Report to April 2001
Deutsche Equity Income Trust PLC
10 May 2001
Investment trusts
the easy way to invest on the stock market
REPORT FOR THE MONTH OF APRIL 2001
MARKET BACKGROUND
The UK equity market as measured by the FT-SE All-Share index rose by 5.8% in
capital terms over the month, retracing some of the fall experienced in the
first three months of the year. Our net asset value per share rose by 5.1%
and the share price by 6.1% over the same period.
Conditions were generally less favourable for income funds as the 'TMT'
sectors which performed so poorly in the first quarter bounced along with the
rally in the NASDAQ Composite index. By contrast, 'defensive' areas of the
market such as Utilities and Pharmaceuticals fell in value as investors took
profits following strong relative performance.
Our purchases included both higher yielding shares such as Legal & General,
Lloyds TSB, Imperial Tobacco and Forth Ports and some growth stocks such as
Bunzl and Morrison (Wm) Supermarkets. Holdings were significantly reduced in
Smiths Group, Morgan Crucible and Northern Rock and were completely sold in
International Power, British Vita and Rio Tinto.
OUTLOOK
We continue to believe that the market should respond positively to falling
interest rates and continued low inflation. However, profit forecasts still
appear to be too optimistic and corporate news flow is likely to remain poor
for the next few months.
NET ASSET VALUE 30/04/01 31/03/01
269.1p 256.1p
MID-MARKET SHARE PRICE 30/04/01 31/03/01
Ordinary Shares 260.0p 245.0p
Dividend Yield (%) 2.8 3.0
LARGEST HOLDINGS (market value £66.0 million equal to 61.4% of total
portfolio)
% of
£'000's portfolio
GlaxoSmithKline 8,791 8.2
BP Amoco 6,853 6.4
HSBC Holdings 4,755 4.4
Vodafone Group 4,208 3.9
Shell Transport & Trading 3,748 3.5
AstraZeneca 2,981 2.8
Royal Bank of Scotland 2,869 2.7
Lloyds TSB 2,599 2.4
Cookson Group 2,344 2.2
CGNU 2,330 2.2
EMAP 2,202 2.1
Allied Domecq 2,154 2.0
Carlton Communications 1,875 1.7
Barclays 1,762 1.6
Bunzl 1,650 1.5
Diageo 1,645 1.5
BG Group 1,634 1.5
Britannic 1,614 1.5
British Telecom 1,567 1.5
Reuters Group 1,531 1.4
Whitbread 1,438 1.3
Centrica 1,435 1.3
Lonmin 1,408 1.3
Mediaone Group 7% Exch 2002 1,350 1.3
Bank of Scotland 1,303 1.2
FINANCIAL CALENDAR
Interim dividend announced 23 May 2001
For further information, contact Graham Ashby at Deutsche Asset Management on
020-7545-6000.
For additional copies, changes of address or details of our Private Investors'
Plan, low cost ISA and Dividend Reinvestment Scheme (a recently established
scheme through which shareholders, who hold their shares on the Company's main
register, can use their dividends to purchase further shares) contact Mark
Pope on 020-7545-0520, e-mail address: mark.pope@db.com. Further details of
Anglo & Overseas Trust including the latest annual, interim and monthly
reports can be found on the Deutsche Asset Management website located at
www.deam-uk.com/uk/invest/.
Issued by Deutsche Equity Income Trust PLC and approved by Deutsche Investment
Trust Managers Limited, regulated by the Investment Management Regulatory
Organisation and manager of Deutsche Equity Income Trust PLC. Investors
should be aware that past performance is not necessarily a guide to future
returns, values can fall as well as rise and investors may not get back the
amount they invested.
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