
0.33%
0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38%
0.34%
0.32% 0.32%
0.25%
0.00%
Jun-15
Aug-15
Oct-15
Dec-15 Feb-16
Apr-16
Jun-16
Aug-16
Oct-16
Dec-16 Feb-17
Apr-17
Source: Aberdeen Asset Managers, 28 April 2017.
*This is an internal performance target which the Investment Manager aims to achieve as at the date of this document. This
target is not based on past performance, may be subject to change and cannot be guaranteed. Investors should always refer to
the investment objective and restrictions as stated in the latest prospectus.
3
Diversified multi-asset update
Geographic exposure (total fund)
Geographic exposure (listed equities)
Nongeographic
10.2%
UK
3.5%
Africa &
Middle East
0.5%
Europe
18.6%
Emerging
market
23.5%
Asia Pacific
ex Japan
22.9%
Global
56.2%
Japan
11.9%
North
America
41.3%
UK
8.8%
Latin America
1.3%
Europe ex UK
1.1%
Source: Aberdeen Asset Management, 28 April 2017
Non-geographic includes, for example, aircraft leasing,
insurance linked securities, litigation finance
Source: Aberdeen Asset Management, 28 April 2017
Currency exposures
The AG-MAIF Fund is available in a range of hedged currency share classes. Each share class is effectively
managed against a cash benchmark* – including GBP LIBOR**, EURIBOR or US LIBOR. The currency exposures
by benchmark are as shown in the chart.
140%
Other FX
Other FX
Other FX
120%
EM positions
EM positions
EM positions
100%
80%
60%
USD***
EUR
GBP
40%
20%
0%
USD***
USD***
AUD, EUR and JPY
AUD, GBP and JPY
AUD, GBP, EUR and JPY
-20%
GBP Libor**
Euribor
US Libor
Source: Aberdeen Asset Management, 28 April 2017
*These are internal benchmarks which the Investment Manager uses as a reference at the date of this document. This benchmark
is not based on past performance, may be subject to change and cannot be guaranteed. Investors should always refer to the
investment objective and restrictions as stated in the latest prospectus.
** Share class not yet live; hypothetical exposure shown in the chart, based on underlying Fund currency exposures and 100%
USD to GBP hedge
*** Including HKD
4
Diversified multi-asset update
Aberdeen Global – Multi Asset Growth Fund
The Aberdeen Global – Multi Asset Growth Fund returned 1.3% net of fees over April.
1 months
3 months
1 year
3 years
(p.a.)
5 years
(p.a.)
Since
inception
(p.a.)
Fund
1.3
4.4
n/a
n/a
n/a
10.5
Cash
0.0
-0.1
n/a
n/a
n/a
-0.3
Past performance is not a guide to future results
Source: Aberdeen Asset Managers, Bloomberg, Aberdeen Global – Multi Asset Growth Fund, class I.
Inception: 13 June 16.
Cash represented by Bloomberg 1M EURIBOR cash
Fund
Return (%)
Volatility
(%pa)
Sharpe ratio
Sortino ratio
Beta to
equities*
10.5
n/a
n/a
n/a
n/a
Past performance is not a guide to future results
Source: Aberdeen Asset Managers, Bloomberg. Aberdeen Global – Multi Asset Growth Fund, class I.
Inception date: 13 June 2016
* Equity represented by MSCI World (EUR hedged)
The portfolio as at 28 April 2017 is as set out below.
Source: Aberdeen Asset Managers, Aberdeen Global – Multi Asset Growth Fund, figures are as at 28 April 2017.
5
Diversified multi-asset update
Geographic exposure (total fund)
Geographic exposure (listed equities)
Nongeographic,
12.6%
Europe
16.5%
Emerging
market,
20.4%
UK
2.6%
Africa &
Middle East
0.6%
Asia Pacific
ex Japan
23.6%
Global,
53.4%
Japan
14.0%
US, 0.6%
North
America
42.4%
UK, 9.4%
Latin
America
0.4%
Europe ex
UK, 3.4%
Source: Aberdeen Asset Management, 28 April 2017
Non-geographic includes, for example, aircraft leasing,
insurance linked securities, litigation finance
Source: Aberdeen Asset Management, 28 April 2017
Currency exposures
The AG-MAG Fund is available in a range of hedged currency share classes. Each share class is effectively
managed against a cash benchmark* – including GBP LIBOR, EURIBOR or US LIBOR**. The currency exposures
by benchmark are as shown in the chart.
Other FX
120%
Other FX
EM positions
Other FX
EM positions
EM positions
100%
80%
60%
GBP
USD***
EUR
40%
20%
0%
USD***
USD***
AUD, GBP and JPY
AUD, EUR and JPY
AUD, GBP, EUR and JPY
-20%
GBP Libor
Euribor
US Libor**
Source: Aberdeen Asset Management, 28 April 2017
* These are internal benchmarks which the Investment Manager uses as a reference at the date of this document. This
benchmark is not based on past performance, may be subject to change and cannot be guaranteed. Investors should always refer
to the investment objective and restrictions as stated in the latest prospectus.
** Share class not yet live; hypothetical exposure shown in the chart, based on underlying Fund currency exposures and 100%
EUR to USD hedge
*** Including HKD
6
The value of investments and the income from them can go down as well as up and your clients may get back less than the amount invested.
Past performance is not a guide to future results.
Further information
For more information please contact your local Aberdeen representative, or visit our website at aberdeen-asset.com
Important information
For Professional Investors (in Switzerland for Qualified Investors) only – Not For Use by Retail Investors or advisers
The Fund is a Luxembourg-domiciled UCITS fund, incorporated as a Société Anonyme and organised as a Société d’investissement à Capital Variable (a “SICAV”). The
information contained in this marketing document should not be considered as an offer, or solicitation, to deal in the shares of any securities or financial instruments. It is not
intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be
prohibited. The Fund is not registered under the United States Securities Act of 1933, nor the United States Investment Company Act of 1940 and therefore may not directly or
indirectly be offered or sold in the United States of America or any of its states, territories, possessions or other areas subject to its jurisdiction or to or for the benefit of a United
States Person. No information, opinions or data in this document constitute investment, legal, tax or other advice and are not to be relied upon in making an investment or other
decision. Subscriptions for shares in the Fund may only be made on the basis of the latest prospectus and relevant Key Investor Information Document (KIID) which provides
additional information as well as the risks of investing and may be obtained free of charge from Aberdeen Asset Managers Limited, 10 Queens Terrace, Aberdeen, AB10 1YG,
Scotland and are also available on aberdeen-asset.com. In Switzerland these documents along with the Fund’s articles of association can be obtained from the Fund’s
Representative and Paying Agent, BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH 8002 Zürich, Switzerland (Tel. 058 212 63 77). Tax
treatment depends on the individual circumstances of each investor and may be subject to change in the future. You should obtain specific professional advice before making
any investment decision. Issued in EU countries by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United
Kingdom. Issued in Switzerland by Aberdeen Asset Managers Switzerland AG (“AAMS”). Registered in Switzerland No. CHE-114.943.983. Registered Office: Schweizergasse
14, 8001 Zurich. Authorised by the Swiss Financial Market Supervisory Authority (FINMA) as distributor of collective investment schemes. In Spain Aberdeen Global has been
registered with the Comisión Nacional del Mercado de Valores under the number 107 The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to
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analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and
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