Half-yearly report
(Thomson Reuters ONE) - M&G High Income Investment Trust P.L.C. Second Interim Results 30 November 2009 Chairman's Statement & Interim Management Report During the period, the Company's revenue earnings per Package Unit were 2.59p compared to 3.6p to November 2008, reflecting the adverse affect of reduced dividend receipts described below. As at the period end, the mid-market price yield on the Company's Package Units was 4.4%, compared with the yield of 3.4% on the FTSE All-Share Index. On a net asset value (NAV) basis, each Package Unit delivered a total return of 16.6% over the six months to 30 November 2009, compared with a negative return of 18% over the year to 31 May 2009. This was below the returns of 19.7% and 17.9% respectively from the FTSE All-Share Index and the FTSE 350 Higher Yield Index over the same period. As at the end of the review period, there was a market price discount on the Company's Package Units of 6.6% to the NAV, compared with 6.9%as at 31 May 2009, the mid-market price at the period end being 111p and the NAV 118.82p. On a mid-market price basis, the Company's Package units produced a total return of 17.1% over the review period ending 30 November 2009. As a result of the tiered management fee agreed as part of the M&G Income and Recovery Investment Companies schemes of reconstruction, the cost of running the company reduced to 1.02% for the year to 30 November 2009 compared to 1.22% for the year to 30 November 2008. For a detailed description of the management of the portfolio during the period, I refer you to the Investment Review on pages 5 and 6 of the 'Interim Financial Statements for the six month's ended 31 December 2008 (unaudited)'. Dividend In respect of the review period, the Company declared two quarterly dividends of 1.20p per Income Share, making a total of 2.40p. This compares with a total of 4.30p per Income Share declared in the same period last year, which included a second interim dividend of 2.20p, together with a special dividend of 0.90p. This represented a temporary change in the phasing of the Company's dividend policy to accommodate the M&G Income Investment Company Limited and the M&G Recovery Investment Company Limited's schemes of reconstruction. In the current year, we intend to revert to the normal practice of paying a higher fourth interim dividend. The Company's revenue continued to be adversely affected by reductions in dividend payments by a number of companies held in its portfolio. Given these circumstances, it is not surprising to report a fall in earnings per package unit over the period. However, even though the general outlook for dividends remains somewhat uncertain, the Directors are hopeful that dividend receipts for the rest of the year and revenue reserves will be sufficient to enable them to declare total dividends for the financial year ending 31 May 2010 of 5.85p, though this is not a dividend or profit forecast. Recent market conditions The relatively strong recovery in equity and corporate bond markets over the review period represented a welcome contrast to the extremely challenging conditions which had prevailed in financial markets during the previous year. This enabled the Company to deliver the positive total returns above. Nevertheless, although high yielding shares benefited from improving investor sentiment, lower yielding sectors (particularly mining) led the market rally, resulting in a modest underperformance from the FTSE 350 Higher Yield Index relative to the FTSE All-Share Index. Performance over the period was also held back by the bond portfolio, which delivered positive returns, but significantly lagged the equity portion. Our defensive stance has made it difficult to outperform all equity indices over recent periods. Over three and five years, during which the FTSE 350 Lower Yield Index consistently outperformed its higher yield equivalent by a substantial margin, the Company's Package Unit NAV total return has been below that of the FTSE All-Share Index, although the overall return since inception in 1997 remains higher than that index. An EU problem I would like to draw your attention to the EU proposal to further rewrite the regulation of investment markets in the shape of the Alternative Investment Fund Managers ('AIFM') Directive. The AIFM has probably been conceived by France and Germany to curtail the activities of UK managed Private Equity and Hedge Funds. However, such is the opaque and rather less-than-democratic process of the EU in creating new legislation that our Investment Trust sector could be severely disadvantaged with no apparent benefits to shareholders. At worst, investment trusts could be forced to wind up. So seriously are we and other investment trust boards taking this that we have written to as many European officials and MEPs as we can identify in having an interest in our fate. While the 'debate' is still in progress, which will not be for much longer, I would urge all shareholders to write to their MEPs with the message that our venerable, respected and well regulated investment trusts should not be casually sideswiped by EU officials who appear to have been unaware of our existence. This subject is well explained in the Q and A's on the Association of Investment Companies' website: www.aitc.co.uk/Documents/Technical/AICaifmQandAbriefing2.pdf Outlook Following the prolonged recession, a modest return to growth appears to be underway in the UK, with the Treasury now forecasting an expansion rate of between 1% and 1.5% for the 2010/11 financial year. However, the recovery is widely described as being 'fragile' and subject to significant potential headwinds. Chief among these is the exceptionally poor state of government finances, which will require a combination of substantial tax rises and meaningful cuts in public spending by whichever political party wins the forthcoming general election. Radical action could well undermine the tentative revival in consumer confidence, increase unemployment and reverse the recent pick-up in house prices. However, insufficient action would carry even more risks, potentially exposing the UK to a major loss of confidence by financial markets, resulting in a possible run on sterling and a sharp rise in gilt yields. Such a crisis would inevitably take its toll on confidence among the public, business and investors. The recent Pre-Budget Report included a forecast that inflation would rise in the short term to around 3%on a Consumer Prices Index (CPI) basis, before drifting down to below 2% by the end of 2010. Such an outcome would enable base rates to remain low, although a higher level of inflation, brought about by a further spike in commodity prices and the impact of sterling's weakness on imports, might force the Bank of England to move sooner to tighten monetary policy. A further uncertainty is the likely effect on the economy and on gilt prices from the removal of government stimulus measures, particularly the Bank of England's £200 billion asset purchase programme. In summary, we would be unwise to anticipate a 'normal' recovery from a 'normal' recession. Given the uncertainties about the outlook for the UK economy, it is fortunate that the UK stockmarket derives the bulk of its profits from overseas where prospects are generally better than at home. Moreover, the financial position of the corporate sector is typically much stronger than that of both households and the government. Consensus forecasts point to a rebound in company profits of around 20% in 2010, providing scope for a partial restoration of recent savage dividend cuts. Equity valuations are reasonable by historic standards and fund managers still retain plenty of cash. The outlook for UK government bonds (gilts) appears less favourable, with rising issuance and the end of the Bank of England's purchase scheme likely to push yields higher. While there may be some upside in selected situations, such an outcome would be detrimental to corporate bond prices. The generally defensive composition of the Company's portfolio should enable it to perform relatively well if some of the potential risks outlined above come to pass. In particular, following their significant underperformance relative to the FTSE All-Share Index over the past five years, valuations of higher yielding shares appear anomalously low, rather as they did at the peak of the dotcom boom in 2000. We see no reason to alter our investment strategy, with its focus on value and income generation. F C Carr (Chairman) Income statement (unaudited) For the six months ended For year ended 30 November 2009 30 November 2008 31 May 2009 Revenue Capital Total Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 £000 £000 £000 -------- -------- ------ -------- -------- ------- -------- ------- -------- Net gains / (losses) on - 29,255 29,255 - (13,812) (13,812) - (8,160) (8,160) investments Income 5,509 - 5,509 2,571 - 2,571 7,248 - 7,248 Investment (333) (677) (1,010) (131) (266) (397) (373) (758) (1,131) management fee Other expenses (92) - (92) (88) - (88) (176) - (176) ------- ------- ------ ------- ------- ------- ------ -------- -------- Net return before finance 5,084 28,578 33,662 2,352 (14,078) (11,726) 6,699 (8,918) (2,219) costs and tax Finance costs: - (5,570) (5,570) - (1,736) (1,736) - (5,779) (5,779) Appropriations Finance costs: (2,848) - (2,848) (3,802) - (3,802) (6,779) - (6,779) Dividends ------- ------- ------ ------- ------- ------- ------ -------- -------- Net return on ordinary 2,236 23,008 25,244 (1,450) (15,814) (17,264) (80) (14,697) (14,777) activities before tax Tax on ordinary - - - - - - - - - activities ------- ------- ------ ------- ------- ------- ------ -------- -------- Net return on ordinary 2,236 23,008 25,244 (1,450) (15,814) (17,264) (80) (14,697) (14,777) activities after tax ------- ------- ------ ------- ------- ------- ------ -------- -------- Return per Zero Dividend - 2.84p 2.84p - 2.66p 2.66p - 5.21p 5.21p Preference Share Revenue earnings / 2.59p 11.71p 14.30p 3.60p (18.64)p (15.04)p 6.04p (9.98)p (3.94)p return per Income Share Return per - - - - (5.55)p (5.55)p - (3.27)p (3.27)p Capital Share Total return per Income and 2.59p 11.71p 14.30p 3.60p (24.19)p (20.59)p 6.04p (13.25)p (7.21)p Growth Unit Total return per Package 2.59p 14.55p 17.14p 3.60p (21.53)p (17.93)p 6.04p (8.04)p (2.00)p UnitThe total column of this statement is the profit and loss account of theCompany. The revenue return and capital return columns are supplementary to thisand are prepared under the guidance published by the Association of InvestmentCompanies.All items in the above statement derive from continuing operations. Nooperations were acquired or discontinued during the period.A statement of Total Recognised Gains and Losses is not required as all gainsand losses of the Company have been reflected in the above statement.The Company's Zero Dividend Preference and IncomeShares meet the definition of aliability under FRS 25 and therefore Capital shares are the Company's onlyEquity shares. This does not affect the rights and benefits of each class. Thebreakdown of the net assets attributable to shareholders in terms of the sharecapital and reserves is given in note 10.Reconciliation of movements in Equity (Capital) shareholders' funds (unaudited) For the six months ended 30.11.09 30.11.08 £000 £000 ---------- ---------- Capital return on ordinary activities 23,008 (15,814) after tax Net (gains) / losses attributable to (23,008) 12,185 Income Shareholders ---------- ---------- Net movement in net assets attributable - (3,629) to Equity shareholders Opening net assets attributable to - 3,629 Equity shareholders ---------- ---------- Closing net assets attributable to - - Equity shareholders ---------- ---------- Balance sheet (unaudited) As at 30.11.09 30.11.08 31.05.09 £000 £000 £000 ------- ------- ------- Fixed assets Portfolio of investments 230,539 138,978 198,335 ------- ------- ------- Current assets Debtors 2,123 2,908 2,353 Cash at bank and short-term deposits 801 2,215 3,842 ------- ------- ------- 2,924 5,123 6,195 ------- ------- ------- Total financial assets 233,463 144,101 204,530 Creditors: Amounts falling due within one (50) (3,003) (1,644) year ------- ------- ------- Total assets less current liabilities[a] 233,413 141,098 202,886 Creditors: Amounts falling after more than one year: Share classes defined as liability: Zero Dividend Preference Shares (124,601) (79,264) (119,243) Income Shares (108,812) (61,834) (83,643) ------- ------- ------- Net assets attributable to Equity - - - shareholders ------- ------- ------- Total Share Capital and Reserves attributable to Equity shareholders comprise: (unaudited) 30.11.09 30.11.08 31.05.09 £000 £000 £000 ------- ------- ------- Called up share capital 1,964 1,368 1,967 Share premium account 3,427 4,043 3,427 Capital redemption reserve 2,382 2,362 2,379 Special reserve 5,451 5,555 5,464 Capital reserve - Investment holding gains / - - - (losses) - Other capital (13,224) (13,328) (13,237) reserves ------- ------- ------- Total Share Capital and Reserves attributable to - - - Equity shareholders -------- ------- --------[a] Total assets less current liabilities represents the net assets attributableto all shareholders.The net assets attributable to shareholders have been calculated in accordancewith the Company's Articles of Association and the net asset values (per share)applicable to each class of shareholding as shown below.The Company's Zero Dividend Preference and Income Shares meet the definition ofa liability under FRS 25 and therefore Capital shares are the Company's onlyEquity shares. This does not affect the rights and benefits of each class. Thebreakdown of the net assets attributable to shareholders in terms of the sharecapital and reserves is given in note 10.The Condensed Financial Statements have been prepared in accordance with theStatement: Half Yearly Financial Reports issued by the Accounting StandardsBoard.Responsibility statementsTo the best of our knowledge and belief:a) the Interim Management Report includes a fair review of the development andperformance of the business and the position of the Company together with adescription of the principal risks and uncertainties that the Company faces; andb) the financial statements, prepared in accordance with United KingdomAccounting Standards, give a true and fair view of the assets, liabilities,financial position and losses of the Company. As at 30.11.09 30.11.08 31.05.09 -------- -------- -------- Net asset value per Zero Dividend Preference 63.43p 57.93p 60.61p Share Net asset value per 55.39p 45.20p 42.51p Income Share Net asset value per - - - Capital Share Net asset value per 55.39p 45.20p 42.51p Income & Growth Unit Net asset value per 118.82p 103.13p 103.12p Package Unit Cash flow statement (unaudited) For the six For the year ended months ended 30.11.09 30.11.08 31.05.09 £000 £000 £000 £000 £000 £000 -------- -------- ------ -------- -------- ------- Net cash inflow from operating 4,447 1,792 4,866 activities Servicing of finance Dividends paid (4,201) (2,142) (5,426) (non-equity) Financial investment Capital - 298 298 distributions Purchase of (42,013) (10,373) (37,665) investments Sale of 39,013 7,921 34,921 investments ------- ------ ------- (3,000) (2,154) (2,446) Financing Repurchase of Package Units (287) - (1,596) (including related costs) Shares issued - 2,321 6,046 for cash Share issue - (416) (416) costs ------- ------ ------- (287) 1,905 4,034 ------- ------- ------- Net (decrease) / (3,041) (599) 1,028 increase in cash ------- ------- -------Notes to the Financial Statements1. Principal activityThe Company was incorporated on 23 December 1996 and is a split capitalinvestment trust company. The affairs of the Company have been conducted withthe objective of enabling it to seek HM Revenue & Customs approval as aninvestment trust for the purposes of Section 842 of the Income and CorporationTaxes Act 1988.2. Accounting policiesThe interim financial statements have been prepared in accordance with thehistorical cost convention, as modified by the revaluation of investments, inaccordance with applicable United Kingdom Accounting and Financial ReportingStandards, and the Statement of Recommended Practice: 'Financial Statements ofInvestment Trust Companies and Venture Capital Trusts' (SORP) issued by theAssociation of Investment Companies (AIC) in January 2009.During the period, the Company adopted the AIC SORP issued in January 2009resulting in the reclassification of Capital Shares (being the most sub-ordinateof the share classes) as equity, in accordance with FRS 25. The Zero DividendPreference Shares and Income Shares continue to meet the definition of aliability under FRS 25 and have been treated as such. This has resulted inpresentational changes to the Balance Sheet. In addition, note 10 to thefinancial statements disclose the amount of the Capital Reserves that isInvestment Holding Gain or Loss. 3. Investments: At fair value through profit or loss 30.11.09 30.11.08 31.05.09 Capital Capital Capital £000 £000 £000 ------- ------- ------- Realised gains / (losses) on sales of investments 2,336 (1,641) (5,729) Increase in unrealised appreciation / (depreciation) 26,919 (12,469) (2,729) Capital distributions - 298 298 ------- ------- ------- Net gains / (losses) on investments 29,255 (13,812) (8,160) ------- ------- -------4. Income 30.11.09 30.11.08 31.05.09 Revenue Revenue Revenue Income from investments £000 £000 £000 ------- ------- ------- Interest on debt securities 720 239 839 Property Income dividends 88 5 40 Overseas dividends 5 17 33 Stock dividends 291 2 261 UK dividends 4,362 2,265 6,012 ------- ------- ------- 5,466 2,528 7,185 ------- ------- ------- Other income ------- ------- ------- Bank interest 2 38 43 HM Revenue & Customs interest - 5 5 Underwriting commission 41 - 15 ------- ------- ------- 43 43 63 ------- ------- ------- ------- ------- ------- Total income 5,509 2,571 7,248 ------- ------- ------- Total income comprises: ------- ------- ------- Dividends 4,746 2,289 6,346 Interest 722 282 887 Other income 41 - 15 ------- ------- ------- 5,509 2,571 7,248 ------- ------- ------- 5. Investment management fee 30.11.09 30.11.08 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 ------------ ----------- ----------- ------------ ----------- ------- Investment management fee 333 677 1,010 131 266 397 ------------ ----------- ----------- ------------ ----------- ------- 31.05.09 Revenue Capital Total £'000 £'000 £'000 ------------ ----------- --------- Investment management fee 373 758 1,131 ------------ ---------- ---------The Company's investment manager is M&G Investment Management Limited (MAGIM). The investment management contract between the Company and MAGIM may beterminated by either party giving not less than one year's written notice oftermination, although in certain circumstances it may be terminated withimmediate effect.MAGIM receives an annual fee, payable monthly in advance, equal to the followingtiered rates per annum of the mid market value of the Company's total assetsless its current liabilities at the beginning of the relevant month.1% on the first £75m0.9% on the next £125m0.8% on the excess over £200m6. Finance costs: AppropriationsThis constitutes an appropriation of reserves in respect of the premium to issueproceeds payable to holders of Zero Dividend Preference Shares on redemption.The appropriation for the year represents the increase in redemption value ofthe amounts originally subscribed.7. Finance costs: Dividends 30.11.09 30.11.08 31.05.09 Revenue Revenue Revenue Dividends (payable to Income Shareholders) £000 £000 £000 ------- ------- ------- Fifth interim: 0.25p paid 25 August 2009[a] 491 - - Fourth interim: 2.2p paid 22 August 2008 - 1,178 1,178 Special Dividend: 0.6p paid 22 August 2008 - 321 321 First interim: 1.2p paid 25 November 2009 (2008: 1.2p) 2,357 643 643 Second interim: 2.2p paid 25 February 2009 (2008: 1.2p)[a] - 1,178 1,178 Special Dividend interim: 0.9p paid 25 February 2009 (2008: nil)[a] - 482 482 Third interim: 1.2p paid 22 May 2009 (2008: 1.2p) - - 1,624 Fourth interim: 1.0p payable 25 August 2009 (2008: 2.2p)[a] - - 1,353 ------- ------- ------- 2,848 3,802 6,779 ------- ------- -------[a] This is a change in the distribution pattern of dividend payments for theyear ended 31st May 2009, with a second quarterly dividend of 2.20p and aspecial dividend of 0.90p reflecting the decision of the Board to pay out themajority of the current revenue reserves ahead of the rollover of M&G IncomeInvestment Company Limited into the Company. The ex-dividend date for bothdividends was 29th October 2008 and they were paid to Income Shareholders on theregister at the close of business on 31 October 2008. Also on 19 March 2009 theBoard declared a fourth interim dividend of 1.0p per Income Share, in respect ofthe year ending 31 May 2009, representing substantially all of the revenuereserves of the Company before the rollover of M&G Recovery Investment CompanyLimited completed. This dividend was paid on 25 August 2009 to IncomeShareholders on the register at the close of business on 27 March 2009. Theex-dividend date was 25 March 2009. The dividends were also paid to holders ofIncome & Growth Units and Package Units.On 26 January 2010 the Board declared a second interim dividend of 1.2p (2009:2.2p) per Income Share totalling £2,357,000 (2009: £1,178,000), payable on 25February 2010 to Income Shareholders on the register at the close of business on5 February 2010. The ex-dividend date is 3 February 2010.The dividend will also be payable to holders of Income & Growth Units andPackage Units.8. Earnings / returns per share 30.11.09 30.11.08 31.05.09 a) Return per Zero Dividend ------- ------- ------- Preference Share Appropriations £5,570,000 £1,736,000 £5,779,000 Weighted average shares in issue during the period 196,470,437 65,383,651 110,848,036 ------- ------- ------- Return per share 2.84p 2.66p 5.21p ------- ------- ------- b) Revenue earnings per Income ------- ------- ------- Share Net revenue return on ordinary activities after tax £2,236,000 £(1,450,000) £(80,000) Finance costs: Dividends £2,848,000 £3,802,000 £6,779,000 ------- ------- ------- Revenue return attributable to shareholders £5,084,000 £2,352,000 £6,699,000 Weighted average shares in issue during the period 196,470,437 65,383,651 110,848,036 ------- ------- ------- Revenue earnings per share 2.59p 3.60p 6.04p ------- ------- ------- ------- ------- ------- Capital return attributable to Income Shareholders (note 8c) £23,008,000 £(12,815,000) £(11,068,000) Weighted average shares in issue during the period 196,470,437 65,383,651 110,848,036 ------- ------- ------- Capital return per Income share 11.71p (18.64)p (9.98)p ------- ------- ------- c) Return per Capital Share ------- ------- ------- Net capital return on ordinary activities after tax £23,008,000 £(15,814,000) £(14,697,000) (Gains) / losses offset against Income Shares £(23,008,000) £12,185,000 £11,068,000 ------- ------- ------- Net capital return attributable to Capital shareholders - £(3,629,000) £(3,629,000) Weighted average shares in issue during the period 196,470,437 65,383,651 110,848,036 ------- ------- ------- Return per share - (5.55)p (3.27)p ------- ------- -------d) Package unitsThe earnings and returns per Package Unit are calculated by reference to itscomponent shares. 9. Share capital (equity and non-equity) 30.11.09 30.11.08 31.05.09 Allotted, called up and fully paid: £000 £000 £000 ------- ------- ------- 196,448,306 (2008: 136,827,539) Zero Dividend Preference Shares of 1p each 1,964 1,368 1,967 196,448,306 (2008: 136,827,539) Income Shares of 1p each 1,964 1,368 1,967 196,448,306 (2008: 136,827,539) Capital Shares of 1p each 1,964 1,368 1,967 ------- ------- -------During the period the Company repurchased and cancelled 300,000 Package Units atan average cost of 95p per Package Unit costing £286,000.The Company's Zero Dividend Preference and Income Shares meet the definition ofa liability under FRS 25 and therefore the Capital Shares comprise the Company'sequity shares.The Company has authorised share capital of £29,850,000 (2008: same) consistingof 995,000,000 (2008: same) shares of each class.10. Capital and reserves attributable to shareholders As at 30.11.09 30.11.08 31.05.09 £000 £000 £000 ------- ------- ------- Called up share capital 5,893 4,105 5,902 Share premium account 135,743 80,737 135,743 Capital redemption reserve 15,615 15,555 15,606 Zero Dividend Preference Shares appropriation reserve 28,517 20,104 23,230 Special reserve 36,712 37,395 36,716 Capital reserve - Investment holding gains / (losses) 26,207 (10,452) (712) - Other capital reserves (20,064) (7,530) (16,153) Revenue reserve 4,790 1,184 2,554 ------- ------- ------- Net assets attributable to shareholders 233,413 141,098 202,886 ------- ------- ------- Zero Dividend Preference Shares 124,601 79,264 119,243 Income Shares 108,812 61,834 83,643 ------- ------- ------- Total non-equity shares 233,413 141,098 202,886 Capital Shares (equity) - - - ------- ------- ------- Net assets attributable to shareholders 233,413 141,098 202,886 ------- ------- -------Under the terms of the Company's Articles of Association sums standing to thecredit of the Special Reserve are available for distribution only by way ofredemption or purchase of any of the Company's own shares. The Company may onlydistribute accumulated 'realised' profits.The Institute of Chartered Accountants of England and Wales has issued guidance(TECH 01/08), stating that profits arising out of a change in fair value ofassets, recognised in accordance with the Accounting Standards may bedistributed provided the relevant assets can be readily converted into cash.Securities listed on recognised stock exchanges are generally regarded as beingreadily convertible into cash and hence unrealised profits in respect of suchsecurities currently included within Investment holding gains may be regarded asdistributable under Company Law.11. Interim reportA copy of the interim report will be posted to all Shareholders on 9 February2010. It will not be advertised in the press, but copies are available from theregistered office, Laurence Pountney Hill, London EC4R 0HH.12. Abridged resultsThe abridged balance sheet for the year ended 31 May 2009 is based on financialstatements which carry an audit report that is unqualified and includes nomatters of adverse comment.Portfolio of investmentsAs at 30 November 2009 Holding £'000 % Oil & gas producers 15.90 179,362 BG Group 1,978 0.86 3,096,955 BP 17,854 7.74 969,417 Royal Dutch Shell 'B' 16,839 7.30 Chemicals 1.04 134,893 Johnson Matthey 2,005 0.87 250,034 Yule Catto 393 0.17 Mining 2.98 159,445 Anglo American 4,155 1.80 152,875 Lonmin 2,726 1.18 Aerospace & defence 0.48 340,337 BAE Systems 1,116 0.48 Construction & 0.69 materials 2,636,323 Low & Bonar 883 0.38 554,205 Marshalls 542 0.24 30,301 Morgan Sindall 157 0.07 Electronic & electrical equipment 0.28 250,000 Halma 563 0.24 18,393 Renishaw 99 0.04 General industrials 0.75 994,826 Smith (D.S.) 1,111 0.48 65,838 Smiths Group 627 0.27 Support services 4.95 100,000 Acal 136 0.06 353,501 Bunzl 2,215 0.96 485,783 Davis Service Group 1,957 0.85 82,051 De La Rue 782 0.34 856,414 Electrocomponents 1,422 0.62 1,740,101 Filtrona 3,009 1.31 911,893 Hays 897 0.39 150,000 Premier Farnell 232 0.10 705,988 Smiths News 741 0.32 Beverages 1.42 320,533 Diageo 3,282 1.42 Food producers 3.90 386,922 Tate & Lyle 1,612 0.70 412,877 Unilever 7,374 3.20 Leisure goods 0.90 541,242 Vitec Group 2,073 0.90 Personal goods 0.80 708,964 PZ Cussons 1,855 0.80 Tobacco 3.63 355,430 British American Tobacco 6,593 2.86 100,131 Imperial Tobacco 1,778 0.77 Pharmaceuticals & biotechnology 10.29 314,229 AstraZeneca 8,528 3.70 640,659 BTG 1,051 0.46 1,122,333 GlaxoSmithKline 14,125 6.13 Food & drug retailers 1.01 1,943,913 Booker Group 889 0.39 440,341 Sainsbury (J.) 1,418 0.62 General retailers 2.25 853,361 Halfords Group 3,512 1.52 318,100 Home Retail Group 937 0.41 69,000 Mothercare 428 0.19 5,649 NEXT 112 0.05 200,000 Topps Tiles 179 0.08 Media 2.59 36,706 British Sky Broadcasting 195 0.08 Group 244,980 Daily Mail & General Trust 'A' 1,016 0.44 (non-voting) 210,806 Pearson 1,748 0.76 661,424 Reed Elsevier 3,015 1.31 Travel & leisure 0.91 16,123 Compass Group 69 0.03 758,785 Ladbrokes 996 0.43 571,184 William Hill 1,026 0.45 Fixed line 2.15 telecommunications 1,822,493 BT Group 2,553 1.10 1,714,804 Cable & Wireless 2,430 1.05 Mobile telecommunications 5.30 8,934,569 Vodafone Group 12,218 5.30 Electricity 0.58 118,681 Scottish & Southern Energy 1,326 0.58 Gas, water & 5.15 multi-utilities 1,376,155 Centrica 3,490 1.51 445,516 National Grid 2,938 1.27 250,000 Northumbrian Water Group 674 0.29 45,555 Pennon Group 226 0.10 217,671 Severn Trent 2,283 0.99 480,070 United Utilities 2,287 0.99 Banks 7.47 2,428,315 HSBC Holdings 17,231 7.47 Equity investment 0.38 instruments 500,000 Blackrock Commodities Income Investment Trust 600 0.26 200,000 Ecofin Water & Power Opportunities 264 0.12 40,000 Ecofin Water & Power Opportunities (Subscription 5 - shares) Financial services 1.40 334,918 Close Brothers Group 2,304 1.00 22,337 London Stock Exchange 168 0.07 86,798 Provident Financial 769 0.33 Life insurance 3.32 485,147 Aviva 1,803 0.78 746,956 Legal & General Group 577 0.25 410,433 Prudential 2,567 1.11 405,000 Resolution 336 0.15 1,136,472 Standard Life 2,373 1.03 Non-life insurance 0.86 118,082 Jardine Lloyd Thompson 499 0.22 Group 1,262,128 RSA Insurance Group 1,474 0.64 Real estate investment 3.03 trusts 300,000 Alpha Pyrenees Trust 87 0.04 271,475 Great Portland Estates 760 0.33 436,424 Land Securities Group 2,876 1.25 173,486 Mucklow (A&J) Group 581 0.25 823,922 Segro 2,667 1.16 Software & computer 1.70 services 1,827,320 Sage Group 3,910 1.70 Non-convertible preference shares 2.24 1,500,000 Aviva 8.75% Cum. Irrd. 1,807 0.78 Pref. 750,000 General Accident 8.875% Cum. Irrd. 863 0.37 Pref. 650,000 Lloyds Banking Group 6.475% Non-cum. Irrd. Pref. 442 0.19 1,610,000 Lloyds Banking Group 9.25% Non-cum. Irrd. Pref. 1,071 0.46 300,000 Lloyds Banking Group 9.75% Non-cum. Irrd. Pref. 205 0.09 250,000 Royal & Sun Alliance 7.375% Cum. Irrd. 245 0.11 Pref. 500,000 Standard Chartered 7.375% Non-cum. Irrd. Pref. 552 0.24 'AAA' credit rated 4.06 bonds £650,000 Finland (Republic of) 9.375% 2010 659 0.29 £4,350,000 Treasury 4.75% 2015 4,794 2.08 £3,600,000 Treasury 5% 2012 3,890 1.69 'AA' credit rated 0.70 bonds £400,000 BP Capital Markets 404 0.18 5.75% 2010 £700,000 GE Capital UK Funding FRN 2010 700 0.30 £500,000 Land Securities Capital Markets Var. Rate 2013 509 0.22 'A' credit rated bonds 2.38 £300,000 BAA Funding Var. Rate 2015 299 0.13 £500,000 E.ON International Finance 6.375% 2012 548 0.24 £304,000 France Telecom 5% 2016 311 0.13 £215,000 France Telecom 7.5% 2011 231 0.10 £250,000 France Telecom 8% 2017 305 0.13 £950,000 HSBC Holdings Var. Rate 1,099 0.48 2018 £255,000 London Merchant Securities 6.5% 2026 256 0.11 £800,000 London Stock Exchange Var. Rate 2016 817 0.35 £500,000 National Grid Gas 6% 2017 542 0.24 £1,000,000 UBS London 6.375% 2016 1,090 0.47 'BBB' credit rated 3.10 bonds £1,000,000 Anheuser-Busch InBev 6.5% 2017 1,086 0.47 £700,000 British Telecommunications Var. Rate 809 0.35 2016 £350,000 Compass Group 7% 2014 390 0.17 £840,000 Deutsche Telekom 7.125% 2012 931 0.40 £700,000 DWR Cymru Financing Var. Rate 2036 741 0.32 £500,000 Imperial Tobacco Finance 5.5% 2016 506 0.22 £500,000 Imperial Tobacco Finance 6.25% 2018 523 0.23 £300,000 Kingfisher 5.625% 2014 310 0.14 £200,000 Rentokil Initial 200 0.09 5.75% 2016 £500,000 Sutton Bridge Financing 8.625% 2022 312 0.14 £300,000 Thames Water Utilities Finance 304 0.13 4.75% 2010 £1,000,000 WPP Group 6% 2017 1,010 0.44 Bonds with no credit 1.41 rating £500,000 Blue Circle Industries 10.75% 2013 599 0.26 £750,000 Brixton 5.25% 2015 729 0.32 £775,000 Heineken 7.25% 2015 856 0.37 £700,000 John Lewis 6.375% 2012 740 0.32 £300,000 Shaftesbury 8.5% 2024 328 0.14------------------------------------------------------------------------------ Total portfolio of 230,539 100.00 investments------------------------------------------------------------------------------The interim report will not be advertised in the press, but copies are availablefrom the registered office,Laurence Pountney Hill, London, EC4R 0HH.J. P. McClellandSecretary[HUG#1378813]
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Datum: 29.01.2010 - 17:26 Uhr
Sprache: Deutsch
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