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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
SR EUR Inv. | LSE:SR. | London | Ordinary Share | GB0030668940 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 176.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSR. SR Europe Investment Trust plc Interim Management Statement for the three months ended 30 September 2011 (unaudited) This interim management statement has been produced to provide information to shareholders in accordance with the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or parties for any other purposes. The views, information and data in this publication should not be deemed a financial promotion or recommendation. Investment Objective SR Europe Investment Trust plc invests in an actively managed portfolio of quoted companies and debt instruments in the United Kingdom and continental Europe, including developing Europe, Russia and Turkey, with the objective of generating capital growth without neglecting income. Summary 30 September 2011 30 June 2011 Net assets (including current period GBP54,092 GBP68,440 revenue) GBP'000 Net asset value per share - basic and fully diluted 187.57p 236.20p Investment Manager's Review 3 months to P6 months to 30 September 2011 30 June 2011 SR NAV (20.2)% 1.9% MSCI Europe (including UK) Total (20.5)% 6.4% Return Index Markets declined substantially during the third quarter, with the broad Stoxx 600 index falling 25.9% to the low point on 23rd September before recovering slightly to close the quarter down 21.1% (in sterling terms). Four main issues fuelled investors concerns: 1) evidence of a faltering economic recovery in the US, exacerbated by a sovereign debt downgrade and political stalemate, 2) an escalation of the crisis in the eurozone, with political leaders' inability to deliver a comprehensive solution leading to evidence of Italian contagion, 3) persistent inflation in China leading to increasing concerns about the outlook for growth, 4) a problematic Q2 earnings season, littered with profit warnings. As fears began to mount that the Western world might tip back into recession and in the process provoke another banking crisis, equity markets sold off aggressively. During the period the Trust's NAV declined by 20.2%, essentially matching the disappointing performance of European equity markets. These losses came from our long equity portfolio, with very small gains recorded in equity put options and index derivatives. The Trust reduced its net balance sheet exposure significantly over the period and altered the composition, cutting cyclical long exposure and adding both defensive growth stocks and index hedges. However, spiking volatility and market panic significantly impacted our ability to hedge the portfolio, where option protection became very expensive and in some cases simply not available. The introduction of shorting bans in financials in countries such as France, Italy and Spain made index hedges difficult to use. This had a significant impact particularly given financials form a material part of the market and were the epicentre of the crisis (the Stoxx 600 Banks index declined 31.4% in the quarter). The outlook for equity markets for the remainder of the year is particularly difficult to predict. On the positive side, the turmoil of August and September seems to have finally persuaded European policymakers of the urgency for a comprehensive solution to the eurozone crisis. We may potentially see final measures at the G20 summit in Cannes in early November. If this solution proves convincing, there is scope for European equity markets to rally substantially. If however the measures are inadequate, we could see an escalation of the crisis and bank failures in the Eurozone which would be very negative for markets. Meanwhile a growth slowdown, continued deleveraging causing deflationary pressures and a lack of competitiveness in many peripheral Eurozone economies, remain dominant themes. We will need to remain flexible and pragmatic in our balance sheet management and in our investments and respond to events as they occur. Top 10 Holdings (excluding cash and bonds) as at 30 September 2011 Company % of Net Country Sector Assets L'Oreal 5.6 France Consumer Staples ENI 5.6 Italy Energy Virgin Media 5.0 United Kingdom Telecommunications Edenred 4.9 France Industrials SAP 4.7 Germany Information Technology Adidas 4.5 Germany Consumer Discretionary Alcatel-Lucent 4.4 France Telecommunications Novo-Nordisk 4.4 Denmark Healthcare Nestle 4.4 Switzerland Food Products International Power 4.1 United Kingdom Utilities Asset Allocation (equity gross long only) as at 30 September 2011 As at As at 30 September 2011 30 June 2011 Country % of Net Assets % of Net Assets Denmark 4.4 4.7 France 18.0 14.1 Germany 9.2 23.8 Italy 9.5 9.7 Spain - 3.4 Switzerland 8.2 7.1 United Kingdom 9.0 13.5 As at 30 September 2011 As at 30 June 2011 GBP % GBP % Equities 31,548,757 58.3 52,242,053 76.3 Derivative -33.1 - 9.8 Overlay Net Exposure 25.2 86.1 Government 11,155,733 - Bonds Net cash and 11,387,335 16,197,860 other assets Net Assets 54,091,825 68,439,913 Note: At the time of writing the Company has built up long equity exposure to 80% of NAV, offset by 40% index hedges to give a net equity exposure of 40%. George Papandreou's plans for a Greek referendum raise the stakes in the Eurozone crisis, re-opening the possibility of a disorderly default, an outcome markets had thought could be discounted post the Eurozone agreement earlier in October. However, if Papandreou were to win a clear mandate from the people for reforms necessary to preserve membership of the Eurozone, we would be in a much stronger position than previously envisaged. This could lay the foundation for a durable solution to the crisis. Contact Details: Capita Sinclair Henderson Limited + 44 1392 412122 www.sreit.co.uk 07 November 2011 END
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