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: [phone]

Direct Line: [phone]

8 December 2008

 

END

 

 

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