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Eastern Euro.Tst PLC (BEEP)

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Wednesday 16 May, 2007

Eastern Euro.Tst PLC

Monthly Update

Eastern European Trust PLC
16 May 2007

The Eastern European Trust PLC


May 2007  Issue 128

Objective: To achieve long-term capital growth from a diversified portfolio of
companies in Emerging Europe, including Russia, Turkey, Central and Eastern
Europe and countries of the former Soviet Union (the Region).


Fund Manager                            Agne Zitkute, CFA
Fund Size                               USD436m
Net Asset Value                         371p / USD7.42
Mid-market Share Price                  336p / USD6.73
Premium / (Discount)                    (9.1%)


%                                           Month           YTD         12 Month       3 Years*
TEET NAV                                     3.0           10.0           22.6           44.4
Benchmark**                                  2.4            3.9           10.6           40.9
Russia (RTS)                                 0.0            0.7           16.8           42.4
Poland (WIG)                                 8.6           24.6           49.6           51.6
Hungary (BUX)                                11.8           8.1           4.4            37.1
Czech (PX)                                   7.2           15.1           32.4           41.6
Turkey (ISE100)                              5.2           19.5           -0.7           37.2

*   Annualised
** MSCI 10-40 Emerging Markets Europe Index (TR) from 1 Feb 07; previously FTSE
Emerging Eur (TR) (excluding Turkey before to 1 July 04)

NAV and DISCOUNT 30 April 2007

This chart can be viewed on the newsletter available on the website


Company name (Country, Sector)                                       Weight %
                                                       30 April 2007    1.    31
                                                                              March 2007
Sberbank (Russia, Financial)                                12.1                 11.1
MTS (Russia, Telecoms),                                     7.1                  7.9
Unified Energy System (Russia, Utilities)                   5.9                  7.4
Sibirtelecom (Russia, Telecoms)                             2.8                  4.5
Novatek (Russia, Energy)                                    2.7                  2.9
Bank of Georgia     (Georgia, Financials)                   2.5                  2.5
Isbank (Turkey, Financials)                                 2.3                  2.2
AFK Sistema (Russia, Telecoms)                              2.0                  2.0
Enka Insaat (Turkey, Telecoms                               1.9                  1.9
Telekom Polska (Poland, Telecoms)                           1.8                  1.7

Breakdown by Country %

                                                     30 April 2007          31 March 2007
UK & Russia                                               55.83                  57.51
Turkey                                                    15.81                  17.55
Poland                                                     7.15                   7.06
Czech                                                      1.07                   1.09
Kazakhstan                                                 6.50                   8.03
Ukraine                                                    5.22                   5.48
Baltics                                                    0.73                   0.72
Others                                                     8.04                   7.68
TOTAL ASSETS                                             100.35                 105.12
Fixed Interest/Cash                                       -0.35                  -5.12
TOTAL NET ASSETS                                          100.0                  100.0

Breakdown by Sector %

                                                     30 April 2007          31 March 2007
Financials                                                33.84                 33.32
Utilities                                                  8.64                 11.32
Telecoms                                                  19.15                 19.87
Energy                                                     9.18                 11.00
Materials                                                  5.09                  6.61
Industrials                                                6.05                  6.26
Consumer Discretionary                                     3.13                  3.49
Consumer Staples                                           4.74                  4.28
Health Care                                                2.96                  3.64
Info Technology                                            0.49                  0.46
Unclassified                                               6.73                 -0.26
TOTAL                                                     100.0                 100.0

Managers Comments

Emerging markets posted a second consecutive monthly gain in April with the MSCI
EM 10-40 index rising 2.4% in USD, as global economic worries abated and risk
appetites rose. The Turkish market was up strongly throughout April before
political uncertainty depressed the index on the last day of the month. Russia
closed flat in USD terms as investors shifted away from the Russian energy
sector, which continues to underperform year-to-date.  Even with the Turkish
sell-off your Trusts NAV increased by 3.0%, outperforming the benchmark index.
Despite the rollercoaster ride earlier this year, the Trusts NAV has increased
10.0% year-to-date, outperforming the benchmark by 6.1%.  Good Russian stock
selection continued to be the key contributor to relative performance, along
with excellent stock selection and asset allocation in Turkey.  Poland, where
your Trust has been underweight for a long time, continued to perform strongly,
despite already very high valuations, adding to the concerns that strong
domestic liquidity could lead to a near term bubble in asset prices. In spite of
our underweight position, Poland provided a marginal positive return to
performance due to good stock selection.

Portfolio Activity

During the month we took some profits in Turkey, ahead of the 30th April
sell-off.  We sold Garanti Bank, Asya Bank, Selcuk Ecza and Turkcell -
stocks that reached our target prices.  Some of the money has been recycled into
Vakifbank, the cheapest bank in Turkey, trading at just 1.6x 2008 P/B, and
Tofas, where we added to our long term holding. In Russia, we tactically reduced
our position in UES and Integra following their strong performance YTD.  We
finished the month with zero gearing, which reflects both our slightly more
cautious view on the near term performance as well as positioning for a number
of IPOs which we intend to participate in.


Russia has been a disappointing market so far this year. Russian market
weakness, in our view, is just the mirror image of global energy sector
underperformance. Having said that, Russian consumer sector, where your fund
continues to be overweight, outperformed the wider EMEA universe, with our
favourite stocks such as MTS, Sberbank and UES posting strong gains
year-to-date.  Turkey, on the other hand, was one of the best performing markets
so far, although the outlook going forward is clouded by political concerns. We
had hoped a smooth presidential election would set the stage for the market to
price in a positive post-election outcome. However, we now face months of
campaigning, government formation and a presidential ballot.  Nevertheless,
unless there is a legitimate argument that Turkey's political outlook will
permanently deteriorate after the election, the Turkish story for 2007 remains
intact. Certainly, risks have risen, but the election should bring political
clarity and a sustainable political outlook.


Name                              The Eastern European Trust plc
Launch Date                       29 November 1994
Legal Status                      UK-Listed Investment Trust Company
Base Currency                     US dollar
Listing                           Website :
                                  FT: Inv. Companies (East Eur)
                                  Reuters: EST.L
                                  Bloomberg: EST LN
ISIN                              GB00B0BNIP96
Shares Outstanding                59.18m
Voting Rights                     58.8m
Dividends                         n/a
Year End                          31 January
Management Fee                    0.5%-2.6% depending on
(see annual report for full       36-month rolling performance
details)                          against benchmark; 1.1% for
                                  benchmark performance.

For further information please contact:

Catherine Laugel

Pictet Asset Management Limited

Moor House, Level 11, 120 London Wall, London EC2Y 5ET

Phone: 020 7847 5000  Fax:  020 7847 5300

Email: [email protected]

The Eastern European Trust plc Monthly Newsletter can be viewed in electronic
format on the website:


This document is issued by Pictet Asset Management Limited, authorised and
regulated by Financial Services Authority, and is intended to give independent
intermediaries, experienced investors and all other non private investors
information about The Eastern European Trust plc.  Nothing in it should be
construed as investment advice nor does it constitute a recommendation or
solicitation to buy shares. Any research or analysis used in the preparation of
this document is based upon sources believed to be reliable but no
representation or warranty is given as to the accuracy or completeness of those
sources. Any opinions, estimates or forecasts are subject to change at any time.

Pictet Asset Management Limited or any of its connected companies may from time
to time deal in investments mentioned herein on behalf of its clients. The price
of shares in investment trusts and income received from them can go down as well
as up and, on sale, investors may not get back the full amount invested. Past
performance is no guide to future performance. Changes in the rates of exchange
may have an adverse effect on the value or price of the shares. The stock
markets and currencies of emerging markets can be extremely volatile and
illiquid. The Eastern European Trust plc should not form a disproportionate part
of an investorfs portfolio.  Copies of the latest report and accounts for The
Eastern European plc may be obtained from Pictet Asset Management Limited.

The Eastern European Trust plc may borrow to finance further investment
(gearing). The use of gearing is likely to lead to increased volatility in the
net asset value, meaning that a relatively small movement, down or up, in the
value of the trust assets will result in a magnified movement in the same
direction of the NAV.

There is no certainty that the market price of shares in the trust will fully
reflect their underlying net asset value.

The Eastern European Trust plc.   Registered in England No: 2984526
Registered Office:  Springfield Lodge, Colchester Road, Chelmsford, Essex CM2
5PW, United Kingdom.

                      This information is provided by RNS
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