17th Feb 2014 11:27
The World Trust Fund
Interim Management Statement
for the quarter ended 31st December 2013
The World Trust Fund (the “Fund”) is publishing this Interim Management Statement in accordance with the Luxembourg law of 11 January 2008 on Transparency requirements (the “Transparency law”).
This Interim Management Statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the Transparency law. It should not be relied upon by any other party or for any other purpose.
This Interim Management Statement relates to the period from 1 October 2013 to 31 December 2013 and contains information that covers this period and the period up to the date of publication of this Interim Management Statement.
The Fund aims to achieve long-term capital appreciation by investing in companies, in the main closed-end investment companies, whose shares trade at a discount to their underlying net asset value and are listed on international exchanges. For hedging purposes the Fund may also sell short stock indices, stocks, and shares of exchange-traded funds or closed-end funds, not exceeding 100% of the Fund’s net assets.
Highlights:
Over the 3 month period from 1 October 2013 to 31 December 2013:
The Fund’s diluted net asset value (NAV) rose 6.3% to $4.244 in US$ terms (base currency), compared with a rise of 7.3% in the MSCI All Countries World Index. The Fund’s share price rose in Sterling terms by 4.2% to 228.75 pence. The discount to NAV (in Sterling) at the end of the period was 10.7%. The Fund’s underlying holdings had an average weighted discount of 15.0%.Long Term Performance:
| 1-Year | 3-Year** | 5-Year** | 10-Year** | ||||||
| Share Price £ | +16.5% | + 4.8% | + 14.3% | +7.6% | |||||
| Share Price US$* | +18.8% | + 7.0% | + 17.2% | +6.8% | |||||
| Net Asset Value £* | +16.4% | + 5.2% | + 13.7% | +6.1% | |||||
| Net Asset Value US$ | +18.9% | + 7.4% | + 16.5% | +5.5% | |||||
| MSCI All Countries World US$ | +22.8% | + 9.7% | + 14.9% | +7.2% |
The MSCI All Countries World index is shown solely for the purpose of performance comparison, and in no way reflects the composition of the portfolio.
*Converted using Foreign Exchange rate used by the administrator.
** Annualized.
| Top Five Holdings (%): | 31/12/13 | 30/09/13 | |||
| Citic Securities | 7.1% | 5.6% | |||
| First Pacific Co. Ltd | 6.8% | 7.1% | |||
| JPMorgan European Smaller | 6.1% | 5.6% | |||
| General American Investors | 6.0% | 6.3% | |||
| Eurazeo | 6.0% | 5.3% |
| Top 5 Regional Breakdown (%) | 31/12/13 | 30/09/13 | |||
| Asia ex Japan | 28.0% | 27.8% | |||
| Europe (ex UK) | 22.5% | 25.8% | |||
| North America | 18.2% | 15.5% | |||
| Japan | 10.3% | 10.8% | |||
| United Kingdom | 8.2% | 8.3% |
| 31/12/13 | 30/09/13 | ||||
| Long Exposure | 97.0% | 98.4% | |||
| Short Exposure | 0% | 0% | |||
| Net Exposure | 97.0% | 98.4% |
| Top 10 Country Weightings (%) | 31/12/13 | |
| United States | 17.3% | |
| China | 11.3% | |
| Japan | 10.3% | |
| United Kingdom | 8.2% | |
| France | 5.5% | |
| Switzerland | 5.4% | |
| Philippines | 4.8% | |
| Singapore | 3.4% | |
| India | 3.0% | |
| Sweden | 2.7% | |
Leverage:
As at 31 December 2013 the Fund had no leverage.
Material Transactions and Events:
Warrants – reminder of subscription rights
On 31 January 2014 the Fund posted an information notice to remind holders of Warrants that they can subscribe for ordinary shares on 31 March 2014 at a subscription price of U$3.51 per Warrant. This is the last subscription date and holders of Warrants will not have subsequent opportunities to exercise their subscription rights.
Listing Category: Premium – Equity Closed-ended Investment Fund
Copyright Business Wire 2014
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