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World Trust Fund (WTR)

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Monday 01 August, 2011

World Trust Fund

Factsheet

Factsheet

World Trust Fund

As of 30 April 2011

Return Statistics   MTD   YTD   1-Year   3-Year   5-Year   10-Year   Annualized Since Inception**
The World Trust Fund Price (£)* 0.6% -0.3% 13.1 -3.7% -3.7% 5.1% 6.3%
The World Trust Fund Price (US$) 4.8% 6.9% 23.4% -9.1% -5.4% 6.7% 6.2%
The World Trust Fund NAV (US$) 4.3% 7.0% 19.5% -9.7% -4.7% 6.7% 7.1%
MSCI All Country World Index (US$) 4.1% 8.7% 18.6% -0.2% 3.1% 4.7% 6.7%

Source: Lazard Asset Management / MSCI

* As at 01.11.09 the currency in which the shares of the Fund are listed changed from US$ to GBP. Past performance data up to and including 31.10.09 has been re-calculated using exchange rates provided by Bloomberg. Past performance data from 01.11.09 is calculated using exchange rates provided by State Street Bank. The Fund’s base currency for valuation and performance fee calculation purposes remains as US$.

** Inception date 01.07.91

Fund Description

The Fund aims to achieve long-term capital appreciation by investing primarily in companies whose shares trade at a discount to the underlying net asset value, and list on the international exchanges. 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.

Portfolio Construction

Closed- End Investment Companies   41.5%
Investment Trusts 33.9%
Corporate Equities 25.4%

Source: Lazard Asset Management

Fund Data

Net Asset Value (£)   2.20
Market Price (£) 1.98
Discount/Premium -9.89%

Source: State Street Bank

Portfolio Exposure

Long Exposure   100.8%
Short Exposure 0.0%
Net Exposure 100.8%
Gross Exposure 100.8%

Source: Lazard Asset Management

Regional Exposure

Asia (ex-Japan)   27.3%
Europe (ex-UK) 25.8%
North America 21.3%
Japan 8.1%
UK 6.0%
Latin America/Africa/Middle East 5.4%
Other 6.2%

Source: Lazard Asset Management

Top Holdings

Name

 

Weight (%)

 

Discount/Premium (%)

First Pacific Co 6.7 -48.1*
JPMorgan European Smaller Companies Investment Trust 6.1 -14.3
The New Germany Fund 5.6 -9.7
Eurazeo 5.4 -24.7*
China Everbright Ltd 4.7 -16.0*
Swiss Helvetia Fund 4.4 -8.7
China Merchants China Direct 3.7 -39.0*
JP Morgan Emerging Markets 3.4

 

-8.7

Morgan Stanley Asia Pacific Fund 3.3 -10.5
Clough Global Opportunities Fund 3.2 -12.7

Source: Lazard Asset Management / Morningstar (unless otherwise stated)

*Lazard Asset Management



This is a financial promotion and is not intended to be investment advice.

Securities identified in this document are not necessarily held by Lazard Asset Management for all client portfolios, and should not be considered as a recommendation or solicitation to purchase, sell or hold these securities. It should also not be assumed that any investment in these securities was, or will be, profitable.

Information and opinions contained within this document are derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions are as at the date of this document and are subject to change without notice.

The World Trust Fund is an investment company incorporated in Luxembourg, whose shares are listed and traded on the London Stock Exchange.

Past performance is not a reliable indicator of future results. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.

Investors are reminded that although the shares of the Fund are listed in GB sterling, the base currency of the Fund is US dollars. Therefore, in addition to the fluctuations in the rate of exchange between the currency in which shares are denominated (US$) and the base currencies of the underlying investments that may affect the value of your investment both positively and negatively, changes in rates of exchange between the Fund’s base currency and the currency in which it is listed (GBP) may also have the effect of causing the value of your investment to fluctuate.

Certain information included herein is derived by Lazard in part from an MSCI index or indices (the “Index Data”). However, MSCI has not reviewed this product or report, and does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or the author or source of any such information or analysis. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any Index Data or data derived therefrom. The MSCI Index Data may not be further redistributed or used as a basis for other indices or any securities or financial products.

There is no assurance that the World Trust Fund’s objectives or performance targets will be achieved.

This financial promotion is issued and approved by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL

Lazard Asset Management Limited is incorporated in England and Wales with registered number 525667. It is authorised and regulated by the Financial Services Authority

Listing Category: Premium – Equity Closed-ended Investment Fund