Interim Management Statement

 
TIDMIVPH 
 
Invesco Perpetual Select Trust plc 
 
                          Hedge Fund Share Portfolio 
 
                               (`the Portfolio') 
 
                         Interim Management Statement 
 
                   for the Three Months Ended 31 August 2010 
 
Material Events 
 
A General Meeting was held on 24 June 2010 at which special resolutions were 
passed to renew the Directors' authority to purchase shares of the Company in 
the market for cancellation or for holding in Treasury within the parameters 
specified. 
 
At the Invesco Perpetual Select Trust plc Annual General Meeting held on 27 
September 2010, shareholders approved all Resolutions. 
 
Dividends 
 
No dividends have been declared during the period 
 
Performance - Total Return 
 
                            3 Months  1 Year    3 Years 
 
Share Price                   -5.6%    4.1%      -9.4% 
 
Net Asset Value               -1.8%    0.3%      -4.4% 
 
Merrill Lynch 3 month         0.2%     0.6%      15.8% 
LIBOR 
 
Source: Morningstar and Merrill Lynch 
 
Share Price and Discount 
 
                              At               For the Three Months Ended 
 
                                                     31 August 2010 
 
                          31 August               High       Low        Average 
                              10 
 
Hedge shares mid-market         101.0            107.0     101.0          103.5 
price (pence) 
 
(Discount)/premium              -8.9% 
 
Source: Morningstar 
 
Assets and Gearing 
 
                                        31 Aug 2010  31 May 2010     Change 
 
Total Gross Assets (GBPm)                        15.7         15.9     -1.5% 
 
Cash (GBPm)                                         -            - 
 
Borrowings (GBPm)                                 1.0          0.3 
 
Cum Income Net Asset Value                    110.8        112.4     -1.4% 
(pence) 
 
Actual Gearing                                  107          102 
 
`Actual Gearing' reflects loans drawn down. A figure of 100 means that the 
Portfolio has no gearing. 
 
Breakdown of Portfolio by Strategy 
 
Investment Strategy                % of Portfolio      % of 
                                                    Portfolio 
                                   31 August 2010 
                                                   31 May 2010 
 
Equity Hedged High                    26.2%           12.5% 
Volatility 
 
Macro                                 17.3%           15.2% 
 
Event Driven                          12.9%           12.2% 
 
Equity Long Bias                      7.8%            12.4% 
 
Multiple Strategy                     7.5%             5.3% 
 
Equity Hedged Low                     6.6%            16.6% 
Volatility 
 
Specialist Credit                     6.1%            15.9% 
 
Short Bias                            5.0%             7.1% 
 
Fixed Income                          4.8%              - 
 
Volatility Trading                    4.5%             2.8% 
 
Other                                 1.3%              - 
 
Changes to Share Capital for the three months ended 31 August 2010: 
 
                                  Hedge shares of 1p each 
 
                                       Issued    Treasury 
 
As at 31 May 2010                  13,895,086   1,100,000 
 
Hedge shares bought back            (609,000)     609,000 
 
Hedge shares issued                         0           0 
 
Treasury shares                             0           0 
cancelled 
 
As at 31 August 2010               13,286,086   1,709,000 
 
Changes to Share Capital since 31 August 2010: 
 
                                 UK Equity shares of 1p each 
 
                                        Issued      Treasury 
 
As at 31 August 2010                13,286,086     1,709,000 
 
Hedge shares bought back             (120,000)       120,000 
 
Hedge shares issued                          0             0 
 
Treasury shares                              0             0 
cancelled 
 
As at 15 October 2010               13,166,086     1,829,000 
 
Price and Performance 
 
The Company's Hedge Fund 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 Portfolio'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. 
 
In future, interim management statements are expected to be published in 
October and April each year. 
 
For and on behalf of 
 
Invesco Asset Management Limited 
 
- Company Secretary 
 
15 October 2010 
 
Registered Office 
 
30 Finsbury Square, London, EC2A 1AG 
 
Telephone: [phone] 
 
Facsimile: 020 7065 3166 
 
Registered in England No 5916642 
 
An Investment Company under Section 833 
 
of the Companies Act 2006 
 
 
 
END