Portfolio update, Top 10 Hldn

RNS Number : 7023J
Merchants Trust PLC
08 December 2008
 



The Merchants Trust PLC


Top 10 Holdings as at 28 November 2008

and Investment Policy




Stock Name

Market Value



£

%

ROYAL DUTCH SHELL 

46,366,096

10.47

BP

38,072,789

8.59

VODAFONE GROUP 

37,918,061

8.56

GLAXOSMITHKLINE 

36,563,765

8.25

HSBC 

22,165,000

5.00

BAE SYSTEMS

18,620,181

4.20

BT

15,786,435

3.56

SCOTTISH & SOUTHERN ENERGY

14,601,500

3.30

AVIVA 

13,588,488

3.07

BRITISH AMERICAN TOBACCO

13,555,958

3.06




Total Gross Assets

443,037,702





Investment Policy


The Board regularly reviews the company's investment policy and confirms that it continues to be the Board's policy for the company to remain substantially fully invested.  As set out in the interim management statement, net gearing (calculated by using borrowings less cash as a percentage of the cum income NAV) was 32.4% on 30 October 2008. On the same basis, the gearing as at 28 November was 30.5%.  In view of current market volatility, it is possible that by following this approach gearing may rise further. All borrowings are in the form of long term debentures and are not repayable until 2018 onwards.


In forming this view, the Board was mindful that a principal objective of The Merchants Trust is to provide a high and growing level of dividend income for shareholders over the long term.



Enquiries


Simon White

Head of Investment Trusts

RCM

A company of Allianz Global Investors

Telephone: +44 (0)20 7859 9000

Direct Line: +44 (0)20 7065 1539


8 December 2008


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