Report to May 2001
Deutsche Equity Income Trust PLC
12 June 2001
REPORT FOR THE MONTH OF MAY 2001
MARKET BACKGROUND
Following a modest bounce in equity markets in April, the UK equity market
gave up some of those gains in May with the FTSE All-Share index falling by
2.0%. The NAV of the trust fell by 0.3% over the month to 268.2p, an
outperformance of 1.7%. The share price rose by 2.5% to 266.5p as the
discount to NAV narrowed to 0.6%.
Major purchases during the month included an increase in holdings in Legal &
General, British Telecom, 3i Group and Morrison (Wm) Supermarkets. Sales over
the same period included holdings in Bass, Whitbread, Aga Foodservice Group
and Northern Rock.
OUTLOOK
We continue to have a positive outlook for the UK equity market over the
remainder of the year as the monetary authorities attempt to stimulate the
economy through aggressive reductions in interest rates. However, corporate
newsflow continues to remain poor and we expect intra-market volatility to
remain high as investors shift in and out of defensive sectors of the market.
NET ASSET VALUE 31/05/01 30/04/01
268.2p 269.1p
MID-MARKET SHARE PRICE 31/05/01 30/04/01
Ordinary Shares 266.5p 260.0p
Dividend Yield (%) 2.8 2.8
LARGEST HOLDINGS (market value £67.4 million equal to 63.0% of total
portfolio)
% of
£'000's portfolio
GlaxoSmithKline 9,141 8.5
BP Amoco 6,798 6.4
HSBC Holdings 4,533 4.2
Shell Transport & Trading 3,921 3.7
Vodafone Group 3,594 3.4
AstraZeneca 3,046 2.8
Royal Bank of Scotland 2,871 2.7
Lloyds TSB 2,802 2.6
British Telecom 2,390 2.2
Legal & General 2,263 2.1
Cookson Group 2,220 2.1
CGNU 2,219 2.1
EMAP 2,210 2.1
Allied Domecq 2,189 2.0
Bunzl 1,808 1.7
Centrica 1,765 1.6
Diageo 1,701 1.6
Carlton Communications 1,694 1.6
Barclays 1,656 1.5
BG Group 1,622 1.5
Britannic 1,609 1.5
Lonmin 1,376 1.3
Singer & Friedlander Group 1,356 1.3
United Utilities 1,346 1.3
Powergen 1,315 1.2
FINANCIAL CALENDAR
Pay interim dividend 26 June 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
Deutsche Equity Income 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.
Latest directors dealings
- 52 minutes ago ASOS
- 1 hour ago MJ Gleeson
- 1 hour ago Rolls-Royce Holdings
- 1 hour ago Crest Nicholson Holdings
- 2 hours ago Naked Wines