Interim Management Statement>
Interim Management Statement
(Thomson Reuters ONE) - CAPITAL GEARING TRUST p.l.c Interim Management Statement for the period 6 April 2009 to 3 July 2009In accordance with the UK Listing Authority's Disclosure andTransparency Rule 4.3, Capital Gearing Trust p.l.c (the 'Company')announces its interim management statement which relates to theperiod from 6 April 2009 to 3 July 2009 and contains information thatcovers this period, and up to the date of publication of this interimmanagement statement, unless otherwise specified.Investment ObjectiveThe Company aims to achieve capital growth in absolute termsprincipally through investment in quoted closed ended and othercollective investment vehicles, invested in equities or property,with a willingness to hold cash, bonds, index linked securities andcommodities when appropriate.Review of the period> Over the period from 6 April 2009 to 3 July 2009, the Company's NetAsset Value ('NAV') increased by 0.4% to 2,133.5p. As a comparator,the FTSE Equity Investment Instruments Index increased by 10.8%,although as an absolute return fund, the actual performance benchmarkis cash.> The share price has fallen to 2,310.0p per Ordinary Share, adecrease of 2.5% from 5 April 2009.> On 20 April 2009, in accordance with the UKLA's Disclosure &Transparency Rule 5.1.2, the Company announced that RensburgSheppards Investment Management Limited ('Rensburg') had made adisposal of shares on 16 April, resulting in the percentage of votingrights held being reduced to 2.99% of the issued Ordinary sharecapital. Following a subsequent acquisition of shares on 19 June, thepercentage of voting rights held by Rensburg increased to 3.42%.> On 8 June 2009, in accordance with the UKLA's Disclosure &Transparency Rule 5.1.2, the Company announced that MrsMaunder-Taylor had made a disposal of shares on 5 June, resulting inthe percentage of voting rights held being reduced to 3.32% of theissued Ordinary share capital.> The Company released the Preliminary Announcement of its full yearresults on 27 May 2009 and published its Annual Report for the twelvemonths ended 5 April 2009 on 12 June 2009.> On 8 July 2009, the Company held its 46th Annual General Meeting.Twelve resolutions were proposed and all were passed on a show ofhands.> A dividend of 22.0p per Ordinary share was paid to shareholders on13 July 2009.Material events and transactionsAs was true over the last year, the overall volatility of the NAV wasvery low, with the capital value up about 1.4% in the quarter, basedon the ex-dividend NAV. That was against an improvement of 5.5% inthe FTSE All-Share Index, and large falls in the US dollar (-10.1%)and the euro (-6.1%) against Sterling. Although currency movementswere adverse, bond markets were reasonably stable overall, thoughthat also marked a sell off followed by a recovery. The bonds; bothconventional and index-linked, were as hoped negatively correlatedwith equity markets.The property trusts all showed good gains, with Henderson Global,Japan Residential, Alpha Tiger, Terra Catalyst and Eredene all up byat least 30%. The zero dividend preference shares were satisfactory,with the 'equity-type' zeros outperforming the equity market.Within the equities, most of the holdings and especially the largerholdings did well, notably North Atlantic Smaller Companies (+57%),Oryx (+53%) and Prospect Japan (+35%). Invesco Perpetual EuropeanAbsolute Return just announced that it will wind up and partly forthat reason rose 44%. The hedge funds were less volatile, but stilldid better than equity markets.Ten Largest InvestmentsName % of Portfolio % of portfolio at 3 July at 5 April 2009 2009Treasury 2.5% Index-Linked 2013 6.98 6.98Switzerland (Govt of) 2% Index-Linked 6.30 6.83Bonds 2014Switzerland (Govt of) 3% Bonds 2018 5.04 5.50France (Govt of) 5.5% OAT 2029 4.99 5.36Germany (Fed Rep) 4.75% Bonds 2028 4.63 5.00USA Treasury 2.0% Index-Linked 2016 4.31 4.95USA Treasury 1.375% Index-Linked 2018 4.25 4.92USA Treasury 2.0% Index-Linked 2026 3.17 3.57Allianz Dresdner 2nd Endowment Policy 2.85 2.82Trust 2009Utilico Finance Limited Zero Div Pref 2.71 -2012The ten largest investments at 3 July 2009 represent 45.23% of theportfolio compared to 48.85% at 5 April 2009.Distribution of Investment Funds of £59,628,278 at 3 July 2009.Name UK North Europe Elsewhere 3 July 5 April America 2009 2009 Total Total % % % % % %Investment Trust Assets:Ordinary Shares 10.2 2.0 2.5 4.7 19.4 16.0Endowment Funds 3.6 3.6 3.6Zero Dividend PreferenceShares 10.7 10.7 10.7Other Assets:Fixed Interest 5.8 24.6 30.4 32.3Index Linked 12.3 18.3 1.0 31.6 33.8Floating Interest 1.7 1.7 1.8Cash 2.6 2.6 1.8Performance At 3 At 5 At 5 At 5 July April October April 2009 2009 2008 2008NAV per Ordinary Share 2,133.5p 2,125.4p 2,040.7p 2,126.4pShare Price per 2,310.0p 2,370.0p 2,098.0p 2,135.0pOrdinary ShareFTSE Equity Investment 4,237.3 3,824.2 4,849.8 5,765.2Instruments IndexPast performance is not a guide to future performance. The Board isnot aware of any significant events or transactions which haveoccurred between the 'as at' date of the financial information andthe date of publication of the IMS which would have a material impacton the financial position of the company.Further information is available on the Company's website,www.capitalgearingtrust.com.Please contact company.secretary(at)capitalgearingtrust.com or,CG Asset Management Limited at 25 Moorgate, London, EC2R 6AY.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bereitgestellt von Benutzer: hugin
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" alt="Net Asset Value(s)>">Datum: 14.07.2009 - 13:48 Uhr
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