Interim Management Statement

RNS Number : 3440E

Edinburgh US Tracker Trust plc

29 May 2012

 



Edinburgh US Tracker Trust plc - Interim management statement

To the members of Edinburgh US Tracker Trust plc

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 February 2012 to 30 April 2012, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To invest in a portfolio designed to track closely the S&P 500 Index, both in terms of capital and income.

Benchmark

S&P 500 Index

Material events and their impact on the Trust

At the Company's AGM on 29 May 2012, all resolutions, including the annual continuation vote, were passed. The resolution on continuation was passed by 99.9% of votes cast. 

The Company will pay a final dividend of 5.20p per share to shareholders on 1 June 2012.  The ex-dividend date was 1 May 2012 and the register date was 4 May 2012.

At the Company's General Meeting on 29 May 2012, the resolution to change the Company's investment policy, as set out in the circular to shareholders dated 27 April 2012 (the "Circular"), was approved by shareholders.  The new investment policy comes into effect following the conclusion of the General Meeting.  The resolution to amend the Articles, including the change from an annual to three yearly continuation vote, was also approved.  The resolution to extend the allotment authorities was also approved.  The resolution relating to the disapplication of pre-emption rights equal to 40% of the Company's issued share capital was withdrawn as there was insufficient proxy voting support to carry this special resolution, requiring 75% approval. 

Following approval for the change to its investment policy, the Company has also changed its name to The North American Income Trust plc and, with effect from 30 May 2012, the Company's 'ticker' reference will change from EUS to NAIT. 

Material transactions and their impact on the Trust's financial position

Over the three month period to 30 April 2012 the Company's net asset value fell 2.4% on a total return basis compared to a fall of 2.2% in the S&P 500 Index. 

For latest NAV and share price information, please refer to the Trust's website, www.edinburghustracker.co.uk.

Cumulative performance (%)

	As at 30/04/12	3 months	1 year	3 years	5 years
Capital return
Share price	689.5	-0.4	4.4	13.3	7.1
NAV	718.9	-2.4	3.4	10.9	5.7
S&P 500 Index		-2.3	3.5	10.9	5.3
Total return
Share price	689.5	-0.4	4.4	13.3	7.8
NAV	718.9	-2.4	3.4	10.9	6.4
S&P 500 Index		-2.2	4.1	12.1	7.6

Discrete performance (%)

Year ending	30 April 2012	30 April 2011	30 April 2010	30 April 2009	30 April 2008
Capital return
Share price	7.1	3.7	30.5	-15.8	-6.1
NAV	5.7	5.6	31.4	-15.4	-6.0
S&P 500 Index	5.3	5.4	31.6	-15.8	-5.6
Total return
Share price	7.8	5.3	32.9	-14.4	-4.2
NAV	6.4	7.1	33.7	-14.0	-4.2
S&P 500 Index	7.6	7.6	34.4	-13.5	-3.7

Capital Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited and Morningstar

NAV returns based on NAVs excluding income and with debt valued at par

Total Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

NAV returns based on NAVs excluding income and with debt valued at par

Ten largest equity holdings

as at 30 April 2012

Apple	4.3
ExxonMobil	3.2
IBM	1.9
Microsoft	1.8
Chevron	1.6
General Electric	1.6
AT&T	1.5
Johnson & Johnson	1.4
Wells Fargo	1.4
Coca-Cola	1.4
Total	20.1

Sector allocation

as at 30 April 2012

	%
Information Technology	20.3
Financials	14.5
Health Care	11.4
Consumer Discretionary	11.3
Energy	11.2
Consumer Staples	10.9
Industrials	10.6
Utilities	3.5
Materials	3.4
Telecommunication Services	2.9
Total	100.0

Assets at 30 April 2012

Investments	£225.8m
Cash	£0.5m
Total assets¹	£226.3m
No of shares in issue	31478582
Net asset value	718.9p
Discount	4.1%

(¹ Excluding current year revenue)

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

29 May 2012

For Edinburgh US Tracker Trust plc

Aberdeen Asset Management PLC, Secretary

 

END

 

 

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