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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Establishment Investment Trust Plc | LSE:ET. | London | Ordinary Share | GB0031336919 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 217.00 | 212.00 | 222.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMET.
RNS Number : 5933P
Establishment Inv. Trust PLC (The)
18 November 2016
THE ESTABLISHMENT INVESTMENT TRUST PLC
Half-year financial report for the six months ended 30 September 2016
Objective of the Company
The investment objective of the Company is to achieve long-term capital growth from a managed international portfolio of securities. The preservation of capital is of primary importance to the investment objective.
The Company aims to achieve absolute returns and is not managed by reference to any equity or bond index or benchmark.
Investment Policy
-- To invest primarily in equities issued by companies listed on regulated markets. With the prior approval of the Board, the Company may invest in unlisted securities.
-- Up to 30% of net assets may be invested in investment products managed by the Company's Investment Manager. The Company may also hold positions in investment products managed by third parties.
-- Up to a maximum of 15% of net assets (at cost at the date of investment) may be invested in any one security.
-- The Company may borrow up to a maximum of 50% of net assets.
Financial Highlights
Performance comparisons 31 March 2016 - 30 September 2016
Hot Features
Premium
Total
Return
Share price +22.8%
Net asset value +19.0%
FTSE WMA Stock Market
Balanced Index +12.0%
MSCI UK Equity +14.2%
MSCI AC World Equity +18.0%
MSCI Japan Equity +21.7%
MSCI AC Asia ex Japan
Equity +22.7%
The percentages above are total returns in sterling.
Share Price performance relative to the Net Asset Value and FTSE WMA Stock Market Balanced Index since inception on 18 March 2002 to 30 September 2016 (total return)
Chart - see Half year report on website
Chairman's Statement
During the first half of the financial year the share price rose 18.2% while the Net Asset Value advanced by 15.7%. Including the final dividend of 7.1p paid in August, the total return of the share price and the Net Asset Value was 22.8% and 19.0% respectively. In comparison, the MSCI AC Asia ex Japan Equity Index and the MSCI AC World Equity Index rose 22.7% and 18.0% respectively while the FTSE WMA Stock Market Balanced Index rose 12.0%. The weakness of Sterling, mainly, but not entirely, as a result of the EU referendum was a major contributor to performance. Sterling fell by 10% against the US Dollar during the period under review and has subsequently weakened further. The vast majority of your company's assets, including cash balances, are invested overseas predominantly in Asia. The Investment Manager remains cautious on the outlook for Sterling.
The global economic and investment landscape remains challenging. Continued low and negative interest rates and quantitative easing ("QE") policies pursued by the Bank of Japan, the European Central Bank and the Bank of England have failed to produce any meaningful recovery in economic activity. There now appears to be something of an orchestrated approach by G20 national governments to roll out the Bernanke reflationary playbook by exploring the implementation of fiscal programmes to create stimulus where QE has failed to deliver. Additionally, a perception that China's domestic economy has been stabilised, again through credit expansion, has seen increased base metal and commodity prices. This has resulted in a steepening of the yield curve as long duration bonds have sold off and inflationary expectations have picked up, recently amplified by President elect Trump's agenda for infrastructure spending plans. The longer term outlook for Asia remains bright, particularly for the more domestically driven economies, such as India and the Philippines, which will continue to thrive, providing politics stay on an even keel throughout the region and Trump's protectionist rhetoric does not translate into policy objective. Certainly, markets will continue to be rattled until the new White House administration clarifies its position.
Shareholders should note the improvement in the revenue account and the intent to grow distributions in line with our progressive dividend policy. The Board has declared an interim dividend of 2.5p representing a 31% increase over last year's interim. This will be paid on 22 December 2016 to shareholders on the register on 2 December 2016.
Harry Wells
Chairman
18 November 2016
Investment Manager's Report
The performance of the Net Asset Value over the past six months is reasonably satisfactory although, from an asset allocation viewpoint, the very weak relative performance of both the Philippines (-3.2%) and Malaysia (+0.8%) in the third calendar quarter, relative to index heavyweight China which rose 27% in the quarter, has had an impact on total and relative returns. At an individual stock level, Minth Group, Sands China, Zee Entertainment, Samsung Electronics and Taiwan Semiconductor Manufacturing have contributed strongly over the past six months, while recent purchase Silver Heritage Group and long-term holdings IJM Corporation, Want Want China Holdings, BT Group and Imperial Brands have disappointed.
Japan
Since the launch of the Company back in 2002 there has always been a degree of equity exposure to Japan. In the "Koizumi boom" of the mid 2000s this exposure frequently exceeded 20%, and perhaps topped 25% at its peak, but since the global financial crisis, exposure has been consistently below 10% and was just 6.3% in March 2016. Prime Minister Abe was re-elected in late 2012 not least because of his proposed "three arrows" policy of fiscal stimulus, monetary easing and structural reform. Crucially the last arrow (by far the most important) has not, and is unlikely to be, implemented. While we are sure that many Japanese companies will flourish over the next decade, it is difficult to remain optimistic on a market where the most important talking point of late has been which ETF variant (tracking either the Nikkei 225 or the Topix Index) the Bank of Japan will buy next. The Bank of Japan, already the owner of 60% of outstanding ETFs, recently doubled its annual buying target. The structural problems facing Japan - whether be it the difficult demographics, a lack of supply side reform, the tripling of the monetary base in the three and a half years since Haruhiko Kuroda took charge at the Bank of Japan or spiralling Government debt - are very serious. Your Company no longer has any exposure to Japanese equities.
As the Chairman's Statement notes, it is not only Japan that is failing to generate any sustained improvement in economic activity. Quantitative easing in Japan and Europe remains an enormous experiment with little, thus far, to show for its efforts. Although a monetary tightening cycle appears to have started in the United States, Chairman Janet Yellen remains reluctant to increase short term rates as the US economy continues to grow relatively slowly.
Your Investment Manager notes with interest that no Asian country other than Japan has explicitly engaged in quantitative easing. Some might argue that the rapid growth in Chinese debt levels amount to the same thing (and your Manager would have some sympathy with that view) but Asian central banks have not committed to asset purchases and have not interfered with their domestic yield curve. While short term interest rates across the region are at or near historic lows - and will undoubtedly rise as and when US rates increase - monetary policy appears appropriate given the still sluggish global economic environment.
In China economic growth has revived somewhat although only at the cost of a US$ 3 trillion (30% of GDP) increase in total domestic credit. The improving economy, together with State directed supply management, has seen commodity prices recover sharply from recent lows but we question whether these improvements are sustainable. The portfolio remains focused on domestically orientated businesses around the region where powerful demographic trends are likely to support growth over the next decade. The returns of the first half were somewhat flattered by Sterling's plunge but the relative performance of Asian equities has improved markedly and we hope to make further progress in the second half.
Blackfriars Asset Management Limited
Investment Manager
18 November 2016
Income Statement
Six months ended Six months ended Year ended
30 September 30 September 31 March 2016
2016 2015
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Gains/(losses)
on
investments - 7,128 7,128 - (5,426) (5,426) - (2,926) (2,926)
Exchange
gains/
(losses)
on
currency
balances - 469 469 - (46) (46) - 3 3
Income 5 889 - 889 776 - 776 1,400 - 1,400
Investment
management
fees (28) (111) (139) (29) (115) (144) (56) (224) (280)
Other expenses (159) - (159) (151) - (151) (269) - (269)
---------------- ------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Return on
ordinary
activities
before
tax 702 7,486 8,188 596 (5,587) (4,991) 1,075 (3,147) (2,072) Tax on ordinary activities 7 (38) - (38) (41) - (41) (81) - (81) ---------------- ------ -------- -------- -------- -------- --------- --------- -------- --------- --------- Return on ordinary activities after tax 664 7,486 8,150 555 (5,587) (5,032) 994 (3,147) (2,153) ---------------- ------ -------- -------- -------- -------- --------- --------- -------- --------- --------- Return per Ordinary Share 8 3.32p 37.43p 40.75p 2.78p (27.94)p (25.16)p 4.97p (15.74)p (10.77)p
All revenue and capital items in the above statement derive from continuing operations.
The total columns in this statement represent the profit and loss accounts of the Company. The revenue and capital columns are supplementary to this and are prepared under the guidance published by the Association of Investment Companies.
A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.
Statement of Financial Position
30 September 30 September 31 March
2016 2015 2016
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at
fair value
through profit or
loss 46,857 34,848 40,739
Current assets
Debtors 38 65 214
Cash at bank 2,704 5,452 1,924
------------------------ ----- ------------ ------------ ---------
2,742 5,517 2,138
Creditors: amounts
falling due within
one year (78) (73) (86)
------------------------ ----- ------------ ------------ ---------
Net current assets 2,664 5,444 2,052
Net assets 49,521 40,292 42,791
Capital and reserves
Called up share capital 5,000 5,000 5,000
Share premium 14,701 14,701 14,701
------------------------ ----- ------------ ------------ ---------
19,701 19,701 19,701
Capital reserve 28,802 19,876 22,096
Revenue reserve 1,018 715 994
------------------------ ----- ------------ ------------ ---------
Equity shareholders'
funds 49,521 40,292 42,791
Net asset value per
Ordinary Share 6 247.61p 201.46p 213.96p
These financial statements were approved by the Board and signed on its behalf by:
Harry Wells
Director
18 November 2016
Registered in England No. 4355437
Statement of Changes in Equity
For the six months ended 30 September 2016 (unaudited)
Share Share Capital Revenue
capital premium reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2016 5,000 14,701 22,096 994 42,791
Return on ordinary
activities after
tax for the financial
period - - 7,486 664 8,150
Dividends paid - - (780) (640) (1,420)
At 30 September 2016 5,000 14,701 28,802 1,018 49,521
----------------------- ------- ------- ------- ----------------- -------
For the six months ended 30 September 2015 (unaudited)
Share Share Capital Revenue
capital premium reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2015 5,000 14,701 25,463 760 45,924
Return on ordinary
activities after
tax for the financial
period - - (5,587) 555 (5,032)
Dividends paid - - (600) (600)
At 30 September 2015 5,000 14,701 19,876 715 40,292
----------------------- ------- ------- ------- ------- -------
For the year ended 31 March 2016 (audited)
Share Share Capital Revenue
capital premium reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2015 5,000 14,701 25,463 760 45,924
Return on ordinary
activities after
tax for the financial
year - - (3,147) 994 (2,153)
Dividends paid - - (220) (760) (980)
At 31 March 2016 5,000 14,701 22,096 994 42,791
----------------------- ------- ------- ------- ------- -------
Statement of Cash Flows
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------- ------------- ------------- ----------
Cash flows from operating
activities
Return for the financial
year 8,150 (5,032) (2,153)
Adjustments for:
Taxation 38 41 81
(Gains) / losses on investments
held at fair value (7,128) 5,426 2,926
(Gains) / losses on exchange
movements (469) 46 (3)
Decrease in trade debtors 176 103 12
(Decrease) / increase
in trade creditors (9) (11) 1
----------------------------------- ------------- ------------- ----------
Cash from operations 758 573 864
Taxation (38) (41) (81)
----------------------------------- ------------- ------------- ----------
Net cash generated from
operating activities 720 532 783
----------------------------------- ------------- ------------- ----------
Cash flows from investing
activities
Purchase of investments (10,252) (3,647) (10,251)
Sale of investments 11,261 6,124 9,280
----------------------------------- ------------- ------------- ----------
Net cash generated from
investing activities 1,009 2,477 (971)
----------------------------------- ------------- ------------- ----------
Cash flows from financing
activities
Equity dividends paid (1,420) (600) (980)
----------------------------------- ------------- ------------- ----------
Net cash generated from
financing activities (1,420) (600) (980)
----------------------------------- ------------- ------------- ----------
Net increase in cash and
cash equivalents 309 2,409 (1,168)
Foreign exchange movements 471 (43) 6
Cash and cash equivalents
at beginning of year 1,924 3,086 3,086
----------------------------------- ------------- ------------- ----------
Cash and cash equivalents
at end of year 2,704 5,452 1,924
----------------------------------- ------------- ------------- ----------
Notes to the Financial Statements
1. The half-yearly financial report for the six months ended 30 September 2016 (the "Report") has been prepared in accordance with FRS 104 Interim Financial Reporting and the Statement of Recommended Practice "Financial statements of investment trust companies" issued by the Association of Investment Companies in November 2014.
The Report is unaudited and does not include all of the information required for full annual financial statements. The Report should be read in conjunction with the annual report and financial statements of the Company for the year ended 31 March 2016. The accounting policies and presentation in the Report are consistent with those intended to be applied in the Annual Report for the year ending 31 March 2017.
The Report does not represent the Company's statutory accounts for the purposes of section 434 of the Companies Act 2006. The Report will be sent to shareholders and copies will be made available to the public at the registered office of the Company and will be available on the investment manager's website (www.blackfriarsam.com).
The Company conducts its affairs in a manner intended to meet the requirements for approval as an investment trust under section 1158 of the Corporation Tax Act 2010.
These financial statements have been prepared in accordance with the requirements of section 838 of the Companies Act 2006 and constitute the Company's interim accounts for the purpose of justifying the payment of an interim dividend for the year ending 31 March 2017.
2. The financial information for the year ended 31 March 2016 included in the Report has been extracted from the Company's audited annual accounts for the year to 31 March 2016 which contained an unqualified audit report and did not include statements under Sections 498(2) or 498(3) of the Companies Act 2006. Those accounts have been filed with the Registrar of Companies.
3. Going concern
These financial statements have been prepared on a going concern basis. The following is a summary of the directors' assessment of the going concern status of the Company.
The majority of the net assets of the Company are securities which are traded on recognised stock exchanges. After considering the Company's current financial resources, the Directors are satisfied that its resources are adequate for continuing in business for the foreseeable future.
4. Valuation of investments
The Company's investments have been designated at fair value through profit or loss, and are recognised on the trade date and are initially measured at fair value. Investments are measured at subsequent reporting dates at fair value, and changes in fair value are included in the Income Statement as a capital item. Investments are designated at fair value through profit or loss as they are managed in accordance with a documented investment strategy and their performance is evaluated on a fair value basis by the Board of Directors. For listed investments, fair value is deemed to be either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted.
Unquoted investments are valued by the Directors at fair value. The Company held no unquoted investments at the period end.
5. Income
Six months ended Six months ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Income from investments
Overseas dividends 711 654 1,162
UK dividends 178 122 238
------------------------ ---------------- ---------------- ----------
889 776 1,400
6. Net asset value per Ordinary Share
Six months Year ended
Six months ended ended 31 March
30 September 30 September
2016 2015 2016
(unaudited) (unaudited) (audited)
Net assets attributable GBP49,521,000 GBP40,292,000 GBP42,791,000
Ordinary Shares
in issue at the
period end 20,000,000 20,000,000 20,000,000
------------------------ ---------------- ------------- -------------
Net asset value
per Ordinary Share 247.61p 201.46p 213.96p
7. Taxation
The tax charge relates to overseas withholding tax incurred on income receivable.
8. Return per Ordinary Share
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
(unaudited) (unaudited) (audited)
Total return per Ordinary
Share
Total return GBP8,150,000 GBP(5,032,000) GBP(2,153,000)
Weighted average number
of Ordinary
Shares in issue during
the period 20,000,000 20,000,000 20,000,000
-------------------------- ------------ -------------- --------------
Total return per Ordinary
Share 40.75p (25.16)p (10.77)p
-------------------------- ------------ -------------- --------------
The total return per Ordinary Share detailed above can be further analysed between revenue and capital, as below:
Revenue return per Ordinary Share Revenue return GBP664,000 GBP555,000 GBP994,000 Weighted average number of Ordinary Shares in issue during the period 20,000,000 20,000,000 20,000,000 ------------------------ ------------ -------------- -------------- Revenue return per Ordinary Share 3.32p 2.78p 4.97p Capital return per Ordinary Share Capital return GBP7,486,000 GBP(5,587,000) GBP(3,147,000) Weighted average number of Ordinary Shares in issue during the period 20,000,000 20,000,000 20,000,000 ------------------------ ------------ -------------- -------------- Capital return per Ordinary Share 37.43p (27.94)p (15.74)p ------------------------ ------------ -------------- -------------- 9. Interim dividend
The Directors have declared an interim dividend of 2.5p per Ordinary Share in respect of the year ending 31 March 2017. The shares will be quoted ex-dividend on 1 December 2016 and the dividend will be paid on 22 December 2016, to Shareholders on the register at the close of business on 2 December 2016.
10. Related party transactions
Fees payable to the Company's investment manager, Blackfriars Asset Management Limited ("Blackfriars") are shown in the Income Statement. At 30 September 2016, the fee accrual outstanding to Blackfriars was GBP25,413 (30 September 2015: GBP20,704).
Up to 30% of net assets may be invested in investment products managed by the Company's investment manager. At 30 September 2016, the aggregate amount invested in investment products managed by Blackfriars represented 14.3% of the Company's net assets. Blackfriars rebates management fees in respect of amounts invested in Blackfriars' investment products back to the Company.
Fees payable to the directors for the six months ended 30 September 2016 were GBP33,750 (six months ended 30 September 2015: GBP35,300). Fees were payable at an annual rate of GBP20,000 to the Chairman, GBP17,500 to the Chairman of the Audit Committee and GBP15,000 to the other directors. Tom Waring has waived his director's fee since the appointment of Blackfriars Asset Management Limited as investment manager to the Company.
The interests of the Directors in the Ordinary Shares of the Company on the dates shown were as follows:
Ordinary Shares of 25p each
At 30 Sep At 30 Sep At 31 March
2016 2015 2016
---------------------- ---------- ---------- ------------
Jim Ryall (appointed - - -
2 June 2015)
Gregory Shenkman 3,415 3,415 3,415
Susan Thornton (a) 1,744,728 1,744,728 1,744,728
Tom Waring - - -
Harry Wells (b) 26,000 26,000 26,000
Harry Wells (c) 4,000 4,000 4,000
(a) As a Trustee of The Thornton Foundation
(b) 19,000 held in SIPP and 7,000 in his own name
(c) As a Trustee of The Pauline Lamb Grandchildren's Trust
Susan Thornton also has an interest in 3,611,083 Ordinary Shares in her capacity as a beneficiary of The Estate of Richard Thornton.
11. Classification of financial instruments
FRS 102, as amended for fair value hierarchy disclosures (March 2016), sets out three fair value levels. These are:
Level 1
The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
Level 2
Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
Level 3
Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
The classification of the Company's investments held at fair value is detailed in the table below:
30 September 2016 30 September 2015
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------- -------- -------- -------- --------
Investments 46,857 - - 46,857 34,848 - - 34,848
-------- -------- -------- -------- -------- -------- -------- --------
46,857 - - 46,857 34,848 - - 34,848
-------- -------- -------- -------- -------- -------- -------- --------
12. Distributable reserves
The Company's distributable reserves consist of the capital reserve and revenue reserve. Dividends may be paid from either of these reserves.
Interim Management Report
The Directors are required to provide an Interim Management Report in accordance with the UK Listing Authority's Disclosure Guidance and Transparency Rules and consider that the Chairman's Statement and the Investment Manager's Report on pages 4 to 5 of this Report, the following statement on related party transactions and the Directors' Responsibility Statement below, together constitute the Interim Management Report for the Company for the six months ended 30 September 2016.
The principal risks to the Company are in respect of foreign currency, interest rates, market prices, liquidity and credit risk. The Chairman's Statement and Investment Manager's Report set out any perceived uncertainties in respect of these and any other risks to the Company, for the remaining six months of the current financial year.
The Directors confirm that no related party transactions were undertaken by the Company in the first six months of the current financial year. There have been no significant changes to the related party transactions described in the Annual Report of the Company for the year ended 31 March 2016.
The half-year financial report for the six months ended 30 September 2016 has not been reviewed by the Company's Auditors, Grant Thornton UK LLP.
Directors' Responsibility Statement
The Directors confirm that to the best of their knowledge:
a) the condensed set of Financial Statements contained within the Half-yearly financial report has been prepared in accordance with FRS 104 Interim Financial Reporting.
b) the Interim Management Report includes a fair review; as required by Disclosure Guidance and Transparency Rule 4.2.7 R; of important events that have occurred during the first six months of the financial year, their impact on the condensed set of Financial Statements and a description of the principal risks and perceived uncertainties for the remaining six months of the financial year; and
c) the Interim Management Report includes a fair review of the information concerning related parties transactions as required by Disclosure Guidance and Transparency Rule 4.2.8 R.
The half-year financial report for the six months ended 30 September 2016 and the above Directors' Responsibility Statement were approved by the Board on 18 November 2016.
Harry Wells
Chairman
Portfolio Holdings at 30 September 2016
(All Equity Shares unless otherwise stated)
Fair % of % of
value net net
assets assets
Holding Company GBP'000
(portfolio
look
through
basis)
---------- ----------------------------------- -------- -------- -----------
Blackfriars Oriental Focus
400,000 Fund 'B' ^ 7,009 14.3% -
444,000 Taiwan Semiconductor Manufacturing 1,996 4.0% 4.8%
564,800 Sands China 1,889 3.8% 4.4%
297,933 Zee Entertainment 1,885 3.8% 4.6%
1,652 Samsung Electronics 1,850 3.7% 4.6%
36,500 British American Tobacco 1,800 3.6% 3.6%
652,000 Minth Group 1,763 3.6% 4.4%
Housing Development Finance
101,926 Corporation 1,643 3.3% 4.0%
147,000 National Grid 1,605 3.2% 3.2%
2,537,700 Ayala Land 1,586 3.2% 3.8%
566,263 ITC 1,581 3.2% 3.8%
42,000 Unilever 1,535 3.1% 3.1%
92,000 GlaxoSmithKline 1,511 3.1% 3.1%
612,700 Samsonite International 1,507 3.0% 3.6%
37,000 Imperial Brands 1,470 3.0% 3.0%
180,000 Siam City Cement 1,182 2.4% 2.9%
813,596 Uni-President Enterprise 1,178 2.4% 2.9%
5,724,400 Land & Houses 1,141 2.3% 2.9%
50,500 KT Corporation 1,129 2.3% 2.9%
73,070 Ayala Corporation 1,000 2.0% 2.5%
5,196,100 BTS Group 995 2.0% 2.6%
34,411 Shinhan Financial 968 2.0% 2.4%
1,613,000 IJM Corporation 965 1.9% 2.5%
1,800,000 Astra International 879 1.8% 2.2%
215,000 BT Group 836 1.7% 1.7%
89,000 China Mobile 830 1.7% 2.0%
1,546,000 Sun Art Retail Group 819 1.7% 2.0%
4,200,000 Silver Heritage Group 744 1.5% 1.5%
361,000 Johnson Electric Holdings 709 1.4% 1.8%
20,000 Hermes Microvision 665 1.3% 1.7%
1,180,000 Want Want China Holdings 563 1.1% 1.5%
869,300 Religare Health Trust 514 1.0% 1.0%
18,000 Tencent Holdings 381 0.8% 0.8%
550 LG Household Health Care 368 0.7% 0.7%
30,000 Voltranic Power Technology 361 0.7% 0.7%
30,000 BTS Group Warrants - - -
Total investments 46,857 94.6% 93.2%
Net current assets 2,664 5.4% 6.8%
---------- ----------------------------------- -------- -------- -----------
Net assets 49,521 100.0% 100.0%
---------- ----------------------------------- -------- -------- -----------
^ Irish domiciled and listed fund managed by Blackfriars
Asset Management.
Analysis of Investment Portfolio at 30 September
2016 Fair % of % of
value net assets net assets
Sector analysis GBP'000
(look
through
basis)
----------------------- -------- ------------ ------------
Consumer Non-Cyclical 9,314 18.8% 20.6%
Consumer Cyclical 8,918 18.0% 21.6%
Investment Companies 7,009 14.3% 0.0%
Financials 5,711 11.5% 13.7%
Technology 4,892 9.8% 11.9%
Communications 4,680 9.5% 11.2%
Industrials 2,035 4.0% 5.0%
Utilities 1,605 3.2% 3.2%
Health Care 1,511 3.1% 3.1%
Materials 1,182 2.4% 2.9%
Total investments 46,857 94.6% 93.2%
Net current assets 2,664 5.4% 6.8%
----------------------- -------- ------------ ------------
Net assets 49,521 100.0% 100.0%
----------------------- -------- ------------ ------------
Fair % of % of
value net net
Geographical analysis (based GBP'000 assets assets
on listing or domicile)
(look
through
basis)
------------------------------ -------- ------- ---------
United Kingdom 8,757 17.7% 17.7%
China 8,461 17.1% 20.5%
Ireland ^ 7,009 14.3% 0.0%
India 5,623 11.3% 13.4%
Korea 4,315 8.7% 10.6%
Taiwan 4,200 8.4% 10.1%
Thailand 3,318 6.7% 8.4%
Philippines 2,586 5.2% 6.3%
Malaysia 965 1.9% 2.5%
Indonesia 879 1.8% 2.2%
Australia 744 1.5% 1.5%
Total investments 46,857 94.6% 93.2%
Net current assets 2,664 5.4% 6.8%
------------------------------ -------- ------- ---------
Net assets 49,521 100.0% 100.0%
------------------------------ -------- ------- ---------
^ Irish domiciled and listed fund managed by Blackfriars
Asset Management. This represents the investment
in Blackfriars Oriental Focus Fund 'B' which is
invested in Asia (ex Japan) equities.
Fair % of % of
value net net
Classification of Assets GBP'000 assets assets
(look
through
basis)
-------------------------- -------- ------- ---------
Equities 46,857 94.6% 93.2%
Net current assets 2,664 5.4% 6.8%
-------------------------- -------- ------- ---------
Net assets 49,521 100.0% 100.0% Fair % of
-------------------------- -------- ------- --------- value net
Company Information
Directors Investment Manager
Harry Wells (Chairman) Blackfriars Asset Management
Limited
Jim Ryall 9 Cloak Lane
Gregory Shenkman London EC4R 2RU
Susan Thornton Tel: 020 7332 2270
Tom Waring www.blackfriarsam.com
Corporate Secretary and Solicitors
Registered Office
PraxisIFM Fund Services Stephenson Harwood
(UK) Limited *
Mermaid House 1 Finsbury Circus
2 Puddle Dock London EC2M 7SH
London EC4V 3DB
Registrars Registered Auditor
Capita Registrars Grant Thornton UK LLP
The Registry 30 Finsbury Square
34 Beckenham Road London EC2P 2YU
Beckenham
Kent BR3 4TU
Broker Custodian
J.P. Morgan Cazenove The Northern Trust Company
25 Bank Street 50 Bank Street
Canary Wharf Canary Wharf
London E14 5JP London E14 5NT
* With effect from 1 July 2016, PraxisIFM Fund Services (UK) Limited has been appointed as the Company's Corporate Secretary, having acquired Cavendish Administration Limited.
Shareholder Relations
The price of the Company's Ordinary Shares is listed daily in the Financial Times.
The Company's web pages can be accessed on the Investment Manager's website at www.blackfriarsam.com
Monthly updates are published on the Investment Manager's website.
Enquiries:
Anthony Lee 020 7653 9690 PraxisIFM Fund Services (UK) Limited Company Secretary
The Half-yearly financial report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM
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This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBBDBLUBBGLI
(END) Dow Jones Newswires
November 18, 2016 07:00 ET (12:00 GMT)
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