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You are here: Announcement

Friday 06 August, 2010


RNS Number : 6370Q
Murray International Trust PLC
06 August 2010
 



MURRAY INTERNATIONAL TRUST PLC

 

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2010

 

The Directors of Murray International Trust PLC report the unaudited results of the Company for the six months ended 30 June 2010.

 

INTERIM BOARD REPORT

 

Background

A mood of pessimism resulting from sovereign debt problems in Europe, the UK, the United States and Japan overshadowed global equity markets over the past six months.  Many politicians and policymakers intensified demands for fiscal rectitude and a return to balanced budgets by proposing widespread austerity measures.  Such pronouncements were easy to make, but may prove much more problematic to deliver.  Already struggling from enormous debt overload in both private and public sectors, the developed world remained precariously positioned as government policies began to tighten.  Optimists still talked of "normal economic recovery", but pragmatists focused more on rising deflationary risks associated with widespread deleveraging.   Concerns over future corporate profitability against an economic backdrop dominated by spending constraints merely added to despondency.  Bond markets performed well as inflationary concerns evaporated, but equity markets suffered from increased uncertainty and rising risk aversion.  Consequently, over the period, in local and sterling terms, most global equity markets declined.

 

Investment Changes

During the period transaction activity was very light.  Periods of market strength were used to selectively reduce positions in companies which had performed well.  Partial sales were implemented in Petrobras and Schneider, whilst holdings in Portugal Telecom and Procter & Gamble were sold outright.  New positions in Swiss pharmaceutical company, Novartis, Banco Bradesco in Brazil and Singapore Telecom were established during the period.  As of period end, the proportion of net assets of the Trust invested in equities was 104%, which is the same as the 31 December 2009 level.

 

Income showed a solid increase in the six months compared to that received in the equivalent period last year, primarily due to increased dividends paid by many of our companies.  On 30 April 2010 the Directors announced a first interim dividend of 6.8p per Ordinary share for the current year compared with 5.6p per share last year.  Since the end of June a second interim dividend also of 6.8p (2009 - 5.6p) has been announced and will be paid to shareholders on 15 November 2010.

 

Performance

The net asset value total return, with net income reinvested, for the six months to 30 June 2010 was +3.7% compared with a return of -4.2% on the Trust's benchmark (40% the FTSE World UK and 60% FTSE World ex UK).  Over the six months the share price rose by +7.8%, reflecting the move to a premium to net asset value on which the shares trade.

 

Absolute and relative performance was enhanced by maintaining low levels of investment in the UK and having significant exposure to Asia and Latin America.  Positive contributions from stock selection in Mexico, Malaysia, Indonesia and India were also material, as was the impact of reducing exposure to cyclical companies earlier in the year.

 

Issue of New Shares

During the period under review the Company issued 5.28 million new Ordinary shares at a premium to the prevailing net asset value per Ordinary share at the time of each issue.  Subsequent to the period end, a further 1.4 million new Ordinary shares have been issued. Since the start of the issuance programme, approximately £100 million of new funds has been raised through the issue of new shares and, by issuing these shares at a premium, the Company is able to improve the liquidity of its shares and enhance very slightly the net asset value per share. Such issuance is also important for Share Plan Participants and other regular purchasers of the Company's shares because it ensures that the premium is managed and does not become too large. At the AGM of the Company held on 30 April 2010, shareholders authorised the Company to issue new Ordinary shares for cash representing up to 10 per cent. of the issued share capital. The Board will continue to authorise the issue of new shares, at a premium, as and when there is unfulfilled demand in the market and subject to the overriding Listing Rule requirement not to issue more than 10 per cent. of the outstanding equity in any rolling 12 month period.

 

290,732 new Ordinary shares have also been issued following the conversion of a like number of B Ordinary shares in the period to 23 June 2010.

 

Gearing

In the Annual Report I advised that your Board had been considering the options in regard to the loan of approximately Yen 8.4 billion (£55.9 million) which formed part of our gearing and was due to be repaid in March.  I am pleased to confirm that the Company has entered into a new five year Yen 8.4 billion facility with The Royal Bank of Scotland plc at an all-in fixed rate of 3.17 per cent. until 13 May 2015.

 

Outlook

We have long subscribed to the view that the process of debt deleveraging is deflationary.  Judging by current evidence, most of the developed world is beginning to suffer from this problem.  Economic history clearly shows how difficult it is for one country to deleverage from excessive credit creation even when the rest of the world is growing.  Japan's poor economic record over the past twenty years is testimony to that.  Now we have most of the Northern Hemisphere, around sixty percent of global GDP, about to embark on the painful path towards fiscal rectitude and debt reduction.  The process is unlikely to be pleasant for those involved.  From an investment standpoint, powerful deflationary forces are generally negative for equity markets, because as consumption contracts, corporate profits come under intense pressure from declining revenues.  For companies in the developed world orientated purely to their own domestic markets this is likely to be the case.  In growth markets, mainly in the Southern Hemisphere, rising real incomes, positive demographics and surplus savings support robust demand for goods and services.  Fortunately, an increasing number of companies, located both in the developed and emerging world, are now in a position to capitalise on this growth.  It is to such companies that the portfolio will remain exposed.

 

 

J F H Trott

Chairman,

5 August 2010

 



 

Principal Risks and Uncertainties

Many of the stocks in which the Company invests are exposed to the risk of political change, exchange controls, tax or other regulations which may affect their value and marketability. Currency fluctuations may also affect the value of the Company's investments and the income derived therefrom. Companies in emerging markets are not always subject to the equivalent accounting, auditing and financial standards of those in the United Kingdom. There may therefore be less supervision and regulation in this respect. Currently 70% of the investment management fee and finance costs and 100% of the performance fee are taken out of capital. This increases distributable income at the expense of capital growth, which will either be eroded or constrained.

 

Maintaining a high level of dividend may also diminish capital value. In common with most investment trusts, Murray International Trust is able to borrow for investment purposes. The use of gearing is likely to lead to volatility in the Net Asset Value ('NAV'), meaning that a relatively small movement either down or up in value of the Company's total assets will result in a magnified movement in the same direction of that NAV. There is no guarantee that the market price of shares in investment trusts will fully reflect their underlying NAV.

 

The market prices of fixed interest stocks and, to a lesser extent, convertibles may be affected by changes in interest rates.

 

Further details in respect of the risks associated with investment in the Company are detailed in note 19 to the financial statements in the Annual Report and Accounts for the year ended 31 December 2009.

 

Related Party Transactions

Aberdeen Asset Managers Ltd acts as Manager and Company Secretary to the Company and details of the service and fee arrangements can be found in the Annual Report for 2009 a copy of which is available on the Company's website.

 

Directors' Responsibility Statement

The Directors are responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

 

-     the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the Accounting Standards Board's Statement "Half Yearly Financial Reports"; and,

 

-     the Interim Board Report (constituting the interim management report) includes a fair review of the information required by rule 4.2.7R of the UK Listing Authority Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).

 

The Half-Yearly Report for the six months to 30 June 2010 comprises the Interim Board Report and a condensed set of financial statements, and has not been audited or reviewed by the auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

 

For and on behalf of the Board of Murray International Trust PLC

 

 

J F H Trott

Chairman

5 August 2010

 



INCOME STATEMENT

 

 


Six months ended


30 June 2010


(unaudited)


Revenue

Capital

Total


£'000

£'000

£'000

Gains/(losses) on investments

-

12,702

12,702





Income

24,895

-

24,895

Investment management fees

(601)

(1,401)

(2,002)

Performance fees

-

(3,546)

(3,546)

VAT recoverable on investment management and performance fees

108

252

360

Other expenses

(785)

-

(785)

Currency losses

-

(1,142)

(1,142)


________

________

________

Net return before finance costs and taxation

23,617

6,865

30,482





Finance costs

(668)

(1,558)

(2,226)


________

________

________

Return on ordinary activities before tax

22,949

5,307

28,256





Tax on ordinary activities

(2,610)

929

(1,681)



________

________

________

Return/(loss) attributable to equity shareholders


20,339

6,236

26,575


________

________

________





Return/(loss) per Ordinary share (pence)

5

20.9

6.4

27.3



________

________

________

Return/(loss) per Ordinary share assuming full conversion of the B Ordinary shares (pence)

5

20.6

6.3

26.9


________

________

________


The total column of the Income Statement is the profit and loss account of the Company. A Statement of Total Recognised Gains and Losses has therefore not been presented.

The Company has no other gains or losses other than those recognised in the Income Statement above.

All revenue and capital items in the above statement derive from continuing operations.






Ordinary dividends on equity shares (£'000)

4

15,296

-

15,296



________

________

________


The above dividend information does not form part of the Income Statement.

 

INCOME STATEMENT (Cont'd)

 

 



Six months ended



30 June 2009



(unaudited)



Revenue

Capital

Total


Note

£'000

£'000

£'000

Gains/(losses) on investments


-

(15,166)

(15,166)






Income

3

21,363

7

21,370

Investment management fees


(512)

(1,194)

(1,706)

Performance fees


-

(1,437)

(1,437)

VAT recoverable on investment management and performance fees


-

-

-

Other expenses


(729)

-

(729)

Currency losses


-

(1,756)

(1,756)



________

________

________

Net return before finance costs and taxation


20,122

(19,546)

576






Finance costs


(526)

(1,229)

(1,755)



________

________

________

Return on ordinary activities before tax


19,596

(20,775)

(1,179)





-

Tax on ordinary activities


(4,345)

1,081

(3,264)



________

________

________

Return/(loss) attributable to equity shareholders


15,251

(19,694)

(4,443)



________

________

________






Return/(loss) per Ordinary share (pence)

5

16.8

(21.7)

(4.9)



________

________

________

Return/(loss) per Ordinary share assuming full conversion of the B Ordinary shares (pence)

5

16.6

(21.4)

(4.8)



________

________

________


The total column of the Income Statement is the profit and loss account of the Company. A Statement of Total Recognised Gains and Losses has therefore not been presented.

The Company has no other gains or losses other than those recognised in the Income Statement above.

All revenue and capital items in the above statement derive from continuing operations.


Ordinary dividends on equity shares (£'000)

4

 12,150

-

12,150



________

________

________


The above dividend information does not form part of the Income Statement.

 

INCOME STATEMENT (Cont'd)

 

 



Year ended



31 December 2009



 (audited)



Revenue

Capital

Total


Note

£'000

£'000

£'000

Gains/(losses) on investments


-

142,123

142,123






Income

3

36,571

-

36,571

Investment management fees


(1,052)

(2,454)

(3,506)

Performance fees


-

(2,707)

(2,707)

VAT recoverable on investment management and performance fees


-

-

-

Other expenses


 (1,485)

-

(1,485)

Currency losses


-

(1,523)

(1,523)



________

________

________

Net return before finance costs and taxation


34,034

135,439

169,473






Finance costs


(1,106)

(1,989)

(3,095)



________

________

________

Return on ordinary activities before tax


32,928

133,450

166,378






Tax on ordinary activities


 (5,638)

2,027

(3,611)



________

________

________

Return/(loss) attributable to equity shareholders


27,290

135,477

162,767



________

________

________






Return/(loss) per Ordinary share (pence)

5

29.5

146.6

176.1



________

________

________

Return/(loss) per Ordinary share assuming full conversion of the B Ordinary shares (pence)

5

29.2

144.8

174.0



________

________

________

The total column of the Income Statement is the profit and loss account of the Company. A Statement of Total Recognised Gains and Losses has therefore not been presented.

The Company has no other gains or losses other than those recognised in the Income Statement above.

All revenue and capital items in the above statement derive from continuing operations.


Ordinary dividends on equity shares (£'000)

4

22,566

-

22,566

The above dividend information does not form part of the Income Statement.


________

________

________

 

BALANCE SHEET

 

 



As at

As at

As at



30 June 2010

30 June 2009

31 December 2009



(unaudited)

(unaudited)

(audited)


Notes

£'000

£'000

£'000

Non-current assets





Investments at fair value through profit or loss


928,798

681,499

860,106



________

________

________

Current assets





Debtors


5,500

6,858

3,691

Cash and short-term deposits


29,102

19,509

28,255



________

________

________



34,602

26,367

31,946



________

________

________

Creditors: amounts falling due within one year





Bank loans


-

(52,865)

(55,875)

Other creditors


(7,007)

(7,682)

(9,761)



________

________

________



(7,007)

(60,547)

(65,636)



________

________

________

Net current assets/(liabilities)


27,595

(34,180)

(33,690)



________

________

________

Total assets less current liabilities


956,393

647,319

826,416






Creditors: amounts falling due after more than one year





Bank loans and debentures


(155,189)

(77,931)

(80,806)

Other creditors


(4,580)

(2,843)

(3,797)



________

________

________



(159,769)

(80,774)

(84,603)



________

________

________

Net assets


796,624

566,545

741,813



________

________

________

Capital and reserves





Called-up share capital


25,322

23,325

23,996

Share premium account


92,905

32,884

50,693

Capital redemption reserve


8,230

8,230

8,230

Capital reserve

6

619,626

458,231

613,396

Revenue reserve


50,541

43,875

45,498



________

________

________

Equity shareholders' funds

7

796,624

566,545

741,813



________

________

________

Net Asset Value per Ordinary and B Ordinary share (pence)

7

786.5

607.2

772.9



________

________

________

 

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

 

 

Six months ended 30 June 2010 (unaudited)









Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 December 2009

23,996

50,693

8,230

613,396

45,498

741,813

Return on ordinary activities after taxation

-

-

-

6,236

20,339

26,575

Dividends paid (see note 4)

-

-

-

-

(15,296)

(15,296)

Issue of new shares

1,326

42,212

-

(6)

-

43,532


______

______

________

________

_______

______

Balance at 30 June 2010

25,322

92,905

8,230

619,626

50,541

796,624


______

______

________

________

_______

______








Six months ended 30 June 2009 (unaudited)









Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 December 2008

22,725

19,167

8,230

477,931

40,774

568,827

Return on ordinary activities after taxation

-

-

-

(19,694)

15,251

(4,443)

Dividends paid (see note 4)

-

-

-

-

(12,150)

(12,150)

Issue of new shares

600

13,717

-

(6)

-

14,311


______

______

________

________

________

________

Balance at 30 June 2009

23,325

32,884

8,230

458,231

43,875

566,545


______

______

________

________

________

________








Year ended 31 December 2009 (audited)









Share

Capital





Share

premium

redemption

Capital

Revenue



capital

account

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 December 2008

22,725

19,167

8,230

477,931

40,774

568,827

Return on ordinary activities after taxation

-

-

-

135,477

27,290

162,767

Dividends paid (see note 4)

-

-

-

-

(22,566)

(22,566)

Issue of new shares

1,271

31,526

-

(12)

-

32,785


______

______

________

________

________

________

Balance at 31 December 2009

23,996

50,693

8,230

613,396

45,498

741,813


______

______

________

________

________

________

 

CASH FLOW STATEMENT

 

 


Six months ended

Six months ended

Year
ended


30 June
2010

30 June
2009

31 December 2009


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000

Net return before finance costs and taxation

30,482

576

169,473

Adjustments for:




(Gains)/losses on investments

(12,702)

15,166

(142,123)

Amortisation of fixed income book cost

(656)

(397)

(530)

Effect of foreign exchange losses

1,142

1,756

1,523

(Increase)/decrease in accrued income

(1,406)

(229)

760

Decrease in other debtors

1,057

1,335

958

Increase/(decrease) in accruals

13

(897)

484

Overseas tax suffered

(2,053)

(1,455)

(2,006)


___________

___________

___________

Net cash inflow from operating activities

15,877

15,855

28,539





Returns on investment and servicing of finance




Interest paid

(2,462)

(1,895)

(3,642)


___________

___________

___________

Net cash outflow from servicing of finance

(2,462)

(1,895)

(3,642)





Corporation tax paid

(714)

            (2,019)

(3,173)





Financial investment




Purchases of investments

(118,604)

(114,578)

(165,960)

Sales of investments

63,270

36,523

66,719


___________

___________

___________

Net cash outflow from financial investment

(55,334)

(78,055)

(99,241)





Equity dividends paid

(15,296)

(12,150)

(22,566)


___________

___________

___________

Net cash outflow before financing

(57,929)

(78,264)

(100,083)





Financing




Share issue

43,532

14,311

32,792

Debenture stock bought back

-

-

(882)


___________

___________

___________

Net cash inflow from financing

43,532

14,311

31,910


___________

___________

___________

Decrease in cash   

(14,397)

(63,953)

(68,173)


___________

___________

___________





Analysis of changes in cash during the period




Opening balance

28,255

99,301

99,301

Decrease in cash as above

(14,397)

(63,953)

(68,173)

Currency differences

15,244

(15,839)

(2,873)


___________

___________

___________

Closing balances

29,102

19,509

28,255


___________

___________

___________

 



NOTES TO THE ACCOUNTS

 

1.

Accounting policies


(a)

Basis of accounting



The financial statements have been prepared in accordance with applicable UK Accounting Standards, with pronouncements on Half-Yearly Reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies' (January 2009). They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue to be granted.






The financial statements and the net asset value per share figures have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).






The interim accounts have been prepared using the same accounting policies as the preceding annual accounts.





(b)

Dividends payable



Dividends are recognised in the period in which they are paid.

 

2.

Taxation


The taxation expense reflected in the Income Statement is based on the estimated annual tax rate expected for the full financial year. The estimated annual corporation tax rate used for the year to 31 December 2010 is 28%.

 



Six months ended

Six months ended

Year
ended



30 June
 2010

30 June

 2009

31 December 2009

3.

Income

£'000

£'000

£'000


Income from investments





UK dividends

3,641

2,858

4,699


UK unfranked investment income

661

736

1,419


Overseas dividends

17,272

14,867

25,036


Overseas interest

3,313

2,474

4,933


Stock dividends

-

-

9



___________

___________

___________



24,887

20,935

36,096



___________

___________

___________


Interest





Deposit interest

8

247

292


Money market interest

-

181

183



___________

___________

___________



8

428

475



___________

___________

___________


Total income

24,895

21,363

36,571



___________

___________

___________

 



Six months ended

Six months ended

Year
ended



30 June
 2010

30 June
 2009

31 December 2009

4.

Ordinary dividends on equity shares

£'000

£'000

£'000


Third interim dividend 2009 of 5.60p (2008 - 4.80p)

5,314

4,310

4,310


Final dividend 2009 of 10.20p (2008 - 8.80p)

9,990

7,985

7,985


First interim dividend 2009 of 5.60p

-

-

                          5,165


Second interim dividend 2009 of 5.60p

-

-

                          5,251


Return of unclaimed dividends from previous periods

(8)

(145)

                           (145)



___________

___________

___________



15,296

12,150

22,566



___________

___________

___________







A first interim dividend for 2010 of 6.80p (2009 - 5.60p) will be paid on 16 August 2010 to shareholders on the register on 16 July 2010. The ex-dividend date was 14 July 2010.




A second interim dividend for 2010 of 6.80p (2009 - 5.60p) will be paid on 15 November 2010 to shareholders on the register on 15 October 2010. The provisional ex-dividend date is 13 October 2010.






 



Six months ended

Six months ended

Year
ended



30 June
 2010

30 June
 2009

31 December 2009

5.

 Returns per share

£'000

£'000

£'000


Based on the following figures:





Revenue return

20,339

15,251

27,290


Capital return

6,236

(19,694)

135,477



___________

___________

___________


Total return

26,575

(4,443)

162,767



___________

___________

___________


Weighted average number of Ordinary shares

97,524,193

90,907,224

92,419,042


Weighted average number of B Ordinary shares

1,097,431

1,122,477

1,099,660



___________

___________

___________


Weighted average number of Ordinary shares assuming conversion of B Ordinary shares

98,621,624

92,029,701

93,518,702



___________

___________

___________

 

6.

Capital reserves


The capital reserve reflected in the Balance Sheet at 30 June 2010 includes gains of £248,606,000 (30 June 2009 - gains of £100,076,000; 31 December 2009 - gains of £246,835,000) which relate to the revaluation of investments held at the reporting date.

 

7.

Diluted net asset value


The diluted net asset value per share and the net asset value attributable to the Ordinary shares (including conversion of the B Ordinary shares) at the period end calculated in accordance with the Articles of Association were as follows:








As at

As at

As at



30 June
 2010

30 June
 2009

31 December 2009


Attributable net assets (£'000)

796,624

566,545

741,813



___________

___________

___________


Number of shares in issue:





Ordinary shares

100,188,235

92,234,624

94,896,624


B Ordinary shares

1,098,997

1,066,236

1,087,392



___________

___________

___________



101,287,232

93,300,860

95,984,016



___________

___________

___________

 

8.

Transaction costs


During the period expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains/(losses) on investments in the Income Statement. The total costs were as follows:








Six months ended

Six months ended

Year
ended



30 June
 2010

30 June
 2009

31 December 2009



£'000

£'000

£'000


Purchases

443

250

348


Sales

65

33

81



___________

___________

___________



508

283

429



___________

___________

___________

 

9.

Commitments, contingencies and post Balance Sheet events


On 5 November 2007, the European Court of Justice ruled that management fees should be exempt from VAT.




The Manager has refunded £1,337,000 to the Company for VAT charged on investment management fees for the period 1 January 2004 to 30 September 2007 and this was reflected in the financial statements for the year to 31 December 2008. The Manager has refunded a sum of £360,000, representing a payment on account of VAT charged on management fees paid by the Company between 1 January 2001 and 31 December 2003, and this amount has been recognised in the financial statements for the period ended 30 June 2010. These refunds have been allocated to revenue in line with the accounting policy of the Company for the periods in which the VAT was charged. 




The Manager is at present awaiting HMRC's confirmation of the amounts to be received for the periods from 1990 to 1996 and 2001 to 2007. The timing of this payment plus interest (for the period 1990 to 1996 and 2001 to 2007) is not certain, and will, once determined, be split in accordance with the prevailing accounting policy.



10.

The financial information in this report comprises non-statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the year ended 31 December 2009 has been extracted from published accounts that have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified under Section 498 of the Companies Act 2006.

 

11.

This Half-Yearly Report was approved by the Board on 5 August 2010.

 

 

12.        A summary of investment changes for the six months to 30 June 2010, a summary of net assets as at 30 June 2010 and a schedule of the fifty largest investments as at 30 June 2010 are attached.

 

By order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

5 August 2010

 

The Half Yearly Report will be printed and issued to shareholders and further copies will be available to the public at the registered office of the Company, 40 Princes Street, Edinburgh EH2 2BY and on the Company's web site www.murray-intl.co.uk.



SUMMARY OF INVESTMENT CHANGES

 

 


Valuation


Appreciation/

Valuation


30 June 2010

Transactions

(depreciation)

31 December 2009


£'000

%

£'000

£'000

£'000

%

Equities







United Kingdom

129,250

13.5

5,869

1,243

122,138

13.8

North America

77,009

8.0

(9,051)

4,365

81,695

9.3

Europe ex UK

173,639

18.2

10,100

(10,659)

174,198

19.7

Japan

54,110

5.7

(3,746)

5,122

52,734

6.0

Asia Pacific ex Japan

259,440

27.1

40,427

18,190

200,823

22.8

Latin America

137,287

14.4

18,161

(20,363)

139,489

15.8


________

________

________

________

________

________


830,735

86.9

61,760

(2,102)

771,077

87.4


________

________

________

________

________

________

Fixed income







United Kingdom

38,351

4.0

-

1,576

36,775

4.2

Europe ex UK

7,696

0.8

-

(1,012)

8,708

1.0

Asia Pacific ex Japan

11,574

1.2

(6,611)

11,642

6,543

0.7

Latin America

40,442

4.2

-

3,439

37,003

4.2


________

________

________

________

________

________


98,063

10.2

(6,611)

15,645

89,029

10.1


________

________

________

________

________

________

Other net assets{A}

27,595

2.9

-

5,410

22,185

2.5


________

________

________

________

________

________

Total assets

956,393

100.0

55,149

18,953

882,291

100.0


________

________

________

________

________

________


{A} Figure for 30 June 2010 excludes bank loan of £nil (31 December 2009 - £55,875,000) which is shown as a current liability in the Balance Sheet.

 

 

SUMMARY OF NET ASSETS

 


Valuation

Valuation


30 June 2010

30 June 2009


£'000

%

£'000

%

Equities

830,735

104.3

602,829

106.4

Fixed income

98,063

12.3

78,670

13.9

Other net assets

27,595

3.5

18,685

3.3

Prior charges

(155,189)

(19.5)

(130,796)

(23.1)

Other long term liabilities

(4,580)

(0.6)

(2,843)

(0.5)


_________

_________

_________

_________

Equity shareholders' funds

796,624

100.0

566,545

100.0


_________

_________

_________

_________

 

INVESTMENT PORTFOLIO

AS AT 30 JUNE 2010

 

 



Valuation

Total assets

Security

Country

£'000

%

Unilever Indonesia

Indonesia

40,112

4.2

British American Tobacco{A}

UK & Malaysia

31,234

3.3

Souza Cruz

Brazil

28,242

2.9

Rio Tinto{B}

UK & USA

26,606

2.8

Vale Rio Doce{C}

Brazil & USA

25,905

2.7

Standard Chartered

UK

22,555

2.4

Kimberly-Clark De Mexico

Mexico

21,428

2.2

PTT Exploration

Thailand

20,729

2.2

Aeroportuario del Sureste ADS

Mexico

20,644

2.1

Petrobras ADR{D}

Brazil

19,920

2.1

Top ten investments


257,375

26.9

Taiwan Mobile

Taiwan

19,788

2.1

Tenaris ADR

Argentina

18,507

1.9

Public Bank

Malaysia

17,198

1.8

Nordea

Sweden

16,404

1.7

Wing Hang Bank

Hong Kong

16,223

1.7

Philip Morris International

USA

15,316

1.6

Petrochina

China

15,004

1.6

Taiwan Semiconductor Manufacturing

Taiwan

14,998

1.6

QBE Insurance Group

Australia

14,677

1.5

AstraZeneca

UK

13,944

1.4

Top twenty investments


419,434

43.8

Casino

France

13,790

1.4

CLP Holdings

Hong Kong

13,519

1.4

Hindustan Unilever

India

13,489

1.4

Roche Holdings

Switzerland

13,400

1.4

Centrica

UK

13,351

1.4

Johnson & Johnson

USA

13,023

1.4

Schlumberger

UK

12,937

1.4

Swire Pacific B

Hong Kong

12,839

1.3

China Mobile

China

12,712

1.3

Weir Group  

UK

12,695

1.3

Top thirty investments


551,189

57.5

Telus

Canada

12,631

1.3

Telecomunicacoes De Sao Paulo

Brazil

12,230

1.3

Singapore Telecommunications

Singapore

12,186

1.3

Daito Trust Construction

Japan

12,158

1.3

Total

France

12,103

1.3

Royal Dutch Shell   

UK

12,069

1.3

Astellas Pharmaceutical

Japan

11,970

1.2

Zurich Financial Services

Switzerland

11,866

1.2

Intel

USA

11,694

1.2

Indonesia (Republic of){E}

Indonesia

11,574

1.2

Top forty investments


671,670

70.1

Kraft Foods

USA

11,408

1.2

Metro

Germany

11,387

1.2

United Overseas Bank

Singapore

11,203

1.2

Schneider Electric

France

11,191

1.2

ENI

Italy

11,163

1.2

Banco Bradesco

Brazil

11,131

1.2

Pemex Project Funding Master Trust 7.75% 29/09/2049

USA

10,693

1.1

Amada

Japan

10,659

1.1

Oversea-Chinese Banking

China

10,569

1.1

Takeda Pharmaceutical

Japan

10,532

1.1

Top fifty investments


781,606

81.7

Other investments


147,192

15.4

Total investments


928,798

97.1

Net current assets


27,595

2.9

Total assets


956,393

100.0


{A} Holding comprises equity holdings in both UK and Malaysia split £19,229,000 and £12,005,000 respectively.

{B} Holding comprises equity and fixed income securities, split £13,655,000 and £12,951,000 respectively.

{C} Holding comprises equity and fixed income securities, split £16,150,000 and £9,755,000 respectively.

{D} Holding comprises equity and fixed income securities, split £15,935,000 and £3,985,000 respectively.

{E} Holding comprises two fixed income securities, split £5,959,000 and £5,615,000 respectively.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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