Investment Management

Voya Asia Pacific High Dividend Equity Income Fund

Fund Description

Overview

  • Invests primarily in a portfolio of 60–120 equity securities of Asia Pacific companies
  • Sells call options on selected Asia Pacific indices and/or equity securities and/or ETFs, with the underlying value of such calls representing 0% to 50% of the value of the Fund’s equity securities

Investment Objective

This Closed-End Fund seeks total return through a combination of current income, capital gains and capital appreciation.

Daily Prices as of 11/21/2017

Net Asset Value (NAV) $11.71
Closing Price $10.63
Price Change +0.10
Premium/(Discount) -9.22

Fund Facts

Ticker Symbol IAE
CUSIP 92912J102
Inception Date Mar 27, 2007
Dividends Paid Quarterly

Management Team

Manu Vandenbulck

Portfolio Manager

Managed Fund since 2012

Robert Davis

Portfolio Manager

Managed Fund since 2012

Nicolas Simar

Portfolio Manager

Managed Fund since 2012

Willem van Dommelen

Investment Manager

Managed Fund since 2007

 

Portfolio Statistics as of 10/31/2017

Net Assets millions $139.5
Number of Holdings 78
nModifiedDurationToWorst Modified Duration to Worst - is a mathematically adjusted form of Macaulay Duration measuring the sensitivity of a bond's price to small, instantaneous changes in yield. This calculates the rate sensitivity of a security assuming that cash flows do not change as interest rates change.
nWtdAvgMarketCapWilshire Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nEndingActiveShare Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.
nPriceToCashFlow The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation
nROA ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings.
nPEG PEG Ratio
nPriceToEarningsWilshire P/E (next 12 months) calculates the price of a stock divided by its earnings per share.
nEPSGrowth The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability.
nDividendYield A financial ratio that shows how much a company pays out in dividends relative to its share price
nPriceToBookWilshire Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value.
nHoldings Number of Holdings in the investment
nNetAssets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.
nAlpha Measures the difference between a fund's actual return and its level of risk as measured by beta. An alpha of 0.5 implies the fund performed 0.5% better than the market would predict. The figure is calculated on a three-year basis relative to the benchmark.
nR2 The way in which a percentage of a portfolio's total returns represents the portfolio's beta measure.
nBeta3Year Measures the Fund's volatility relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
nSharpeRatio A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance.
nStandardDeviation3Year A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.
nMedianMktCap Market Cap is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nWeightedAvgMaturityDays The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.
nWeightedAvgMaturityYears The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.
nWeightedAvgLife The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.
nPriceToEarnings P/E is the price of a stock divided by its earnings per share.
nPriceToBook P/BV is the ratio of a stock's price to its Book Value.
nExpenseRatio Operating costs, including management fees, expressed as a percentage of the fund's average net assets for a given time period.
nMktWeightedAvgCoupon The interest rate on a fixed income security, determined upon issuance, and expressed as a percentage of par.
nPriceToFFORealEstate Price to Funds From Operations (P/FFO), the REIT equivalent of a security’s Price to Earnings ratio (P/E), is used to measure operating performance which encompasses a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation.
nWeightedAvgResetDays Reset is the number of days that the current interest rate contract is in effect.

Portfolio Composition as of 10/31/2017

Stocks 98.24
Short Terms 1.76
Total: 100.00%

Top Holdings % of Total Investments as of 10/31/2017

Alibaba Group Holding Ltd. 3.12
China Construction Bank 3.04
Australia & New Zealand Banking Group Ltd. 3.01
China Mobile Ltd. 3.00
Samsung Electronics Co., Ltd. 2.88
AIA Group Ltd. 2.78
Westpac Banking Corp. 2.54
Industrial & Commercial Bank of China 2.20
Taiwan Semiconductor Manufacturing Co., Ltd. 2.08
Rio Tinto Ltd. 1.96
Total: 26.60%

Sector Weightings % of Total Investments as of 10/31/2017

Financials 29.63
Information Technology 15.21
Industrials 8.39
Consumer Staples 7.11
Utilities 6.76
Consumer Discretionary 6.60
Real Estate 6.58
Telecommunication Services 6.45
Materials 6.20
Energy 5.24
Health Care 1.84
Total: 100.00%

Top Country Weightings % of Total Investments as of 10/31/2017

China 30.54
Australia 18.93
South Korea 16.33
Taiwan 7.98
India 7.93
Hong Kong 6.52
Indonesia 3.40
Malaysia 3.14
United Kingdom 1.27
Singapore 1.17
Total: 97.21%
Shares outstanding as of:

10/31/2017: 11,898,854
09/30/2017: 11,898,854
08/31/2017: 11,920,234
06/30/2017: 11,953,211
05/31/2017: 11,978,311
04/30/2017: 12,026,329
03/31/2017: 12,049,975

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to change daily.

Average Annual Total Returns %

  As of Oct 31, 2017 As of Sep 30, 2017 Expense Ratios
  YTD 1 YR 3 YR 5 YR 10 YR Gross Net 1, 2, 3
Net Asset Value +23.58 +20.70 +5.36 +4.88 +1.66 1.35% 1.35%
Market Price +31.18 +23.34 +4.50 +2.81 +2.27
Net Asset Value +20.50 +16.26 +5.53 +4.42 +2.10 1.35% 1.35%
Market Price +27.95 +18.93 +4.94 +1.55 +2.68

Inception Date - Class A: 03/27/07

1The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information.

2The expense limit will continue through at least March 1, 2018.  The Fund is operating under the contractual expense limit.

3Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above “Average Annual Total Returns %” for performance information current to the most recent month-end. Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Price volatility, liquidity, and other risks that accompany an investment in equity securities of domestic and foreign companies, and small and mid sized capitalized companies. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets.

Options Risk

The Fund may purchase put and call options and may write (sell) put options and call options and is subject to Options Risk. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract. A decision as to whether, when and how to buy or sell options under the Fund’s strategy involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. When an option purchased or sold by the Fund is exercised or closed out, the Fund may be required to sell portfolio securities or to deliver portfolio securities to the option purchaser to satisfy its obligations when it would not otherwise choose to do so, or the Fund may choose to sell portfolio securities to realize gains to offset the losses realized upon option exercise. Such sales or delivery would involve transaction costs borne by the Fund and may also result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and may adversely impact the Fund’s after-tax returns.

This Fund has additional risks which you should consider, such as: Market Discount Risk, Investment and Market Risk, Foreign Investment and Emerging Markets Risk, Foreign (non-U.S.) Currency Risk, Asia Pacific Regional and Country Risk, Issuer Risk, Equity Risk, Distribution Risk, Tax Risk, Dividend Risk, Small-Cap and Mid-Cap Companies Risk. These and other risks are described more fully in the Fund’s prospectus and the most current annual or semi-annual report. The prospectus should be read carefully before investing. Consider the Fund’s investment objective, risks, and charges and expenses carefully before investing.

 

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