Interim Management Statement Interim Management Statement - Blue Planet Financials Growth & Income Investment Trusts (Nos. 1-10)
08 Juillet 2009 - 5:29PM
UK Regulatory
TIDMBPFU
Quarter Ended the 30th June 2009
Fund Manager's Review
In June our undiluted NAV fell 6.0% in the month to 100.6p per share unit, while our benchmark index returned 0.9%.
Shares in both European and US financials underperformed the global financials index and coupled with the gearing in the
Fund, lead to our underperformance. The share unit price fell 4.8% to 60.0p. The undiluted NAV has increased 28.2% over
the past 3 months compared to a 19.6% rise in its benchmark. As of 30th June 2009, total shareholder funds were
GBP13,741,300 and total borrowings were GBP9,472,730. A dividend of 7.6p per share unit, payable on 7th August 2009, has
been proposed for approval by shareholders at the AGM to be held on 4th August 2009.
This month the Fund made investments in Chinese banks through their Hong Kong listed H-shares. China is a country with
good long-term growth potential. The country has not been immune to the global economic slowdown, but the Chinese
government reacted quickly with a Rmb 4 trillion stimulus package towards the end of 2008 and a series of pro-growth
government policies. These measures have been effective at boosting the economy, the property market has started to
recover, consumer confidence has stabilised and both public and private investment has begun to increase. GDP growth is
forecast to be over 8% year-on-year in 2009 and higher again in 2010. The banks in China have remained well capitalised,
the sector loan-to-deposit ratio is below 65% and loan growth is now receiving a boost, reaching a new high of 30.6%
year-on-year growth in May 2009. This is partly driven by the government's stimulus measures to infrastructure-related
projects, but also due to a recovery in mortgage loans in this underleveraged consumer population. The share price falls
in the banks in 2008 and the start of 2009 have provided a good entry point to invest in the Chinese banks' long-term
growth story.
There were no financial results from the companies we are invested in this month. In July banks start to report their
second quarter results (to the 30th June 2009). Concerns over the negative impact the global recession will have on
company earnings have been causing share price weakness over the last month as investors remain nervous and risk
appetite has again receded. We believe that results from many financial companies, in particular the investment banks,
will surprise the market positively, as they did in the first quarter. In the first quarter the actual profits at the
top 10 US & European banks in the Bloomberg Worldwide Financial Index exceeded profit estimates by almost 200%. Ahead of
the second quarter results the Fund has increased its investments in the US.
Cumulative Performance (%) as of 30th June 2009
Current(p) 1 month 3 months 6 months 1 year 3 years 5 years
NAV (undiluted) 100.60 -6.0% 28.2% 3.3% -50.3% -58.2% -20.3%
NAV (fully diluted) 100.50 -5.1% 22.9% 2.8% -46.1% -53.9% -17.4%
Share Price - 60.00 -4.8% 42.9% 27.7% -56.8% -60.5% -29.7%
Total Return
Benchmark 56.96 0.9% 19.6% 6.2% -11.7% -28.0% -1.6%
Warrant Price 200.00 0.0% 0.0% 73.9% -76.5% -78.3% 115.1%
Discount: Undiluted(%) -40.4 -41.1 -46.5 -51.7 -31.3 -36.8 -31.8
Discount: Fully -40.3 -40.5 -48.7 -51.9 -25.4 -30.3 -29.2
Diluted (%)
Source: Blue Planet, share price bid to bid, net income reinvested
Discrete Annual Performance (%) as of 30th June 2009
Share price Benchmark
2Q/08 - 2Q/09 -56.8% -11.7%
2Q/07 - 2Q/08 -41.4% -25.5%
2Q/06 - 2Q/07 55.9% 9.4%
2Q/05 - 2Q/06 46.2% 15.7%
2Q/04 - 2Q/05 21.9% 18.2%
Source: Blue Planet, share price bid to bid, net income reinvested
Portfolio Information as of 30th June 2009
Security Security Country Valuation Weighting
Type Name GBP %
89,660 Equity BP Global Financials-A Class Ireland 3,387,704 14.5
8,616,130 Equity URSA Bank R Russia 1,949,103 8.4
142,640 Equity Bank Vozrozhdenie R Russia 1,563,299 6.7
171,370 Equity Bank of America Corp USA 1,367,186 5.9
346,000 Equity Union Bank India Ltd (P-Notes) India 1,062,585 4.6
10,890 Equity Goldman Sachs Group Inc. USA 974,011 4.2
122,910 Equity Hartford Financial Services USA 883,487 3.8
103,750 Equity LIC Housing Finance - P Notes India 814,171 3.5
1,723,190 Equity Royal Bank of Scotland Group UK 665,841 2.8
964,000 Equity Bank of Communications Co Ltd China 656,765 2.8
1,353,000 Equity China Construction Bank Corp China 636,447 2.7
189,540 Equity Federal Bank Ltd (P-Notes) India 612,863 2.6
1,526,000 Equity China CITIC Bank China 598,188 2.6
2,042,000 Equity Bank of China Ltd China 589,138 2.5
327,340 Equity Allied Irish Banks Plc Ireland 480,044 2.0
114,760 Equity Bank of Cyprus Ltd Cyprus 391,385 1.7
319,590 Equity South Indian Bank (P-Notes) India 376,010 1.6
104,590 Equity Aviva Plc UK 356,913 1.5
115,530 Equity Irish Life & Permanent Plc Ireland 351,655 1.5
19,360 Equity National Bank of Greece S.A Greece 323,696 1.4
24,910 Equity Lincoln National Corporation USA 260,182 1.1
35,260 Equity Banco Santander SA Spain 257,342 1.1
11,990 Equity JP Morgan Chase & Co USA 249,667 1.1
10,770 Equity Prudential Financial Inc USA 243,961 1.0
13,170 Equity MetLife Inc. USA 240,389 1.0
5,912,880 Equity Other - 795,601 3.5
20,087,633 86.1
Security Cash Denomination Valuation Weighting
Type Security Name GBP %
Liquid Assets Near Cash Assets GBP 0 0.0
Liquid Assets Cash GBP 3,236,855 13.9
Liquid Assets Cash Other Currency 507 0.0
3,237,362 13.9
23,324,995 100.0
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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