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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Murray International Trust Plc | LSE:MYI | London | Ordinary Share | GB00BQZCCB79 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.50 | 1.01% | 250.50 | 250.50 | 251.00 | 251.00 | 250.50 | 251.00 | 122,918 | 10:21:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 140.42M | 131.85M | 0.2133 | 11.63 | 1.53B |
From Apr 2019 to Apr 2024
TIDMMYI
RNS Number : 9412X
Murray International Trust PLC
16 August 2018
MURRAY INTERNATIONAL TRUST PLC (the "Company")
Legal Entity Identifier (LEI): 549300BP77JO5Y8LM553
HALF YEARLY REPORT FOR THE SIX MONTHSED 30 JUNE 2018
The Directors of Murray International Trust PLC report the unaudited results of the Company for the six months ended 30 June 2018.
HIGHLIGHTS
Hot Features
Premium
30 June 2018 31 December % change
2017
Total assets less current liabilities
(before deducting prior charges) GBP1,632.9m GBP1,783.9m -8.5
Equity shareholders' funds (Net
Assets) GBP1,448.3m GBP1,599.1m -9.4
Share price - Ordinary share (mid
market) 1,140.0p 1,268.0p -10.1
Net Asset Value per Ordinary share 1,130.2p 1,251.4p -9.7
Premium to Net Asset Value per
Ordinary share 0.9% 1.3%
Ongoing charges ratio{A} 0.69% 0.64%
{A} Considered to be an Alternative Performance Measure. Ongoing charges
ratio calculated in accordance with guidance issued by the AIC as
the total of the investment management fee and administrative expenses
(annualised) divided by the average cum income net asset value, with
debt at fair value, throughout the year. The ratio for 30 June 2018
is based on forecast ongoing charges for the year ending 31 December
2018.
PERFORMANCE (TOTAL RETURN)
Six months Year ended
ended
30 June 2018 31 December
2017
Share price{B} -7.5% +11.0%
Net asset value per Ordinary share -8.0% +14.7%
Benchmark +2.2% +12.8%
{A} Total return represents the capital return plus dividends reinvested
in the period of 28.0p and is considered to be an Alternative Performance
Measure.
{B} Mid to mid.
Source: Aberdeen Fund Managers Limited, Morningstar & Lipper.
INTERIM BOARD REPORT
Background
The period under review has been particularly difficult for the Company as politics and protectionism dominated the financial landscape. The issue of trade protectionism proved the greatest influence on financial markets. Instigated by the United States, under the guise of 'America First', retributional tariffs have quickly escalated worldwide. As global growth prospects diminished with each and every new import tax, numerous financial markets took fright. The consequential rout, particularly in those Asian and Emerging markets most exposed to global trade, proved punitive for the Company over the period.
Performance and Dividends
The net asset value (NAV) total return, with net income reinvested, for the six months to 30 June 2018 decreased by 8.0% compared with a total return of +2.2% for the Company's benchmark (40% FTSE World UK and 60% FTSE World ex UK). Over the six month period, the share price total return decreased by 7.5%.
Following significant capital appreciation throughout fiscal years 2016 and 2017, the overall portfolio struggled with numerous negative influences over the six month period. By far the largest contributing factor to absolute overall negative returns was the Company's material exposure to Asia and Emerging Markets. Despite arguably superior growth prospects at the individual company level, international investor sentiment became almost universally negative, influenced by the potentially regressive impacts of protectionism. Against Sterling, the Brazilian Real and Indian Rupee declined 11% and 6% respectively over the six month period. This sharp currency weakness against Sterling and rapid outflows by short-term investors caused extreme weakness in Asian equities, Latin American equities and Emerging Market bonds. Taken together, the Company's overweight exposure to these asset classes accounted for about seventy percent of absolute and relative underperformance. Such extreme volatility within financial markets is not without precedent but, over such a short time period, the recent aversion to the Emerging Markets Asset class appears excessive and overdone, especially given underlying fundamentals.
On a sector basis, it is worth noting the continued outperformance of US and Chinese Technology stocks over the period (to which the Company, for income reasons, has little exposure) and also the disappointing relative performance of consumer staple companies. Overall, portfolio diversification proved ineffective in what became an increasingly "polarised" market environment. We remain confident in the Manager's disciplined and pragmatic approach in pursuit of the long term investment objectives of the Company.
Management of Premium and Discount
The Board continues to believe that it is appropriate to seek to address temporary imbalances of supply and demand for the Company's shares which might otherwise result in a recurring material discount or premium. Subject to existing shareholder permissions (given at the last AGM) and prevailing market conditions, the Board intends to continue to buy back shares and issue new shares (or sell shares from Treasury) if shares trade at a persistent significant discount to NAV (excluding income) or premium to NAV (including income). The Board believes that this process is in all shareholders' interests as it seeks to reduce volatility in the premium or discount to underlying NAV whilst also making a small positive contribution to the NAV.
During the period under review, this has resulted in the sale from Treasury of 357,665 Ordinary shares at a premium to the prevailing NAV (including income) per Ordinary share. No shares were bought by the Company during the period or subsequently. As at the close of business on 14 August 2018, the NAV per share was 1148.0p (exclusive of income) and the share price was 1150.0p equating to a premium of 0.1% per Ordinary share.
Gearing
The Company recently agreed a new GBP60 million loan facility with The Royal Bank of Scotland plc ("RBS") to replace an expiring facility of the same amount. The new facility was drawn in full on 31 May 2018 and fixed for five years at an all-in rate of 2.328%. At the period end the Company had net gearing of 11.3%.
Directorate
As indicated in the last Annual Report, Mr Jim Best retired from the Board at the conclusion of the AGM on 26 April 2018. On 1 May 2018 Ms Claire Binyon joined the Board as an independent non executive Director, following the conclusion of a rigorous search conducted with the assistance of an independent external recruitment agency. Ms Binyon is a chartered accountant who, following an early career in corporate finance in the City, has embarked on a successful career working for global multinationals in areas of corporate development, strategic planning and finance. Ms Binyon is currently group corporate development director at Fenner PLC, having previously served as head of strategy and corporate development at DS Smith Plc, following similar roles in other multinational companies including Cadbury plc and InBev S.A.
Outlook
I have previously openly cautioned on the difficulties inherent in the current financial landscape and the risks associated with attempting to reverse over a decade of unorthodox economic policies. The United States Federal Reserve is raising interest rates against a backdrop of record indebtedness and this will pose significant challenges for governments and households globally. Nearly ten years into a business cycle, during which the unorthodox policy of quantitative easing has dominated, adjusting monetary policy safely will likely prove tough to achieve. For financial markets currently close to record high valuations and increasingly accustomed to only upward momentum, the likelihood of slower growth and lower corporate profits remains largely ignored, at least for now.
Positioning the portfolio to withstand the probable increase in market volatility that will accompany these developing realities is not going to be straightforward. Delivering the Company's investment objective over the long term will best be achieved by investing in companies with sound fundamentals and competent managements, in combination with the Company's ability to construct a portfolio with wide global diversification.
Kevin Carter
Chairman
15 August 2018
DIRECTORS' DISCLOSURES
Principal Risks and Uncertainties
Directors' Disclosures
The Board has adopted a matrix of the key risks that affect the business. The major financial risks associated with the Company are detailed in note 17 to the Annual Report and Financial Statements for the year ended 31 December 2017 ("2017 Annual Report") and the other principal risks are summarised below. These risks represent the principal risks for the remaining six months of the year.
Details of the management of the risks and the Company's internal controls are disclosed on pages 9 and 10 of the 2017 Annual Report. They can be summarised as follows:
- Investment strategy and objectives; - Investment portfolio, investment management; - Financial obligations; - Financial and Regulatory; and - Operational.
Related Party Transactions
AFML acts as Alternative Investment Fund Manager, AAM acts as Investment Manager and Aberdeen Asset Management PLC acts as Company Secretary to the Company; details of the service and fee arrangements can be found in the 2017 Annual Report, a copy of which is available on the Company's website. Details of the transactions with the Manager including the fees payable to Aberdeen group companies are disclosed in note 11 of this Half Yearly Report.
Going Concern
In accordance with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Directors have undertaken a rigorous review and consider both that there are no material uncertainties and that the adoption of the going concern basis of accounting is appropriate. The Company's assets consist of a diverse portfolio of listed equities and bonds which in most circumstances are realisable within a very short timescale. The Directors believe that the Company has adequate financial resources to continue its operational existence for the foreseeable future and at least 12 months from the date of this Half Yearly Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.
Directors' Responsibility Statement
The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
- the condensed set of Financial Statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);
- the Half-Yearly Board Report includes a fair review of the information required by rule 4.2.7R of the Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
- the Half-Yearly Board Report includes a fair review of the information required by 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so).
The Half-Yearly Financial Report for the six months ended 30 June 2018 comprises the Half-Yearly Board Report, the Directors' Responsibility Statement and a condensed set of Financial Statements.
For and on behalf of the Board of Murray International Trust PLC
Kevin Carter
Chairman
15 August 2018
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Six months ended Six months ended
30 June 2018 30 June 2017
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Losses)/gains on investments - (148,913) (148,913) - 104,018 104,018
Income 2 39,485 - 39,485 42,578 - 42,578
Investment management
fees 11 (1,254) (2,927) (4,181) (1,153) (2,690) (3,843)
Other expenses (956) (18) (974) (1,041) - (1,041)
Currency gains/(losses) - 305 305 - (320) (320)
_______ _______ _______ _______ _______ _______
Net return before finance
costs and taxation 37,275 (151,553) (114,278) 40,384 101,008 141,392
Finance costs (608) (1,417) (2,025) (642) (1,498) (2,140)
_______ _______ _______ _______ _______ _______
Return before taxation 36,667 (152,970) (116,303) 39,742 99,510 139,252
Taxation 3 (3,824) 800 (3,024) (4,327) 789 (3,538)
_______ _______ _______ _______ _______ _______
Return attributable
to equity shareholders 32,843 (152,170) (119,327) 35,415 100,299 135,714
_______ _______ _______ _______ _______ _______
Return per Ordinary
share (pence) 5 25.67 (118.94) (93.27) 27.78 78.66 106.44
_______ _______ _______ _______ _______ _______
The total column of the Condensed Statement of Comprehensive Income
is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from
continuing operations.
The accompanying notes are an integral part of these financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at As at
30 June 2018 31 December
2017
Notes GBP'000 GBP'000
Non-current assets
Investments at fair value through
profit or loss 1,618,212 1,759,899
_______ _______
Current assets
Debtors 16,848 22,772
Cash and short-term deposits 21,275 4,296
_______ _______
38,123 27,068
_______ _______
Creditors: amounts falling due within
one year
Bank loans (15,000) (60,000)
Other creditors (23,433) (3,103)
_______ _______
(38,433) (63,103)
_______ _______
Net current liabilities (310) (36,035)
_______ _______
Total assets less current liabilities 1,617,902 1,723,864
Creditors: amounts falling due after
more than one year
Bank loans (169,632) (124,735)
_______ _______
Net assets 1,448,270 1,599,129
_______ _______
Capital and reserves
Called-up share capital 32,137 32,137
Share premium account 351,666 350,681
Capital redemption reserve 8,230 8,230
Capital reserve 6 983,927 1,132,829
Revenue reserve 72,310 75,252
_______ _______
Equity shareholders' funds 1,448,270 1,599,129
_______ _______
Net asset value per Ordinary share
(pence) 7 1,130.19 1,251.41
_______ _______
The accompanying notes are an integral part of these financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Six months ended 30 June
2018
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2017 32,137 350,681 8,230 1,132,829 75,252 1,599,129
Return after taxation - - - (152,170) 32,843 (119,327)
Dividends paid (see note
4) - - - - (35,785) (35,785)
Issue of shares from Treasury - 985 - 3,268 - 4,253
_______ _______ _______ _______ _______ _______
Balance at 30 June 2018 32,137 351,666 8,230 983,927 72,310 1,448,270
_______ _______ _______ _______ _______ _______
Six months ended 30 June
2017
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2016 32,137 349,581 8,230 986,968 70,963 1,447,879
Return after taxation - - - 100,299 35,415 135,714
Dividends paid (see note
4) - - - - (33,783) (33,783)
Issue of shares from Treasury - 182 - 525 - 707
_______ _______ _______ _______ _______ _______
Balance at 30 June 2017 32,137 349,763 8,230 1,087,792 72,595 1,550,517
_______ _______ _______ _______ _______ _______
The accompanying notes are an integral part of these financial statements.
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
Six months Six months
ended ended
30 June 2018 30 June 2017
GBP'000 GBP'000
Net return before finance costs and taxation (114,278) 141,392
(Decrease)/increase in accrued expenses (38) 195
Overseas withholding tax (2,774) (3,032)
Interest income (3) -
Dividend income (29,043) (30,980)
Fixed interest income (10,439) (11,598)
Fixed interest income received 12,202 9,754
Dividends received 27,047 29,488
Interest received 3 -
Interest paid (2,151) (2,467)
Losses/(gains) on investments 148,913 (104,018)
Amortisation of fixed income book cost (554) 3,385
Increase in other debtors (21) (4)
Corporation tax paid (323) -
_______ _______
Net cash from operating activities 28,541 32,115
Investing activities
Purchases of investments (51,759) (114,348)
Sales of investments 71,729 129,092
_______ _______
Net cash from investing activities 19,970 14,744
Financing activities
Equity dividends paid (35,785) (33,783)
Issue of Ordinary shares from Treasury 4,253 707
Loan repayment (60,000) (60,000)
Loan drawdown 60,000 60,000
_______ _______
Net cash used in financing activities (31,532) (33,076)
_______ _______
Increase in cash 16,979 13,783
_______ _______
Analysis of changes in cash during the
period
Opening balance 4,296 3,897
Increase in cash as above 16,979 13,783
_______ _______
Closing balance 21,275 17,680
_______ _______
The accompanying notes are an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies - Basis of preparation
The condensed financial statements have been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting)
and with the Statement of Recommended Practice for 'Financial
Statements of Investment Trust Companies and Venture Capital
Trusts'. They have also been prepared on a going concern basis
and on the assumption that approval as an investment trust will
continue to be granted.
The condensed interim financial statements have been prepared
using the same accounting policies as the preceding annual financial
statements.
Six months Six months
ended ended
30 June 2018 30 June 2017
2. Income GBP'000 GBP'000
Income from investments
UK dividends 5,191 5,716
Overseas dividends 23,852 25,264
Overseas interest 10,439 11,598
_______ _______
39,482 42,578
_______ _______
Interest
Deposit interest 3 -
_______ _______
Total income 39,485 42,578
_______ _______
3. Taxation
The taxation expense reflected in the Condensed Statement of
Comprehensive Income is based on the estimated annual tax rate
expected for the full financial year. The estimated annual corporation
tax rate used for the year to 31 December 2018 is 19%. This is
in line with the current corporation tax rate.
The tax expense represents the sum of tax currently payable and
deferred tax. Any tax payable is based on the taxable profit
for the year. Taxable profit differs from net profit as reported
in the Condensed Statement of Comprehensive Income because it
excludes items of income or expense that are taxable or deductible
in other years and it further excludes items that are never taxable
or deductible.
Six months Six months
ended ended
30 June 2018 30 June 2017
4. Ordinary dividends on equity shares GBP'000 GBP'000
Third interim dividend 2017 of 11.0p
(2016 - 10.5p) 14,056 13,386
Final dividend 2017 of 17.0p (2016 -
16.0p) 21,729 20,397
_______ _______
35,785 33,783
_______ _______
A first interim dividend for 2018 of 11.5p (2017 - 11.0p) will
be paid on 17 August 2018 to shareholders on the register on
6 July 2018. The ex-dividend date was 5 July 2018.
A second interim dividend for 2018 of 11.5p (2017 - 11.0p) will
be paid on 19 November 2018 to shareholders on the register on
5 October 2018. The ex-dividend date is 4 October 2018.
Six months Six months
ended ended
30 June 2018 30 June 2017
5. Return per Ordinary share GBP'000 GBP'000
Based on the following figures:
Revenue return 32,843 35,415
Capital return (152,170) 100,299
Total return (119,327) 135,714
_______ _______
Weighted average number of Ordinary
shares 127,933,000 127,502,083
___________ ___________
6. Capital reserves
The capital reserve reflected in the Condensed Statement of Financial
Position at 30 June 2018 includes gains of GBP379,950,000 (31
December 2017 - gains of GBP569,301,000) which relate to the
revaluation of investments held at the reporting date.
7. Net asset value
The net asset value per share and the net asset value attributable
to the Ordinary shares at the period end calculated in accordance
with the Articles of Association were as follows:
As at As at
30 June 2018 31 December
2017
Attributable net assets (GBP'000) 1,448,270 1,599,129
Number of Ordinary shares in issue 128,143,545 127,785,880
Net asset value per share (pence) 1,130.19 1,251.41
8. Transaction cost
During the period expenses were incurred in acquiring or disposing
of investments classified as fair value through profit or loss.
These have been expensed through capital and are included within
(losses)/gains on investments in the Condensed Statement of Comprehensive
Income. The total costs were as follows:
Six months Six months
ended ended
30 June 2018 30 June 2017
GBP'000 GBP'000
Purchases 63 59
Sales 72 42
_______ _______
135 101
_______ _______
9. Fair value hierarchy
FRS 102 requires an entity to classify fair value measurements
using a fair value hierarchy that reflects the significance of
the inputs used in making the measurements. The fair value hierarchy
has the following classifications:
Level Unadjusted quoted prices in an active market for identical
1: assets or liabilities that the entity can access at the
measurement date.
Level Inputs other than quoted prices included within Level
2: 1 that are observable (ie developed using market data)
for the asset or liability, either directly or indirectly.
Level Inputs are unobservable (ie for which market data is unavailable)
3: for the asset or liability.
The financial assets and liabilities measured at fair value in
the Condensed Statement of Financial Position are grouped into
the fair value hierarchy at the reporting date as follows:
Level Level Level Total
1 2 3
As at 30 June 2018 Note GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value
through profit or loss
Quoted equities a) 1,357,500 - - 1,357,500
Quoted preference shares b) - 7,673 - 7,673
Quoted bonds b) - 253,039 - 253,039
_______ _______ _______ _______
Total 1,357,500 260,712 - 1,618,212
_______ _______ _______ _______
Level Level Level Total
1 2 3
As at 31 December 2017 Note GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value
through profit or loss
Quoted equities a) 1,478,506 - - 1,478,506
Quoted preference shares b) - 8,652 - 8,652
Quoted bonds b) - 272,741 - 272,741
_______ _______ _______ _______
Total 1,478,506 281,393 - 1,759,899
_______ _______ _______ _______
a) Quoted equities
The fair value of the Company's investments in quoted equities
has been determined by reference to their quoted bid prices
at the reporting date. Quoted equities included in Fair Value
Level 1 are actively traded on recognised stock exchanges.
b) Quoted preference shares and bonds
The fair value of the Company's investments in quoted preference
shares and bonds has been determined by reference to their
quoted bid prices at the reporting date. Investments categorised
as Level 2 are not considered to trade in active markets.
10. Share capital
As at 30 June 2018 there were 128,143,545 (31 December 2017 -
127,785,880) Ordinary shares of 25p each in issue excluding those
held in Treasury.
11. Transactions with the Manager
The Company has agreements with Aberdeen Fund Managers Limited
('AFML' or the 'Manager') for the provision of investment management,
secretarial, accounting and administration and promotional activity
services.
The management fee is charged on net assets (i.e. excluding borrowings
for investment purposes) averaged over the six previous quarters
('Net Assets'), on a tiered basis. The annual management fee
is charged at 0.575% of Net Assets up to GBP1,200 million, 0.5%
of Net Assets between GBP1,200 million and GBP1,400 million,
and 0.425% of Net Assets above GBP1,400 million. A fee of 1.5%
per annum remains chargeable on the value of any unlisted investments.
The investment management fee is chargeable 30% against revenue
and 70% against realised capital reserves. During the period
GBP4,181,000 (30 June 2017 - GBP3,843,000) of investment management
fees was payable to the Manager, with a balance of GBP2,091,000
(30 June 2017 - GBP1,980,000) being payable to AFML at the period
end.
Included within the management fee arrangements is a secretarial
fee of GBP100,000 per annum which is chargeable 100% to revenue.
During the period GBP50,000 (30 June 2017 - GBP50,000) of secretarial
fees was payable to the Manager, with a balance of GBP25,000
(30 June 2017 - GBP25,000) being payable to AFML at the period
end.
No fees are charged in the case of investments managed or advised
by the Standard Life Aberdeen Group. The management agreement
may be terminated by either party on the expiry of six months'
written notice. On termination the Manager is entitled to receive
fees which would otherwise have been due up to that date.
The promotional activities fee is based on a current annual amount
of GBP425,000 (30 June 2017 - GBP425,000), payable quarterly
in arrears. During the period GBP213,000 (30 June 2017 - GBP214,000)
of fees was payable, with a balance of GBP106,000 (30 June 2017
- GBP105,000) being payable to AFML at the period end.
12. Segmental information
The Company is engaged in a single segment of business, which
is to invest in equity securities and debt instruments. All of
the Company's activities are interrelated, and each activity
is dependent on the others. Accordingly, all significant operating
decisions are based on the Company as one segment.
13. The financial information in this Report does not comprise statutory
accounts within the meaning of Section 434 - 436 of the Companies
Act 2006. The financial information for the year ended 31 December
2017 has been extracted from published accounts that have been
delivered to the Registrar of Companies and on which the report
of the Company's auditor was unqualified and contained no statement
under Section 498 (2), (3) or (4) of the Companies Act 2006.
The condensed interim financial statements have been prepared
using the same accounting policies as contained within the preceding
annual financial statements.
The financial information for the six months ended 30 June 2018
and 30 June 2017 has not been audited or reviewed by the Company's
auditor.
14. This Half-Yearly Financial Report was approved by the Board on
15 August 2018.
The Half Yearly Report will be printed and issued to shareholders and further copies will be available to the public at the registered office of the Company, 40 Princes Street, Edinburgh EH2 2BY and on the Company's web site murray-intl.co.uk*.
* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.
By order of the Board
ABERDEEN ASSET MANAGEMENT PLC, SECRETARY
15 August 2018
SUMMARY OF INVESTMENT CHANGES
Valuation Appreciation/ Valuation
30 June 2018 (depreciation) Transactions 31 December 2017
GBP'000 % GBP'000 GBP'000 GBP'000 %
Equities
United Kingdom 199,703 12.2 (16,282) 1,705 214,280 12.0
North America 239,746 14.7 (13,313) (3,157) 256,216 14.4
Europe ex UK 195,836 12.0 (13,069) 40,547 168,358 9.4
Japan 68,844 4.2 (12,542) 5,621 75,765 4.3
Asia Pacific ex
Japan 393,312 24.1 (42,074) 4,956 430,430 24.1
Latin America 247,014 15.1 (56,253) (12,264) 315,531 17.7
Africa 13,045 0.8 (4,881) - 17,926 1.0
________ ________ ________ ________ ________ ________
1,357,500 83.1 (158,414) 37,408 1,478,506 82.9
________ ________ ________ ________ ________ ________
Preference shares
United Kingdom 7,673 0.5 (979) - 8,652 0.5
________ ________ ________ ________ ________ ________
7,673 0.5 (979) - 8,652 0.5
________ ________ ________ ________ ________ ________
Fixed income
Europe ex UK 17,703 1.1 (8,290) 94 25,899 1.4
Asia Pacific ex
Japan 82,644 5.1 (8,884) 10,078 81,450 4.6
Latin America 134,380 8.2 (11,500) 303 145,577 8.2
Africa 18,312 1.1 (1,534) 31 19,815 1.1
253,039 15.5 (30,208) 10,506 272,741 15.3
Other net current
assets 14,690 0.9 (9,275) - 23,965 1.3
________ ________ ________ ________ ________ ________
Total assets{A} 1,632,902 100.0 (198,876) 47,914 1,783,864 100.0
________ ________ ________ ________ ________ ________
{A} Figure for 30 June 2018 excludes bank loan of GBP15,000,000 (31 December
2017 - GBP60,000,000) which is shown as a current liability in the Condensed
Statement of Financial Position.
SUMMARY OF NET ASSETS
Valuation Valuation
30 June 2018 31 December 2017
GBP'000 % GBP'000 %
Equities 1,357,500 93.7 1,478,506 92.5
Preference shares 7,673 0.5 8,652 0.5
Fixed income 253,039 17.5 272,741 17.1
Other net assets{A} 14,690 1.0 23,965 1.5
Bank loans (184,632) (12.7) (184,735) (11.6)
________ ________ ________ ________
1,448,270 100.0 1,599,129 100.0
________ ________ ________ ________
{A} Excluding bank loans.
INVESTMENT PORTFOLIO
AS AT 30 JUNE 2018
Valuation Total assets
Security Country GBP'000 %
Taiwan Semiconductor Manufacturing Taiwan 69,760 4.3
Aeroporto del Sureste ADS Mexico 66,857 4.1
Sociedad Quimica Y Minera De Chile Chile 63,677 3.9
Taiwan Mobile Taiwan 54,904 3.4
British American Tobacco{A} UK & Malaysia 53,799 3.3
Daito Trust Construction Japan 49,180 3.0
Total France 46,164 2.8
Vale do Rio Doce{B} Brazil & USA 44,541 2.7
Unilever Indonesia Indonesia 43,765 2.7
Philip Morris International USA 42,809 2.6
Top ten investments 535,456 32.8
CME Group USA 39,728 2.4
Verizon Communications USA 38,121 2.3
Royal Dutch Shell UK 36,904 2.3
Telus Canada 34,950 2.1
Roche Holdings Switzerland 33,638 2.1
Singapore Telecommunications Singapore 32,508 2.0
Public Bank Malaysia 30,267 1.8
BHP Billiton Australia 27,296 1.7
HSBC UK 27,007 1.7
Intel Corp USA 26,362 1.6
Top twenty investments 862,237 52.8
Kimberly Clark de Mexico Mexico 25,872 1.6
Banco Bradesco Brazil 23,434 1.4
Standard Chartered UK 23,153 1.4
Auckland International Airport New Zealand 20,831 1.3
Epiroc Sweden 20,793 1.3
Pepsico USA 20,617 1.3
Telefonica Brasil Brazil 20,409 1.3
Tesco Lotus Retail Growth Thailand 20,233 1.2
Atlas Copco Sweden 19,749 1.2
Siam Commercial Bank Thailand 19,684 1.2
Top thirty investments 1,077,012 66.0
Japan Tobacco Japan 19,664 1.2
Oversea-Chinese Bank Singapore 19,398 1.2
MTR Hong Kong 18,833 1.2
Swire Pacific 'B' Hong Kong 18,787 1.1
Nutrien Canada 18,776 1.1
Johnson & Johnson USA 18,383 1.1
Republic of South Africa 7% 28/02/31 South Africa 18,312 1.1
Novartis Switzerland 17,227 1.1
Vodafone Group UK 16,544 1.0
Inmarsat UK 16,500 1.0
Top forty investments 1,259,436 77.1
Bank Pekao Poland 15,995 1.0
Bayer Germany 15,912 1.0
Engie France 14,614 0.9
Indocement Tunggal Prakarsa Indonesia 14,430 0.9
Coca-Cola Amatil Australia 14,412 0.9
Petroleos Mexicanos 6.75% 21/09/47 Mexico 14,284 0.9
Republic of Indonesia 6.125% 15/05/28 Indonesia 14,033 0.9
Weir Group UK 14,000 0.8
United Mexican States 5.75% 05/03/26 Mexico 13,741 0.8
Republic of Indonesia 7.0% 15/05/22 Indonesia 13,402 0.8
Top fifty investments 1,404,259 86.0
Other investments 213,953 13.1
Total investments 1,618,212 99.1
Other net current assets 14,690 0.9
Total assets 1,632,902 100.0
{A} Holding comprises equity holdings in both UK and Malaysia, split
GBP38,300,000 and GBP15,499,000 respectively.
{B} Holding comprises equity and fixed income securities, split GBP25,833,000
and GBP18,708,000 respectively.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR GMGMRVKZGRZM
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August 16, 2018 02:00 ET (06:00 GMT)
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