Interim Management Statement

 

TIDMADRK 
 
RNS Number : 3278C 
Allianz Dresdr 2 Endw Policy TstPLC 
11 November 2009 
 

Allianz Dresdner Second Endowment Policy Trust PLC 
 
 
Interim Management Statement 
 
 
For the quarter ending 30th September 2009 
 
 
This interim management statement relates to the quarter from 1st July 2009 to 
30th September 2009 and contains information for that period unless otherwise 
stated. This statement is produced to provide information in accordance with DTR 
Rule 4.3. 
 
 
Investment objective 
 
 
The Company's objective is to invest in mid-term with-profits endowment policies 
to provide capital growth over its planned life to 31st December 2009. 
 
 
Basis of valuation 
 
 
The Board has determined that, in the absence of sufficient recent transactional 
data, the most appropriate basis of valuation is that of estimated surrender 
value. 
 
 
Projected final net asset values 
 
 
The Company publishes projected final net asset values on a regular basis. These 
projections have been based both on current bonus rate levels and, in order to 
give a measure of the sensitivity of the projected final net asset value to 
changes in bonus rates on 150%,120%,100%,80% and 50% of current bonus rates and 
no further bonuses. Projected final net asset values as at 30th September 2009 
are: 
 
 
Projected final net asset values at 31st December 2009: 
 
 
Assuming 150% of current bonus rates:   147.9p 
Assuming 120% of current bonus rates:   146.9p 
Assuming 100% of current bonus rates:  146.3p 
Assuming 80% of current bonus rates:    145.7p 
Assuming 50% of current bonus rates:    144.7p 
Assuming no further bonuses:                  143.1p 
 
 
Projected final net asset values are calculated using the principal bases 
and assumptions set out in the Annual Financial Report which, inter alia, assume 
no further death claims, or demutualisation benefits are received and no further 
purchases or disposals of policies are made. They have been calculated after 
deduction of estimated future expenses.  In addition, they also assume a 
provision for winding up costs of GBP240,000.  Interest rates over the Company's 
life are assumed to be consistent with the shape of the swap yield curve at 30th 
September 2009. These illustrations are given to provide an indication of the 
sensitivity of the projected final net asset value to bonus rate changes. They 
should not be taken as forecasts of any particular degree of change in 
bonus rate levels. 
 
 
Portfolio 
 
 
Twenty largest holdings by life office at 30th September 2009 
 
 
+---------------------------------------+--+----------+--+------------+ 
| Life Office                           |  |    Value of Policies     | 
+---------------------------------------+--+--------------------------+ 
|                                       |  | GBP'000s |  | % of total | 
|                                       |  |          |  | investment | 
+---------------------------------------+--+----------+--+------------+ 
|                                       |  |          |  |            | 
+---------------------------------------+--+----------+--+------------+ 
| Standard Life                         |  |    1,955 |  |       12.5 | 
+---------------------------------------+--+----------+--+------------+ 
| Legal & General                       |  |      537 |  |        3.4 | 
+---------------------------------------+--+----------+--+------------+ 
| Prudential (Scottish Amicable)        |  |      515 |  |        3.3 | 
+---------------------------------------+--+----------+--+------------+ 
| Prudential                            |  |      476 |  |        3.1 | 
+---------------------------------------+--+----------+--+------------+ 
| AVIVA (Norwich Union)                 |  |      334 |  |        2.1 | 
+---------------------------------------+--+----------+--+------------+ 
| Scottish Provident                    |  |      331 |  |        2.1 | 
+---------------------------------------+--+----------+--+------------+ 
| Scottish Widows                       |  |      263 |  |        1.7 | 
+---------------------------------------+--+----------+--+------------+ 
| Clerical Medical                      |  |      226 |  |        1.4 | 
+---------------------------------------+--+----------+--+------------+ 
| Scottish Life                         |  |      153 |  |        1.0 | 
+---------------------------------------+--+----------+--+------------+ 
| NFU Mutual                            |  |       82 |  |        0.5 | 
+---------------------------------------+--+----------+--+------------+ 
| Colonial Mutual                       |  |       71 |  |        0.5 | 
+---------------------------------------+--+----------+--+------------+ 
| Sun Life of Canada                    |  |       64 |  |        0.4 | 
+---------------------------------------+--+----------+--+------------+ 
| National Provident                    |  |       54 |  |        0.3 | 
+---------------------------------------+--+----------+--+------------+ 
| Friends Provident                     |  |       51 |  |        0.3 | 
+---------------------------------------+--+----------+--+------------+ 
| MGM Assurance                         |  |       45 |  |        0.3 | 
+---------------------------------------+--+----------+--+------------+ 
| Scottish Equitable                    |  |       42 |  |        0.3 | 
+---------------------------------------+--+----------+--+------------+ 
| Century Life                          |  |       40 |  |        0.3 | 
+---------------------------------------+--+----------+--+------------+ 
| AXA Sun Life                          |  |       29 |  |        0.2 | 
+---------------------------------------+--+----------+--+------------+ 
| Scottish Mutual                       |  |       26 |  |        0.2 | 
+---------------------------------------+--+----------+--+------------+ 
| Royal & Sun Alliance (Royal Life)     |  |       24 |  |        0.2 | 
+---------------------------------------+--+----------+--+------------+ 
| Total of twenty largest holdings      |  |    5,318 |  |       34.1 | 
+---------------------------------------+--+----------+--+------------+ 
| Others                                |  |      175 |  |        1.1 | 
+---------------------------------------+--+----------+--+------------+ 
| Total holdings of endowment policies  |  |    5,493 |  |       35.2 | 
+---------------------------------------+--+----------+--+------------+ 
|                                       |  |          |  |            | 
+---------------------------------------+--+----------+--+------------+ 
| Fixed Interest Holdings               |  |          |  |            | 
+---------------------------------------+--+----------+--+------------+ 
| Abbey 5.375%  30/12/09                |  |      514 |  |        3.3 | 
+---------------------------------------+--+----------+--+------------+ 
| UK Govt 5.75% 07/12/09                |  |    9,587 |  |       61.5 | 
+---------------------------------------+--+----------+--+------------+ 
|                                       |  |   10,101 |  |       64.8 | 
+---------------------------------------+--+----------+--+------------+ 
|                                       |  |          |  |            | 
+---------------------------------------+--+----------+--+------------+ 
| TOTAL OF INVESTED FUNDS               |  |   15,594 |  |      100.0 | 
+---------------------------------------+--+----------+--+------------+ 
 
 
 
 
 
 
Material events and transactions 
 
 
No dividends were paid during the quarter. 
 
 
There were no changes to the Company's share capital over the period. 
 
 
 
 
 
 
 
 
Financial Performance to 30th September 2009 
    % change 
 3m    6m    1yr 3yr 5yrs 
Share price           -1.77   1.46    5.3011.2047.09 
Net Asset Valu-0.13   -0.2   -6.09 -1.6121.34 
Benchmark*        21.90 33.69   9.54    -3.17   35.07 
 
 
Source: Datastream 
 
Total return with net dividends reinvested and net of fees. 
 
* FTSE 100 Total Return 
 
 
Financial position at 30th September 2009 
 
 
30th September 
Net assetsGBP29,062,871 
Share price139.0p 
Net asset value1 147.2p 
Discount2 5.6% 
Gearing3                        0% 
 
 
1 Net asset valuesare calculated and announced quarterly. 
 
2 The discount is the difference between the share price and the NAV (debt at 
book value) per share expressed as a percentage of the NAV per share. 
 
3 Actual gearing - net of cash and fixed interest. 
 
 
Company Information 
 
 
Launch date 1998 
EPIC                                       ADRK 
Year end                                    31 December 
Report and Accounts Final posted March, Interim posted August 
AGM                                     April 
Price Information                             Financial Times, The Daily 
Telegraph, 
www.rcm.com/investmenttrusts 
 
 
Investor information 
 
 
Further up to date information, including Net Asset Values and share prices, and 
the latest available factsheets and portfolio information, is provided on the 
Managers' website, which can be accessed via www.rcm.com/investmenttrusts. 
Investor Services can be contacted on 020 7065 1407 and information can also be 
obtained from the Managers' helpline on 0800 317 573. 
 
 
By order of the Board 
 
Allianz Dresdner Second Endowment Policy Trust PLC 
155 Bishopsgate 
London EC2M 3AD 
 
 
11th November 2009 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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