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

At close Jan 27, 2015

NAV$14.82
Market Price$13.24
Premium/(Discount)-10.66%
Unadjusted NAV**$14.84

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.

 
 

Fund Managers’ Monthly Report

November 2014

 
  • Shares of smaller companies in emerging stock markets fell in U.S. dollar terms in November, as declining oil prices weighed on energy producers. However, losses were pared when China unexpectedly cut interest rates for the first time in over two years in response to weak economic growth.
  • Pressure on Brent crude, a major oil benchmark, intensified after the Organization of the Petroleum Exporting Countries (OPEC) decided against cutting output despite a supply glut. Russia was hit particularly hard. The stock market tumbled and the rouble dipped to a five-year low at one point amid renewed concerns that lower oil prices could aggravate budget shortfalls and tip the stagnating economy into recession.
  • Brazil and Mexico, both of which are oil exporters, also were not spared from falling oil prices. Muted economic data further dampened market sentiment. Brazil’s president, Dilma Rousseff, has appointed three key cabinet ministers to revamp the economy. If the new economic team can implement reform plans credibly, the country’s growth outlook should improve, in our opinion.
  • For oil importers such as Turkey, Indonesia and India, the fall in oil prices could not have come at a better time. Turkish stocks continued to rally on expectations that cheaper energy imports would improve its public finances. Indonesia, India and Malaysia took the opportunity to cut subsidies that have led to fiscal deficits in recent years.
  • During the month, we added to the Fund’s holdings in software company Totvs, infrastructure company Grana y Montero, and Juhayna Food Industries on share price weakness. We sold our position in beverage and dairy products maker Fraser & Neave Holdings Malaysia as we believe that its valuation is no longer as attractive relative to better opportunities elsewhere.
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**Disclaimer

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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