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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blue Planet | LSE:BPW | London | Ordinary Share | GB0001524171 | ORD 50P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 29.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMBPW
Half Yearly Report and Accounts
for the six months ended 31 January 2012
Blue Planet
Worldwide Financials
Investment Trust plc
Officers and Advisors
Directors Investment Manager
Philip Court (Non-Executive Chairman) Blue Planet Investment Management Ltd
D Christopher Jones (Non-Executive) 18A Locker Street
Kenneth C Murray (Non-Executive) Sliema
Malta SLM 3124
Telephone No: +356 2131 4309
Facsimile No: + 356 2131 5219
Local call rate from UK: 0845 527 7588
e-mail: info@blueplanet.eu
www.blueplanet.eu
Administrators, Secretary and Registrars
Registered Office
Blue Planet Investment Advisers Ltd Capita Registrars
Greenside House The Registry
25 Greenside Place 34 Beckenham Road
Edinburgh EH1 3AA Beckenham
Telephone No: +44 131 466 6666 Kent BR3 4TU
Facsimile No: +44 131 466 6677 Shareholder Helpline No: 0871 664 0300
(calls cost 10p per minute plus network
Email: info@bpia.eu extras, lines are open 8.30am - 5.30pm
(Mon - Fri))
www.bpia.eu
Overseas: +44 208 639 3399
e-mail: ssd@capitaregistrars.com
www.capitaregistrars.com
Chartered Accountants & Statutory Bankers
Auditor
Deloitte LLP Lloyds TSB Bank plc
Saltire Court 1st Floor
20 Castle Terrace 48 Chiswell Street
Edinburgh EH1 2DB London EC1Y 4XX
Stockbroker Custodians
Fairfax Plc RBC Dexia Investor Services Trust
46 Berkeley Square Riverbank House
Mayfair 2 Swan Lane
London EC4R 3AF
London W1J 5AT
Registered Number
SC177928
Blue Planet Investment Management Ltd is authorised and regulated by the Malta
Financial Services Authority.
Blue Planet Investment Advisers Ltd is authorised and regulated by the
Financial Services Authority.
Blue Planet Worldwide Financials Investment Trust plc is a member of the
Association of Investment Companies.
Financial Record
Investment Policy and Objective
The investment policy of the Company is to invest in securities (as defined by
the Financial Services & Markets Act 2000) including equities and debt issued
by quoted financial companies located anywhere in the World with the objective
of providing investors with a high rate of total return. Not more than 15% of
the Company's portfolio may be invested in any one entity at the time the
investment is made. The maximum gearing employed is set by the Directors from
time to time and is currently 50% of shareholders funds (the Company's Articles
permit a maximum gearing of 75%). The Company's benchmark index is the
Bloomberg World Financial Index and there is no restriction on the amount that
may be invested in any one country. The actual number of investment holdings,
the level of gearing and country allocations will depend on market conditions
and the judgement of the Board of what is in the best interest of shareholders.
Financial Record Six months Six months Year ended
ended ended
31 July 2011
31 January 31 January
2012 2011 (audited)
(unaudited) (unaudited)
Shareholders' funds (GBP'000) 6,752 8,961 8,037
Net asset value per share (p) 47.97 63.66 57.10
Share price (p) (Bid) 26.00 48.00 37.00
Discount (%) 45.8 24.6 35.2
Gearing (%)* - 45.8 -
Return available for shareholders (GBP (61) (118) (246)
'000)
Revenue return per share (p) (0.43) (0.84) (1.75)
Total return per share (p) (9.13) (8.19) (14.75)
Dividend yield on Benchmark Index (%) 0.93 2.39 2.74
Total return on Benchmark Index in (5.06) 6.90 1.28
Sterling (%)
* Net debt as a percentage of shareholders' funds.
Dividend
No interim dividend has been declared.
The Investment Manager
Blue Planet Investment Management Ltd is a Malta based investment management
company. It is an independent firm that specialises in managing investments in
financial companies. It is regulated by the MFSA.
In addition to Blue Planet Worldwide Financials Investment Trust plc, Blue
Planet Investment Management Ltd also manages the Blue Planet International
Financials Investment Trust plc and Blue Planet Financials Growth & Income
Investment Trust Nos (1-10) plc. Details of the Blue Planet's Savings Scheme,
investment trusts and other products can be obtained from the Fund
Administrator and Company Secretary Blue Planet Investment Advisers Ltd,
Greenside House, 25 Greenside Place, Edinburgh, EH1 3AA (Tel no: +44 131 466
6666), email: info@bpia.eu, website: http://www.bpia.eu.
Website Information
Please take the time to visit our website:
www.blueplanet.eu
If you wish to receive a monthly fact sheet on the trusts please visit:
http://www.blueplanet.eu/blueplanet_downloads.136.html
To download historical Annual and Interim reports and past monthly fund fact
sheets:
http://www.blueplanet.eu/blueplanet_downloads.124.html
To view stock market RNS announcements:
http://www.blueplanet.eu/blueplanet_news.8.html
Interim Management Report
Performance
In the last six months the Fund's NAV has fallen 16% to 47.97p while the
Bloomberg World Financials Index, has fallen 6% in Sterling terms. The
protracted problems in the Eurozone and a tumultuous month in the markets in
August, as the US Federal Reserve Chairman warned of lower growth expectations
and the country was stripped of its AAA rating by Standard and Poor's, have
meant a weak six months in the markets. However a major reason for the Fund's
underperformance has been the cripplingly high total expense ratio that the
Trust has to bear. This has made it exceedingly difficult for the manager to
match its benchmark in recent years. The proposed merger of the Trust with the
Blue Planet Financials Growth & Income Investment Trusts No 1-10 plc and Blue
Planet International Financials Investment Trust plc, by means of Scheme of
Reconstruction that was announced on the 22nd December 2011, is intended to
address that issue and is expected to bring about a substantial reduction in
the combined trust's total expense ratio. If approved, that merger should bring
significant benefits and enhance the future performance of the new combined
trust. The Board will shortly be writing to shareholders with additional
information on the proposed merger. That in conjunction with what looks like
genuine improvements in the US labour market means that we can look forward to
the future with a great deal more optimism than has been the case for several
years.
The liquidity of the share price has been low over the past six months and the
share price has suffered a much steeper fall than the NAV. With the offer price
of the Company's shares standing at 29 pence at the time of writing this
report, this implies that the stock can currently be bought at a discount to
NAV of 40%.
The details of the current portfolio are described below. As discussed in the
last annual report, the intention during the interim period was to hold a
cautious portfolio. This has been achieved by further dropping the level of
equity holdings and increasing fixed income holdings. Risk aversion remained
high through 2011, and despite a positive start to 2012, our preference over
the past six months has been for capital preserving assets and those with good
income generating qualities, which should withstand austere national fiscal
actions in Europe and an uncertain corporate earnings outlook in 2012.
Portfolio
Figure 1 shows the movement in security types. Figure 2 shows the geographical
locations of the holdings in the portfolio at both the year end and the end of
the interim period. In July, following a near failure for US politicians to
come to an agreement over whether the country's debt ceiling should be raised,
US and emerging market stocks, to which the portfolio was heavily exposed, fell
sharply. As a consequence of both the US sovereign credit downgrade by Standard
& Poor's and funding costs for major European economies, notably Italy and
Spain, steadily rising, August and September were very weak months for all
equities. By this point the Fund's equity holdings had been reduced and its
fixed income holdings increased, with a strong cash position, some of which was
deposited in a Sterling money market instrument.
Whilst the Fund's equity holdings were temporarily increased in October to
benefit from a measure of recovery in the markets as the European Union agreed
to leverage the existing EFSF mechanism and job numbers in the US showed signs
of improvement, we resumed our cautious stance in November as European optimism
remained short-lived and MF Global declared itself bankrupt. Retaining that
cautious stance through December 2011 and January 2012 caused the fund to
underperform, as the ECB intervened to stem a potential European banking
collapse. Despite the European Central Bank President Draghi and German Central
Bank President Weidmann's protestations that they would not inject money via
the purchase of Eurozone sovereign bonds, as such an action would breach the
European Central Bank's mandate, the European Central Bank performed a complete
volte face in December and exchanged EUR500billion worth of Eurozone sovereign
bonds for cash. This provided a huge relief to the banks receiving this cheap
money and boosted heavily distressed European assets.
Figure 1: Portfolio movements - by security type
Security Type Jan-12 Jul-11
Equity 15.9% 87.1%
Cash 9.0% 12.9%
Fixed Income 75.1% 0.0%
Total 100.0% 100.0%
Figure 2: Portfolio movements - geographic locations of holdings
Country Jan-12 Jul-11
Ireland 51.2% 0.0%
UK 33.5% 33.7%
Jersey 8.3% 0.0%
US 7.0% 29.4%
Indonesia 0.0% 14.0%
Russia 0.0% 7.0%
Thailand 0.0% 5.7%
France 0.0% 3.7%
Brazil 0.0% 2.6%
Finland 0.0% 2.4%
Norway 0.0% 1.5%
Total 100.0% 100.0%
The portfolio has ended the interim period with the majority of its holdings in
UK securities, listed either in the UK, on the Irish stock exchange or in
Jersey. These holdings consist of bond funds, equity income funds, individual
bond names, cash holdings and small cross-holdings in other Blue Planet
investment trusts. These sterling-denominated securities have significantly
reduced the currency risk in the portfolio.
The remaining holdings are US equities. Since the end of the interim period,
exposure to equities, in particular those in the US, has been increased to some
degree, as the outlook for the US economy has steadily brightened, as is
discussed in more detail in the outlook section below.
Borrowings, Gearing & Liquidity
At the half year end the Fund was ungeared. The Company's loan facility was
repaid in August 2011, just after the Company's last year end. This means that
the Fund currently does not have the facility to employ gearing by means of a
bank loan.
Dividend
No interim dividend has been declared for the first half of the year. The
income from investments is at a similar level to what it was at the end of the
interim period a year ago and no interest expenses were incurred as the company
loan was repaid shortly after the last year end. However given the small size
of the fund, the administrative expenses, whilst lower than a year ago, have
more than consumed all the income generated. As discussed above, the proposed
merger of the Blue Planet Financials Investment Trusts will address this issue.
Risk
Your Company is, and will continue to be, exposed to a number of risks which
are detailed in full in the Investment Managers Report in the Annual Report.
The key market risk arises from the uncertainty regarding the future price
performance of the securities held by your Company. The Company is invested in
a single industry sector. Being invested in a single sector exposes the Fund to
the risk that the Financial Sector will underperform relative to other sectors
of the market, and the Financial Sector has underperformed many other sectors
during this interim period.
Nevertheless, the financial sector remains a large part of the market and
constitutes nearly 20% of the Bloomberg World Index. Banks play a crucial and
central role in free market economies, as the response of governments and
central banks to the recent financial crisis has shown; a role that will ensure
the prosperity of the banking sector as a whole over time. The prices of the
individual securities in the portfolio are monitored on a daily basis. The
securities dealt in are all listed on recognised exchanges and are readily
realisable.
The Fund is exposed to currency risk, due to the range of currencies in which
investments are held. The Company's assets may be held in assets denominated in
foreign currencies and movements in these currencies can significantly affect
the total return and net assets. As a result the Company has opted to hedge
most of its currency risk and is expected to do so going forwards. The fund
manager tracks currency movements on a regular basis and hedging is in turn
considered on a case-by-case basis.
Where investments are made in emerging markets there is a risk of higher
volatility in the price performance of these equities and their associated
currencies. Political risk and adverse economic circumstances are more likely
to arise, putting the value of the investment at a higher risk. The
registration and settlement arrangements in emerging markets may be less
developed than in more mature markets so operational risks of investing are
higher.
Going Concern
The Directors consider that the Company has adequate financial resources in the
form of readily realisable listed securities, as well as cash of GBP564,000. As a
result of the continuing uncertainty in the global markets, the Board and Blue
Planet Investment Management Ltd have been working in conjunction to agree a
strategy for the Company, and are actively pursuing a potential merger
opportunity. Should a merger be approved by the shareholders of the Company
and the shareholders of the other Blue Planet Financials Investment Trusts, the
Company will be placed in members' voluntary liquidation and will not continue
as an investment company. If the merger is not approved, then the Company will
continue as a going concern.
Blue Planet Services and Price Information Sources
Shareholders can view the Company's share price and additional information
about the Fund on the website of Blue Planet Investment Management Ltd
(www.blueplanet.eu) and the London Stock Exchange (www.londonstockexchange.com
). To find the Company's share price on the London Stock Exchange website go to
the Home page and type "BPW" in the "Price Search" field.
Outlook
The outlook for both your Company and the World economy is improving albeit it
tentatively as we start 2012. In terms of the World economies, developments in
the US so far this year have been positive. The US unemployment rate has
dropped sharply to 8.3% as companies start to increase hiring and a more benign
economic environment in the US can be expected if labour market gains hold.
Countries from China and Japan through to Brazil and here in the UK have
provided stimulus to their economies. As a result of the upcoming presidential
elections in France and the US, the incumbent parties will find it in their
interest to enact policies which provide a short-term boost to the labour
market and the financial system credit conditions.
As ever, there remain strong emerging markets with burgeoning standards of
living and young populations operating in underdeveloped but stable financial
services industries that will provide investment opportunities for your Fund.
Indonesia remains a standout economy, as it recorded GDP growth of 6.5% in 2011
and regained its investment grade rating.
Coupled with this increased economic optimism, there are many asset classes
that became deeply discounted during the extreme risk aversion in 2011.
However, there are, as ever, numerous events that could overshadow the positive
start to the economic outlook in 2012. The problems in Europe are far from
resolved. Whilst the ECB has provided liquidity and Germany and France are
pushing hard for a closer European "Fiscal Compact", there remains a tough
refinancing window in the first quarter of 2012 and the growth rates for
European economies will remain very subdued, if not return to outright
recession, for some time to come as the austerity measures take hold. Whilst
the huge amounts of liquidity that has been injected into European banking
markets by the ECB has reduced the risks of European banks collapsing, which
was imminent at the time, it does little to protect them from insolvency as
result of bad debts and those are set to rise as austerity measures bight. For
these reasons, your Fund will remain cautious and maintain its focus largely
away from the Euro-area.
Your Fund will move out of fixed income investments when it is deemed prudent
to do so and as economic conditions improve. This will be done in a very
selective way and we will favour companies in sounder, economies which seem
likely to produce solid economic growth in 2012 and beyond and high-yielding
equities over more speculative investments such as certain European banks.
Above all, the Board will focus on restructuring the Company itself to reduce
costs and enhance future performance.
I would like to thank all shareholders for their support.
Philip Court
Chairman
1 March 2012
Balance Sheet
At 31 January At 31 January At 31 July
2012 2011 2011
(GBP) (GBP) (GBP)
(unaudited) (unaudited) (audited)
Fixed assets
Listed equity investments 4,853,429 13,431,186 6,651,524
Listed non - equity investments 914,623 - -
5,768,052 13,431,186 6,651,524
Current assets
Debtors 462,797 528,710 719,804
Cash at bank and in hand 564,328 1,144,965 985,802
Creditors: amounts falling due (43,152) (6,144,278) (319,821)
within one year
Net currentassets / (liabilities) 983,973 (4,470,603) 1,385,785
Net assets 6,752,025 8,960,583 8,037,039
Capital and reserves
Called-up share capital 7,142,859 7,142,859 7,142,859
Share premium account 6,021,360 6,021,360 6,021,360
Other reserves:
Capital reserve - realised (5,631,226) (1,762,006) (4,396,290)
Capital reserve - investment (376,180) (2,225,698) (386,653)
holding losses
Revenue reserve (404,788) (215,932) (344,237)
Shareholders' funds 6,752,025 8,960,583 8,037,039
Net asset value per ordinary share 47.97p 63.66p 57.10p
- (note 4)
Statement of Directors' responsibilities:
The Directors confirm that this set of condensed financial statements has been
prepared in accordance with the ASB's Statement " Half Yearly Financial
Reports" and that the interim management report herein includes a fair review
of the information required by DTR 4.2.7 and DTR 4.2.8.
On behalf of the Board
Philip Court
Chairman
1 March 2012
Income Statement
For the six months ended 31 For the six months ended 31 For the year ended 31 July 2011
January 2012 January 2011 (audited)
(unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
(GBP) (GBP) (GBP) (GBP) (GBP) (GBP) (GBP) (GBP) (GBP)
Capital losses
on investment
Net realised - (1,227,393) (1,227,393) - (148,375) (148,375) - (2,617,659) (2,617,659)
losses
Unrealised gains - 18,815 18,815 - (385,554) (385,554) - 1,439,132 1,439,132
/
(losses)
Exchange gains / - 14,080 14,080 - (395,317) (395,317) - (469,254) (469,254)
(losses)
Net capital - (1,194,498) (1,194,498) - (929,246) (929,246) - (1,647,781) (1,647,781)
losses
on investment
Income from 110,890 - 110,890 113,023 - 113,023 212,159 - 212,159
investments
Bank interest 1,521 - 1,521 2,415 - 2,415 4,309 - 4,309
receivable
Gross revenue and 112,411 (1,194,498) (1,082,087) 115,438 (929,246) (813,808) 216,468 (1,647,781) (1,431,313)
capital losses
Administrative (170,731) (29,729) (200,460) (194,706) (57,637) (252,343) (380,435) (102,833) (483,268)
expenses
Net return before (58,320) (1,224,227) (1,282,547) (79,268) (986,883) (1,066,151) (163,967) (1,750,614) (1,914,581)
interest payable
and taxation
Interest payable - - - (47,238) (47,238) (94,476) (78,746) (78,746) (157,492)
Return on (58,320) (1,224,227) (1,282,547) (126,506) (1,034,121) (1,160,627) (242,713) (1,829,360) (2,072,073)
ordinary
activities before
taxation
Taxation on (2,231) (236) (2,467) 8,469 - 8,469 (3,629) - (3,629)
ordinary
activities (note
3)
Return on (60,551) (1,224,463) (1,285,014) (118,037) (1,034,121) (1,152,158) (246,342) (1,829,360) (2,075,702)
ordinary
activities after
taxation
Return per (0.43)p (8.70)p (9.13)p (0.84)p (7.35)p (8.19)p (1.75)p (13.00)p (14.75)p
ordinary
share - (note 4)
The Total column of the income statement represents the profit & loss account
of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
There were no recognised gains and losses other than those disclosed above.
Accordingly a statement of total recognised gains and losses is not required.
Cash Flow Statement
For the six For the six For the year
months ended 31 months ended 31 ended 31
January 2012 January 2011 July 2011
(GBP) (GBP) (GBP)
(unaudited) (unaudited) (audited)
Operating activities
Investment income received 70,918 197,877 280,273
Interest received 1,521 2,415 4,309
Investment management and (111,291) (169,099) (317,952)
administration fees paid
Cash paid to and on behalf of (22,000) (22,000) (44,000)
directors
Other cash payments (63,672) (65,910) (132,052)
Exchange differences on foreign 19,299 (395,317) (469,254)
currency cash balances
Net cash outflow from operating (105,225) (452,034) (678,676)
activities (note 6)
Servicing of finance
Interest paid - (97,061) (169,388)
Taxation
Taxation recovered - 18,725 18,725
Capital expenditure and financial
investment
Purchase of investments (42,079,794) (32,107,388) (50,799,763)
Sale of investments 41,764,029 33,435,422 57,517,603
Cash (outflow) / inflow before (420,990) 797,664 5,888,501
financing
Management of liquid resources
Cash (placed) on / withdrawn from (484) 1,450,000 1,450,000
deposit
Financing
Repayment of loan - (1,150,000) (6,400,000)
(Decrease) / increase in cash (421,474) 1,097,664 938,501
Reconciliation of Movements in Shareholders' Funds
For the six months ended 31 January 2012 (unaudited)
Share Share Capital Capital reserve-investment Revenue Total
capital premium reserve-realised holding losses reserve shareholders'
funds
GBP GBP GBP GBP GBP
GBP
Shareholders' funds at 1 7,142,859 6,021,360 (4,396,290) (386,653) (344,237) 8,037,039
August 2011
Return on ordinary - - (1,234,936) 10,473 (60,551) (1,285,014)
activities after taxation
Shareholders' funds at 31 7,142,859 6,021,360 (5,631,226) (376,180) (404,788) (6,752,025)
January 2012
For the six months ended 31 January 2011 (unaudited)
Share Share Capital Capital Revenue Total shareholders'
capital premium reserve-realised reserve-investment reserve funds
holding losses
GBP GBP GBP GBP GBP
GBP
Shareholders' funds at 1 7,142,859 6,021,360 (1,180,010) (1,773,573) (97,895) 10,112,741
August 2010
Return on ordinary - - (581,996) (452,125) (118,037) (1,152,158)
activities after taxation
Shareholders' funds at 7,142,859 6,021,360 (1,762,006) (2,225,698) (215,932) 8,960,583
31January 2011
For the year ended 31 July 2011 (audited)
Share Share Capital Capital Revenue Total
capital premium reserve-realised reserve-investment reserve shareholders'
holding losses funds
GBP GBP GBP GBP
GBP GBP
Shareholders' funds at 1 7,142,859 6,021,360 (1,180,010) (1,773,573) (97,895) 10,112,741
August 2010
Return on ordinary - - (3,216,280) 1,386,920 (246,342) (2,075,702)
activities after
taxation
Shareholders' funds at 7,142,859 6,021,360 (4,396,290) (386,653) (344,237) 8,037,039
31 July 2011
Notes
1. The financial statements for the six months to 31 January 2012 have been
prepared on the basis of the accounting policies set out in the Company's
Annual Report and Accounts as at 31 July 2011 and in accordance with the
statement on half yearly financial reports issued by the ASB and applicable
UK law and accounting standards.
2. All expenses are charged to the revenue account with the exception of
management fees and interest charges on borrowings, one half of which less
the appropriate tax relief is charged to capital.
3. The taxation charge arises wholly from overseas withholding tax on
investment income and includes a refund of polish withholding tax in the
current period.
4. The return per ordinary share is based upon the following figures:
31 Jan 2012 31 Jan 2011 31 Jul 2011
(unaudited) (unaudited) (audited)
Revenue return (GBP) (60,551) (118,037) (246,342)
Capital return (GBP) (1,224,463) (1,034,121) (1,829,360)
Weighted average number of ordinary 14,076,218 14,076,218 14,076,218
shares in issue during the period
The net asset value per ordinary share is calculated on the 14,076,218 ordinary
shares in issue at the end of the period after deducting treasury shares.
5. No interim dividend is proposed.
6. Cash Flow Statement:
Reconciliation of net revenue return to net 31 Jan 2012 31 Jan 2011 31 Jul
cash outflow from operating activities 2011
GBP GBP
GBP
(unaudited) (unaudited)
(audited)
Net return before interest payable and (58,320) (79,268) (163,967)
taxation
Administrative expenses charged to capital (29,729) (57,637) (102,833)
(Increase) / decrease in other debtors (31,770) 92,118 (82,266)
Decrease in other creditors (2,402) (9,843) (10,578)
Tax suffered on investment income (2,304) (2,087) (14,310)
Exchange differences on foreign currency (19,299) (395,317) (469,254)
cash balances
Net cash outflow from operating activities (105,225) (452,034) (678,676)
Reconciliation of net cash flow to movement 31 Jan 2012 31 Jan 2011 31 Jul 2011
in net (debt) / funds
GBP GBP GBP
(unaudited) (unaudited) (audited)
(Decrease) / increase in cash balances (421,474) 1,097,664 938,501
Cash withdrawn from / (placed) on deposit 484 (1,450,000) (1,450,000)
Repayment of loan - 1,150,000 6,400,000
Changes in net (debt) / funds resulting from (420,990) 797,664 5,888,501
cash flows
Exchange differences (484) - -
Movement in net (debt) / funds in the period (421,474) 797,664 5,888,501
7. The total number of shares held in treasury is 209,500. These shares have
no voting rights, do not rank for dividend and are excluded from the
calculation of net asset value and return per ordinary share. At 31 January
2012 the company had the authority to purchase further 1,932,500 of its own
shares in accordance with the authority granted at the annual general
meeting on 22 December 2011.
8. The figures and financial information for the year ended 31 July 2011 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for the period as defined in Section 434 of
the Companies Act 2006. Those accounts have been delivered to the Registrar
of Companies and include the report of the auditors which was unqualified
and did not contain a statement either under Section 498(2) or 498(3) of
the Companies Act 2006.
Portfolio Information
As at 31 January 2012 Valuation % of
Portfolio
(GBP)
Equities
49,200 iShares FTSE UK Dividend Eire 348,458 5.5
Plus
6,956 Capital One Financial United States 201,935 3.2
Corporation
8,410 iShares S&P U.S. Preferred United States 199,487 3.2
Stock Index
696,420 Blue Planet International United Kingdom 167,140 2.6
Financials Investment
Trust plc
346,000 Blue Planet Financials United Kingdom 91,690 1.4
Growth & Income Investment
Trust Nos 1-10 plc
350 Bank of America United States 1,584 0.0
Corporation
300 Ashmore Group plc United Kingdom 1,112 0.0
56 Societe Generale France 946 0.0
1,012,356 16.0
Bond Funds
654,878 Henderson UK & Europe United Kingdom 1,019,646 16.1
Funds - Long Dated Credit
Fund
7,671 iShares Markit iBoxx GBP Eire 850,714 13.4
Corporate Bond
Ex-financials
62,679 BlackRock Gilttrak Fund Eire 666,200 10.5
5,764 iShares JP Morgan $ Eire 399,503 6.3
Emerging Market Bond Fund
36,818 PIMCO Diversified Income Eire 255,155 4.0
Fund
25,746 PIMCO Select Funds plc - Eire 252,317 4.0
UK Income Bond Fund
211,976 Baillie Gifford UK & United Kingdom 218,548 3.5
Balanced Funds ICVC
1,472 iShares Markit iBoxx GBP Eire 178,995 2.8
Corporate Bond
3,841,078 60.7
Debt
Securities
480,000 ASIF III Jersey Ltd 5.375% Jersey 478,978 7.6
10/16
290,000 Close Bros Group plc 6.5% United Kingdom 292,114 4.6
02/17
163,000 Barclays SLCSM 6.14% 06/49 United Kingdom 143,531 2.3
914,623 14.4
Listed 5,768,057 91.1
Investments
Cash 564,328 8.9
Total 6,332,385 100.0
For more information, please visit www.blueplanet.eu
You can also contact the Company on 0845 527 7588 or by emailing info@blueplanet.eu
END
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