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Murray Intnl Trust (MYI)

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Monday 17 August, 2015

Murray Intnl Trust

Half Yearly Results

RNS Number : 1527W
Murray International Trust PLC
17 August 2015
 

MURRAY INTERNATIONAL TRUST PLC

 

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2015

 

The Directors of Murray International Trust PLC report the unaudited results of the Company for the six months ended 30 June 2015.

 

INTERIM BOARD REPORT

 

Background

Currencies, interest rates and Central Bank policy continued to dictate the direction of financial markets over the period under review.  Sterling relentlessly rose to a seven year high against a currency benchmark of leading trading partners, exerting downward pressure on UK export competitiveness and restricting returns from overseas investments.  Short term interest rates generally remained benign, but both bond and equity markets displayed considerable volatility. Deteriorating debt dynamics in Greece and other financially stretched nations plus ongoing commitments to unorthodox monetary policy in Europe and Japan maintained a steady flow of newly-created liquidity from Central Banks.  This provided an underpin to equity markets which periodically breached historical highs. 

 

Performance

The net asset value ("NAV") total return, with net income reinvested, for the six months to 30 June 2015 declined by 2.6% compared with a total return of 2.0% on the Company's benchmark (40% the FTSE World UK and 60% FTSE World ex UK).  Over the six month period the share price total return declined by 4.1% reflecting a small reduction in the premium to NAV on which the shares traded.

 

By far the largest contributing factor to constraining overall portfolio returns was Sterling's strength; with close to ninety per cent of net assets invested internationally, the Pound's constant appreciation proved negative for returns. In addition, in markets driven primarily by liquidity from aggressive Central Bank policy, fundamentals were largely overlooked. On a regional basis the significant underweight position in North America was positive from an asset allocation basis, as this benchmark heavyweight index barely changed in Sterling terms over the period.  Overweight exposures to Asia and Latin America conversely proved negative as both regional indices declined.  Although positive stock selection in Taiwan, Singapore, Indonesia and Mexico produced solid capital gains, these were more than offset by weakness in Malaysia, Thailand and most noticeably Brazil.  With the Japanese index being the best performing market in Sterling terms, the minimal exposure to Japan accounted for almost a quarter of benchmark relative underperformance.  Defensive portfolio positioning in Europe did not protect capital given a weak economic backdrop and challenging corporate environment.  Although the recently increased fixed income portfolio performed resolutely in local currency terms, further weakness in emerging market currencies against Sterling dampened returns, marginally adding further relative negative performance to overall gross assets.

 

Management of Premium and Discount

During the period under review, the Company issued 130,000 new Ordinary shares at a premium to the prevailing NAV (including income) per Ordinary share at the time of each issue.  Since the start of the issuance programme over £360 million of new funds has been raised through the issue of new shares and, by issuing these shares at a premium, the Company is able to enhance slightly the NAV per share whilst also improving the liquidity of its shares.  As previously stated, such issuance is also important for Share Plan Participants and other regular purchasers of the Company's shares because it ensures that the premium is managed.  At the AGM of the Company held in April 2015, shareholders authorised the Company to issue new Ordinary shares for cash representing up to 10% of the issued share capital.  The Board will continue to consider the merits of issuing new shares, at a premium, when there is unfulfilled demand in the market and it is in shareholders' interests to do so subject to the overriding Listing Rule requirement not to issue more than 10% of the outstanding equity in any rolling 12 month period.

 

The Board continues to believe that it is appropriate to seek to address temporary imbalances of supply and demand for the Company's shares which might otherwise result in a recurring material discount. Subject to existing shareholder permission (given at the last AGM) and prevailing market conditions over time, the Board intends to buy back shares if they trade at a persistent significant discount to NAV (excluding income). As with issuance, the Board believes that this process is in all shareholders' interests as it seeks to reduce volatility in the premium/discount to underlying NAV whilst also making a small positive contribution to the NAV.

 

Gearing

In May 2015 the Company entered into a new £50 million loan facility with The Royal Bank of Scotland plc ("RBS") which was drawn in full on 13 May 2015 and fixed for five years at an all-in rate of 2.4975%.  The new facility has been used to repay a maturing Yen 8.4 billion loan with RBS.  At the period end the Company had net gearing of 16.0%.

 

Outlook

For over six years financial markets have traded against a backdrop of virtually zero interest rates.  During this period of unorthodox and unfamiliar policies, many unrecognisable financial relationships have evolved.  During the last six months we have witnessed: negative deposit rates and negative bond yields in some countries; record levels of stock buy-backs in the US; and constant intervention from all major Central Banks.  In addition to numerous other economic consequences, this financial landscape has proved particularly harsh on savers.  The current financial environment is uncomfortable for savers and investors alike. Additional uncertainty also prevails for companies operating in this environment.  Delivering progressive profitability and dividend growth against a back drop of intense competition, unpredictable final demand and downward pressure on selling prices will be difficult to achieve.  The Company continues to be invested in a broadly diversified global portfolio, and in individual companies believed to have sound business models, strong market positions and competent management focused on shareholder interests.  In your Board's opinion, these features offer the best opportunity of meeting the Company's investment objective over time.

 

 

Kevin Carter

Chairman

14 August 2015

 

Principal Risks and Uncertainties

The Board has adopted a matrix of the key risks that affect the business. The major financial risks associated with the Company are detailed in note 19 to the Annual Report and Financial Statements for the year ended 31 December 2014 ("2014 Annual Report") and the other principal risks are summarised below.  These risks represent the principal risks for the remaining six months of the year.

 

Details of the management of the risks and the Company's internal controls are disclosed on pages 30 to 31 of the 2014 Annual Report.

 

Discount and Premium Control Policy

The market value of, and the income derived from, the shares can fluctuate and, notwithstanding the Board's discount and premium control policy, may not always reflect the Net Asset Value per share. There can be no guarantee that any appreciation in the value of the Company's investments will occur and investors may not get back the full value of their investment. No assurance can be given that any sale of the Company's investments would realise proceeds which would be sufficient to repay any borrowings or provide funds for any capital repayment to shareholders. Shareholders will bear the rewards and risks of the success or otherwise of the Company's investments.

 

The market value of the shares, as well as being affected by the Net Asset Value, also takes into account the dividend yield and prevailing interest rates, supply and demand for the shares, market conditions and general investor sentiment.

 

The Company operates a discount and premium control policy. The operation of the discount control element of this policy could lead to a significant reduction in the size of the Company over time, which would increase the Company's total expense ratio and prejudice the ability of the Company to pay satisfactory levels of dividend to shareholders. When demand exceeds supply, the Company will consider issuing new shares and/or selling shares held in treasury at a small premium to the Net Asset Value per share.  Any such new issue or sale will be dependent on market conditions generally at the relevant time, upon shareholders in general meeting conferring appropriate authorities on the Board to issue further shares and, where required under the Prospectus Rules, upon a prospectus having been approved by the Financial Conduct Authority and published. The ability of the Company to operate the discount control policy will depend on the Company being able to purchase its own shares, which will be dependent upon shareholders in general meeting conferring authority on the Board to purchase its own shares. The Directors will seek renewal of this authority from shareholders annually and at other times should this prove necessary. However, there can be no guarantee that the requisite shareholder approvals will be obtained.

 

In accordance with the Listing Rules, the extent of each buy-back authority which will be sought by the Company from shareholders in general meeting will be limited to 14.99% of the Company's issued share capital as at the date on which such authority is granted. In order to continue purchasing its own shares once any such authority has been exhausted, the Company would be required to seek a renewal of such authority from shareholders in general meeting.

 

The ability of the Company to purchase its own shares will be subject to the Companies Act 2006 and all other applicable legislation, rules and regulations of any government, regulatory body or market applicable to the Directors or the Company and, in particular, will be dependent on the availability of distributable reserves.

 

Borrowings

The Company uses borrowings for investment purposes. The use of borrowings can enhance the total return on the shares where the return on the Company's underlying assets exceeds the cost of borrowing.  It is likely to have the opposite effect where the return on the underlying assets is below the cost of borrowing. As a result, the use of borrowings by the Company will increase the volatility of the Net Asset Value per share.

 

There is no guarantee that any borrowings of the Company would be refinanced on their maturity either at all or on terms that are acceptable to the Company.

 

Foreign Currency Risks

The Company's investments are principally in overseas securities. The Company accounts for its activities and reports its results in sterling. The Company currently hedges most of the foreign currency exposure in respect of the liabilities attached to its borrowings. Where the Company does not hedge its currency exposure, which is currently the case with the investment portfolio, the movement of exchange rates will have a favourable or unfavourable effect on the gains and losses experienced on investments and the income derived from investments which are made or realised in currencies other than pounds sterling.

 

Investment Strategy Risk

The Company's investment strategy requires investment in equity and fixed income stockmarkets, which may lead to loss of capital. Separately, inappropriate asset allocation or level of gearing, as part of the investment strategy adopted by the Company, may result in underperformance against either the Company's benchmark and/or its peer group, leading to the establishment of a discount.

 

The Board seeks to manage these risks by diversifying its investments, as set out in the investment restrictions and guidelines agreed with the Manager, and on which the Company receives regular reports from the Manager. At each Board meeting, the Directors review the investment process with the Manager by assessing relevant management information including revenue forecasts, absolute/relative performance data, attribution analysis and liquidity/risk reports. The Board holds a separate, annual meeting devoted to investment strategy.

 

Related Party Transactions

AFML acts as Alternative Investment Fund Manager, AAM acts as Investment Manager and Aberdeen Asset Management PLC acts as Company Secretary to the Company; details of the service and fee arrangements can be found in the 2014 Annual Report, a copy of which is available on the Company's website. Details of the fees payable to Aberdeen group companies are disclosed in note 10 to the financial statements.

 

Going Concern

In accordance with the Financial Reporting Council's Guidance on Risk Management, Internal Control and Related Financial and Business Reporting issued in September 2014, the Directors have undertaken a rigorous review and consider both that there are no material uncertainties and that the adoption of the going concern basis of accounting is appropriate. The Company's assets consist of a diverse portfolio of listed equities and bonds which in most circumstances are realisable within a very short timescale. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

Directors' Responsibility Statement

The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

 

· the condensed set of Financial Statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);

· the Half-Yearly Board Report includes a fair review of the information required by rule 4.2.7R of the Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and

· the Half-Yearly Board Report includes a fair review of the information required by 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so).

 

The Half-Yearly Financial Report for the six months ended 30 June 2015 comprises the Half-Yearly Board Report, the Directors' Responsibility Statement and a condensed set of Financial Statements.

 

 

For and on behalf of the Board of Murray International Trust PLC

 

Kevin Carter

Chairman

14 August 2015

 

 



HIGHLIGHTS

 

30 June 2015

31 December 2014

% change

1,373,323

1,429,179

-3.9

1,179,859

1,240,537

-4.9

960.5p

1026.0p

-6.4

900.0p

1087.5p

-17.2

918.2p

966.6p

-5.0

4.6%

6.1%

A Represents total assets less current liabilities (before deducting prior charges).

 

 

 

 

 

Performance (total return)

Six months ended

30 June 2015

Year ended

31 December 2014

-2.6%

+3.0%

-4.1%

+1.7%

+2.0%

+7.5%

Source: Aberdeen Asset Management, Morningstar & Russell Mellon

 

 



CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 

Six months ended

Six months ended

30 June 2015

30 June 2014

(unaudited)

(unaudited)

Revenue

Capital

Total

Revenue

Capital

Total

Note

£'000

£'000

£'000

£'000

£'000

£'000

-

(63,572)

(63,572)

-

38,670

38,670

3

41,096

-

41,096

35,740

-

35,740

(1,074)

(2,507)

(3,581)

(1,084)

(2,528)

(3,612)

(1,027)

-

(1,027)

(1,039)

-

(1,039)

-

______

(182)

______

(182)

______

-

______

(195)

______

(195)

______

38,995

(66,261)

(27,266)

33,617

35,947

69,564

(719)

______

(1,678)

______

(2,397)

______

(751)

______

(1,752)

______

(2,503)

______

38,276

(67,939)

(29,663)

32,866

34,195

67,061

2

(1,453)

______

955

______

(498)

______

(2,635)

______

407

______

(2,228)

______

36,823

______

(66,984)

______

(30,161)

______

30,231

______

34,602

_____

64,833

______

5

28.7

 

______

(52.2)

 

______

(23.5)

 

_____

23.9

 

______

27.4

 

______

51.3

 

______

 

 

 



CONDENSED STATEMENT OF FINANCIAL POSITION

As at

As at

30 June 2015

31 December 2014

(unaudited)

(audited)

Notes

£'000

£'000

1,358,229

______

1,408,332

______

13,607

8,015

4,492

______

17,766

______

18,099

______

25,781

______

(23,314)

(44,933)

(3,005)

______

(4,934)

______

(26,319)

______

(49,867)

______

(8,220)

______

(24,086)

______

1,350,009

1,384,246

(170,150)

______

(143,709)

______

1,179,859

______

1,240,537

______

32,123

32,084

349,338

348,045

8,230

8,230

6

720,498

787,488

69,670

______

64,690

______

1,179,859

______

1,240,537

______

7

918.2

______

966.6

______

 

 



CONDENSED STATEMENT OF CHANGES IN EQUITY

 

Share

Capital

Share

premium

redemption

Capital

Revenue

capital

account

reserve

reserve

reserve

Total

£'000

£'000

£'000

£'000

£'000

£'000

32,084

348,045

8,230

787,488

64,690

1,240,537

-

-

-

(66,984)

36,823

(30,161)

-

-

-

-

(31,843)

(31,843)

39

______

1,293

______

-

______

(6)

______

-

______

1,326

______

32,123

______

349,338

______

8,230

______

720,498

______

69,670

______

1,179,859

______

Share

Capital

Share

premium

redemption

Capital

Revenue

capital

account

reserve

reserve

reserve

Total

£'000

£'000

£'000

£'000

£'000

£'000

31,516

324,866

8,230

803,986

68,120

1,236,718

-

-

-

34,602

30,231

64,833

-

-

-

-

(29,985)

(29,985)

273

______

11,052

______

-

______

(6)

______

-

______

11,319

______

31,789

______

335,918

______

8,230

______

838,582

______

68,366

______

1,282,885

______

 

 

 



CONDENSED STATEMENT OF CASH FLOWS

Six months ended

Six months ended

30 June 2015

30 June 2014

(unaudited)

(unaudited)

£'000

£'000

(27,266)

69,564

63,572

(38,670)

182

195

(1,222)

3,075

(4,355)

(1,847)

26

1

73

113

(1,762)

(2,580)

(1,704)

______

-

______

27,544

29,851

(2,431)

______

(2,575)

______

(2,431)

(2,575)

(24,862)

(100,473)

12,570

______

91,806

______

(12,292)

(8,667)

(31,843)

______

(29,985)

______

(19,022)

(11,376)

1,326

11,319

(45,007)

(11,545)

50,000

______

15,000

______

6,319

______

14,774

______

(12,703)

______

3,398

______

17,766

4,535

(12,703)

3,398

(571)

______

(2,946)

______

4,492

______

4,987

______

 



NOTES TO THE FINANCIAL STATEMENTS

 

 

 

 

 

Six months ended

Six months ended

30 June 2015

30 June 2014

£'000

£'000

3,549

4,243

-

74

27,876

26,463

7,751

4,134

1,705

______

826

______

40,881

______

35,740

______

215

______

-

______

41,096

______

35,740

______

 

 

Six months ended

Six months ended

30 June 2015

30 June 2014

£'000

£'000

12,736

11,887

19,107

18,163

-

______

(65)

______

31,843

______

29,985

______

 

 

Six months ended

Six months ended

30 June 2015

30 June 2014

£'000

£'000

36,823

30,231

(66,984)

______

34,602

______

(30,161)

______

64,833

______

127,388,586

125,444,909

986,204

______

945,653

______

128,374,790

______

126,390,562

______

 

 

 

 

As at

As at

30 June 2015

31 December 2014

1,179,859

______

1,240,537

______

127,491,901

127,361,901

1,000,563

______

975,063

______

128,492,464

______

128,336,964

______

 

 

Six months ended

Six months ended

30 June 2015

30 June 2014

£'000

£'000

26

38

17

______

54

______

43

______

92

______

 

 

Class C

Observable

Unobservable

Class A

Class B

Inputs

Inputs

Total

Note

£'000

£'000

£'000

£'000

£'000

a)

1,179,612

-

-

-

1,179,612

a)

6,805

-

-

-

6,805

b)

138,119

______

33,693

______

-

______

-

______

171,812

______

1,324,536

______

33,693

______

-

______

-

______

1,358,229

______

c)

-

______

-

______

(151)

______

-

______

(151)

______

1,324,536

______

33,693

______

(151)

______

-

______

1,358,078

______

Class C

Observable

Unobservable

Class A

Class B

Inputs

Inputs

Total

Note

£'000

£'000

£'000

£'000

£'000

a)

1,225,696

-

-

-

1,225,696

a)

6,566

-

-

-

6,566

b)

144,106

______

31,964

______

-

______

-

______

176,070

______

1,376,368

______

31,964

______

-

______

-

______

1,408,332

______

c)

-

______

-

______

(370)

______

-

______

(370)

______

1,376,368

______

31,964

______

(370)

______

-

______

1,407,962

______

10.

 

 

 

 

 

 

 

 

-       a fee of 5% of the first 2% of any outperformance of the Company's net asset total return over that of its benchmark;

 

-       a fee of 10% of any additional outperformance against the benchmark.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Half Yearly Report will be printed and issued to shareholders and further copies will be available to the public at the registered office of the Company, 40 Princes Street, Edinburgh EH2 2BY and on the Company's web site www.murray-intl.co.uk*.

 

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 

 

By order of the Board

 

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

14 August 2015



INDEPENDENT REVIEW REPORT TO MURRAY INTERNATIONAL TRUST PLC

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2015 which comprises the Condensed Statement of Comprehensive Income, the Condensed Statement of Financial Position, the Condensed Statement of Changes in Equity, the Condensed Statement of Cash Flows and the related Notes 1 to 12.  We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.

 

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

As disclosed in Note 1, the annual financial statements of the Company are prepared in accordance with United Kingdom Generally Accepted Accounting Practice. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the FRS 104 "Interim Financial Reporting".

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

 

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2015 is not prepared, in all material respects, in accordance with FRS 104 "Interim Financial Reporting" and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

 

Ernst & Young LLP

Edinburgh

14 August 2015



SUMMARY OF INVESTMENT CHANGES

 

Valuation

Appreciation/

Valuation

30 June 2015

(depreciation)

Transactions

31 December 2014

£'000

%

£'000

£'000

£'000

%

178,398

13.0

16,358

2,396

159,644

11.2

207,066

15.1

(10,931)

(3,696)

221,693

15.5

246,851

18.0

(9,876)

494

256,233

17.9

27,948

2.0

(3,186)

-

31,134

2.2

249,100

18.1

(23,802)

1,831

271,071

19.0

243,971

17.8

(20,540)

5,539

258,972

18.1

26,278

______

1.9

______

(671)

______

-

______

26,949

______

1.9

______

1,179,612

______

85.9

______

(52,648)

______

6,564

______

1,225,696

______

85.8

______

6,805

0.5

239

-

6,566

0.4

51,963

3.8

(4,531)

5,762

50,732

3.5

101,964

7.4

(5,052)

1,103

105,913

7.4

17,885

_______

1.3

______

(1,580)

______

40

______

19,425

______

1.4

______

178,617

______

13.0

______

(10,924)

______

6,905

______

182,636

______

12.7

______

15,094

______

1.1

______

(5,753)

______

-

______

20,847

______

1.5

______

1,373,323

______

100.0

______

(69,325)

______

13,469

______

1,429,179

______

100.0

______

A Figure for 30 June 2015 excludes bank loan of £23,314,000 (31 December 2014 - £44,933,000) which is shown as a current liability in the Balance Sheet.

 

 

 

 

SUMMARY OF NET ASSETS

 

Valuation

Valuation

30 June 2015

31 December 2014

£'000

%

£'000

%

1,179,612

100.0

1,225,696

98.8

178,617

15.1

182,636

14.7

15,094

1.3

20,847

1.7

(193,464)

______

(16.4)

______

(188,642)

______

(15.2)

______

1,179,859

______

100.0

______

1,240,537

______

100.0

______

A Excluding short-term bank loans.

 



INVESTMENT PORTFOLIO

AS AT 30 JUNE 2015

Valuation

Total assets

Security

Country

£'000

%

Aeroportuario del Sureste ADS

Mexico

67,608

4.9

British American Tobacco [A]

UK & Malaysia

61,569

4.5

Taiwan Semiconductor Manufacturing

Taiwan

50,203

3.7

Unilever Indonesia

Indonesia

48,979

3.6

Taiwan Mobile

Taiwan

44,360

3.2

Philip Morris International

USA

39,746

2.9

Nordea

Sweden

39,618

2.9

Roche Holdings

Switzerland

35,651

2.6

Telus

Canada

35,065

2.5

Zurich Financial Services

Switzerland

34,841

______

2.5

______

Top ten investments

457,640

______

33.3

______

Singapore Telecommunications

Singapore

33,320

2.4

Fomento Economico Mexicano

Mexico

31,379

2.3

Verizon Communications

USA

31,367

2.3

Pepsico

USA

29,675

2.2

Souza Cruz

Brazil

28,003

2.0

Daito Trust Construction

Japan

27,948

2.0

Banco Bradesco [B]

Brazil

27,533

2.0

Casino

France

27,199

2.0

Total

France

26,855

2.0

Standard Chartered

UK

26,494

______

1.9

______

Top twenty investments

747,413

______

54.4

______

MTN

South Africa

26,278

1.9

Johnson & Johnson

USA

24,775

1.8

Royal Dutch Shell

UK

24,575

1.8

Public Bank

Malaysia

24,266

1.8

Baxter International

USA

23,997

1.8

HSBC

UK

23,374

1.7

Kimberly Clark de Mexico

Mexico

23,347

1.7

Vale do Rio Doce [C]

Brazil

22,658

1.7

Potash Corporation of Saskatchewan

Canada

22,441

1.6

ENI

Italy

21,091

______

1.5

______

Top thirty investments

984,215

______

71.7

______

Telefonica Brasil

Brazil

20,092

1.5

BHP Billiton

Australia

19,984

1.4

Tenaris ADR

Mexico

18,892

1.4

Novartis

Switzerland

18,809

1.3

Republic of South Africa 7% 28/02/31

South Africa

17,885

1.3

Sociedad Quimica Y Minera De Chile

Chile

17,815

1.3

Petroleos Mexicanos 5.5% 27/06/44

Mexico

17,549

1.3

Nestlé

Switzerland

16,074

1.2

Federal Republic of Brazil 10% 01/01/17

Brazil

15,556

1.1

Republic of Venezuela 5.75% 26/02/16

Venezuela

15,547

______

1.1

______

Top forty investments

1,162,418

______

84.6

______

GDF Suez

France

14,850

1.1

Oversea-Chinese Bank

Singapore

13,775

1.0

Weir Group

UK

13,576

1.0

Swire Pacific 'B'

Hong Kong

13,390

1.0

Coca-Cola Amatil

Australia

12,600

0.9

Atlas Copco

Sweden

11,862

0.9

Republic of Indonesia 6.125% 15/05/28

Indonesia

11,745

0.9

Republic of Indonesia 7.0% 15/05/22

Indonesia

11,538

0.8

Bharti Airtel International 5.125% 11/03/23

India

11,285

0.8

Hypermarcas 6.5% 20/04/21

Brazil

10,670

______

0.8

______

Top fifty investments

1,287,709

______

93.8

______

Other investments

70,520

______

5.1

______

Total investments

1,358,229

______

98.9

______

Net current assets excluding bank loans

15,094

______

1.1

______

1,373,323

______

100.0

______

A Holding comprises equity holdings in both UK and Malaysia, split £36,541,000 and £25,028,000 respectively.

B Holding comprises equity and fixed income securities, split £18,152,000 and £9,381,000 respectively.

C Holding comprises equity and fixed income securities, split £9,133,000 and £13,525,000 respectively.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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