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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Inv.Perp.Sel Hd | LSE:IVPH | London | Ordinary Share | GB00B1DQ6696 | HEDGE FD SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 90.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Invesco Perpetual Select Trust plc Hedge Fund Share Portfolio Interim Management Statement for the Three Months ended 31 August 2007 Material Events At the Company's Annual General Meeting held on 19 September 2007, new Articles of Association were approved by shareholders in order to bring them into line with requirements under the Companies Act 2006. Performance - Total Return 3 Months Since Inception Share Price 6.7% 10.9% Net Asset Value 4.7% 16.1% Merrill Lynch 3 month LIBOR 1.3% 4.1% Source: Fundamental Data and Merrill Lynch The performance of the Fauchier Allocator Funds (FAF) underlying the portfolio for the three months to 31st August 2007 was as follows: June +1.88% July +3.88% August -0.53% The first two months of the period were generally good for equity markets but much more problematic in the fixed interest and credit areas, particularly for bonds and derivatives linked to the sub-prime mortgage market in the U.S. August was a very difficult month for markets generally with debt market related problems affecting almost all major market segments worldwide. Set out below is the contribution to the FAF funds' performance by strategy for the three month period to 31st August, 2007: Strategy Contribution Event Driven +3.54% Specialist Credit +1.60% Equity Hedged High +0.45% Volatility Short Bias +0.35% Equity Hedged Low +0.35% Volatility Fixed Income +0.34% Volatility Trading -0.02% Multiple Strategy -0.13% Equity Long Bias -0.20% Macro -0.66% Note: The above is after fees of the underlying hedge funds, but before the Manager's fees. Share Price and Discount For the Three Months Ended 31 August 2007 As at High Low Average 31 August 2007 Ordinary shares mid-market 111.5 112.0 106.0 108.5 price Discount 3.9% 8.5% 2.7% 5.3% Source: Datastream Assets and Gearing 31 August 2007 31 May 2007 Change Total Gross Assets (£ 24.0 22.9 4.5% m) Cash (£m) 0.1 0.7 Borrowings (£m) - - Net Asset Value 116.07 110.9 4.7% (pence) Actual Gearing 100 100 `Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects the amount of loans invested in the portfolio. A figure of 100 means that the Company has no gearing. Breakdown of Portfolio by Strategy 31 August 2007 31 May 2007 Macro 21.7% 21.3% Equity Hedged High 17.4% 22.5% Volatility Event Driven 15.2% 11.4% Equity Hedged Low 12.2% 8.0% Volatility Specialist Credit 11.9% 10.2% Equity Long Bias 4.8% 10.5% Fixed Income 4.7% 4.3% Volatility Trading 4.3% 4.3% Multiple Strategy 4.1% 4.2% Short Bias 3.7% 3.3% Note: The above excludes cash. Top 10 Holdings Ranking Investments % of Ranking at Now Portfolio 31 May 2007 1 Paulson Advantage Plus 9.5% 4 2 Harbinger Capital Partners 7.8% 3 Offshore I 3 OZ Europe Overseas Fund II 6.3% 2 4 Drawbridge Global Macro 5.4% 5 5 Wexford Offshore Spectrum 5.3% 7 6 Lansdowne UK Equity 5.1% 8 7 Bay Resource Partners Offshore 4.9% 9 8 Indus Pacific Smaller Companies 4.8% 11 9 Explorer Global 4.6% 12 10 CCM Small Cap Value Fund 4.6% 1 Changes to Share Capital Hedge Fund Shares of 1p each Issued Treasury As at 31 May 2007 20,643,255 0 Ordinary shares bought back 0 0 Ordinary shares issued 0 0 Treasury shares cancelled 0 0 As at 31 August 2007 20,643,255 0 The Company has authority to buy back shares (for cancellation or into Treasury) and to issue new shares (disapplying pre-emption rights), in each case within specified limits. The Company expects to renew these authorities each year. Price and Performance The Company's Ordinary shares are listed on the London Stock Exchange and the price is published in the Financial Times under `Investment Companies' and in the Daily Telegraph under `Investment Trusts'. The Company's net asset value is calculated on a daily basis and can be viewed on the London Stock Exchange website at www.londonstockexchange.com. Further information can be obtained from Invesco Perpetual as follows: Free Investor Helpline: 0800 085 8677 Internet address: www.invescoperpetual.co.uk/investmenttrusts The information provided in this statement should not be considered as a financial promotion. Interim management statements are expected to be published in September and March each year. For and on behalf of INVESCO Asset Management Limited 19 October 2007 END
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