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Establishment InvTst (ET.)

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Friday 18 November, 2016

Establishment InvTst

Half-year Report

RNS Number : 5933P
Establishment Inv. Trust PLC (The)
18 November 2016
 

 

THE ESTABLISHMENT INVESTMENT TRUST PLC

 

Half-year financial report for the six months ended 30 September 2016

 

Objective of the Company

 

The investment objective of the Company is to achieve long-term capital growth from a managed international portfolio of securities. The preservation of capital is of primary importance to the investment objective.

 

The Company aims to achieve absolute returns and is not managed by reference to any equity or bond index or benchmark.

 

Investment Policy

 

•    To invest primarily in equities issued by companies listed on regulated markets. With the prior approval of the Board, the Company may invest in unlisted securities.

 

•    Up to 30% of net assets may be invested in investment products managed by the Company's Investment Manager. The Company may also hold positions in investment products managed by third parties. 

 

•    Up to a maximum of 15% of net assets (at cost at the date of investment) may be invested in any one security.

 

•    The Company may borrow up to a maximum of 50% of net assets.

 

Financial Highlights

 

Performance comparisons 31 March 2016 - 30 September 2016

 








Total Return

Share price



+22.8%

Net asset value



+19.0%

FTSE WMA Stock Market Balanced Index



+12.0%

MSCI UK Equity



+14.2%

MSCI AC World Equity



+18.0%

MSCI Japan Equity



+21.7%

MSCI AC Asia ex Japan Equity



+22.7%

 

The percentages above are total returns in sterling.

 

Share Price performance relative to the Net Asset Value and FTSE WMA Stock Market Balanced Index since inception on 18 March 2002 to 30 September 2016 (total return)

 

Chart - see Half year report on website

 

Chairman's Statement

 

During the first half of the financial year the share price rose 18.2% while the Net Asset Value advanced by 15.7%. Including the final dividend of 7.1p paid in August, the total return of the share price and the Net Asset Value was 22.8% and 19.0% respectively. In comparison, the MSCI AC Asia ex Japan Equity Index and the MSCI AC World Equity Index rose 22.7% and 18.0% respectively while the FTSE WMA Stock Market Balanced Index rose 12.0%. The weakness of Sterling, mainly, but not entirely, as a result of the EU referendum was a major contributor to performance. Sterling fell by 10% against the US Dollar during the period under review and has subsequently weakened further. The vast majority of your company's assets, including cash balances, are invested overseas predominantly in Asia. The Investment Manager remains cautious on the outlook for Sterling.

 

The global economic and investment landscape remains challenging.  Continued low and negative interest rates and quantitative easing ("QE") policies pursued by the Bank of Japan, the European Central Bank and the Bank of England have failed to produce any meaningful recovery in economic activity.  There now appears to be something of an orchestrated approach by G20 national governments to roll out the Bernanke reflationary playbook by exploring the implementation of fiscal programmes to create stimulus where QE has failed to deliver. Additionally, a perception that China's domestic economy has been stabilised, again through credit expansion, has seen increased base metal and commodity prices. This has resulted in a steepening of the yield curve as long duration bonds have sold off and inflationary expectations have picked up, recently amplified by President elect Trump's agenda for infrastructure spending plans.  The longer term outlook for Asia remains bright, particularly for the more domestically driven economies, such as India and the Philippines, which will continue to thrive, providing politics stay on an even keel throughout the region and Trump's protectionist rhetoric does not translate into policy objective. Certainly, markets will continue to be rattled until the new White House administration clarifies its position.

 

Shareholders should note the improvement in the revenue account and the intent to grow distributions in line with our progressive dividend policy. The Board has declared an interim dividend of 2.5p representing a 31% increase over last year's interim.  This will be paid on 22 December 2016 to shareholders on the register on 2 December 2016.

 

 

Harry Wells

 

Chairman

 

18 November 2016

 

 

Investment Manager's Report

 

 

The performance of the Net Asset Value over the past six months is reasonably satisfactory although, from an asset allocation viewpoint, the very weak relative performance of both the Philippines (-3.2%) and Malaysia (+0.8%) in the third calendar quarter, relative to index heavyweight China which rose 27% in the quarter, has had an impact on total and relative returns.  At an individual stock level, Minth Group, Sands China, Zee Entertainment, Samsung Electronics and Taiwan Semiconductor Manufacturing have contributed strongly over the past six months, while recent purchase Silver Heritage Group and long-term holdings IJM Corporation, Want Want China Holdings, BT Group and Imperial Brands have disappointed.

 

Japan

 

Since the launch of the Company back in 2002 there has always been a degree of equity exposure to Japan.  In the "Koizumi boom" of the mid 2000s this exposure frequently exceeded 20%, and perhaps topped 25% at its peak, but since the global financial crisis, exposure has been consistently below 10% and was just 6.3% in March 2016.  Prime Minister Abe was re-elected in late 2012 not least because of his proposed "three arrows" policy of fiscal stimulus, monetary easing and structural reform.  Crucially the last arrow (by far the most important) has not, and is unlikely to be, implemented.  While we are sure that many Japanese companies will flourish over the next decade, it is difficult to remain optimistic on a market where the most important talking point of late has been which ETF variant (tracking either the Nikkei 225 or the Topix Index) the Bank of Japan will buy next.  The Bank of Japan, already the owner of 60% of outstanding ETFs, recently doubled its annual buying target.  The structural problems facing Japan - whether be it the difficult demographics, a lack of supply side reform, the tripling of the monetary base in the three and a half years since Haruhiko Kuroda took charge at the Bank of Japan or spiralling Government debt - are very serious.  Your Company no longer has any exposure to Japanese equities.

 

As the Chairman's Statement notes, it is not only Japan that is failing to generate any sustained improvement in economic activity.  Quantitative easing in Japan and Europe remains an enormous experiment with little, thus far, to show for its efforts.  Although a monetary tightening cycle appears to have started in the United States, Chairman Janet Yellen remains reluctant to increase short term rates as the US economy continues to grow relatively slowly.

 

Your Investment Manager notes with interest that no Asian country other than Japan has explicitly engaged in quantitative easing.  Some might argue that the rapid growth in Chinese debt levels amount to the same thing (and your Manager would have some sympathy with that view) but Asian central banks have not committed to asset purchases and have not interfered with their domestic yield curve.  While short term interest rates across the region are at or near historic lows - and will undoubtedly rise as and when US rates increase - monetary policy appears appropriate given the still sluggish global economic environment.

 

In China economic growth has revived somewhat although only at the cost of a US$ 3 trillion (30% of GDP) increase in total domestic credit.  The improving economy, together with State directed supply management, has seen commodity prices recover sharply from recent lows but we question whether these improvements are sustainable.  The portfolio remains focused on domestically orientated businesses around the region where powerful demographic trends are likely to support growth over the next decade.  The returns of the first half were somewhat flattered by Sterling's plunge but the relative performance of Asian equities has improved markedly and we hope to make further progress in the second half.

 

 

Blackfriars Asset Management Limited

 

Investment Manager

 

18 November 2016

 

 

 

Income Statement

 



Six months ended

 

Six months ended

 

Year ended

 



30 September 2016

30 September 2015

31 March 2016



(unaudited)

(unaudited)

(audited)



Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


Notes

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000












Gains/(losses) on











  investments


-

7,128

7,128

-

(5,426)

(5,426)

-

(2,926)

(2,926)

Exchange gains/











  (losses) on











  currency balances


-

469

469

-

(46)

(46)

-

3

3

Income

5

889

-

889

776

-

776

1,400

-

1,400

Investment











  management fees


(28)

(111)

(139)

(29)

(115)

(144)

(56)

(224)

(280)

Other expenses


(159)

-

(159)

(151)

-

(151)

(269)

-

(269)

Return on











  ordinary activities











  before tax


702

7,486

8,188

596

(5,587)

(4,991)

1,075

(3,147)

(2,072)

Tax on ordinary











  activities

7

(38)

-

(38)

(41)

-

(41)

(81)

-

(81)

Return on











  ordinary activities











  after tax


664

7,486

8,150

555

(5,587)

(5,032)

994

(3,147)

(2,153)












Return per











  Ordinary Share

8

3.32p

37.43p

40.75p

2.78p

(27.94)p

(25.16)p

4.97p

(15.74)p

(10.77)p

 

 

All revenue and capital items in the above statement derive from continuing operations.

 

The total columns in this statement represent the profit and loss accounts of the Company. The revenue and capital columns are supplementary to this and are prepared under the guidance published by the Association of Investment Companies.

 

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.

 

 

Statement of Financial Position

 

 







 



30 September

30 September

31 March

 



2016

2015

2016

 



(unaudited)

(unaudited)

(audited)

 


Notes

£'000

£'000

£'000

 







Fixed assets






Investments held at fair value






  through profit or loss


46,857

34,848

40,739


Current assets






Debtors


38

65

214


Cash at bank


2,704

5,452

1,924




2,742

5,517

2,138








Creditors: amounts falling due within one year


(78)

(73)

(86)


Net current assets


2,664

5,444

2,052








Net assets


49,521

40,292

42,791








Capital and reserves






Called up share capital


5,000

5,000

5,000


Share premium


14,701

14,701

14,701




19,701

19,701

19,701


Capital reserve


28,802

19,876

22,096


Revenue reserve


1,018

715

994


Equity shareholders' funds


49,521

40,292

42,791








Net asset value per Ordinary Share

6

247.61p

201.46p

213.96p


 

These financial statements were approved by the Board and signed on its behalf by:

 

Harry Wells

Director

18 November 2016

Registered in England No. 4355437

 

 

Statement of Changes in Equity

For the six months ended 30 September 2016 (unaudited)

 


Share

Share

Capital

Revenue




capital

premium

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000








At 31 March 2016

5,000

14,701

22,096

994

42,791


 

Return on ordinary activities after







 

  tax for the financial period

-

-

7,486

664

8,150


 

Dividends paid

-

-

(780)

             (640)

(1,420)

 

At 30 September 2016

5,000

14,701

28,802

1,018

49,521


 

 

For the six months ended 30 September 2015 (unaudited)

 


Share

Share

Capital

Revenue




capital

premium

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000








At 31 March 2015

5,000

14,701

25,463

760

45,924


 

Return on ordinary activities after







 

  tax for the financial period

-

-

(5,587)

555

(5,032)


 

Dividends paid

-

-


(600)

(600)

 

At 30 September 2015

5,000

14,701

19,876

715

40,292


 

 

 

For the year ended 31 March 2016 (audited)

 


Share

Share

Capital

Revenue




capital

premium

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000








At 31 March 2015

5,000

14,701

25,463

760

45,924


 

Return on ordinary activities after







 

  tax for the financial year

-

-

(3,147)

994

(2,153)


 

Dividends paid

-

-

(220)

(760)

(980)

 

At 31 March 2016

5,000

14,701

22,096

994

42,791


 

 

 

 





Statement of Cash Flows

 



Six months

Six months

Year



ended

ended

ended



30 September

30 September

31 March



2016

2015

2016



(unaudited)

(unaudited)

(audited)



£'000

£'000

£'000

Cash flows from operating activities





Return for the financial year


8,150

(5,032)

(2,153)

Adjustments for:





  Taxation


38

41

81

  (Gains) / losses on investments held at fair value


(7,128)

5,426

2,926

  (Gains) / losses on exchange movements


(469)

46

(3)

  Decrease in trade debtors


176

103

12

  (Decrease) / increase in trade creditors


(9)

(11)

1

Cash from operations


758

573

864

Taxation


(38)

(41)

(81)

Net cash generated from operating activities


720

532

783

Cash flows from investing activities





Purchase of investments


(10,252)

(3,647)

(10,251)

Sale of investments


11,261

6,124

9,280

Net cash generated from investing activities


1,009

2,477

(971)

Cash flows from financing activities





Equity dividends paid


(1,420)

(600)

(980)

Net cash generated from financing activities


(1,420)

(600)

(980)






Net increase in cash and cash equivalents


309

2,409

(1,168)

Foreign exchange movements


471

(43)

6

Cash and cash equivalents at beginning of year


1,924

3,086

3,086

Cash and cash equivalents at end of year


2,704

5,452

1,924

 

 

Notes to the Financial Statements

 

 

1.   The half-yearly financial report for the six months ended 30 September 2016 (the "Report") has been prepared in accordance with FRS 104 Interim Financial Reporting and the Statement of Recommended Practice  "Financial statements of investment trust companies" issued by the Association of Investment Companies in November 2014.  

 

The Report is unaudited and does not include all of the information required for full annual financial statements. The Report should be read in conjunction with the annual report and financial statements of the Company for the year ended 31 March 2016.  The accounting policies and presentation in the Report are consistent with those intended to be applied in the Annual Report for the year ending 31 March 2017.

 

The Report does not represent the Company's statutory accounts for the purposes of section 434 of the Companies Act 2006.  The Report will be sent to shareholders and copies will be made available to the public at the registered office of the Company and will be available on the investment manager's website (www.blackfriarsam.com).

 

The Company conducts its affairs in a manner intended to meet the requirements for approval as an investment trust under section 1158 of the Corporation Tax Act 2010.

 

These financial statements have been prepared in accordance with the requirements of section 838 of the Companies Act 2006 and constitute the Company's interim accounts for the purpose of justifying the payment of an interim dividend for the year ending 31 March 2017.

 

2.   The financial information for the year ended 31 March 2016 included in the Report has been extracted from the Company's audited annual accounts for the year to 31 March 2016 which contained an unqualified audit report and did not include statements under Sections 498(2) or 498(3) of the Companies Act 2006. Those accounts have been filed with the Registrar of Companies.

 

3.   Going concern

These financial statements have been prepared on a going concern basis. The following is a summary of the directors' assessment of the going concern status of the Company.

 

The majority of the net assets of the Company are securities which are traded on recognised stock exchanges.  After considering the Company's current financial resources, the Directors are satisfied that its resources are adequate for continuing in business for the foreseeable future.

 

4.   Valuation of investments

The Company's investments have been designated at fair value through profit or loss, and are recognised on the trade date and are initially measured at fair value. Investments are measured at subsequent reporting dates at fair value, and changes in fair value are included in the Income Statement as a capital item. Investments are designated at fair value through profit or loss as they are managed in accordance with a documented investment strategy and their performance is evaluated on a fair value basis by the Board of Directors. For listed investments, fair value is deemed to be either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted.

 

Unquoted investments are valued by the Directors at fair value.  The Company held no unquoted investments at the period end.

 

5.   Income

 


Six months ended 30 September

Six months ended

30 September

Year ended 31 March


2016

2015

2016

£'000

£'000

£'000


(unaudited)

(unaudited)

(audited)





Income from investments




Overseas dividends

711

654

1,162

UK dividends

178

122

238


889

776

1,400





 

6.   Net asset value per Ordinary Share

 


Six months ended 30 September

Six months ended

30 September

Year ended 31 March


2016

2015

2016

(unaudited)

(unaudited)

(audited)





Net assets attributable

£49,521,000

£40,292,000

£42,791,000

Ordinary Shares in issue at the period end

20,000,000

20,000,000

20,000,000

Net asset value per Ordinary Share

247.61p

201.46p

213.96p





 

7.   Taxation

The tax charge relates to overseas withholding tax incurred on income receivable.

 

8.   Return per Ordinary Share

 


Six months ended

Six months ended

Year ended


30 September

30 September

31 March


2016

2015

2016


(unaudited)

(unaudited)

(audited)





Total return per Ordinary Share




Total return

£8,150,000

£(5,032,000)

£(2,153,000)

Weighted average number of Ordinary




Shares in issue during the period

20,000,000

20,000,000

20,000,000

Total return per Ordinary Share

40.75p

(25.16)p

(10.77)p

 

The total return per Ordinary Share detailed above can be further analysed between revenue and capital, as below:

 

Revenue return per Ordinary Share




Revenue return

£664,000

£555,000

£994,000

Weighted average number of Ordinary




Shares in issue during the period

20,000,000

20,000,000

20,000,000

Revenue return per Ordinary Share

3.32p

2.78p

4.97p





Capital return per Ordinary Share




Capital return

£7,486,000

£(5,587,000)

£(3,147,000)

Weighted average number of Ordinary




Shares in issue during the period

20,000,000

20,000,000

20,000,000

Capital return per Ordinary Share

37.43p

(27.94)p

(15.74)p

 

 

9.   Interim dividend

The Directors have declared an interim dividend of 2.5p per Ordinary Share in respect of the year ending 31 March 2017. The shares will be quoted ex-dividend on 1 December 2016 and the dividend will be paid on 22 December 2016, to Shareholders on the register at the close of business on 2 December 2016.

 

10.  Related party transactions

Fees payable to the Company's investment manager, Blackfriars Asset Management Limited ("Blackfriars") are shown in the Income Statement. At 30 September 2016, the fee accrual outstanding to Blackfriars was £25,413 (30 September 2015: £20,704).

 

Up to 30% of net assets may be invested in investment products managed by the Company's investment manager. At 30 September 2016, the aggregate amount invested in investment products managed by Blackfriars represented 14.3% of the Company's net assets. Blackfriars rebates management fees in respect of amounts invested in Blackfriars' investment products back to the Company.

 

Fees payable to the directors for the six months ended 30 September 2016 were £33,750 (six months ended 30 September 2015: £35,300).  Fees were payable at an annual rate of £20,000 to the Chairman, £17,500 to the Chairman of the Audit Committee and £15,000 to the other directors. Tom Waring has waived his director's fee since the appointment of Blackfriars Asset Management   Limited as investment manager to the Company.

 

The interests of the Directors in the Ordinary Shares of the Company on the dates shown were as follows:

 

 

 


Ordinary Shares of 25p each

 


At 30 Sep 2016

At 30 Sep 2015

At 31 March 2016

Jim Ryall (appointed 2 June 2015)

-

-

-

Gregory Shenkman

3,415

3,415

3,415

Susan Thornton (a)

1,744,728

1,744,728

1,744,728

Tom Waring

-

-

-

Harry Wells (b) 

26,000

26,000

26,000

Harry Wells (c) 

4,000

4,000

4,000

 

          (a) As a Trustee of The Thornton Foundation

          (b)19,000 held in SIPP and 7,000 in his own name

          (c) As a Trustee of The Pauline Lamb Grandchildren's Trust

 

Susan Thornton also has an interest in 3,611,083 Ordinary Shares in her capacity as a beneficiary of The Estate of Richard Thornton.

 

11.  Classification of financial instruments

FRS 102, as amended for fair value hierarchy disclosures (March 2016), sets out three fair value levels. These are:

Level 1

The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

 

Level 2

Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

 

Level 3

Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

 

The classification of the Company's investments held at fair value is detailed in the table below:


30 September  2016


30 September 2015


Level 1

Level 2

Level 3

Total


Level 1

Level 2

Level 3

Total


£'000

£'000

£'000

£'000


£'000

£'000

£'000

£'000

Investments

46,857

-

-

46,857


34,848

-

-

34,848


46,857

-

-

46,857


34,848

-

-

34,848

 

12.  Distributable reserves

The Company's distributable reserves consist of the capital reserve and revenue reserve. Dividends may be paid from either of these reserves.

 

Interim Management Report

 

The Directors are required to provide an Interim Management Report in accordance with the UK Listing Authority's Disclosure Guidance and Transparency Rules and consider that the Chairman's Statement and the Investment Manager's Report on pages 4 to 5 of this Report, the following statement on related party transactions and the Directors' Responsibility Statement below, together constitute the Interim Management Report for the Company for the six months ended 30 September 2016.

 

The principal risks to the Company are in respect of foreign currency, interest rates, market prices, liquidity and credit risk.  The Chairman's Statement and Investment Manager's Report set out any perceived uncertainties in respect of these and any other risks to the Company, for the remaining six months of the current financial year.

 

The Directors confirm that no related party transactions were undertaken by the Company in the first six months of the current financial year. There have been no significant changes to the related party transactions described in the Annual Report of the Company for the year ended 31 March 2016.

 

The half-year financial report for the six months ended 30 September 2016 has not been reviewed by the Company's Auditors, Grant Thornton UK LLP.

 

Directors' Responsibility Statement

 

 

The Directors confirm that to the best of their knowledge:

 

a)   the condensed set of Financial Statements contained within the Half-yearly financial report has been prepared in accordance with FRS 104 Interim Financial Reporting.

 

b)   the Interim Management Report includes a fair review; as required by Disclosure Guidance and Transparency Rule 4.2.7 R; of important events that have occurred during the first six months of the financial year, their impact on the condensed set of Financial Statements and a description of the principal risks and perceived uncertainties for the remaining six months of the financial year; and

 

c)   the Interim Management Report includes a fair review of the information concerning related parties transactions as required by Disclosure Guidance and Transparency Rule 4.2.8 R.

 

The half-year financial report for the six months ended 30 September 2016 and the above Directors' Responsibility Statement were approved by the Board on 18 November 2016.

 

 

Harry Wells

Chairman

 

 

 

Portfolio Holdings at 30 September 2016

 

(All Equity Shares unless otherwise stated)

 

 



Fair value

% of net assets

% of net assets

Holding

Company

£'000







(portfolio look through basis)

400,000

Blackfriars Oriental Focus Fund 'B' ^

7,009

14.3%

-

444,000

Taiwan Semiconductor Manufacturing

1,996

4.0%

4.8%

564,800

Sands China

1,889

3.8%

4.4%

297,933

Zee Entertainment

1,885

3.8%

4.6%

1,652

Samsung Electronics

1,850

3.7%

4.6%

36,500

British American Tobacco

1,800

3.6%

3.6%

652,000

Minth Group

1,763

3.6%

4.4%

101,926

Housing Development Finance Corporation

1,643

3.3%

4.0%

147,000

National Grid

1,605

3.2%

3.2%

2,537,700

Ayala Land

1,586

3.2%

3.8%

566,263

ITC

1,581

3.2%

3.8%

42,000

Unilever

1,535

3.1%

3.1%

92,000

GlaxoSmithKline

1,511

3.1%

3.1%

612,700

Samsonite International

1,507

3.0%

3.6%

37,000

Imperial Brands

1,470

3.0%

3.0%

180,000

Siam City Cement

1,182

2.4%

2.9%

813,596

Uni-President Enterprise

1,178

2.4%

2.9%

5,724,400

Land & Houses

1,141

2.3%

2.9%

50,500

KT Corporation

1,129

2.3%

2.9%

73,070

Ayala Corporation

1,000

2.0%

2.5%

5,196,100

BTS Group

995

2.0%

2.6%

34,411

Shinhan Financial

968

2.0%

2.4%

1,613,000

IJM Corporation

965

1.9%

2.5%

1,800,000

Astra International

879

1.8%

2.2%

215,000

BT Group

836

1.7%

1.7%

89,000

China Mobile

830

1.7%

2.0%

1,546,000

Sun Art Retail Group

819

1.7%

2.0%

4,200,000

Silver Heritage Group

744

1.5%

1.5%

361,000

Johnson Electric Holdings

709

1.4%

1.8%

20,000

Hermes Microvision

665

1.3%

1.7%

1,180,000

Want Want China Holdings

563

1.1%

1.5%

869,300

Religare Health Trust

514

1.0%

1.0%

18,000

Tencent Holdings

381

0.8%

0.8%

550

LG Household Health Care

368

0.7%

0.7%

30,000

Voltranic Power Technology

361

0.7%

0.7%

30,000

BTS Group Warrants

-

-

-


Total investments

46,857

94.6%

93.2%


Net current assets

2,664

5.4%

6.8%


Net assets

49,521

100.0%

100.0%

 

^ Irish domiciled and listed fund managed by Blackfriars Asset Management.

 

 

Analysis of Investment Portfolio at 30 September 2016


Fair value

% of net assets

% of net assets

Sector analysis

£'000






(look through basis)





Consumer Non-Cyclical

9,314

18.8%

20.6%

Consumer Cyclical

8,918

18.0%

21.6%

Investment Companies

7,009

14.3%

0.0%

Financials

5,711

11.5%

13.7%

Technology

4,892

9.8%

11.9%

Communications

4,680

9.5%

11.2%

Industrials

2,035

4.0%

5.0%

Utilities

1,605

3.2%

3.2%

Health Care

1,511

3.1%

3.1%

Materials

1,182

2.4%

2.9%

Total investments

46,857

94.6%

93.2%

Net current assets

2,664

5.4%

6.8%

Net assets

49,521

100.0%

100.0%

 


Fair value

% of net

% of net

Geographical analysis (based on listing or domicile)

£'000

assets

assets




(look through basis)





United Kingdom

8,757

17.7%

17.7%

China

8,461

17.1%

20.5%

Ireland ^

7,009

14.3%

0.0%

India

5,623

11.3%

13.4%

Korea

4,315

8.7%

10.6%

Taiwan

4,200

8.4%

10.1%

Thailand

3,318

6.7%

8.4%

Philippines

2,586

5.2%

6.3%

Malaysia

965

1.9%

2.5%

Indonesia

879

1.8%

2.2%

Australia

744

1.5%

1.5%

Total investments

46,857

94.6%

93.2%

Net current assets

2,664

5.4%

6.8%

Net assets

49,521

100.0%

100.0%

 

^ Irish domiciled and listed fund managed by Blackfriars Asset Management. This represents the investment in Blackfriars Oriental Focus Fund 'B' which is invested in Asia (ex Japan) equities.

 


Fair value

% of net

% of net

Classification of Assets

£'000

assets

assets




(look through basis)





Equities

46,857

94.6%

93.2%

Net current assets

2,664

5.4%

6.8%

Net assets

49,521

100.0%

100.0%

 

 


Fair value

% of net

 

 

Company Information

 

Directors

Investment Manager

Harry Wells (Chairman)

Blackfriars Asset Management Limited

Jim Ryall

9 Cloak Lane

Gregory Shenkman

London EC4R 2RU

Susan Thornton

Tel: 020 7332 2270

Tom Waring

www.blackfriarsam.com







Corporate Secretary and Registered Office

Solicitors

PraxisIFM Fund Services (UK) Limited *

Stephenson Harwood

Mermaid House

1 Finsbury Circus

2 Puddle Dock

London EC2M 7SH

London EC4V 3DB






Registrars

Registered Auditor

Capita Registrars

Grant Thornton UK LLP

The Registry

30 Finsbury Square

34 Beckenham Road

London EC2P 2YU

Beckenham


Kent BR3 4TU






Broker

Custodian

J.P. Morgan Cazenove

The Northern Trust Company

25 Bank Street

50 Bank Street

Canary Wharf

Canary Wharf

London E14 5JP

London E14 5NT

 

 

 

* With effect from 1 July 2016, PraxisIFM Fund Services (UK) Limited has been appointed as the Company's Corporate Secretary, having acquired Cavendish Administration Limited.

 

Shareholder Relations

 

The price of the Company's Ordinary Shares is listed daily in the Financial Times.

 

The Company's web pages can be accessed on the Investment Manager's website at www.blackfriarsam.com

 

Monthly updates are published on the Investment Manager's website.

 

Enquiries:

Anthony Lee

020 7653 9690

PraxisIFM Fund Services (UK) Limited


Company Secretary


 

The Half-yearly financial report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM

 

END

 


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