Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • Investegate.co.uk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com
  • FETransmission.com
  • Trustnet.hk
  • FEAnalytics.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

World Trust Fund (WTR)

  Print      Mail a friend

Friday 20 January, 2012

World Trust Fund

Transaction in Own Shares

Transaction in Own Shares

World Trust Fund

The World Trust Fund

Interim Management Statement

for the quarter ended 31st December 2011

The World Trust Fund (the “Fund”) is publishing this Interim Management Statement in accordance with the Luxembourg law of 11 January 2008 on Transparency requirements (the “Transparency law”).

This Interim Management Statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the Transparency law. 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 October 2011 to 31 December 2011 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, in the main closed-end investment 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 October 2011 to 31 December 2011:

  • The Fund’s net asset value (NAV) rose by 2.4% to $2.99 in US$ terms (base currency), compared with a rise of 7.2% in the MSCI All Countries World Index.
  • The Fund’s share price rose in Sterling terms by 1.5% to 171 pence.
  • The discount to NAV (in Sterling) at the end of the period was 11.2%.
  • The Fund’s underlying holdings had an average weighted discount of 25.4%.

Global stock markets rose amid greater optimism for a resolution to the sovereign debt crisis in Europe. In addition, many investors were heartened as U.S. economic data strengthened during the last few weeks of 2011. Claims for new unemployment benefits fell, and both industrial production and consumer spending increased. Corporate earnings globally continued to be a bright spot in the uncertain market environment, as companies have been actively reducing costs and capital expenditures to bolster strong profitability and cash generation, even in a lacklustre economic environment. However, the markets’ performance throughout the quarter remained volatile as a number of events in the Eurozone drove turmoil. These included a proposed Greek referendum on the country’s bailout package, disagreement within the Eurozone about the role of the European Central Bank in solving the crisis, a German bund auction that elicited low demand, the escalation of Italian bond yields, and the formation of new governments in Greece and Italy. Broadly speaking, investors were also anxious about weakening economic activity in China.

Stock selection and strong absolute returns in EM Asia were the key drivers of return. Investments focused on China, South Korea, the Philippines, and Indonesia performed well. Several key holdings that underwent corporate governance initiatives also helped performance. Stock selection in Asia Pacific and Japan hurt returns, as did exposures in EM Europe. Although an underweight exposure (nearly half the benchmark weight) to the United States hurt returns as the USA performed strongly (S&P 500 +11.8% for the period), several U.S.-focused investments performed well. Overweight exposures to emerging markets detracted from returns. Performance was also hindered as the portfolio’s average discount widened by approximately 410 basis points.

Long Term Performance:

       
1-Year 3-Year 5-Year 10-Year
Share Price £ -13.9% +13.4% - 5.2% +5.9%
Share Price US$* -14.2% +15.7% - 9.5% +6.6%
Net Asset Value US$ -12.8% +14.8% - 9.1% +6.0%
Net Asset Value £* -12.3% +12.7% - 4.7% +5.1%
MSCI All Countries World US$ - 7.4% +12.0% - 1.9% +4.2%

*Converted using Foreign Exchange rate used by the administrator.

Top Five Holdings (%):

   

31/12/11

30/09/11

First Pacific 8.8% 8.0%
New Germany Fund 4.6% 4.9%
JPMorgan European Smaller Companies 4.3% 4.9%
China Everbright Ltd 4.2% 2.9%
Templeton Emerging Markets Investment Trust plc 4.1% 0.0%

Top 5 Regional Breakdown (%)

   

31/12/11

30/09/11

Asia ex Japan 28.3% 16.1%
Europe (ex UK) 20.7% 16.4%
North America 17.8% 18.4%
Japan 7.8% 8.7%
United Kingdom 6.2% 6.0%

The above change in regional exposure largely is a reflection of the reduction in the Company’s short positions over the period, which can be seen below.

 

31/12/11

 

30/09/11

Long Exposure 96.1% 89.6%
Short Exposure 0.0% -13.7%
Net Exposure 96.1% 75.9%

Top 10 Country Weightings (%)

 

31/12/11

United States 16.0%
China 8.5%
Japan 7.8%
Philippines 7.0%
United Kingdom 6.2%
Germany 4.7%
Switzerland 4.2%
Indonesia 3.5%
France 3.4%
Hong Kong 3.2%

Leverage:

As at 31 December 2011 the Fund had no leverage.

Material Transactions and Events:

Purchase of own shares

During the period under review and up to the date of release of this Interim Management Statement, the Fund has purchased the following ordinary shares to be held in treasury:

5 October 2011   200,000 shares at 164p per share
18 October 2011 115,000 shares at 172p per share
27 October 2011 80,000 shares at 174p per share
17 November 2011 84,000 shares at 172p per share
5 January 2012 1,525,000 shares at 172p per share
17 January 2012 389,000 shares at 179p per share
19 January 2012 200,000 shares at 179.5p per share

Following the above repurchases, the Fund has 54,038,063 Ordinary shares in issue which should be used as the denominator under the Luxembourg Transparency Law. Similarly 51,331,081 ordinary shares with voting rights in issue (FSA’s denominator), excluding 2,706,982 ordinary shares which are currently held in treasury.

Additionally there remain 10,807,612 Warrants in issue.

Listing Category: Premium – Equity Closed-ended Investment Fund