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”).


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.


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.


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.


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.


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.


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.


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.


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.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Gartmore AsiaPacific (AJIT)

  Print      Mail a friend       Annual reports

Monday 14 November, 2005

Gartmore AsiaPacific

Interim Results

                        GARTMORE ASIA PACIFIC TRUST PLC                        

                            ANNOUNCEMENT OF RESULTS                            

                    FOR THE SIX MONTHS TO 30 SEPTEMBER 2005                    

The Directors announce the Company's unaudited results for the six months to 30
September 2005 as follows:-


Asia Pacific stock markets were buoyant during the six months to 30 September
2005, rising by 21.0% as measured by our benchmark index the MSCI Asia Pacific
(cum Japan) Index in sterling terms. Net asset value per share rose by 23.0%
over the period and the discount to net asset value at which the company's
shares trade closed modestly. Our short-term borrowings ranged between 8% and
15%, reflecting the Manager's expectations for the region's stock markets. The
Company's good performance over the six months was due to asset allocation
among markets, to stock selection and to gearing. Our heavy weighting in the
Korean market and excellent stock selection in that market were particularly

The economic background in the region remains generally benign. Economic
growth, particularly in China has been encouragingly strong, and this has had a
beneficial effect on the whole region. Even in Japan the economy appears to be
picking up with a sharp increase in business investment which should lead to a
sustained increase in consumption as real wages rise. Exports from the region
have continued to grow in spite of the strength of the region's currencies
following the revaluation of the Renmimbi in July.

The Manager's investment strategy has continued to be characterised by the
identification of undervalued shares throughout the region with an emphasis on
companies that will benefit from rising capital expenditure and in due course a
rise in domestic consumption too. Our exposure to the Japanese market is now
over that of the Index and is concentrated in financial, retailing and real
estate companies, as well as those producing capital goods. Korea remains a
significant focus of investment with overweight positions in banking and
retailing. Investment policy is described in greater detail in the Managers'

We believe that the outlook for Asia Pacific stock markets remains good, albeit
subject to continued growth in other areas, particularly the United States.
Despite high oil prices and rising interest rates US economic growth seems to
be continuing, so far without sparking a dangerous increase in inflation.


Six Months to 30th September 2005

                                             Revenue      Capital        Total
                                               £'000        £'000        £'000
Income and Capital Profits/(Losses)                                           
Dividends and other income                       306            -          306
Net profit on investments                          -        6,634        6,634
                                           ---------    ---------    ---------
Return before Expenses, Finance Costs            306        6,634        6,940
and Taxation                                                                  
Management fees                                (144)            -        (144)
Other expenses                                 (118)        (137)        (255)
                                           ---------    ---------    ---------
Return before Finance Costs and                   44        6,497        6,541
Finance Costs                                                                 
Interest payable                                (43)            -         (43)
                                           ---------    ---------    ---------
Return on ordinary activities before               1        6,497        6,498
Taxation                                        (41)            -         (41)
                                           ---------    ---------    ---------
Return to Equity Shareholders after             (40)        6,497        6,457
                                           ---------    ---------    ---------
Transferred from Reserves                       (40)        6,497        6,457
                                           ---------    ---------    ---------
Total Return per Ordinary share               (0.2)p        38.9p        38.7p
                                           ---------    ---------    ---------


Six Months to 30 September 2004

                                             Revenue      Capital        Total
                                               £'000        £'000        £'000
Income and Capital Profits/(Losses)                                           
Dividends and other income                       265            -          265
Net loss on investments                            -      (3,310)      (3,310)
                                           ---------    ---------    ---------
Return before Expenses, Finance Costs            265      (3,310)      (3,045)
and Taxation                                                                  
Management fees                                (133)            -        (133)
Other expenses                                 (114)        (114)        (228)
                                           ---------    ---------    ---------
Return before Finance Costs and                   18      (3,424)      (3,406)
Finance Costs                                                                 
Interest payable                                (84)            -         (84)
                                           ---------    ---------    ---------
Return on ordinary activities before            (66)      (3,424)      (3,490)
Taxation                                        (26)            -         (26)
                                           ---------    ---------    ---------
Return to Equity Shareholders after             (92)      (3,424)      (3,516)
                                           ---------    ---------    ---------
Transferred from Reserves                       (92)      (3,424)      (3,516)
                                           ---------    ---------    ---------
Total Return per Ordinary share               (0.6)p      (20.5)p      (21.1)p
                                           ---------    ---------    ---------


The figures shown above are unaudited.

The revenue column above for each year represents the Revenue account of the

All revenue and capital items derive from continuing activities.

Total Return per Ordinary share is calculated on a return to Ordinary
shareholders of £6,457,000 (2004, restated: negative total return of £
3,516,000) and Ordinary shares in issue throughout of 16,686,767.

BALANCE SHEET (unaudited)

                                                                At           At
                                                      30 September     31 March
                                                              2005         2005
                                                             £'000        £'000
Fixed Assets                                                                   
Listed investments at valuation                             37,968       30,915
                                                         ---------    ---------
Current Assets                                                                 
Debtors                                                      2,725        2,016
Cash at bank                                                 1,245          212
                                                         ---------    ---------
                                                             3,970        2,228
Amounts falling due within one year                        (7,356)      (5,018)
                                                         ---------    ---------
Net Current Liabilities                                    (3,386)      (2,790)
                                                         ---------    ---------
Net Assets                                                  34,582       28,125
                                                         ---------    ---------
Capital and Reserves                                                           
Called-up share capital                                      1,669        1,669
Capital redemption reserve                                   2,063        2,063
Special capital reserve                                      2,961        2,961
Capital reserve - realised                                  23,085       22,114
Capital reserve - unrealised                                 5,317        (209)
Revenue reserve                                              (513)        (473)
                                                         ---------    ---------
Equity Shareholders' Funds                                  34,582       28,125
                                                         ---------    ---------
Net Asset Value per Ordinary share                         207.24p      168.55p
                                                         ---------    ---------


The Net Asset Value per Ordinary share is calculated on attributable assets of
£34,582,000 (March 2005, restated: £28,125,000) and 16,686,767 Ordinary shares
in issue at each period end.


                                                     Six Months to   Six Months
                                                      30 September             
                                                                   30 September
                                                             £'000        £'000
Revenue Activities                                                             
Net dividends and interest received                            370          256
Interest received on deposits                                    6            4
Expenses paid                                                (144)        (191)
                                                         ---------    ---------
                                                               232           69
                                                         ---------    ---------
Servicing of Finance                                                           
Interest paid                                                 (43)         (84)
                                                         ---------    ---------
Investment Activities                                                          
Acquisitions of investments                               (48,232)     (50,578)
Disposals of investments                                    48,019       50,535
Expenses allocated to capital                                (118)        (114)
                                                         ---------    ---------
                                                             (331)        (157)
                                                         ---------    ---------
Increase in borrowings                                       1,268            -
                                                         ---------    ---------
                                                             1,268            -
                                                         ---------    ---------
Net Cash Inflow/(Outflow)                                    1,126        (172)
                                                         ---------    ---------


The introduction of Financial Reporting Standard 26 - Financial Instruments:
Measurement has required the Company's accounting policies on the valuation of
investments and the recognition of transaction costs on investment purchases to
be changed for the current year. The comparatives in the above financial
information have been restated accordingly.

In particular:

  * Investments have been designated as 'financial assets at fair value through
    profit or loss' and valued at fair value (bid price, or last traded price
    where no bid price is available) rather than mid-market value. The effect
    of this has been to reduce the valuation of investments, and hence net
    assets, at 30 September 2005 by £47,000 and at 31 March 2005 by £21,000.
  * Incidental transaction costs incurred on the purchase of investments which
    were previously added to the recorded cost of the investments have been
    recognised separately and expensed. This has no effect on net assets or
    total return but credits capital reserve - unrealised and reduces capital
    reserve - realised by £82,000 at 30 September 2005 and £78,000 at 31 March
With the exception of these changes the Company's accounting policies have not
varied from those described in the Report and Accounts for the year to 31 March

The above financial information is unaudited and does not constitute statutory
accounts under the Companies Act 1985. The financial information for the year
ended 31 March 2005 has been extracted, subject to the restatements outlined
above, from the latest published audited financial statements, which have been
filed with the Registrar of Companies. The report of the Auditors on those
accounts contained no qualification or statement under Section 237(2) or (3) of
the Companies Act 1985.


The Interim Report for the six months to 30 September 2005 will be posted to
shareholders shortly. Copies will be available from the offices of Gartmore
Investment Limited, Gartmore House, 8 Fenchurch Place, London EC3M 4PB and for
download from their web site:



14 November 2005


a d v e r t i s e m e n t