Interim Management Statement

 

TIDMAZD 
 
RNS Number : 4512L 
Allianz Dresdner End Pol Tst 2010 
06 May 2010 
 

Allianz Dresdner Endowment Policy Trust 2010 PLC 
 
Interim Management Statement 
 
For the quarter ending 31st March 2010 
 
This interim management statement relates to the quarter from 1st January 2010 
to 31st March 2010 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 2010. 
 
Basis of valuation 
 
The valuation of the Company's endowment policy portfolio is based on 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%,100% and 50% of current bonus rates and no 
further bonuses.  Projected final net asset values as at 31st March 2010 are: 
 
Projected final net asset values at 31st December 2010: 
 
Assuming 150% of current bonus rates:          122.9p 
Assuming 100% of current bonus rates:          118.7p 
Assuming 50% of current bonus rates:            114.5p 
Assuming no further bonuses:                        110.4p 
 
Projected final net asset values are calculated using the principal bases 
and assumptions set out in the Annual 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 including a provision of GBP200,000 for 
winding up costs.  Interest rates over the Company's life are assumed to be 
consistent with the shape of the swap yield curve at 31st March 2010.  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 31st March 2010 
 
+---------------------------------+----------+----------+----------+------------+ 
| Life Office                     |          |        Value of Policies         | 
+---------------------------------+----------+----------------------------------+ 
|                                 |          | GBP'000s |          | % of       | 
|                                 |          |          |          | total      | 
|                                 |          |          |          | investment | 
+---------------------------------+----------+----------+----------+------------+ 
|                                 |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
| Standard Life                   |          |    7,917 |          |       35.8 | 
+---------------------------------+----------+----------+----------+------------+ 
| Legal & General                 |          |    2,771 |          |       12.5 | 
+---------------------------------+----------+----------+----------+------------+ 
| Scottish Provident              |          |    1,826 |          |        8.4 | 
+---------------------------------+----------+----------+----------+------------+ 
| Scottish Widows                 |          |      840 |          |        3.8 | 
+---------------------------------+----------+----------+----------+------------+ 
| Friends Provident               |          |      646 |          |        2.9 | 
+---------------------------------+----------+----------+----------+------------+ 
| Scottish Life                   |          |      355 |          |        1.6 | 
+---------------------------------+----------+----------+----------+------------+ 
| AVIVA (Norwich Union)           |          |      327 |          |        1.5 | 
+---------------------------------+----------+----------+----------+------------+ 
| Prudential (Scottish Amicable)  |          |      242 |          |        1.1 | 
+---------------------------------+----------+----------+----------+------------+ 
| National Mutual                 |          |      203 |          |        0.9 | 
+---------------------------------+----------+----------+----------+------------+ 
| Clerical Medical                |          |      177 |          |        0.8 | 
+---------------------------------+----------+----------+----------+------------+ 
| Prudential                      |          |      173 |          |        0.8 | 
+---------------------------------+----------+----------+----------+------------+ 
| Colonial Mutual                 |          |      126 |          |        0.6 | 
+---------------------------------+----------+----------+----------+------------+ 
| AVIVA (Commercial Union)        |          |      120 |          |        0.5 | 
+---------------------------------+----------+----------+----------+------------+ 
| Royal & Sun Alliance (Royal     |          |       88 |          |        0.4 | 
| Life)                           |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
| Friends Provident (UKPI)        |          |       52 |          |        0.2 | 
+---------------------------------+----------+----------+----------+------------+ 
| AVIVA (Provident Mutual)        |          |       46 |          |        0.2 | 
+---------------------------------+----------+----------+----------+------------+ 
| Refuge Assurance                |          |       30 |          |        0.1 | 
+---------------------------------+----------+----------+----------+------------+ 
| Scottish Mutual                 |          |       27 |          |        0.1 | 
+---------------------------------+----------+----------+----------+------------+ 
| Swiss Pioneer Life              |          |       21 |          |        0.1 | 
+---------------------------------+----------+----------+----------+------------+ 
| Sun Life Assurance              |          |       18 |          |        0.1 | 
+---------------------------------+----------+----------+----------+------------+ 
| Total of twenty largest         |          |   16,005 |          |       72.4 | 
| holdings                        |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
| Holdings in other offices       |          |       95 |          |        0.5 | 
+---------------------------------+----------+----------+----------+------------+ 
| Total holdings of endowment     |          |   16,100 |          |       72.9 | 
| policies                        |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
|                                 |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
| Fixed Interest Holdings         |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
| EIB 5.5%  Bd 07.12.11           |          |      532 |          |        2.4 | 
+---------------------------------+----------+----------+----------+------------+ 
| EIB 4.25% Bd 07.12.10           |          |      798 |          |        3.6 | 
+---------------------------------+----------+----------+----------+------------+ 
| UK Govt 6.25% 25.11.10          |          |    4,664 |          |       21.1 | 
+---------------------------------+----------+----------+----------+------------+ 
|                                 |          |    5,994 |          |       27.1 | 
+---------------------------------+----------+----------+----------+------------+ 
|                                 |          |          |          |            | 
+---------------------------------+----------+----------+----------+------------+ 
| TOTAL OF INVESTED FUNDS         |          |   22,094 |          |      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 31st March 2010 
                                                            % change 
3m      6m        1yr         3yr      5yrs 
Share price                              3.51     3.76     17.92      -2.77 
33.14 
Net Asset Value                      1.45      4.56      5.04       -6.45 
15.27 
Benchmark*                            5.99    12.51     50.42       1.28 
39.49 
 
Source: Datastream 
Total return with net dividends reinvested and net of fees. 
* FTSE 100 Total Return 
 
Financial position at 31st March 2010 
 
31st March 
Net assets                                GBP26,642,833 
 
Share price                               110.50p 
 
Net asset value1                        119.3p 
 
Discount2                                  7.4% 
 
Gearing  3                                  Nil 
 
 
1 Net asset values are 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                                         AZD 
Year end                                   30 June 
Report and Accounts                  Final posted September, Interim posted 
February 
AGM                                         November 
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 Endowment Policy Trust 2010 PLC 
 
155 Bishopsgate 
London EC2M 3AD 
 
6 May 2010 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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