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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mwtops Eur | LSE:TOPE | London | Ordinary Share | GG00B39VXT49 | RED PART PREF SHS EUR NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.825 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTOPE MW TOPS Limited Interim Management Statement This interim management statement relates to the period from 1 October 2009 to the date of publication of this statement and has been prepared solely to provide additional information in order to meet the relevant requirement of the Transparency Directive, and should not be relied on by shareholders, or any other party, for any other purpose. Overview MW TOPS Limited (the "Company") is a Guernsey registered, closed-ended limited liability investment company listed on the main market of the London Stock Exchange.The Company's shares are denominated in Sterling, Euro and US$. The investment objective of MW TOPS Limited is to provide consistent absolute returns primarily derived through trading in equities of companies incorporated in or whose principal operations are in Europe (including Eastern Europe). NAV Performance as at 29 January 2010 Return since 29 Jan Final NAV 1 Oct-29 Jan 2010 YTD inception 2010 Share 29 Jan 2010 return return (net)1 Price Euro Share NAV 10.21 -0.97% 0.10% 2.10% 9.64 US$ Share NAV 10.07 -0.98% 0.00% 0.70% 9.65 Sterling Share NAV 10.34 -0.86% 0.10% 3.40% 9.76 MSCI AC Daily TR Net Europe Local Index 95.92 0.56% -3.52% -19.24% N/A Note 1: Trading in the fund began on the Euronext Amsterdam Exchange on 13 December 2006, with an opening NAV of 10.00 and includes issuance costs of approximately 1% of NAV. Source: Morgan Stanley Capital International ("MSCI") Investment Review by Marshall Wace LLP (the "Investment Manager") During Q4 2009, fears over a deeper global recession receded as the monetary and fiscal policies of various governments supported the return to growth. The improvement in economic activity, progress in a number of leading confidence indicators, low interest rate environment and injection of liquidity into the financial system served as a fertile ground for global equity markets. However, within the Euro-zone, the recovery was haphazard, with Germany and France most heavily benefiting from the cycle reversal while Spain remained convalescent and Greece faced sovereign default in January 2010. In addition, there were sharp sector rotations within European equity markets and high levels of dispersion at the individual stock level. It is noteworthy that our composite early warning indicator spiked in Q4 2009 from a relatively benign 2 (the signal ranges between 1 and 5, where 5 is the highest level) to a more risky 3 for the first time since March 2009. This increase drove a de-risking programme within the MW TOPS Limited portfolio into year end. As at 29 January 2010, the total assets of the Company were EUR155,678,976. From 1 October 2009 to 29 January 2010, the Euro NAV returned -0.97% with a volatility of 1.47%. This compares favourably to the European equity market, which rose +0.56% over the same period but at the expense of a volatility of 13.68%. The share price performance of the three Share Classes of MW TOPS Limited from 1 October 2009-29 January 2010 was also pleasing, with the Euro, US$ and GBP Share Classes returning +2.23%, +3.43% and +2.41% respectively. The discount to NAV of the London-listed shares narrowed markedly from mid-January, and averaged -10.15% in the Euro line, -9.77% in the US$ line and -5.61% in the GBP line across the 4 month period under review. At the end of January, the respective discounts of the three Share Classes were -5.63%, -4.17% and -5.61%. We believe that this improvement reflects the NAV per share performance of MW TOPS Limited during the varied market conditions since its inception and the confidence of investors, after the market turmoil of 2008, in the efficacy of the MW TOPS investment process. Contributors to the MW TOPS system were defensively positioned in Q4 2009, with monthly average levels of net and gross market exposure within the MW TOPS Limited portfolio both decreasing steadily over the period, before increasing again in January 2010. Marshall Wace LLP lost only a small number of contributors to the MW TOPS system as a result of the large redundancies made by sell side firms in 2009; the majority of individuals who left the system were removed by the Investment Manager because they had consistently underperformed. Indeed, during 2009, net portfolio contributors were added in all regions as Marshall Wace continues to target pockets of alpha that we consider to be under-represented. In addition, the global trend of decreasing reliance on large investment banks continued as we solidified and broadened our links with more local and regional brokers during 2009. These smaller firms were more stable in terms of personnel during the credit crisis, and tend to have greater breadth of coverage of their region or sector. During Q4 2009, Marshall Wace LLP invested substantially in its global execution and trading platform, primarily in improving technology and quantitative research to promote the more automated, predictable and cost effective trading of the MW TOPS process-led strategy. The real-time optimiser is constantly run to re-forecast intra-day volume, volatility, spreads, stock alpha, predicted impact cost, risk and overnight carry portfolios, while the scheduling algorithm continuously attempts to change market participation rates to handle changing trading portfolios and stock specific market parameters. Amongst the benefits delivered thus far are: * A 20% reduction in the average commission rate paid by funds managed by the Investment Manager compared to 2008 * A 25% reduction in execution shortfall versus impact forecast The MW TOPS Limited portfolio has benefited from these enhancements. Investment Allocation Up to mid-December 2009, the Company's assets were allocated in the following approximate proportions to the relevant sub-trusts of Marshall Wace TOPS Trust: % Sub-Trust H (Balanced Europe) 10 Sub-Trust European TOPS 70 Sub-Trust N (Market Neutral) 20 At various dates in December 2009, the Company redeemed its holdings in the sub-trusts of Marshall Wace TOPS Trust, and invested these assets in the equivalent sub-trusts of Marshall Wace Investment Strategies: % Balanced TOPS Fund 10 European TOPS Fund 70 Market Neutral TOPS Fund 20 Material events Other than set out above, the Board is not aware of any material events during the period from 1 October 2009 to the date of this announcement, which would have had a material impact on the financial position of the Company. Investor Information The latest available information on the Company can be accessed via www.mwtops.eu. By order of the Board MW TOPS Limited Enquiries: Anson Fund Managers Limited - Tel +44 (0) 1481 722260 16 February 2010 This announcement is for information purposes only and is not an offer to invest. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financieel toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. E&OE - In Transmission END OF ANNOUNCEMENT [HUG#1385122]
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