# Aberdeen
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. (NYSE MKT: ETF)
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Daily Data

At close Sep 16, 2014

Market Price$14.63
Unadjusted NAV**$16.06

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.


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Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. (NYSE MKT: ETF)

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation. The Fund’s investment policy is to invest at least 80% of the Fund’s net assets in equity securities of emerging market smaller company issuers.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.

Investment Policies

The principal investment objective of the Fund is long-term capital appreciation through investing primarily in equity securities of emerging market smaller company issuers.

The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.


Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. Webcast Replay

Mark Gordon-James, Senior Investment Manager on Aberdeen's Emerging Markets Equity Team, gives an update on the Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. James speaks to current Fund positioning, gives market commentary and speaks to why Aberdeen believes emerging market companies still offer value despite the recent downturn in the asset class.


Emerging Markets Equities Video Update

Devan Kaloo, Aberdeen's Head of Global Emerging Markets, speaks to the recent slowdown in emerging market equities and explains why he believes the asset class offers value in the long run.

Important Information


Fund Managers’ Monthly Report

July 2014

  • Shares of smaller companies in emerging markets rose along with their larger counterparts in July. Emerging Asia and Latin America led the gains, as China’s recent targeted easing and upbeat economic data raised hopes that the mainland’s economy may be turning a corner. However, geopolitical tensions and news of Argentina’s debt default dampened sentiment. Robust secondquarter U.S. gross domestic product data also reinforced worries that the Federal Reserve could hike rates soon.
  • Elsewhere, Russia led most emerging European equities lower. The conflict over Ukraine intensified and harsher sanctions imposed against Russia threaten to accelerate the economy’s decline.
  • In Fund-related news, Jordan-based drug-maker Hikma bought Bedford Laboratories’ generic injectables manufacturing plant in the U.S. This is in addition to the other assets (including an injectable product portfolio and research and development pipeline) it bought recently from Bedford, part of German drug-maker Boehringer Ingelheim. The plant is currently closed, pending some regulatory issues, but we believe it may provide Hikma with much-needed spare capacity if the drugs slated for production in that plant gain U.S. regulatory approval.
  • Turkish cement company Cimsa acquired domestic rival Sancim Bilecik Ciment for US$221 million. The deal should boost Cimsa’s capacity by 20% and is in line with its goal of expanding via acquisitions.
  • In July, we initiated a position in Grana Y Montero, a quality infrastructure operator in Peru, as we feel that it has an attractive valuation. We sold the position in miner Vale Indonesia after its strong share price rally. We also added to media company BEC World, IT services provider EPAM Systems and property manager and developer Yanlord on relative share price weakness, and trimmed payment solutions specialist Valid after a period of share price outperformance.
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Section 16 Filings


Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.

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