NPORT-EX 2 NPORT_DRBZ_7451457345.htm

 

Statement of Investments

 

March 31, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

 

Shares  Description  Industry and Percentage
of Net Assets		  Value
(US$)		 
           
LONG-TERM INVESTMENTS—106.1%        
COMMON STOCKS—92.5%        
AUSTRALIA—1.6%        
274,587  BHP Group PLC  Metals & Mining— 1.6%  $7,952,565 
BRAZIL—6.0%        
257,300  B3 SA - Brasil Bolsa Balcao  Capital Markets— 0.5%   2,496,820 
1,447,602  Banco Bradesco SA  Banks— 1.2%   6,046,409 
2,950  MercadoLibre, Inc. (a)  Internet & Direct Marketing Retail— 0.9%   4,342,813 
508,800  Telefonica Brasil SA  Diversified Telecommunication Services— 0.8%   3,998,157 
743,095  Vale SA, ADR  Metals & Mining— 2.6%   12,914,991 
          29,799,190 
CHILE—0.1%        
86,934  Enel Chile SA, ADR  Electric Utilities— 0.1%   340,781 
CHINA—28.4%        
454,400  Alibaba Group Holding Ltd. (a)  Internet & Direct Marketing Retail— 2.6%   12,910,687 
1,968,500  China Merchants Bank Co. Ltd., H Shares  Banks— 3.0%   15,081,051 
982,000  China Resources Gas Group Ltd.  Gas Utilities— 1.1%   5,450,496 
3,181,500  China Resources Land Ltd.  Real Estate Management & Development— 3.1%   15,506,059 
1,602,000  China Vanke Co. Ltd., H Shares  Real Estate Management & Development— 1.3%   6,295,184 
6,487,000  CNOOC Ltd. (b)  Oil, Gas & Consumable Fuels— 1.4%   6,795,509 
164,903  LONGi Green Energy Technology Co. Ltd., A Shares (c)  Semiconductors & Semiconductor Equipment— 0.5%   2,232,687 
599,886  Midea Group Co. Ltd., A Shares (Stock Connect) (c)  Household Durables— 1.5%   7,558,718 
1,432,280  NARI Technology Co. Ltd., A Shares (Stock Connect) (c)  Electrical Equipment— 1.4%   6,834,387 
994,500  Ping An Insurance Group Co. of China Ltd., H Shares  Insurance— 2.4%   11,895,569 
2,537,135  SAIC Motor Corp. Ltd., A Shares (Stock Connect) (c)  Automobiles— 1.5%   7,642,134 
345,000  Shenzhou International Group Holdings Ltd.  Textiles, Apparel & Luxury Goods— 1.4%   7,216,205 
418,900  Tencent Holdings Ltd.  Interactive Media & Services— 6.7%   33,431,369 
1,209,952  Xinjiang Goldwind Science & Technology Co. Ltd. A Shares (c)  Electrical Equipment— 0.5%   2,635,099 
          141,485,154 
HONG KONG—5.4%       
418,000  AIA Group Ltd.  Insurance— 1.0%   5,114,968 
2,803,000  Hang Lung Properties Ltd.  Real Estate Management & Development— 1.5%   7,316,505 
159,432  Hong Kong Exchanges & Clearing Ltd.  Capital Markets— 1.9%   9,458,439 

 

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Statement of Investments (continued)

 

March 31, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

 

19,515,000  Pacific Basin Shipping Ltd.  Marine— 1.0%  $5,285,131 
          27,175,043 
INDIA—11.1%        
124,000  Hindustan Unilever Ltd.  Household Products— 0.8%   4,116,163 
306,100  Housing Development Finance Corp. Ltd.  Thrifts & Mortgage Finance— 2.1%   10,542,441 
540,000  Infosys Ltd.  Information Technology Services— 2.0%   10,127,107 
292,600  Infosys Ltd., ADR  Information Technology Services— 1.1%   5,477,472 
3,758,000  ITC Ltd.  Tobacco— 2.3%   11,209,300 
2,480,000  Power Grid Corp. of India Ltd.  Electric Utilities— 1.5%   7,327,556 
150,616  Tata Consultancy Services Ltd.  Information Technology Services— 1.3%   6,557,354 
          55,357,393 
INDONESIA—2.5%        
17,627,000  Bank Rakyat Indonesia Persero Tbk PT (a)  Banks— 1.1%   5,347,756 
1,296,200  Mandom Indonesia Tbk PT  Personal Products— 0.1%   559,976 
38,109,800  Sepatu Bata Tbk PT (a)  Textiles, Apparel & Luxury Goods— 0.4%   1,915,329 
19,211,800  Telkom Indonesia Persero Tbk PT  Diversified Telecommunication Services— 0.9%   4,534,668 
          12,357,729 
KAZAKHSTAN—0.5%        
37,297  Kaspi.KZ JSC (d)  — 0.5%   2,648,087 
MACAU—2.0%        
2,039,200  Sands China Ltd. (a)  Hotels, Restaurants & Leisure— 2.0%   10,220,716 
MEXICO—3.6%        
110,186  Grupo Aeroportuario del Centro Norte SAB de CV, ADR (a)  Transportation Infrastructure— 1.1%   5,566,597 
1,384,645  Grupo Financiero Banorte SAB de CV, Class O (a)  Banks— 1.6%   7,807,448 
879,958  Grupo Mexico SAB de CV  Metals & Mining— 0.9%   4,638,405 
          18,012,450 
POLAND—1.0%        
156,552  Allegro.eu SA (a)(d)  Internet & Direct Marketing Retail— 0.4%   2,203,716 
42,500  Dino Polska SA (a)(d)  Food & Staples Retailing— 0.6%   2,801,727 
          5,005,443 
ROMANIA—0.5%        
711,100  BRD-Groupe Societe Generale SA (a)  Banks— 0.5%   2,689,724 
RUSSIA—6.3%        
485,400  Globaltrans Investment PLC, GDR  Road & Rail— 0.7%   3,234,604 
169,171  LUKOIL PJSC, ADR  Oil, Gas & Consumable Fuels— 2.7%   13,669,993 
2,429,800  Moscow Exchange MICEX-RTS PJSC  Capital Markets— 1.1%   5,598,179 

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Statement of Investments (continued)

 

March 31, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

 

2,288,500  Sberbank of Russia PJSC  Banks— 1.8%  $8,803,155  
          31,305,931  
SOUTH AFRICA—4.9%        
37,993  Anglo American Platinum Ltd.  Metals & Mining— 1.1%   5,541,119  
1,559,400  FirstRand Ltd.  Diversified Financial Services— 1.1%   5,449,649  
56,100  Naspers Ltd., N Shares  Internet & Direct Marketing Retail— 2.7%   13,436,524  
          24,427,292  
TAIWAN—14.0%           
266,000  Accton Technology Corp.  Communications Equipment— 0.5%   2,586,092  
472,000  Globalwafers Co. Ltd.  Semiconductors & Semiconductor Equipment— 2.5%   12,513,682  
883,000  Hon Hai Precision Industry Co. Ltd.  Electronic Equipment Instruments & Components— 0.8%   3,873,468  
1,954,000  Taiwan Mobile Co. Ltd.  Wireless Telecommunication Services— 1.3%   6,724,943  
2,098,000  Taiwan Semiconductor Manufacturing Co. Ltd.  Semiconductors & Semiconductor Equipment— 8.9%   44,182,188  
          69,880,373  
THAILAND—3.7%           
4,101,400  Hana Microelectronics PCL, Foreign Shares  Electronic Equipment Instruments & Components— 1.5%   7,278,046  
2,522,600  Intouch Holdings PCL, Foreign Shares  Wireless Telecommunication Services— 0.9%   4,695,284  
14,433,400  Land & Houses PCL, Foreign Shares  Real Estate Management & Development— 0.8%   3,959,097  
4,856,600  Lotus's Retail Growth Freehold And Leasehold Property Fund  Equity Real Estate Investment Trusts (REIT)— 0.5%   2,424,415  
          18,356,842  
TURKEY—0.9%           
3,068,381  Enerjisa Enerji AS (d)  Electric Utilities— 0.9%   4,347,823  
   Total Common Stocks      461,362,536  
PREFERRED STOCKS—13.3%         
BRAZIL—1.3%           
3,583,120  Itausa - Investimentos Itau SA  Banks— 1.3%   6,569,568  
SOUTH KOREA—12.0%         
35,056  LG Chem Ltd.  Chemicals— 2.4%   11,993,186  

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Statement of Investments (continued)

 

March 31, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

 

736,593   Samsung Electronics Co. Ltd., Pref  Technology Hardware, Storage & Peripherals— 9.6%   $ 47,707,807  
           59,700,993  
    Total Preferred Stocks        66,270,561  
PRIVATE EQUITY—0.3%            
GLOBAL—0.0%*            
11,723,413 (e) Emerging Markets Ventures I, L.P. (a)(f)(g)(h)(i)(j)  Private Equity— —%     75,147  
ISRAEL—0.3%              
1,250,001 (e) ABS GE Capital Giza Fund, L.P. (a)(f)(g)(i)(j)(k)  Private Equity— —%     21,988  
3,349,175 (e) BPA Israel Ventures, LLC (a)(f)(g)(h)(i)(j)(k)  Private Equity— 0.1%     173,621  
108,960   Exent Technologies Ltd. Preferred A1 Shares (a)(f)(g)(i)(j)(l)  Private Equity— —%     —  
93,456   Exent Technologies Ltd. Preferred C Shares (a)(f)(g)(i)(j)(l)  Private Equity— —%     —  
23,574   Exent Technologies Ltd. Warrants A1 (a)(f)(g)(i)(j)(l)  Private Equity— —%     —  
4,000,000 (e) Giza GE Venture Fund III, L.P. (a)(f)(g)(i)(j)(k)(m)  Private Equity— —%     20,720  
1,522,368 (e) Neurone Ventures II, L.P. (a)(f)(g)(i)(j)(k)(m)  Private Equity— 0.1%     399,013  
2,400,000   Telesoft Partners II QP, L.P. (a)(f)(i)(j)(k)  Private Equity— 0.1%     521,160  
           1,136,502  
  Total Private Equity        1,211,649  
  Total Long-Term Investments—106.1% (cost $424,073,369)     528,844,746  

 

 

Shares  Description     Value
(US$)		  
            
SHORT-TERM INVESTMENT—2.1%        
UNITED STATES—2.1%        
10,652,650   State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.04%(n)    10,652,650
   Total Short-Term Investment—2.1% (cost $10,652,650)    10,652,650  
   Total Investments—108.2% (cost $434,726,019)    539,497,396  
   Liabilities in Excess of Other Assets—(8.2)%    (40,906,482 )
   Net Assets—100.0%  $ 498,590,914  

 

(a) Non-income producing security.
(b) The Fund will divest from securities subject to Executive Order 13959 (the “EO”) in accordance with the applicable requirements and timelines.The Fund is in compliance with the EO and will remain in compliance with the EO.
(c) China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(d) Denotes a security issued under Regulation S or Rule 144A.
(e) Represents contributed capital.
(f) Illiquid security.
(g) Considered in liquidation by the Fund's Adviser.
(h) As of March 31, 2021, the aggregate amount of open commitments for the Fund is $2,627,412.
(i) Restricted security, not readily marketable.
(j) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Fund's Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments.
(k) Fund of Fund investment.

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Statement of Investments (concluded)

 

March 31, 2021 (unaudited)

Aberdeen Emerging Markets Equity Income Fund, Inc.

 

(l) Direct investment.
(m) Considered active investments by the Fund's Adviser.
(n) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of March 31, 2021.
* “Global” is the percentage attributable to the Fund’s holdings in a private equity fund which invests globally and is not categorized under a particular country.

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
PLC Public Limited Company

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Notes to Portfolio of Investments (unaudited)

 

March 31, 2021

 

Summary of Significant Accounting Policies

 

a. Security Valuation:

 

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

 

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application. The Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. A security using any of these pricing methodologies is determined to be a Level 1 investment.

 

Foreign equity securities that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider approved by the Board. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

 

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.

 

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund's Board of Directors. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

 

The Fund may also invest in private equity private placement securities, which represented 0.3% of the net assets of the Fund as of March 31, 2021. The private equity private placement securities in which the Fund is invested are deemed to be restricted securities. In the absence of readily ascertainable market values, these securities are valued at fair value as determined in good faith by, or under the direction of the Board, pursuant to valuation policies and procedures established by the Board. The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither of whom are acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material. These securities are stated at fair value as determined by the Fund's Pricing Committee by utilizing the net asset valuations provided by the underlying funds as a practical expedient. In determining the fair value of these investments, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these private equity investments.

 

Aberdeen Emerging Markets Equity Income Fund, Inc.