Interim Management Statement
2009年10月20日 - 12:23AM
RNSを含む英国規制内ニュース (英語)
TIDMADD
Advance Developing Markets Trust PLC (the "Company")
Interim Management Statement
For the four months ended 30th September 2009
This interim statement covers the period from 1st June 2009 to 30th
September 2009. It is the first interim management statement issued
by the Company in its financial year to 31st May 2010, as required by
the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Investment objective and policy
The Company's objective is to achieve consistent returns for
shareholders in excess of the S&P/IFCI Emerging Markets Composite
Index in Sterling terms (the "Benchmark"). Progressive Developing
Markets Limited (the "Manager") invests in a portfolio of funds and
products which give diversified exposure to emerging market economies
and those of the Pacific Rim. The Manager does not seek to replicate
the Benchmark's geographical distribution and the Company's
geographic asset allocation is derived from the Manager's analysis of
the prospects for regions and countries and of the underlying
opportunities for investment. Individual investments are selected for
their potential to outperform as a result of one or more of the
following criteria: the performance of the region, market or asset
class in which they invest; the skill of the underlying fund manager;
and, in the case of closed end funds, through the narrowing of
discounts at which their shares trade to net asset value. The Manager
may employ hedging mechanisms where it believes that this would
protect the performance of the Company's investment portfolio in a
cost effective manner.
Benchmark
S&P/IFCI Emerging Markets Composite Index (GBP Price Return)
Highlights
Over the 4 month period ended 30th September:
* Undiluted Net Asset Value per share (ex income) +18.3%
* Share price +15.8%
* S&P/IFC Composite Index (sterling adjusted) +19.8%
* Undiluted NAV per share - ex income 434.7p
* Undiluted NAV per share - cum income 437.2p
* Diluted NAV per share - ex income 410.8p
* Diluted NAV per share - cum income 412.8p
* Share price 373.0p
* Net assets, excluding income GBP283.0m
Gearing
Gearing is not used as a tool to enhance performance but short term
borrowing is permitted to assist in the management of liquidity. As
at the 30th September 2009 the Company had borrowings of
approximately GBP7.0 million to cover a short term cash requirement. As
at the date of this statement it has been repaid and there are no
current borrowings.
Material transactions and events
On 25th September 2009 the Board of the Fund announced proposals to
re-domicile Advance Developing Markets Trust plc ("ADD") through a
voluntary winding up of the Company and a rollover of shareholders'
interests into a newly established Guernsey fund, Advance Developing
Markets Fund ("ADMF").
The change of domicile is expected to give the Investment Manager
greater flexibility in investing the portfolio and by reducing the
potential tax burden created by investing in certain structures of
open ended funds. A circular containing all details relating to these
proposals was circulated to shareholders on 2nd October.
Shortly after the end of the period under review it was announced
that Rassmal Investments LLC, an investment company based in Dubai,
had acquired the entire share capital of Progressive Developing
Markets Limited ("PDML"), the Investment manager of ADD. The
investment management team of PDML remains unchanged. The team will
continue to manage the portfolio of ADD using the same investment
strategy and process as it has done since ADD's inception in 1998.
The Board of ADD has given its consent to the change of ownership.
The Board of Directors is not aware of any other significant events
or transactions that have occurred since 1st June 2009 and the date
of this interim management statement that would have a material
impact on the financial position or performance of the Company.
Top 10 Holdings % of NAV
Atlantis China Fund 7.1%
Blackrock Latin American IT 5.9%
Taiwan Fund Inc 4.8%
iShares MSCI Brazil 4.6%
Edinburgh Dragon Trust 4.6%
Henderson TR Pacific IT 4.1%
Latin America Equity Fund 4.0%
JPMorgan Fleming Russia Fund 4.0%
Fidelity Korea Fund 3.6%
Lazard Emerging World Fund 3.4%
Enquiries:
Progressive Developing Markets Limited (investment manager to Advance
Developing Markets Trust plc)
Dr Slim Feriani
Tel: +44 (0)20 7566 5520
Email: slim.feriani@pro-asset.com
Arbuthnot Securities Limited (financial adviser and broker to Advance
Developing Markets Trust plc)
Alastair Moreton
Hannah Pearce
Tel: +44 (0)20 7012 2000
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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