N-Q 1 g13917asiatiger_formnq.txt ASIA TIGERS FORM N-Q 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08050 -------------------------- Asia Tigers Fund, Inc. ------------------------------------------------------------ (Exact name of registrant as specified in charter) 200 Park Avenue New York, NY 10166 ------------------------------------------------------------ (Address of principal executive offices) (Zip code) Simpson Thacher Bartlett LLP 425 Lexington Avenue New York, NY 10017 ------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: 212-667-4711 ------------- Date of fiscal year end: October 31, 2004 ----------------- Date of reporting period: July 31, 2004 -------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule of Investments is attached herewith. THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (99.04% of holdings) CHINA 4.37% COAL 1.96% 1,188,000 Yanzhou Coal Mining Company Limited 'H' $ 442,233 $ 1,439,335 ---------------- ---------------- ENERGY SOURCES 2.41% 28,099 China Petroleum and Chemical Corporation ADR 688,463 1,113,001 13,650 CNOOC Limited ADR 651,781 655,610 ---------------- ---------------- 1,340,244 1,768,611 ---------------- ---------------- TOTAL CHINA 1,782,477 3,207,946 ---------------- ---------------- HONG KONG 22.50% APPAREL/SHOES MANUFACTURING 0.79% 234,100 Yue Yuen Industrial (Holdings) Limited 369,639 580,759 ---------------- ---------------- AUTOMOBILES 0.62% 1,207,000 Denway Motors Limited 304,050 452,634 ---------------- ---------------- BANKING 2.43% 84,600 Dah Sing Financial Group 444,094 520,625 53,200 Hang Seng Bank Limited 548,066 680,359 39,700 HSBC Holdings PLC 452,431 585,332 ---------------- ---------------- 1,444,591 1,786,316 ---------------- ---------------- COMPUTERS 0.83% 2,398,000 Digital China Holdings Limited+ 767,385 611,809 ---------------- ---------------- CONSUMER GOODS & SERVICES 0.76% 402,000 Li & Fung Limited 355,668 556,626 ---------------- ---------------- FINANCIAL SERVICES 1.43% 508,000 Hong Kong Exchanges & Clearing Limited 788,379 1,048,584 ---------------- ---------------- MULTI - INDUSTRY 2.08% 225,600 Hutchison Whampoa Limited 981,423 1,525,722 ---------------- ---------------- OIL & GAS 1.11% 1,736,000 Xinao Gas Holdings Limited+ 805,187 817,939 ---------------- ---------------- REAL ESTATE 7.76% 202,700 Cheung Kong (Holdings) Limited 1,613,963 1,500,789
1 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) HONG KONG (CONTINUED) REAL ESTATE (CONTINUED) 1,668,135 China Vanke Company Limited $ 604,555 $ 855,470 592,000 Hopewell Holdings Limited 427,067 1,172,638 234,000 Kerry Properties Limited 366,733 373,507 172,300 Sun Hung Kai Properties Limited 1,192,454 1,457,951 110,000 Wharf (Holdings) Limited 302,467 338,468 ---------------- --------------- 4,507,239 5,698,823 ---------------- --------------- RETAIL FOOD CHAINS 0.73% 492,000 Cafe De Coral Holdings Limited 386,718 533,010 ---------------- --------------- RETAILING 1.38% 227,500 Esprit Holdings Limited 305,537 1,012,103 ---------------- --------------- TELECOMMUNICATIONS 2.58% 651,600 China Mobile (Hong Kong) Limited 1,971,970 1,892,183 ---------------- --------------- TOTAL HONG KONG 12,987,786 16,516,508 ---------------- --------------- INDIA 6.99% BANKING 2.71% 107,500 Corporation Bank 452,491 523,302 120,680 State Bank of India 494,160 1,150,071 240,000 Union Bank of India 333,120 316,463 ---------------- --------------- 1,279,771 1,989,836 ---------------- --------------- ENERGY SOURCES 1.03% 71,808 Reliance Industries Limited 213,173 757,023 ---------------- --------------- MEDIA 0.22% 90,500 Pritish Nandy Communications Limited 136,576 159,436 ---------------- --------------- PHARMACEUTICALS 0.66% 23,889 Ranbaxy Laboratories Limited 178,635 484,837 ---------------- --------------- TECHNOLOGY 1.63% 35,736 Infosys Technologies Limited 759,864 1,197,301 ---------------- --------------- UTILITIES - ELECTRIC & GAS 0.74% 22,000 Bharat Heavy Electricals Limited 113,251 258,378
2 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) INDIA (CONTINUED) UTILITIES - ELECTRIC & GAS (CONTINUED) 49,162 Tata Power Company Limited $ 259,982 $ 280,025 ---------------- ----------------- 373,233 538,403 ---------------- --------------- TOTAL INDIA 2,941,252 5,126,836 ---------------- --------------- INDONESIA 1.11% BANKING 0.49% 1,747,000 PT Bank Central Asia 350,677 358,580 ---------------- --------------- BEVERAGES & TOBACCO 0.62% 765,500 PT Hanjaya Mandala Sampoerna 376,159 456,702 ---------------- --------------- TOTAL INDONESIA 726,836 815,282 ---------------- --------------- KOREA 24.93% APPLIANCE & HOUSEHOLD DURABLES 10.38% 21,370 Samsung Electronics Company Limited 4,634,652 7,619,744 ---------------- --------------- AUTOMOBILES 0.81% 16,040 Hyundai Motor Company 524,085 595,242 ---------------- --------------- BANKING 3.05% 53,681 Kookmin Bank+ 1,124,960 1,475,711 52,430 Shinhan Financial Group Company Limited 555,042 764,371 ---------------- --------------- 1,680,002 2,240,082 ---------------- --------------- CHEMICALS 1.26% 11,580 Korea Petrochemical Industrial Company Limited 71,633 74,263 6,822 LG Chem Limited 245,355 227,206 29,610 LG Petrochemical Company Limited 723,896 621,569 ---------------- --------------- 1,040,884 923,038 ---------------- --------------- COMPUTERS 0.86% 6,767 Samsung SDI Company Limited 443,779 633,593 ---------------- --------------- CONSTRUCTION & HOUSING 0.87% 46,790 Kyeryong Construction Industrial Company Limited 559,574 388,483
3 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) KOREA (CONTINUED) CONSTRUCTION & HOUSING (CONTINUED) 16,200 LG Engineering & Construction Corporation $ 162,342 $ 249,337 ---------------- --------------- 721,916 637,820 ---------------- --------------- ELECTRICAL & ELECTRONICS 0.54% 79,090 iRevo Incorporated+ 765,122 392,238 ---------------- --------------- FOOD & HOUSEHOLD PRODUCTS 0.40% 6,030 CJ Corporation 254,129 294,926 ---------------- --------------- GAMING/CASINO 0.74% 52,216 Kangwon Land Incorporated 670,261 544,707 ---------------- --------------- INSURANCE 0.59% 115,820 LG Insurance Company Limited 509,122 435,253 ---------------- --------------- METALS - STEEL 2.65% 9,070 POSCO 1,048,340 1,236,994 19,450 POSCO ADR 553,225 705,646 ---------------- --------------- 1,601,565 1,942,640 ---------------- --------------- TELECOMMUNICATIONS 2.23% 12,040 SK Telecom Company Limited 1,947,061 1,636,905 ---------------- --------------- TRANSPORTATION - AIR 0.00% 5 Korean Air Lines Company Limited+ 48 61 ---------------- --------------- UTILITIES - ELECTRIC & GAS 0.55% 24,080 Korea Electric Power Corporation 433,537 404,593 ---------------- --------------- TOTAL KOREA 15,226,163 18,300,842 ---------------- --------------- MALAYSIA 6.26% AGRICULTURE 0.98% 343,900 IOI Corporation 503,495 719,475 ---------------- --------------- BANKING 0.44% 357,000 AMMB Holdings 330,245 323,179 ---------------- ---------------
4 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) MALAYSIA (CONTINUED) CONSTRUCTION & HOUSING 0.76% 398,600 Gamuda $ 614,741 $ 555,942 ---------------- --------------- GAMING/CASINO 1.23% 378,700 Resorts World 848,797 901,904 ---------------- --------------- MULTI - INDUSTRY 0.55% 247,000 WTK Holdings 400,294 403,000 ---------------- --------------- OIL EQUIPMENT & SERVICES 0.73% 4,480,800 Dialog Group 537,468 536,517 ---------------- --------------- SHIPPING & TRANSPORT 0.88% 199,500 Malaysia International Shipping Corporation 455,085 645,750 ---------------- --------------- TELECOMMUNICATIONS 0.69% 219,650 Maxis Communications 288,735 508,663 ---------------- --------------- TOTAL MALAYSIA 3,978,860 4,594,430 ---------------- --------------- SINGAPORE 10.55% BANKING 4.26% 243,100 DBS Group Holdings Limited 1,634,677 2,189,772 117,756 United Overseas Bank Limited 662,013 937,531 ---------------- --------------- 2,296,690 3,127,303 ---------------- --------------- ELECTRONIC COMPONENTS & INSTRUMENTS 0.78% 60,600 Venture Corporation Limited 432,052 570,519 ---------------- --------------- FINANCIAL SERVICES 0.42% 306,000 Singapore Exchange Ltd 304,617 309,423 ---------------- --------------- FOOD & HOUSEHOLD PRODUCTS 1.39% 734,000 People's Food Holdings Limited 340,433 469,214 537,000 Want Want Holdings Limited 478,897 553,110 ---------------- --------------- 819,330 1,022,324 ---------------- --------------- REAL ESTATE 0.64% 434,500 Keppel Land Limited 336,757 469,661 ---------------- ---------------
5 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) SINGAPORE (CONTINUED) TELECOMMUNICATIONS 1.71% 943,000 Singapore Telecommunications Limited $ 1,031,853 $ 1,254,959 ---------------- --------------- TRANSPORTATION - AIR 0.71% 81,000 Singapore Airlines Limited 514,277 522,505 ---------------- --------------- WATER TREATMENT 0.64% 550,500 Hyflux Limited 331,865 470,280 ---------------- --------------- TOTAL SINGAPORE 6,067,441 7,746,974 ---------------- --------------- TAIWAN 17.72% BANKING 4.24% 1,078,170 Chinatrust Financial Holding Company Limited 852,442 1,100,691 1,876,569 SinoPac Financial Holdings Company Limited 735,450 927,519 1,416,045 Taishin Financial Holdings Company Limited 562,056 1,083,177 ---------------- --------------- 2,149,948 3,111,387 ---------------- --------------- CHEMICALS 1.02% 537,420 Formosa Plastic Corporation 804,748 746,285 ---------------- --------------- COMPUTERS 0.64% 440,000 Benq Corporation 494,302 473,786 ---------------- --------------- DATA PROCESSING AND REPRODUCTION 0.95% 700,787 Compal Electronics Incorporated 522,227 698,931 ---------------- --------------- ELECTRICAL & ELECTRONICS 6.23% 270,825 Delta Electronics Incorporated 317,806 333,850 252,957 Hon Hai Precision Industry Company Limited 848,431 911,658 2,635,171 Taiwan Semiconductor Manufacturing Company Limited 5,217,587 3,325,944 ---------------- --------------- 6,383,824 4,571,452 ---------------- --------------- ELECTRONIC COMPONENTS & INSTRUMENTS 2.85% 550,376 Advantech Company Limited 762,714 1,076,788 214,000 Au Optronics Corp 259,837 249,320 1,152,618 Elan Microelectronics Corporation 1,134,111 762,986 ---------------- --------------- 2,156,662 2,089,094 ---------------- ---------------
6 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) TAIWAN (CONTINUED) HEALTH & PERSONAL CARE 0.31% 96,000 Pihsiang Machinery Manufacturing Company Limited $ 202,124 $ 228,773 ---------------- --------------- INTERNET 0.49% 746,000 Gamania Digital Entertainment Company Limited+ 595,579 357,746 ---------------- --------------- METALS - STEEL 0.51% 144,200 Catcher Technology Company Limited 413,483 373,333 ---------------- --------------- PHOTO-OPTICS 0.24% 27,000 Largan Precision Company Limited 316,158 180,318 ---------------- --------------- REGISTERED INVESTMENT COMPANY 0.24% 18,000 iShares MSCI Taiwan Index Fund 201,433 176,400 ---------------- --------------- TOTAL TAIWAN 14,240,488 13,007,505 ---------------- --------------- THAILAND 4.61% BUILDING MATERIALS & COMPONENTS 1.11% 138,720 Siam Cement PLC - Foreign 349,623 819,160 ---------------- --------------- ENTERTAINMENT 0.50% 1,077,000 Major Cineplex Group PLC 371,948 367,515 ---------------- --------------- FOOD & HOUSEHOLD PRODUCTS 0.01% Charoen Pokphand Foods PLC Warrants - expiration date 124,940 07/21/05+ 0 7,196 ---------------- --------------- MEDIA 1.08% 557,000 BEC World PLC 278,130 238,599 310,000 BEC World PLC - Foreign 143,784 132,793 1,026,894 United Broadcasting Corporation PLC+ 367,545 420,002 ---------------- --------------- 789,459 791,394 ---------------- --------------- REAL ESTATE 0.87% 1,557,000 Lalin Property PLC 279,432 261,886 1,593,000 Land and Houses PLC - Foreign 355,253 373,962 ---------------- --------------- 634,685 635,848 ---------------- ---------------
7 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
NUMBER PERCENT OF OF SHARES SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (continued) THAILAND (CONTINUED) TELECOMMUNICATIONS 1.04% 328,500 Advanced Info Service PLC - Foreign $ 445,609 $ 763,214 ---------------- --------------- TOTAL THAILAND 2,591,324 3,384,327 ---------------- --------------- TOTAL COMMON STOCKS 60,542,627 72,700,650 ---------------- --------------- PREFERRED STOCK (0.67% of holdings) THAILAND 0.67% BANKING 0.67% 444,205 Siam Commercial Bank PLC - 5.25% Preferred 151,802 494,517 ---------------- --------------- TOTAL THAILAND 151,802 494,517 ---------------- --------------- TOTAL PREFERRED STOCK 151,802 494,517 ---------------- ---------------
8 THE ASIA TIGERS FUND, INC. SCHEDULE OF INVESTMENTS JULY 31, 2004 (UNAUDITED)
PAR VALUE PERCENT OF (000) SECURITY HOLDINGS COST VALUE ---------------------------------------------------------------------------------------------------------------------------- BONDS (0.29% of holdings) KOREA 0.29% METALS - STEEL 0.29% $150 ISC Cayman Limited, 0.00%, 07/03/07 $ 246,853 $ 211,407 ---------------- --------------- TOTAL KOREA 246,853 211,407 ---------------- --------------- TOTAL BONDS 246,853 211,407 ---------------- --------------- TOTAL INVESTMENTS 100.00% 60,941,282 73,406,574 ================ =============== FOOTNOTES AND ABBREVIATIONS ADR -- American Depository Receipts + Non-Income producing security.
9 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Asia Tigers Fund, Inc. ------------------------------------------------------------------ By (Signature and Title)* /s/ Bryan McKigney ----------------------------------------------------- Bryan McKigney, Director, President and Chairman (principal executive officer) Date September 7, 2004 -------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Bryan McKigney ----------------------------------------------------- Bryan McKigney, Director, President and Chairman (principal executive officer) Date September 7, 2004 -------------------------------------------------------------------------- By (Signature and Title)* /s/ Alan Kaye ----------------------------------------------------- Alan Kaye, Treasurer (principal financial officer) Date September 7, 2004 -------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.