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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Investec Cap. | LSE:ICA | London | Ordinary Share | GB00B0GYJV95 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 89.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMICA Investec Capital Accumulator Trust Limited Interim Management Statement for the quarter ended 31 December 2009 Objective and Investment Policy The Company's investment objective is to achieve steady capital growth over the long term at a level of risk lower than that of the FTSE All-Share Index. No dividends will be paid to shareholders. The Company's investment policy is to invest the majority of the portfolio in UK Sterling denominated investments in the form of equities and/or equity related derivatives. The Company may also invest in interest bearing securities and units in collective investment schemes. The majority of the Company's portfolio has historically been to invest in between 15 and 30 Zero Equivalent Balanced Return Assets (ZEBRAs). However, this number is declining sharply in the run-up to the Company's proposed liquidation in May 2010. ZEBRAs are designed to have similar characteristics to those of high quality zero dividend preference shares. No single investment may exceed 10 per cent. of the Company's total assets at the time of investment. The Company will not invest more than 15 per cent. of its total assets in other listed investment companies (including listed investment trusts). Material Events and Transactions During the quarter, seven ZEBRAs reached their redemption dates and were liquidated. The proceeds were not reinvested. The holding in long dated US TIPS (Treasury Inflation-Protected Securities) was also sold. At the end of December, asset allocation was: % of Total Assets Investment Companies, REITs and Warrants 17.7 ZEBRAs 16.6 Fixed Income 5.8 Other Structured Products 2.6 Collective Investment Schemes 1.6 UK Equities 0.1 Cash and cash equivalents* 55.6 100.0 *Cash equivalents include holdings in the Investec Sterling Liquidity Fund, a UK Treasury Bill and a UK Treasury Index Linked Gilt. The Company did not buy back any shares during the quarter to 31 December 2009. As at 31 December 2009, the Company's share capital consisted of 31,641,931 ordinary shares. Top Ten Holdings as at 31 December 2009** % of Total Holding Assets GlaxoSmithKline ZEBRA 8.62% February 2010 - Merrill 4.4 Lynch Elders Investment Company 28A Capital Accumulator 3.3 Elders Investment Company 25B Japan Accelerated Growth 3.1 AcenciA Debt Strategies 2.7 JD Wetherspoon ZEBRA 9.10% June 2011 - Citigroup 2.6 Topix / S&P autocallable January 2011 - Merrill Lynch 2.6 Kingfisher ZEBRA 9.52% April 2010 - Barclays 2.4 Greggs ZEBRA 8.216% April 2010 - JPMorgan 2.3 BT ZEBRA 9.86% April 2010 - Citigroup 1.8 Market Vectors Gold Miners ETF 1.6 26.8 ** Holdings in cash equivalents are not detailed in the top ten holdings. Financial Performance Quarter to Year to 31 December 2009 30 September 2009 Total assets less current liabilities GBP29.71m GBP29.73m NAV total return -0.1% 11.4% NAV per share - basic 93.90p 93.96p - diluted 93.90p 93.96p Price per share 89.50p 84.50p Discount 4.7% 9.8% Benchmark NAV total return FTSE All-Share Index 5.5% 10.8% IMA UK Zeros Sector* - 3.1% * IMA UK Zeros Sector discontinued in October 2009 Note: The directors are not aware of any significant events or transactions which have occurred between the date of the financial information and the date of publication, which would have a material impact on the financial position of the Company. The net asset value is published on a weekly basis and other useful background information on the Company including downloads of published documentation such as previous Annual Reports and Monthly Fact Sheets can be found at www.investecassetmanagement.com. Company Information Launch date 1 October 2005 Year end 30 September Annual General Meeting 17 February 2010 Price information Published in the Financial Times under `Investment Companies'. Contact Sheila Ozanne Investec Asset Management Guernsey Limited Guinness Flight House La Plaiderie St Peter Port Guernsey GY1 3QH Tel: +44 (0) 1481 710404 END
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