Interim Management Statement Interim Management Statement - Blue Planet Financials Growth & Income Trusts (No. 1 to 10) Plc
13 Janvier 2009 - 1:17PM
UK Regulatory
Quarter Ended the 31st December 2008
Fund Manager's Review
In December the return from our Benchmark Index was 8.7% in sterling terms while our diluted NAV returned 4.0%, rising
to 97.8p per share unit. The return of the index in its base currency, of US dollars, was 3.0%, with the strength of the
US dollar against Sterling providing the bulk of the return. The Fund's underperformance of the index was due to
weakness in Russian equity prices and one Russian bond, counterbalanced by strength in Indian stocks in December. Our
share price fell 27.7% to 47.0p a unit. Over the past three months the diluted NAV has fallen 29.1%, the share price
46.0% and the benchmark 14.5%. As of 31st December 2008, shareholder funds were �13,308,780 and total borrowings were
�11,150,000.
December provided some respite in the markets, but ended a miserable year for all equities. The main stock indices
around the world almost all declined significantly in 2008. In financial stocks, the Bloomberg Worldwide financial index
fell 55.2% in its base currency in 2008. We retain our conviction that, despite all the economic woes, there are many
financial stocks that now offer excellent value and look forward to a better year in 2009.
Eurokommerz, the largest factoring company in Russia, saw a sharp falls in its bond prices towards the end of December,
one of which is held in the portfolio and there are also holdings in the Blue Planet Global Financials Fund. These were
as a result of Eurokommerz announcing delays in coupon payments on its bonds and failing to meet a put option on one of
its bonds. The company announced that the current economic downturn had slowed collections of receivables and led to
problems with loan refinancing. We are pursuing an update from the company.
This month we sold down our holdings in Bank Millennium and Sberbank. We also reduced our holding in Raiffeisen Bank
Aval. The bank itself performs well, however, economic uncertainties continue in the Ukraine. We bought a holding in Man
Group in the UK, as we felt the price fall after it announced its fund de-gearing was overdone. A holding in New Star
Asset Management was also added to the portfolio as its share price declined, after its deal to offload its debt to the
banks, left the company substantially undervalued in our view.
The following nine month financial result has been issued this month by a bank in the portfolio:
Halyk Savings Bank Net Income fell 44% over the equivalent period last year.
Cumulative Performance (%) as of 31st December 2008
Current(p) 1 month 3 months 6 months 1 year 3 years 5 years
NAV (undiluted) 97.40 4.8% -32.8% -51.9% -64.5% -60.8% -25.9%
NAV (fully diluted) 97.80 4.0% -29.1% -47.5% -60.5% -56.4% -22.1%
Share Price - 47.00 -27.7% -46.0% -66.2% -76.7% -68.9% -49.0%
Total Return
Benchmark 54.69 8.7% -14.5% -16.9% -36.8% -34.6% -8.0%
Warrant Price 115.00 -54.0% -79.1% -86.5% -89.3% -83.8% -4.2%
Discount:Undiluted(%) -51.8 -30.0 -40.0 -31.3 -26.4 -39.2 -28.8
Discount:Fully -51.9 -30.9 -36.9 -25.4 -18.3 -32.7 -25.6
Diluted (%)
Source: Blue Planet, share price bid to bid, net income reinvested
Discrete Annual Performance (%) as of 31st December 2008
Share price Benchmark
4Q/07 - 4Q/08 -76.7% -36.8%
4Q/06 - 4Q/07 -11.0% -0.6%
4Q/05 - 4Q/06 50.3% 4.0%
4Q/04 - 4Q/05 64.3% 24.6%
4Q/03 - 4Q/04 -0.2% 13.0%
Source: Blue Planet, share price bid to bid, net income reinvested
Portfolio Information as of 31st December 2008
Security Security Country Valuation Weighting
Type Name � %
89,660 Equity BP Global Financials-A Class Eire 3,583,913 15.1
405,570 Equity Bank Of India (P-Notes) India 1,636,183 6.9
428,660 Equity LIC Housing Finance - P Notes India 1,389,024 5.9
8,616,130 Equity URSA Bank Russia 1,319,486 5.6
569,240 Equity Power Finance Corp - P Notes India 1,065,031 4.5
447,540 Equity Federal Bank Ltd (P-Notes) India 1,008,836 4.3
142,640 Equity Bank Vozrozhdenie Russia 846,459 3.6
306,300 Equity Bank of Cyprus Ltd Cyprus 782,544 3.3
664,750 Equity South Indian Bank (P-Notes) India 531,488 2.2
185,540 Equity DNB NOR ASA Norway 495,770 2.1
20,845,630 Equity New Star Asset Management United Kingdom 375,221 1.6
15,430 Equity National Bank of Greece S.A. Greece 199,320 0.8
4,000 Equity BRE Bank SA Poland 182,521 0.8
78,800 Equity Halyk Savings Bank GDR Kazakhstan 148,956 0.6
47,580 Equity Man Group plc United Kingdom 111,932 0.5
5,498,630 Equity Raiffeisen Bank Aval Ukraine 110,570 0.4
56,670 Equity Bank Millennium SA Poland 37,294 0.2
13,824,548 58.4
Security Cash Denomination Valuation Weighting
Type Security Name � %
Bonds Rusfinan Bank-3 7.55% 05/09 R Russia 1,187,230 5.0
Bonds Rosbank 8% 09/09 R Russia 912,912 3.8
Bonds Bank Kedr-2 12.30% 09/09 R Russia 764,104 3.2
Bonds Transcreditbank1 7.29% 06/10 R Russia 737,356 3.1
Bonds Renaissance Sec 8.75% 11/09 $ Russia 170,005 0.7
Bonds Eurokommerz-1 Var11.5% 12/09 R Russia 105,610 0.4
Bonds Promsvyazbk-12 9.58% 05/12 $ Russia 69,814 0.3
3,947,031 16.5
Security Cash Denomination Valuation Weighting
Type Security Name � %
Liquid Assets Near Cash Assets GBP 0 0.0
Liquid Assets Cash GBP 56,890 0.2
Liquid Assets Cash GBP 5,890,582 24.9
5,947,472 25.1
23,719,051 100.0
A unit comprises ten shares, one share in each of the Blue Planet Financials Growth & Income Investment Trusts Nos 1-10.
For more information, please visit www.blueplanet.eu
You can also contact the Company on 0845 527 7588 or by emailing info@blueplanet.eu
END
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