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World Trust Fund (WTR)

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Thursday 30 July, 2009

World Trust Fund

Interim Management Statement

Interim Management Statement

World Trust Fund

The World Trust Fund
Interim Management StatementInterim Management Statement
For the quarter ended 30th June 2009 For the quarter ended 30th June 2009

The World Trust Fund (the “Fund”) is publishing this Interim Management Statement in accordance with DTR 4.3 of the FSA Handbook.

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 April 2009 to 30 June 2009 and contains information that covers this period and the period up to the date of publication of this Interim Management Statement.

The Fund aims to achieve long-term capital appreciation by investing in companies whose shares trade at a discount to their underlying net asset value and are listed on international exchanges. For hedging purposes the Fund may also sell short stock indices, stocks, and shares of exchange-traded funds or closed-end funds, not exceeding 100% of the Fund’s net assets.

Highlights:

Over the 3 month period from 1 April 2009 to 30 June 2009:

  • The Fund’s net asset value (NAV) rose by 34.65% compared with a rise of 20.75% in the MSCI World Index.
  • The Fund’s share price rose by 40.66%.
  • The discount to NAV at which the Fund's shares trade narrowed to 11.69%.
  • The weighted average discount of the underlying funds in the Fund’s portfolio was 20.17%.

Long Term Performance:

               
 
1-Year 3-Year 5-Year 10-Year
Share Price -48.7% -19.0% - 0.3% +2.5%
Net Asset Value -46.6% -17.3% - 1.0% +1.4%
MSCI World Index -29.5% - 8.0% 0.0% - 0.8%
MSCI AC World -29.3% - 7.0% + 1.1% + 3.6%
 

Top Five Holdings (% of net assets):

       

30/06/09

31/03/09

China Everbright 9.2% 7.8%
JPMorgan Fleming European Fledgeling 4.6% 4.7%
Gabelli Global Deal 4.3% 5.2%
China Merchants Direct 4.2% 3.7%
Swiss Helvetia 3.8% 4.7%
 

Breakdown of Net Assets:

       

30/06/09

31/03/09

Asia ex Japan 28.4% 26.2%
North America 19.6% 26.2%
Europe (ex UK) 19.2% 20.0%
Japan 9.0% 9.5%
Latin America, Africa & Middle East 7.3% 7.5%
United Kingdom 3.1% 2.7%
Other (Includes Cash & Fixed Income Investments) 11.4% 5.4%
 
Long Exposure 98.0% 97.5%
Short Exposure 0.0% 0.0%
Net Exposure 98.0% 97.5%
 

Top 5 Country Weightings (% of net assets)

   

30/06/09

United States 15.5%
China 11.4%
Hong Kong 9.5%
Japan 9.0%
France 4.0%
 

Leverage:

As at 30 June 2009 the Fund had no leverage.

Material Transactions and Events:

The Board of Directors is not aware of any material events or transactions that have occurred between 30 June 2009 and the date of this Interim Management Statement and would have a material impact on the financial position or performance of the Fund.