Final Results

RNS Number : 7185C

Scottish Mortgage Inv Tst PLC

04 May 2012

 



Press Release

Scottish Mortgage Investment Trust PLC

Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.

Results for the year to 31 March 2012

¾  In a volatile period for stockmarkets, Scottish Mortgage's shares staged a significant recovery in the second half of its financial year. The share price closed at 708p having fluctuated in the period between a high of 781p and a low of 565p. Over the year to 31 March 2012 net asset value (NAV) per share fell by 5.8%, the share price by 4.6% and the benchmark (the FTSE All-World Index in sterling terms) by 2.9%.

¾  Performance

Performance is primarily assessed over the long term in line with the nature of the investment approach.  During the past five years, the NAV has increased by 39%, the share price by 45% and the benchmark by 26% in total return terms (including capital and income); over ten years the increases are 125% NAV, 139% share price and 73% benchmark.  The Directors regard this as a very satisfactory performance and believe that, in the year under review, that the Managers acted with great skill in a very testing investment climate.

¾  Dividend increased by 8.3%, the 30^th consecutive annual increase ahead of inflation

Earnings per share were 13.1p (13.3p last year). A final dividend of 6.8p is proposed which will give a total dividend for the year of 13.0p, an increase of 8.3% over last year that is well ahead of UK inflation (currently 3.6% on an RPI basis). 

¾  Market Conditions

The past year has been characterised by low confidence in markets and a tendency for most commentators and participants to focus on negative factors. To a large extent good news has been ignored including the remarkable health of much of the corporate sector, the progress made by many developed economies and the continued growth of advancing economies.

¾  Investment Opportunities

The careful selection of individual companies and their subsequent performance remains the most important influence on future long term returns. The Managers still see considerable investment opportunities. There is excitement about the impact of new technologies in many different sectors and continued enthusiasm for opportunities presented by the rapid growth of the Chinese economy.

¾  Suitability

Scottish Mortgage aims to appeal to investors who seek long term growth from investment in equities chosen on a global basis. Scottish Mortgage is generally not well suited to investors with short term horizons or those who cannot endure the occasionally violent fluctuations inherent in equity investment. 

3 May 2012

For further information please contact:

James Budden, Baillie Gifford & Co  

Tel: [phone] or 07507 201208

Roland Cross, Director, Broadgate Mainland Marketing

Tel: [phone] or 07831 401309

Scottish Mortgage is managed by Baillie Gifford & Co, the Edinburgh based fund management group with around £78 billion under management and advice in active equity and bond portfolios for clients in the UK and throughout the world (as at 3 May 2012).

Investment Trusts are UK public limited companies and are not authorised or regulated by the Financial Services Authority.

Past performance is not a guide to future performance.  The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested.

Chairman's Statement

Investment Performance

The past year has been a very volatile one for world stock markets and, having at one point fallen by over 20% from last year's closing price, the value of your Company's shares staged a significant recovery in the second half of our financial year to close at 708p.  I warned in 2011 that "shareholders should remember that not every year will be as good as the period just ended" and indeed that was prescient. Over the year to 31 March 2012 net asset value (NAV) per share fell by 5.8%, the share price by 4.6% and the benchmark (the FTSE All-World Index in sterling terms) by 2.9%, but these end-of-year statistics disguise the fact that in the period under review our share price fluctuated between a high of 781p and a low of 565p.  

As stated in previous years, performance is primarily assessed over the long term in line with the nature of the investment approach.  During the past five years, the NAV has increased by 39%, the share price by 45% and the benchmark by 26% in total return terms (including capital and income); over ten years the increases are 125% NAV, 139% share price and 73% benchmark. Your Directors regard this as a very satisfactory performance and believe that, in the year under review, our Managers acted with great skill in a very testing investment climate.

The past year has been characterised by low confidence in markets and a tendency for most commentators and participants to focus on negative factors.  In particular, anxiety about the future of the Eurozone and worries about what appears to be a double dip recession in several European countries (including the UK) have been recurrent. To a large extent good news has been ignored, with investors transfixed by some of the horror stories emerging in southern Europe.  Included in the good news is the remarkable health of much of the corporate sector, the good progress made by many developed economies, notably, but not exclusively, Germany, and the continued growth of advancing economies especially China, albeit sometimes at a slightly slower pace than hitherto. But it is the riots on the streets of Athens and the unemployment queues in Spain which have tended to capture the headlines.

It is to the Managers' credit that they have continued to maintain a clear focus on progress at individual company level whilst also being prepared to swim against the tide in their investment approach. They still see considerable investment opportunities. Excitement about the impact of new technologies in many different sectors and continued enthusiasm for opportunities presented by the rapid growth of the Chinese economy come through strongly as will be shown in the Managers' Report.

Equity investment is not without risk, but the Managers' approach whereby the primary focus is on fundamental and thorough analysis of individual companies and their long term growth prospects, rather than on short term market predictions, is the rational one. Portfolio diversification at company level and also by activity remains important.  We have what is by most standards quite a concentrated portfolio (currently 70 holdings for £2.4 billion of investments) and the Board regularly challenges and questions the Managers on individual investments, diversification, risk concentration and broader trends. 

Shareholders may note that the value of the equity portfolio listed in the UK now stands at 12% of total assets; a decade ago it was close to 50%. The portfolio does not resemble, let alone try to match, the benchmark so there will be times when performance is out of kilter with markets and indices. Scottish Mortgage aims to appeal to investors who seek long term growth from investment in equities chosen on a global basis. I make no apology for the fact that Scottish Mortgage is generally not well suited to investors with short term horizons or those who cannot endure the occasionally violent fluctuations inherent in equity investment. 

Earnings and Dividend

As well as offering capital growth, Scottish Mortgage has provided shareholders with a stream of rising dividends over the years. This year earnings per share were 13.1p (13.3p last year).  A final dividend of 6.8p is proposed which will give a total dividend for the year of 13.0p.  This is a satisfactory increase of 8.3% over last year and is well ahead of all measures of UK inflation (currently 3.6% on an RPI basis).  It is also the 30^th consecutive increase in the total dividend ahead of inflation.

Gearing

Gearing has been maintained at broadly constant levels. Gross assets totalled £2,378m at the year end and our fixed rate debentures and floating rate bank loans of £366m account for 15% of total assets. While the bank loans are at historically low interest rates, our debentures generally carry high coupons, reflecting the radically different conditions which prevailed when they were arranged.

Discount and Buybacks

The discount at which the Company's share price stands to net asset value has continued to narrow and at the end of the financial year it stood at 8% which, while higher than your Directors would like to see, is nonetheless lower than that of our peer group. It is important that the Managers communicate effectively with existing shareholders so that the aspirations of the Company and its owners are aligned. Also important is the quest for a new generation of shareholders. There are opportunities here as the ways in which advisers are remunerated change with the introduction of the Retail Distribution Review (RDR) and this is a particular area of focus for the Managers' marketing department. The Company has maintained its low total expense ratio (0.51%) which is among the lowest in the industry and this important feature should be beneficial in attracting new investors when comparable charges on other funds can be many times higher than those incurred by Scottish Mortgage.

Shares were again bought back last year when supply exceeded demand. A total of 2.9m shares were repurchased, similar to the amount in 2010/11 (3m). These shares were transferred into Treasury from which they can be re-issued in future, but only at a premium to net asset value.  There are now 31m shares in Treasury available for re-issue. Net asset value was enhanced by 1.0p by buybacks this year. Over five years the equivalent figure is 9.1p.

Board and AGM

I am very pleased that Dr Linda Yueh has agreed to join the Board. Linda has depth of knowledge and experience, especially of China, which I believe will be very valuable to Scottish Mortgage, which already has some £400m of investments in Greater China. 

The Annual General Meeting will be held in Edinburgh at Baillie Gifford's offices at 4.30pm on the 28^th June.  James Anderson and Tom Slater will make short presentations on the investments and I hope you will be able to attend. 

Baillie Gifford is holding an investment trust presentation in London on 19^th September at which Scottish Mortgage will be featured. Shareholders interested in receiving details of this event should contact Baillie Gifford's Client Relations Team.

Outlook

Although the health of much of the corporate sector appears to be good in terms of profitability and balance sheet strength, the challenges at a macro-economic level are considerable. Some European economies are faltering but others, notably Germany, are doing very well and it is this remarkable divergence of fortunes which is causing strains of titanic proportions within the Eurozone. Even ardent supporters of the Euro project now belatedly accept that certain countries should not have been admitted to the single currency so early in the piece and their continuing membership seems to be justified on the basis that it acts as a financial straitjacket which, while painful in the short term, will do the patient good in the end; and that, in any event, the release keys were discarded. Much has been achieved in the past year in terms of averting a disorderly default for Greece, but in both that country and elsewhere in southern Europe there remains an uneasy feeling that all that has been bought is more time; enduring solutions are proving elusive.

Looking further afield, there continue to be worrying developments in the likes of North Korea and Iran. While shareholders will realise that we hold no investments in either country, both have the capacity to cause major disruptions to the value of all capital markets in the world. Such worries have perhaps served to obscure a flow of positive news this year, particularly from the United States which could well be approaching an economic turning point as the gradual unwinding of earlier years' excesses moves towards a conclusion. 

For Scottish Mortgage it is the careful selection of individual companies and their subsequent performance which remain the most important influence on future long term returns. Our Managers continue to demonstrate that they are adept at identifying opportunities and, when taken together with the impact of low operating costs, I believe our Company continues to offer its shareholders a compelling investment proposition.

John Scott

Chairman

3 May 2012

Past performance is not a guide to future performance.

Income statement (unaudited)

The following is the unaudited preliminary statement for the year to 31 March 2012 which was approved by the Board on 3 May 2012. The Board of Scottish Mortgage Investment Trust PLC is recommending to the Annual General Meeting of the Company to be held on 28 June 2012 the payment of a final dividend of 6.80p (6.20p last year) per ordinary share making 13.00p (12.00p last year) for the year ended 31 March 2012.

	For the year ended 31 March 2012			For the year ended 31 March 2011 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
(Losses)/gains on investments	-	(94,940)	(94,940)	-	325,193	325,193
Currency gains/(losses)	-	5,974	5,974	-	(4,578)	(4,578)
Income (note 2)	52,689	-	52,689	53,703	-	53,703
Investment management fee	(3,632)	(3,632)	(7,264)	(3,638)	(3,638)	(7,276)
Other administrative expenses	(2,380)	-	(2,380)	(2,438)	-	(2,438)
Net return before finance costs and  taxation	46,677	(92,598)	(45,921)	47,627	316,977	364,604
Finance costs of borrowings	(9,401)	(9,401)	(18,802)	(8,814)	(8,814)	(17,628)
Net return on ordinary activities before taxation	37,276	(101,999)	(64,723)	38,813	308,163	346,976
Tax on ordinary activities	(3,803)	-	(3,803)	(4,439)	-	(4,439)
Net return on ordinary activities after taxation	33,473	(101,999)	(68,526)	34,374	308,163	342,537
Net return per ordinary share (note 3)	13.07p	(39.81p)	(26.74p)	13.32p	119.40p	132.72p

The total column of this statement is the profit and loss account of the Company.

All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the year.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.

Balance sheet (unaudited)

	At 31 March 2012 £'000	At 31 March 2011 (audited) £'000
Fixed assets
Investments held at fair value through profit or loss	2,361,636	2,486,251
Current assets
Debtors	8,321	15,468
Cash and short term deposits	20,855	14,699
	29,176	30,167
Creditors
Amounts falling due within one year	(125,295)	(178,745)
Net current liabilities	(96,119)	(148,578)
Total assets less current liabilities	2,265,517	2,337,673
Creditors
Amounts falling due after more than one year	(253,194)	(205,379)
	2,012,323	2,132,294
Capital and reserves
Called up share capital	71,086	71,086
Capital redemption reserve	19,094	19,094
Capital reserve	1,844,229	1,965,865
Revenue reserve	77,914	76,249
Shareholders' funds	2,012,323	2,132,294
Net asset value per ordinary share (after deducting borrowings at fair value) (note 6)	768.7p	816.5p
Net asset value per ordinary share (after deducting borrowings at par)	795.6p	833.5p
Ordinary shares in issue (note 7)	253,619,897	256,519,897

Reconciliation of movements in shareholders' funds (unaudited)

For the year ended 31 March 2012

	Share capital £'000	Capital redemption reserve £'000	Capital reserve† £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 April 2011	71,086	19,094	1,965,865	76,249	2,132,294
Net return on ordinary activities after taxation	-	-	(101,999)	33,473	(68,526)
Shares bought back (note 7)	-	-	(19,637)	-	(19,637)
Dividends paid during the year (note 4)	-	-	-	(31,808)	(31,808)
Shareholders' funds at 31 March 2012	71,086	19,094	1,844,229	77,914	2,012,323

For the year ended 31 March 2011 (audited)

	Share capital £'000	Capital redemption reserve £'000	Capital reserve† £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 April 2010	71,086	19,094	1,677,917	71,811	1,839,908
Net return on ordinary activities after taxation	-	-	308,163	34,374	342,537
Shares bought back (note 7)	-	-	(20,215)	-	(20,215)
Dividends paid during the year (note 4)	-	-	-	(29,936)	(29,936)
Shareholders' funds at  31 March 2011	71,086	19,094	1,965,865	76,249	2,132,294

†      The Capital Reserve balance at 31 March 2012 includes investment holding gains on fixed asset investments of £755,250,000 (31 March 2011 - gains of £838,328,000)

Condensed cash flow statement (unaudited)

	Year to 31 March 2012 £'000               £'000		Year to 31 March 2011 (audited) £'000               £'000
Net cash inflow from operating activities		44,484		49,530
Servicing of finance
Interest paid	(18,803)		(18,323)
Net cash outflow from servicing of finance		(18,803)		(18,323)
Taxation
Income tax refunded	38		21
Overseas tax incurred	(3,896)		(4,488)
Total tax paid		(3,858)		(4,467)
Financial investment
Acquisitions of investments	(621,168)		(446,404)
Disposals of investments	654,761		414,713
Realised currency profit	3,562		1,099
Net cash inflow/(outflow) from financial investment		37,155		(30,592)
Equity dividends paid (note 4)		(31,808)		(29,936)
Net cash inflow/(outflow) before financing		27,170		(33,788)
Financing
Shares bought back (note 7)	(19,637)		(20,215)
Bank loans repaid	(102,206)		(151,049)
Bank loans drawn down	100,829		200,853
Net cash (outflow)/inflow from financing		(21,014)		29,589
Increase/(decrease) in cash		6,156		(4,199)
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash in the period		6,156		(4,199)
Decrease/(increase) in bank loans		1,377		(49,804)
Exchange movement on bank loans		2,412		(5,677)
Other non-cash changes		199		174
Movement in net debt in the year		10,144		(59,506)
Net debt at 1 April		(355,285)		(295,779)
Net debt at 31 March		(345,141)		(355,285)
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities
Net return on ordinary activities before finance costs and taxation		(45,921)		364,604
Losses/(gains) on investments		94,940		(325,193)
Currency (gains)/losses		(5,974)		4,578
Amortisation of fixed income book cost		(3)		(46)
Decrease in accrued income		1,167		1,028
Increase in debtors		(19)		(362)
Increase in creditors		294		4,921
Net cash inflow from operating activities		44,484		49,530

Thirty largest holdings and twelve month performance (unaudited)

Name	Business	Fair Value at 31 March 2012 £'000	% of total assets	Absolute performance† %	Contribution to absolute performance %	Fair value 31 March 2011 £'000
Baidu	Online search engine	197,279	8.29	6.2	0.8	172,596
Amazon.com	Online retailer	186,895	7.86	12.7	0.6	167,061
PPR	Luxury goods producer and   retailer	136,045	5.72	15.1	0.8	104,138
Brazil CPI Linked 2045	Brazilian government inflation   linked bond	120,575	5.07	8.7	0.7	117,307
Atlas Copco	Engineering	113,961	4.79	(4.2)	0.4	101,279
Tencent Holdings	Internet service portal	102,012	4.29	15.2	0.6	83,026
Illumina	Biotechnology equipment	70,861	2.98	(23.9)	(0.2)	5,170
Google	Online search engine	70,674	2.97	9.4	0.4	49,369
Intuitive Surgical	Surgical robots	65,370	2.75	63.0	1.4	38,235
Salesforce	Cloud computing and   hosting	61,701	2.59	14.9	0.3	12,405
Vale (CVRD)	Iron ore and nickel mining	60,946	2.56	(18.2)	(0.6)	58,576
Inditex	International clothing retailer	60,201	2.53	22.4	0.4	24,320
Banco Santander	Banking	53,022	2.23	(26.7)	(1.0)	84,357
New Oriental Education &   Technology	Education and training	51,851	2.18	10.2	0.2	37,832
KGHM	Copper mining	51,141	2.15	(22.8)	(0.8)	26,560
ABB	Power systems and   automation	43,642	1.83	(12.5)	(0.1)	32,095
Prudential	International financial   services company	42,165	1.77	30.3*	0.4*	-
Novozymes	Enzyme manufacturer	41,186	1.73	(2.4)	(0.0)	32,088
Apple	Computer technology	40,894	1.72	71.9	0.7	22,585
Intertek Group	Business support providers	36,746	1.55	25.3	0.4	29,751
Deere	Farm machinery	35,792	1.50	(14.7)	(0.4)	72,557
Reckitt Benckiser	Consumer goods company	35,330	1.49	11.0*	0.2*	-
Rolls-Royce Group	Aerospace equipment	32,480	1.37	33.1	0.5	24,760
Whole Foods Market	Food retailer	32,383	1.36	27.3	0.4	28,929
Telekomunikacja Polska	Fixed and mobile telecoms	31,026	1.30	(3.9)	(0.1)	39,726
Telefonica O2 Czech   Republic	Fixed and mobile telecoms	30,659	1.29	(2.2)	(0.1)	15,886
Aggreko	Power equipment rental	29,702	1.25	43.7	0.5	18,014
BASF	Chemicals	27,811	1.17	4.3	0.2	15,265
Hero Motocorp	Motorcycle and scooter   manufacturer	24,975	1.05	20.4	(0.0)	14,208
Housing Development   Finance Corporation	Mortgage bank	23,296	0.98	(14.7)	(0.2)	18,690
		1,910,621	80.32			1,446,785

†      Absolute and relative performance has been calculated on a total return basis over the period 1 April 2011 to 31 March 2012. Absolute performance is in sterling terms; relative performance is against the benchmark: FTSE All-World Index (in sterling terms).

*      Figures relate to part-period returns where the equity has been purchased during the period.                                      Source: Baillie Gifford & Co/StatPro. Past performance is not a guide to future performance.

Distribution of assets (unaudited)

		At 31 March 2012 %	At 31 March 2011 %
North America		27.1	33.6
South America		3.6	4.1
Europe		41.9	34.5
	United Kingdom	12.5	9.6
	Eurozone	14.2	11.0
	Developed Europe (non Euro)	8.9	7.8
	Rest of Europe	6.3	6.1
Africa and Middle East		0.4	0.4
Asia		21.2	20.1
	China	16.3	13.6
	India	2.1	1.3
	Japan	0.5	1.6
	Rest of Asia	2.3	3.6
Australasia		-	1.1
Total equities		94.2	93.8
Sterling bonds		-	0.8
Euro denominated bonds		-	0.1
Brazilian real denominated bonds		5.1	4.7
Net liquid assets		0.7	0.6
Total assets (before deduction of loans and debentures)		100.0	100.0

Notes to the condensed financial statements (unaudited)

1.	The financial statements for the year to 31 March 2012 have been prepared on the basis of the accounting policies set out in the Company's Annual Financial Statements at 31 March 2011. The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment.
2.	Income			Year to 31 March 2012 £'000		Year to 31 March 2011 (audited) £'000
	Income from investments and interest receivable			52,681		53,379
	Other income			8		324
				52,689		53,703
3.	Net Return per Ordinary Share			Year to 31 March 2012 £'000		Year to 31 March 2011 (audited) £'000
	Revenue return on ordinary activities after taxation			33,473		34,374
	Capital return on ordinary activities after taxation			(101,999)		308,163
	Total net return			(68,526)		342,537
	Weighted average number of ordinary shares in issue			256,199,678		258,103,596
	Net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period. There are no dilutive or potentially dilutive shares in issue.
4.	Ordinary Dividends	2012	2011 (audited)		2012 £'000		2011 (audited) £'000
	Amounts recognised as distribution in the year:
	Previous year's final (paid 4 July 2011)	6.20p	5.80p		15,904		14,968
	Interim (paid 25 November 2011)	6.20p	5.80p		15,904		14,968
		12.40p	11.60p		31,808		29,936
	Also set out below the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of section 1158 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £33,473,000 (2011 - £34,374,000).
		2012	2011 (audited)		2012 £'000		2011 (audited) £'000
	Amounts recognised as distribution in the year:
	Interim dividend per ordinary share (paid 25 November 2011)	6.20p	5.80p		15,904		14,968
	Proposed final dividend per ordinary share (payable 2 July 2012)	6.80p	6.20p		17,246		15,904
	Adjustment to the previous year's final dividend re shares bought back				-		(84)
		13.00p	12.00p		33,150		30,788

Notes to the condensed financial statements (unaudited) (ctd)

	Ordinary Dividends (Ctd)
4.	The final dividend was declared after the period end date and has therefore not been included as a liability in the balance sheet. If approved the final dividend will be paid on 2 July 2012 to all shareholders on the register at the close of business on 1 June 2012. The ex-dividend date is 30 May 2012.
5.	The bank loans falling due within one year comprise US$99 million and €61 million (2011 - US$99 million, US$80 million and €59.8 million). The bank loans falling due in more than one year comprise US$163 million (2011 - €61 million). During the year bank loans of US$80 million and €59.8 million were repaid and a loan of US$163 million was drawn down.
6.	The fair value of borrowings at 31 March 2012 was £428,696,000 (2011 - £407,861,000). Net asset value per share (after deducting borrowings at fair value) was 768.7p (2011 - 816.5p).
7.			2012 Number of shares	2011 (audited) Number of shares
	Share capital: Ordinary shares of 25p each
	Allotted, called up and fully paid		253,619,897	256,519,897
	Treasury shares		30,726,279	27,826,279
	Total		284,346,176	284,346,176
	The Company's authority permits it to hold shares bought back 'in treasury'. Such treasury shares may be subsequently either sold for cash (at, or at a premium to, net asset value per ordinary share) or cancelled.  In the year to 31 March 2012 a total of 2,900,000 (2011 - 3,000,000) ordinary shares with a nominal value of £725,000 (2011 - £750,000) were bought back at a total cost of £19,637,000 (2011- £20,215,000) and held in treasury.  At 31 March 2012 the Company had authority to buy back a further 35,552,332 ordinary shares. Under the provisions of the Company's Articles the share buy-backs were funded from the capital reserve.
8.	The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 March 2012. The financial information for 2011 is derived from the statutory accounts for 2011 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2011 accounts, their report was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.  The statutory accounts for 2012 are unaudited, however it is expected that the Auditors will issue an unqualified opinion. The statutory accounts for 2012 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
9.	The Annual Report and Financial Statements will be available on the Managers' website www.scottishmortgageit.com‡ on or around 21 May 2012.

‡    Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

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