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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Blackrock Sub | LSE:ESTS | London | Ordinary Share | GB00B86T8K22 | SUB SHS USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.255 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEST TIDMESTS THE EASTERN EUROPEAN TRUST PLC All information is at 30 NOVEMBER 2010 and unaudited. Performance at month end with net income reinvested One Three One Three *Since Month Months Year Years 30.04.09 Sterling: Share price** -4.1% 11.2% 36.5% -17.4% 100.6% Net asset value** -1.2% 10.7% 31.3% -21.2% 95.9% MSCI EM Europe 10/40(TR) -2.5% 8.5% 20.1% -5.5% 74.1% US Dollars: Net asset value -3.8% 12.2% 24.6% -40.3% 105.9% MSCI EM Europe 10/40(TR) -5.0% 10.0% 14.0% -28.4% 82.9% Sources: BlackRock and Standard & Poor's Micropal * BlackRock took over the investment management of the Company with effect from 1 May 2009. ** Net asset value and share price performance includes the subscription share reinvestment, assuming the subscription share entitlement was sold and the proceeds reinvested on the first day of trading. At month end Net asset value - capital only: 322.36p Net asset value*** - cum income: 324.04p Share price: 294.50p Subscription share price: 19.25p Total assets^: GBP167.2m Discount (share price to capital only NAV): 8.6% Gearing: 3.8% Net yield: n/a Ordinary shares in issue^^: 49,626,886 Subscription shares: 9,201,084 ***Includes year to date net revenue equal to 1.68p per share. ^Total assets include current year revenue. ^^Excluding 4,664,367 shares held in treasury. Benchmark Sector Analysis Total Assets (%) Index (%) Country Analysis Total Assets (%) Financials 35.5 32.4 Russia 59.0 Energy 23.6 31.7 Turkey 15.9 Materials 14.0 12.3 Poland 12.1 Telecommunications 7.5 8.5 Czech Republic 4.6 Consumer Staples 7.2 4.4 Hungary 3.1 Utilities 4.9 6.8 Austria 1.7 Industrials 3.9 2.0 Kazakhstan 1.4 Consumer Discretionary 3.4 0.8 Germany 1.2 Health Care 1.0 0.8 Ukraine 1.0 Technology - 0.3 Sweden 1.0 Net current liabilities (1.0) 0.0 Net current liabilities (1.0) ----- ----- ----- 100.0 100.0 100.0 ===== ===== ===== Ten Largest Equity Investments(in alphabetical order) Company Country of Risk Bank Pekao Poland Gazprom Russia MMC Norilsk Nickel Russia Lukoil Russia Novatek Russia Rosneft Russia Sberbank Russia Surgutneftegaz Russia Turkiye Garanti Turkey Vimpel Communications Russia Commenting on the markets, Sam Vecht, representing the investment Manager noted; Market The MSCI Emerging Europe 10/40 Index returned -2.5 % in November. The region's markets fell on fears that the financial crises in Ireland and Portugal could spread beyond the borders of the Eurozone. Hungary was the worst performer over the month. Investors reacted to the effective nationalisation of the domestic pension industry, fearing that contributions will be diverted from the equity market to finance government spending. The telecommunications sector performed poorly as did consumer stocks. The materials sector performed well as commodity prices rose following the commencement of a quantitative easing programme in the United States. Performance The Company's NAV fell by 1.2%, outperforming the index by 1.3%. Both country allocation and stock selection contributed to performance. The overweight position in Russia, which outperformed in November, was a positive contributor as was the underweight position in the underperforming central European markets, Poland and Hungary. Stocks contributing to performance this month included Turkish fertiliser company, Gubre Fabrikalari after the company announced better than expected earnings. Also contributing to performance was Russian mobile telecommunications firm, Vimpelcom. Despite concerns surrounding the risks associated with the acquisition of assets from Weather Investments, expectations of strong earnings results drove stock price performance. Also contributing to performance was Russian railway company, TransContainer, which performed well after an initial public offering ("IPO"), the first of a multi-year privatisation programme of 900 Russian state-owned enterprises. Detracting from performance were underweight positions in Russian energy company, Lukoil, and Russian gold miner, Polyus Gold, which performed well as commodity prices benefitted from the US quantitative easing programme. Activity In November the Company added to positions in Russia by participating in the IPOs of railway company, TransContainer, and infrastructure company, Mostotrest, reflecting our positive views of the companies' earnings growth potential at attractive valuations. We also added to the position in Russian financial, Sberbank, which we believe to be an undervalued beneficiary of the Russian economic recovery and will also be aided by the announcement that management has set a date for a depositary receipt programme. The team took some profits in Turkish stocks after strong recent performance, including industrial company, Gubre Fabrikalari, telecommunication firm, Turkcell and financial, Turkiye Halk Bankasi. Finally we sold the position in Russian internet company, mail.ru, after the stock rose by nearly 30% following an IPO. Outlook Emerging European equities remain very attractive on low valuations compared to other markets. Corporate earnings growth is strong and there have been further upgrades to forecasts for both 2010 and 2011. Portfolio positions in energy remain the largest underweighting, while the portfolio is overweight the materials sector. The increase in materials reflects our positive view of the economic outlook which is further supported by additional US quantitative easing; we believe that companies in the materials sector are well-placed to take advantage of the weaker dollar and rising commodity prices. Stock specific factors lead us to be more cautious on energy companies. In Hungary, we are concerned about the impact of changes to the pension fund industry while in Russia, we believe the winning of the FIFA 2018 World Cup bid to be positive for the market. In terms of country allocations, we have increased the weighting in Russia, while the portfolio remains underweight Poland where we are concerned about the impact of the funding requirements of government privatisations on the market. Latest information is available by typing www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). 16 December 2010 END
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