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World Trust Fund (WTR)

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Wednesday 14 March, 2012

World Trust Fund

Factsheet

Factsheet

World Trust Fund

The World Trust Fund

Fact Sheet - February 2012

Société d’Investissement à Capital Fixe

Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg

Grand Duchy of Luxembourg, R.C.S. Luxembourg No. B 37.154

Commentary

Global markets were flush with liquidity, with the U.S. Fed planning to hold low rates through late 2014, European Central Bank turning aggressive to deal with the crisis, thus buying more time, and emerging markets starting to ease. Global growth clearly turned the corner, and emerging markets generally fought a successful inflation battle. The Fund gained about 5% for the month, helped by our investments in technology (Polar Capital Technology Trust up 8.8%), Europe (Central European & Russia up 8.2%; JP Morgan European Smaller Companies up 4%) and Asia, with China recovering strongly.

Fund Description

The Fund seeks to achieve long-term capital appreciation by investing primarily in a diversified portfolio of companies whose shares trade at a discount to the underlying net asset value. 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.

Lazard Asset Management LLC was appointed as Manager of The World Trust Fund at the inception of the Fund, July 1st, 1991.

Kun Deng is a Managing Director of Lazard Asset Management, responsible for the firm’s Discounted Assets Strategies in global, international, and emerging markets.

He has been advising the World Trust Fund since 1997. Kun has the CFA charter.

Lazard Asset Management is known for its global perspective on investing and years of experience with global, regional and domestic portfolios. With more than 250 investment personnel worldwide, and over $127 billion in assets under management, we have offices located throughout the world in Bahrain, Boston, Frankfurt, Hong Kong, London, Milan, Montreal, New York, San Francisco, Seoul, Sydney, Tokyo, Toronto and Zurich.

Performance as of February 29, 2012

Performance   MTD   YTD   1-Year   3-Year   5-Year   10-Year   Annualized since inception**
                             
The World Trust Fund Price * (GBP)   4.32%   12.87%   0.26%   21.51%   -3.67%   7.31%   5.85%
The World Trust Fund NAV (GBP)   5.37%   11.92%   1.89%   24.47%   -2.64%   6.41%   6.75%
                             
The World Trust Fund Price (US$)   5.32%   15.62%   -1.88%   25.86%   -7.64%   8.56%   5.55%

The World Trust Fund NAV (US$) – Fully diluted

  4.95%   13.38%   -1.45%   28.36%   -6.90%   7.69%   6.44%
MSCI All Country World Index (US$)   5.03%   11.14%   -1.49%   23.71%   0.07%   5.73%   6.12%

Source: Lazard Asset Management/MSCI

* As at 01.11.09 the currency in which the shares of the Fund are traded 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

The base currency of the Fund is US$ and the GBP quoted figure is a sterling rate equivalent.

Regional Exposure

Country     %
Asia (ex-Japan)     31.2
Europe (ex-UK)     23.4
North America     18.1
Japan     7.8
United Kingdom     6.4
Latin America, Africa & Middle East     5.7
Other     7.2

Source: Lazard Asset Management

Top Holdings

Top 10 holdings as at February 29, 2012   Weight %   Discount %
First Pacific Co   8.6   -51.4
The New Germany Fund   5.1   -10.3
China Everbright   4.6   -16.0
JPMorgan European Smaller Companies Investment Trust   4.5   -14.8
Templeton Emerging Markets   4.3   -5.6
Eurazeo   3.7   -47.7
JPMorgan Emerging Markets   3.6   -8.1
Swiss Helvetia Fund Inc   3.5   -10.5
General American Investors   3.3   -14.1
Clough Global Opportunities   3.3   -15.3

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

Portfolio Composition

Closed-Ended Investment Companies     35.6
Investment Trusts     36.9
Corporate Equities     27.3

Source: Lazard Asset Management

Portfolio Exposure

Long     99.8%
Short     0.0%

Source: Lazard Asset Management

Fund Data

    GBP   US$
Market Capitalisation   96.8m   154.0m
Total Assets   106.8m   170.0m
Borrowings   Nil   Nil
Fully Diluted Net Asset Value   2.13   3.39
Market Price   1.93   3.07
Warrant Market Price   9.88p
Discount/Premium   -9.4%

Source: State Street Bank

Company Information as at February 29, 2012

54,038,063 Ordinary shares in issue (including 4,011,982 Treasury shares) = Luxembourg denominator
50,026,081Ordinary shares (excluding 4,011,982 Treasury shares) = FSA denominator
Ticker:   WTR
ISIN:   LU0483266259

10,807,612 Warrants admitted to trading on 9 September 2011

Ticker:   WTRW
ISIN:   LU0642053580
Subscription:   US$3.23, if exercised on the Subscription Dates up to and including the last Business Day on March 2013, being a 1 per cent. premium to such NAV per share; and US$3.51 if exercised on the Subscription Dates in September 2013 and march 2014, being a 10 per cent. premium to such NAV per share.

Benchmark:

 

MSCI All Countries World Index

Contact Details

Fund Manager:     Lazard Asset Management LLC

30 Rockefeller Plaza

New York

NY 10112

USA

Telephone: +1212 632 6000

Company Secretary:     Capita Sinclair Henderson Ltd

Telephone: +44 1392 412122

Registered Office:     Société d’Investissement à Capital Fixe

Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg

Grand Duchy of Luxembourg, R.C.S. Luxembourg No. B 37.154

Directors:     Philip McLoughlin (Chairman)

John Hignett

Duncan Budge

James Cave

Howard Myles

Alexander Zagoreos

The Fund has recently launched a new website on which further copies of the Factsheet are available at:

www.theworldtrustfund.com

Important Information

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