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Invesco Perpetual Select Trust plc
Annual Financial Report Announcement
Year Ended 31 May 2011
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FINANCIAL INFORMATION
FOR THE YEAR ENDED 31 MAY
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UK Equity Share Portfolio %
2011 2010 Change
Net asset value| - total return +28.2
Share price| - total return +27.5
Discount at year end 4.1% 3.4%
FTSE All-Share Index| - total return +20.4
Revenue return per share 4.1p 3.7p
Dividend - first interim 1.65p 1.65p
- second interim 2.55p 2.15p
- total 4.20p 3.80p
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Global Equity Share Portfolio %
2011 2010 Change
Net asset value| - total return +9.5
Share price| - total return +8.1
Discount at year end 5.3% 3.8%
MSCI AC World Index (GBP)| - total return +13.7
Revenue return per share 2.0p 1.5p
Dividend - first interim 0.45p 0.45p
- second interim 1.25p 0.90p
- total 1.70p 1.35p
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Hedge Fund Share Portfolio %
2011 2010 Change
Net asset value - total return -0.3
Share price| - total return -1.9
Discount at year end 6.6% 4.8%
3 months LIBOR +5% pa - total return +5.7
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Managed Liquidity Share Portfolio %
2011 2010 Change
Net asset value| - total return +1.0
Share price| - total return +1.0
Discount at year end 2.3% 2.3%
Revenue return per share 0.5p 0.3p
Dividend - first interim 0.5p 0.4p
| Source: Thomson Reuters
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CHAIRMAN'S STATEMENT
The Company
In earlier years the Company's annual report has been published in July or
August. As you will see below we have been reviewing ways in which the Company
could be improved to benefit shareholders and consequently have delayed
publication this year while we developed proposals following that review.
Invesco Perpetual Select Trust has now been in existence for nearly five
turbulent years, both in economies and markets, but also in British government
tax policy. Your Board has considered the impact of these developments on the
service that the Company provides to both current and potential future
shareholders. It continues to believe that the structure of the Company,
divided into different share classes with switching possible between them on a
tax-efficient basis, is an appropriate one. In order to improve this, it is
proposing to introduce quarterly switch dates. It also continues to review both
the relevance and the performance of the different share classes. Both the UK
Equity share class and the Managed Liquidity share class pass both tests, even
though the latter suffers inevitably from the current very low level of UK
interest rates. It does, however, underpin the Company's ability to buy back
shares if necessary at a very low discount. However, in the Board's view a fund
of hedge funds is likely to continue to struggle to provide low-volatility
excess returns, especially as cost drag has risen as a proportion of low
nominal and real returns. We also believe that in the present economic
environment a greater emphasis on income in the Global Equity share class would
be beneficial to shareholders.
Performance
For the Company's structure to work well it is important that all the classes
provide good performance. Otherwise the presence of the switching arrangements
becomes of academic interest only. In this context the results for the year
were mixed. The UK Equity share class and the Managed Liquidity share class
both performed well, whereas the Global Equity share class and the Hedge Fund
share class were somewhat disappointing. The UK Equity share class enjoyed a
very good year with a Net Asset Value total return of 28.2% compared with a
return of 20.4% on the FTSE All-Share Index. The Global Equity share class
produced a positive return of 9.5% which lagged the 13.7% return of the new
benchmark, the MSCI AC World Index. The Managed Liquidity share class returned
1.0% and the Hedge Fund share class returned
-0.3% including losses suffered on the directly held assets and the costs
incurred in managing the share class's structure which reduced the basic return
of 2.5% after fees from the Paragon Fund. This was, however disappointing when
compared with the target return of 3-months LIBOR plus 5%, which amounted to
5.7%. The background to these performances remained unusual as the developed
world struggled to find a solid base for economic growth while the rest of the
world found that it had almost more growth than it could handle without
disruption and particularly inflation. Real yields remained significantly
negative in Europe and the US while emerging market central banks were raising
interest rates and trying to avoid large inflows of short-term capital.
Throughout the period the quoted corporate sector performed well as it
recovered from the shocks of 2008-9. As a result profits tended to surprise
positively which, together with a steep yield curve, helped equity markets.
However, evidence that the financial crisis of 2008 still had the power to
cause shocks came both from the long drawn out problem of Greece's financial
position and also the looming risk of a default by the US government as it hits
its borrowing limits, a problem made worse by intransigence in the US political
system, debt-financed wars and the hangover from recession.
Proposed Portfolio Changes
We are proposing a move to a greater income orientation in the investment
policy of the Global Equity Portfolio, which will entail a change of portfolio
manager within Invesco Perpetual. The initial target dividend yield will be
3.5% with potential for dividend growth in the future. We are also proposing
replacement of the fund of hedge funds strategy. In its place we are
recommending the adoption of a different strategy that offers attractive total
returns in differing economic and inflationary environments, and with low
correlation to equity and bond market indices, based on a diversified long-only
portfolio of highly liquid investments, under the management of the Invesco
Global Strategies team in Atlanta. These proposals are subject to shareholder
approval. Details of the proposals will be set out in a separate circular which
will also include a notice convening a general meeting of the Company for the
same date as the annual general meeting at which the necessary resolutions will
be proposed.
Outlook
The process of adjustment following the excesses of the period up to 2008
continues to be slow. In the US most notably because of its scale but also in
several other developed countries including the UK both the household sector
and the state need to reduce indebtedness and generate net financial inflows.
The household sector is having some success at this. However, for the process
to work well it is necessary for the corporate sector and/or the external
sector to go into financial flow deficit, preferably without a major slump in
demand. While the former might benignly result from more capital expenditure
and larger dividends and share repurchases the latter requires a major shift in
balance of payments flows, partly achievable by a reduction in US overseas
military expenditure but largely requiring a policy shift in China and Germany
beyond anything so far contemplated by the authorities there. At present the
risk that the adjustment process will be rather chaotic and depress potential
output has risen. Since the Company's year end we have seen a farcical soap
opera in the US about the federal borrowing limit and continued problems in
Europe focused on sovereign indebtedness. These macro economic concerns have
obscured recognition that substantial losses have already been incurred by
commercial banks, bond holders, the European Central Bank and governments, and
that present policy offerings do little to address either competitiveness or
the lack of growth. In the absence of a greater emphasis on supportive fiscal
policy change may be slow. The deficit countries, where savings are
insufficient, will only slowly claw their way back to balance while the surplus
countries, especially China, may well struggle with inflation. As this process
continues it will remain very important to sustain growth in real final demand.
Without this, debt burdens will become intolerable and will continue to be
transferred to creditors in the form of write-offs and losses thereby
increasing the risk of renewed recession.
At some point interest rates must rise unless deflation is imminent, which
still seems unlikely. This will be good news for the long-suffering holders of
the Managed Liquidity share class though it may restrain equity markets both in
corporate profitability and valuation.
The corporate sector has probably now seen the bulk of the cyclical improvement
in profits after the recession and growth will be more muted. In recognition of
the deterioration in the economic environment and the apparent absence of
effective policy the mood of equity markets has worsened and credit spreads in
sovereign bond markets have become much wider. For example the MSCI AC World
Index has fallen by 14.5% since the company's year end while the price of five
to ten-year gilts has risen by 6.7%. There is, however, good news around. All
sentiment indicators show a deeply oversold position and most equity markets
now look cheap. In addition the pressure on policymakers has increased
substantially, possibly producing a positive policy shift. We therefore believe
that a policy of investing in high quality equities for the relevant
portfolios, supported by strong market positions and dividend yield, remains
appropriate in a very uncertain world. The proposed new investment policy for
the hedge fund class has shown an ability to perform well in a variety of
market environments and we think it will prove a satisfactory replacement after
the disappointing returns from this asset class.
Share Class Conversions
The Company enables shareholders to tailor their asset allocation to reflect
their views of prevailing market conditions. Shareholders have the opportunity
to convert their holdings of Shares into any other class of Shares, without
incurring any tax (under current legislation). Currently shares can be
converted on or around 1 May and 1 November each year. The Directors are
proposing the adoption of new Articles of Association that will provide further
conversion opportunities on or around 1 February and 1 August each year. The
resolution to adopt the new Articles will be proposed at a general meeting to
be held on the same date as the annual general meeting.
Dividend Policy
It is the Directors' policy to distribute substantially all net revenues earned
for each share class during the period between conversion dates. Accordingly,
dividends on the UK Equity, Global Equity and Managed Liquidity Shares will
vary from year to year depending on net portfolio income; in future the Board
aims to declare dividends quarterly on these three Share classes. Little or no
net income is received from the assets underlying the Hedge Fund Shares and,
accordingly, no dividends are paid on those Shares.
For the year ended 31 May 2011, your Directors have declared two interim
dividends on the UK Equity and Global Equity Shares and one interim dividend on
the Managed Liquidity Shares totalling 4.20p (2010: 3.80p), 1.70p (2010: 1.35p)
and 0.50p (2010: 0.40p) respectively. As a consequence of very low interest
rates prevailing throughout the year ended 31 May 2011, the net revenue of the
Managed Liquidity Share Portfolio has been minimal. In view of the
administrative costs and in common with the previous year, the Directors
therefore decided not to declare a second interim dividend on the Managed
Liquidity Shares. The net revenue earned will be taken into account in
considering the dividend for the year ending 31 May 2012.
Share Capital Movements
During the year to 31 May 2011, the Company purchased and placed in treasury
1,764,000 UK Equity Shares, 1,616,000 Global Equity Shares, 1,528,000 Hedge
Fund Shares and 2,330,000 Managed Liquidity Shares. No Shares were cancelled
from treasury in the financial year.
Since the year end a further 571,000 UK Equity Shares, 186,000 Global Equity
Shares, 412,000 Hedge Fund Shares and 142,000 Managed Liquidity Shares were
purchased and placed in treasury. The Board intends to use the Company's buy
back authorities when this will benefit existing shareholders as a whole, and
will ask shareholders to renew the authorities as and when appropriate.
Corporate Governance
The Board remains committed to maintaining the highest standards of Corporate
Governance and is accountable to you as shareholders for the governance of the
Company's affairs.
The Directors believe that, during the year to 31 May 2011, they have complied
with the provisions of the AIC Code of Corporate Governance as endorsed by the
Financial Reporting Council, save in respect of matters discussed in the
Corporate Governance statement. In their view your Board has an appropriate
balance of skills, experience and length of service and they consider its size
and composition to be effective in the governance of the Company.
Annual General Meeting (`AGM')
At the AGM there are four items of Special Business to be proposed:
Share Issuance
Your Directors are asking for a renewal of the authority to issue up to GBP
1,000,000 in UK Equity Shares, GBP1,000,000 in Global Equity Shares, GBP1,000,000
in Hedge Fund Shares and GBP1,000,000 in Managed Liquidity Shares. This will
allow Directors to issue Shares within the prescribed limits should any
favourable opportunities arise to the advantage of shareholders. The powers
authorised will not be exercised at a price below NAV of the relevant Share
class so that the interests of existing shareholders are not diluted. This
authority will expire at the AGM in 2012.
Pre-emption Rights
Your Directors are also asking for the usual authority to issue new Shares in
each share class, either pursuant to a rights issue or otherwise, up to an
aggregate nominal amount of GBP39,510 in UK Equity Shares, GBP31,785 in Global
Equity Shares, GBP10,597 in Hedge Fund Shares and GBP8,182 in Managed Liquidity
Shares (10% of the issued share capital of each Share class) disapplying
pre-emption rights. This will allow Shares to be issued to new shareholders
without them having to be offered to existing shareholders first, thus
broadening the shareholder base of the Company. This authority will expire at
the AGM in 2012.
Share Buy Backs
Your Directors are seeking to renew the authority to buy back up to 14.99% of
each Share class, being approximately 5,922,606 UK Equity Shares, 4,764,667
Global Equity Shares, 1,588,611 Hedge Fund Shares and 1,226,539 Managed
Liquidity Shares, subject to the restrictions referred to in the notice of the
AGM. This authority will expire at the AGM in 2012. Your Directors are
proposing that Shares bought back by the Company either be cancelled or,
alternatively, be held as treasury shares with a view to their resale, if
appropriate, or later cancellation. Any resale of treasury shares will only
take place on terms that are in the best interests of shareholders as a whole.
Calling General Meetings at 14 Days' Notice
For general meetings other than annual general meetings, the minimum notice
period permitted by the Companies Act 2006 is 14 days. However, the EU
Shareholder Rights Directive increases the minimum notice period for listed
company general meetings to 21 days, except that companies can reduce this
period back to 14 days, other than for annual general meetings, provided that
two conditions are met. The first condition is that the company offers
facilities for shareholders to vote by electronic means. The second condition
is that there is an annual resolution of shareholders approving the reduction
in the minimum notice period from 21 days to 14 days. The Board is therefore
proposing a Special Resolution to approve 14 days as the minimum period of
notice for all general meetings of the Company other than annual general
meetings. It is intended that this flexibility will be used only where the
Board believes it is in the interests of shareholders as a whole.
The Board recommends that shareholders vote in favour of all resolutions as
each of the Directors intend to do in respect of their own Shares.
Patrick Gifford
Chairman
27 September 2011
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UK EQUITY SHARE PORTFOLIO
MANAGER'S REPORT
Investment Objective
The investment objective of the UK Equity Share Portfolio is to provide
shareholders with an attractive real long-term total return by investing
primarily in UK quoted equities.
Market and Economic Review
In the twelve months to May 2011 the UK stock market came close to matching its
22.9% rise of the previous year, delivering returns of 20.4%. The increase of
the past year, however, was achieved against the more challenging backdrop of
rising risk aversion as concerns grew over both the pace of global growth and a
spreading sovereign debt crisis.
The period was notable for the volatility of indices. The aftermath of the BP
oil spill in the Gulf of Mexico and consequent fall in the company's share
price caused the FTSE 100 index to fall in the early months of the year. But,
as corporate results continued to surprise on the upside, this resulted in a
strong rally in UK equities, particularly at the end of 2010. As 2011 unfolded,
market sentiment was plagued by a variety of worries: Middle East politics, the
Eurozone debt crisis, the consequences of the Japanese earthquake and slowing
economic growth in China. Towards the end of the period the price of gold hit
an all time high and the price of oil was at a three year high.
Monetary stimulus on both sides of the Atlantic arguably played a large part in
the rise of equity markets in the period. UK interest rates remained at 0.5%
for the duration of the year, although inflation stayed above the 2% target the
government has set the Bank of England. Concerns grew that interest rates might
be increased sooner rather than later, but these were assuaged by the minutes
from the Bank of England's recent meetings, which have shown no new support for
an increase, despite the Bank warning that inflation was likely to remain above
its target for the remainder of the year.
Portfolio Strategy and Review
On a total return basis, the Net Asset Value of the UK Equity share class rose
by 28.2% during the 12 months to the end of May 2011, compared to a gain of
20.4% in the FTSE All-Share index.
The performance of the portfolio particularly benefited from its holdings in
the telecommunications sector. The most significant contribution over the year
came from the holding in BT, with the company confirming both its ability to
produce double digit growth in earnings and an improving free cash flow
outlook. Vodafone also provided a positive impact; the sale of non-core assets
by the company forced the market to re-appraise the value of its core business,
while the price agreed by AT&T for the acquisition of T-Mobile highlighted the
value inherent within the mobile telecoms sector.
Another notable contributor to performance was oil and gas company, BG Group;
good full year results were accompanied by news of further Brazilian oil
discoveries while the company is a likely beneficiary of an increasingly
positive outlook for gas demand.
The tobacco sector also continued to generate positive returns, with the
holdings in Reynolds American and British American Tobacco particularly
benefiting performance.
A notable negative contributor to the portfolio's performance was Yell. The
company continued to suffer as a result of the underperformance of its
directory business and on continued speculation concerning its long-term
future. The Portfolio Manager remains cautiously optimistic as a result of the
new strategy to migrate more of Yell's business online. Elsewhere in the
portfolio, Rentokil Initial's share price struggled as investors focused on
problems in its parcel division, City Link; more recent share price performance
has been more encouraging.
In terms of portfolio activity, a number of new holdings were introduced to the
portfolio. These comprised both larger companies, including Roche, Serco and
Daily Mail, along with some smaller businesses, including Amlin, Brown (N),
Chemring, HaloSource and TalkTalk Telecom.
The portfolio reduced its exposure to the utilities sector over the twelve
months, disposing of holdings in National Grid and Northumbrian Water. The
Portfolio Manager is concerned that a more onerous UK regulatory outlook will
hamper these companies' ability to generate adequate returns on equity and can
see more attractive investment opportunities elsewhere.
Outlook
We continue to pursue a cautious stance on the outlook for the UK economy,
believing that a number of headwinds persist; the full extent of public
spending cuts have yet to be felt, the squeeze on household incomes will
continue and, although the manufacturing side of the economy is benefiting from
the strength of overseas markets, it is doubtful this can fully compensate for
weaknesses in other areas of the economy. We anticipate that the performance of
the UK stock market will continue to be volatile over the next few months.
At the same time, there are opportunities for the long term investor. The stock
market's obsession with chasing earnings momentum that inevitably follows
through into price momentum has created opportunities for investors who are
more interested in evaluating the intrinsic value of a business than in second
guessing the direction of near term earnings.
We are increasingly convinced that the most attractive companies are currently
those which can grow earnings independently of the economic cycle. A number of
these are the very large cap stocks, which dominate the UK Equity portfolio,
but increasingly and selectively there is also value in the mid cap areas. In
terms of stock selection, security of cash flows and dividends is key. The
ability and desire to buy back equity is an additional attraction that has
become more common in recent months, with companies recognising that retiring
equity represents a low risk way of creating shareholder value.
We are reassured by the fundamental qualities of the portfolio's holdings,
being strong, reliable businesses that are managed in the interests of their
shareholders. It is worth remembering that the most under-rated virtue of stock
market investing is patience, and that the market rarely recognises
under-valuation in the timeframe originally envisaged. However, the majority of
the portfolio is still being valued by the market at a significant discount to
its intrinsic value. The quality of the companies is demonstrable, it requires
a degree of patience for the value to be realised.
Mark Barnett
Portfolio Manager
Invesco Asset Management Limited
27 September 2011
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GLOBAL EQUITY SHARE PORTFOLIO
MANAGER'S REPORT
Investment Objective
The investment objective of the Global Equity Share Portfolio is to deliver
long-term capital growth through investing principally in global securities
(including UK equities).
Market and Economic Review
Last year was a volatile year for global equity markets, with momentum being
primarily influenced by macro-economic newsflow and characterised by a
`risk-on, risk-off' market mentality, especially in developed markets. The
period from April to July 2010 was dominated by the European sovereign debt
concerns which came to define the financial landscape of last year. Greece's
first bailout, coupled with a series of disappointing economic data releases
including rising US unemployment and growing fears of a global double-dip
recession, led to a period of risk aversion and equity market declines. In the
third quarter of 2010, however, markets entered a new phase of renewed risk
appetite. Expectations about a further round of quantitative easing (QE2) in
the US and improving economic data drove equity markets higher. Meanwhile, as
the end of 2010 approached, Europe's sovereign debt crisis once again began to
unfold. This time it was Ireland making the headlines. Yet the European
corporate sector, in contrast, was in good shape financially, characterised by
strong cash flows, attractive margins, and increased earnings. The flurry of M&
A (merger and acquisition) activity at the end of the year served to emphasize
this, highlighting cash-rich corporates' strong balance sheets and cheap
valuations.
Meanwhile, inflationary pressures continued to build around the world.
Inflation is most acute in emerging markets as a consequence of rising oil
prices and food prices reaching an all-time high. In the first quarter of 2011
geo-political tensions, as evidenced by the unpredictable nature of civil
unrest in North Africa and the Middle East and disruption to the global supply
chain from Japan's earthquake and tsunami in March, came to dominate investor
sentiment. By the second quarter of 2011, Europe's sovereign debt crisis played
out again and markets braced themselves for the end of QE2. There is evidence,
however, that the "soft patch" in the US has the characteristics of a mid-cycle
pause rather than heralding a major economic downturn. Equity markets on the
whole continue to be undervalued, trading at attractive levels relative to the
last 30 years. Developed markets have outperformed emerging markets since the
start of the calendar year, primarily due to interest-rate tightening to ease
inflationary pressures in the emerging world.
Portfolio Performance
On a total return basis, the Global Equity Share Portfolio's Net Asset Value
rose by 9.5% over the year to the end of May 2011, compared to a gain of 13.7%
in the MSCI AC World Index - total return.
Portfolio Strategy and Review
While the portfolio underperformed the benchmark over the year, all of the
underperformance took place in the first half of the review period, to the end
of November 2011. Performance picked up in the second half and the mix of
attractively valued defensive growth companies, alongside mis-priced (in our
view) cyclical exposure and recovery plays like Japan, gives us confidence that
the portfolio has significant upside potential over the next 12 to18 months.
Energy and materials were the best performing sectors over the 12 months under
review, but our low exposure to these cyclical commodity areas detracted from
relative performance in the light of soaring oil and commodity prices. However,
companies on the whole remain in very good shape with strong free cash flows.
The portfolio is broadly exposed to a recovery in corporate spending, primarily
through industrial and technology stocks, while maintaining selective consumer
exposure, particularly towards autos. Personal balance sheets in the developed
world remain under pressure, yet consumer-related areas performed well in the
momentum-driven conditions of last year and our low exposure to these areas
also detracted from relative performance. The portfolio's high exposure to
industrials proved to be the key positive contributor to performance. The
strongest performing stocks within the sector were Asian conglomerates such as
Hutchison Whampoa and Jardine Matheson, and European construction and
engineering companies like OHL and Bilfinger, where the value of some of their
assets started to be reflected in their share prices over the year.
In the second half of the review period, the portfolio's exposure to stable
earning areas like pharmaceuticals and tobacco began to pay off as uncertainty
over the strength and pace of economic recovery heightened uncertainty and
weighed on investor sentiment. The portfolio's exposure to Japan was a big drag
on performance in the aftermath of the earthquake. However, Japanese equities
are trading at attractive valuations in our view, and we continue to maintain
exposure. Uncertainty over the next six months due to supply chain disruptions
and power shortages, and the risk of policy error, mean that there are short
term performance risks, but there are a number of reasons for mid-to-long term
confidence. The portfolio is mainly exposed to cheap financials in Japan which
are well placed to benefit as the economy recovers.
Outlook
The global economic backdrop has deteriorated in recent months and the outlook
remains one of slow and prolonged economic recovery, as fiscal austerity and an
extended period of deleveraging restrain growth. Against this backdrop, and
with increased Eurozone sovereign debt worries, markets have moved quickly, and
often indiscriminately, to price in a sharp deterioration. Many corporates,
however, are in good health as they have restructured their cost bases and
rebuilt balance sheets following the financial crisis, and recent market
weakness has left a lot of quality companies trading at very attractive
valuations, discounting a more severe earnings outlook than we believe is
likely. Reflecting our outlook, the portfolio has a core of sustainable growth,
cash generative names in areas like pharmaceuticals and tobacco, and companies
with a strong aftermarket or services element which supports earnings
stability, many of which are found in industrial sectors. Being entirely stock
driven, the portfolio also has a number of turnaround and special situation
investments which we think the market is mis-pricing. Exposure to commodity
cyclicals like materials, and to consumer discretionary spend, is modest in the
portfolio.
Bob Yerbury
Portfolio Manager
Invesco Asset Management Limited
27 September 2011
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HEDGE FUND SHARE PORTFOLIO
INVESTMENT ADVISER'S REPORT
Investment Objective
The investment objective of the Hedge Fund Share Portfolio is to achieve an
absolute return of 3-month sterling LIBOR plus 5% per annum over a rolling
5-year period, coupled with low volatility. Capital preservation is a priority.
Portfolio
From 1 June 2010 the principal hedge fund assets underlying the Portfolio have
been shares in the Paragon Capital Appreciation Fund (`PCAF'), which replaced
the Fauchier Allocator Funds I and II (`FAFs') following the transfer on 31 May
2010 of the substantial majority of the FAFs' assets to PCAF. In order to allow
the FAFs to commence winding-up, during the period the Company acquired the
residual holdings of the FAFs, which are now held directly by the Hedge Fund
Share Portfolio. The remainder of this report describes the activities of PCAF
in the period.
Performance
For the twelve months to 31 May 2011, PCAF produced a return of 2.5%, net of
fees. Since 30 November 2006, the combination of FAFs followed by PCAF has
achieved an average annual compound return of 3.6%. Over the same period the
annualised volatility of the same has been approximately 9.1% and the "beta" to
the FTSE All-Share Index (Total Return) some 0.31 and to the Citigroup UK Gilt
Index (greater than 5 years) negative 0.23.
Market Review
As the magnitude of Greece's fiscal problems became apparent at the start of
the year, a period of "risk-on, risk-off" sentiment began that saw heightened
levels of correlation across securities and asset classes. Markets calmed
somewhat coming in to 2011 only to stumble again in May 2011 as recovery in
developed economies began to look increasingly fragile and Eurozone sovereign
concerns reached new heights. The MSCI World (Total Return) Index ended the
year up 4.2%.
Equity market volatility declined over the period, although the trend was
interrupted by short sharp rises in a pattern that reflected the changeable
mood of equity markets. The VIX Index finished around 15.5, less than half the
level at the start of the period.
For much of 2010 government bonds rallied as growth forecasts were adjusted
downwards and investors sought safe haven assets. Liquidity in credit markets
improved thanks to sustained levels of new issuance, with high-yield credits
generally outperforming investment grade assets. Most major currencies were
volatile as market sentiment swung between the Eurozone debt crisis and the
Federal Reserve's Quantitative Easing programme ("QE2"). Meanwhile, the price
of gold, crude oil and commodities, especially agricultural commodities, all
appreciated.
Hedge Fund Strategies
The performance of the Macro strategy was mixed with most managers generally
well positioned to profit from concerns over Eurozone debt but less consistent
in anticipating the impact of a second round of US quantitative easing.
Currency, equity and commodity orientated managers did well, while those with a
fixed income approach had a tougher time.
The Fixed Income manager had a challenging year but ended up overall.
Directional trading around US and European interest rates and tactical currency
trading produced most of the gains.
The majority of our Equity Hedged managers made money during the year. Many of
our managers profited from the broad upward movement in equity markets, and
despite the sentiment-driven nature of markets, were compensated for the
idiosyncratic risk in their portfolios by generating some gains from
stock-specific situations. Technology and Healthcare focussed managers were
among the best performers while the biggest detractors had exposure to
Financials and short positions in Consumer Cyclicals.
Short Bias managers struggled in the face of generally rising equity markets.
Managers have been pursuing longer term themes, for example, around mid-cap
Consumer Discretionary and Chinese economic overheating, which failed to
materialise during the year.
Event Driven managers benefited from several catalyst-driven investments, such
as corporate re-structuring, which reacted positively to specific events that
our managers had anticipated. Managers with an activist approach did well,
successfully identifying several instances of under-valued businesses that
directly benefitted from their intervention.
The Specialist Credit managers all posted small gains for the year. Long
positions in high-yield securities did well while short positions in investment
grade securities caused a slight drag. Gains were also derived from certain
distress-related situations.
The small stub position in a redeemed Volatility Trading manager produced
losses when on the advice of its third party valuation firm, some of the
positions held at year end were written down. The remaining exposure represents
the tail end of positions in illiquid investments that the manager is in the
process of liquidating.
All the Multiple Strategy funds were up over the year. Gains came from a wide
range of asset classes and geographies, including equity, credit and
commodity-related investments. Positions intended to profit from a more
inflationary environment, specifically oil, gold and agricultural equities,
were among the biggest contributors.
The Portfolio
During the year, there were a number of changes to the portfolio composition.
The allocations to Event Driven and Specialist Credit managers were increased,
partly by reducing exposure to the Equity Hedged strategy, where capital was
taken away from those managers taking insufficient risk for the Fund's
performance target. As at 31 May 2011 PCAF had holdings in 33 hedge funds
across twelve different strategies. Approximately 67% of the assets were
invested in Absolute Value strategies with the balance in Relative Value
strategies.
Outlook
We remain positive on the Specialist Credit, Event Driven and Equity Hedged
strategies. However, the current environment of elevated macro risks is likely
to present many investment challenges.
Credit spreads have tightened dramatically from their post-crisis levels and
while spreads may be at historic average levels, absolute yields are trading
around all-time lows on the back of the rally in Treasuries. Consequently, it
is difficult to see how much further high-yield bond prices can run on the
upside, leading to an increasingly attractive risk/reward proposition for
shorting. Our Specialist Credit managers make money through security selection
and restructurings rather than trending spread tightening and we expect them to
perform well in this type of market.
As companies hardest hit by the credit crisis and economic downturn restructure
their balance sheets and emerge from the bankruptcy process, there is a good
opportunity for a small group of specialist managers to capitalise on the
rehabilitation of their securities. Post-reorganisation equity is an area where
some of our Specialist Credit and Event Driven managers have already been
active and this is expected to continue.
Conditions are also favourable for activist investing, as more pragmatic
institutional shareholders turn to the handful of hedge fund managers who have
the tools and experience to bring about a realisation of value. The environment
is poised for an increase in corporate activity, and our managers will be
actively involved in the upcoming round of corporate break-ups, spin-offs and
divestitures. They will be looking to initiate strategic transactions at
businesses where, if necessary, they will act as the catalyst for change.
Finally, correlation across asset classes and stocks has once again spiked to
crisis levels. The indiscriminate nature of the current market volatility is
creating opportunities, both long and short. We remain constructive on Equity
Hedged as we anticipate that our fundamentally based long/short equity managers
are well placed to profit from these dislocations as markets normalise.
However, many of the macro issues that dogged the first half of 2011 remain
unresolved and, as we are currently witnessing, have the potential to flare up
again. In particular, the on-going Eurozone crisis remains a flashpoint that
could cause the situation to worsen before it improves. In the light of this,
capital preservation remains a priority for all of our managers.
Fauchier Partners LLP
Investment Adviser
27 September 2011
.
MANAGED LIQUIDITY SHARE PORTFOLIO
MANAGER'S REPORT
Investment Objective
The investment objective of the Managed Liquidity Share Portfolio is to produce
an appropriate level of income return combined with a high degree of security.
Market and Economic Review
UK interest rates remained unchanged at 0.5% throughout the year under review
and the existing GBP200 billion Quantitative Easing programme stayed in place.
The range of opinion in the Bank of England's Monetary Policy Committee (MPC)
changed several times over the period. In the last quarter of 2010 Andrew
Sentance was the lone member voting in favour of higher rates while Adam Posen
voted for an extension of asset purchases (Quantitative Easing) from October.
With energy and food prices pushing up inflation, Sentance moved to voting for
a 0.5% rise in February and he was joined in the `hawk' camp by Martin Weale
and Spencer Dale, both voting for a 0.25% hike. UK GDP growth unexpectedly fell
by 0.5% in the final quarter of 2010. This period was affected by severe
weather, but growth of just 0.5% in the first quarter of 2011 suggested that
the economy was indeed still weak and this has been confirmed with a 0.2% GDP
figure for the second quarter. CPI inflation rose from 3.4% to 4.5% over the
year to May 2011, with subsequent levels for June, July and August of 4.2%,
4.4% and 4.5% respectively; however, a marked deterioration in economic
indicators over recent months, in the US and the Eurozone as well as the UK,
and increasing concerns about the Eurozone sovereign debt crisis have made the
committee more `dovish'. In its most recent meeting (August 2011), the
committee was once more unanimous in voting for no change to the 0.5% rate,
emphasising the risks associated with slowing global growth and the low level
of earnings inflation in the UK. The MPC, for now, seems content to look
through current inflation to the deflationary impact of negative real income
growth and high unemployment.
Sterling three-month interbank lending rates rose over the year to May 2011
from 0.71% to 0.83% and have since risen to 0.92%. Corporate bonds recorded a
modestly positive total return over the year but yields rose, the market
becoming increasingly risk-averse.
Portfolio Strategy and Review
Our investment strategy is achieved by investing in the Invesco Perpetual Money
Fund and Short-Term Investments Company (Global Series) plc, which invests in a
diversified portfolio of high quality Sterling denominated short-term money
market instruments. The Invesco Perpetual Money Fund has maintained holdings in
floating-rate notes (`FRNs'), where yields are reset every three months to
reflect changes in the London Interbank Offered Rate (`LIBOR'), the rate at
which the largest banks lend money to one another. As UK interest rates are
widely expected to remain near their current low level for a considerable time
the fund also holds a number of government, quasi-government and corporate
bonds. These have higher interest coupons than those currently available on
FRNs. In order to limit risk exposure, these bonds are both short-dated and of
high quality.
Outlook
Looking ahead, although inflation may remain high in the short term, limited
credit availability, ongoing concerns about slow growth, low earnings growth
and a desire to reduce debt will most likely see it begin to moderate.
Therefore, while it is possible that we will see a modest increase in
short-term UK interest rates from the current historic low levels, we would be
surprised if they moved significantly higher over the next year.
Stuart Edwards
Portfolio Manager
Invesco Asset Management Limited
27 September 2011
.
UK EQUITY SHARE PORTFOLIO
LIST OF INVESTMENTS
AT 31 May 2011
Ordinary shares listed in the UK unless stated otherwise MARKET
VALUE % OF
COMPANY INDUSTRY GROUP| GBP'000 PORTFOLIO
Reynolds American
- US common stock Tobacco 2,747 5.5
British American Tobacco Tobacco 2,637 5.3
Imperial Tobacco Tobacco 2,563 5.2
BT Fixed Line Telecommunications 2,444 4.9
GlaxoSmithKline Pharmaceuticals and 2,325 4.7
Biotechnology
Vodafone Mobile Telecommunications 2,211 4.4
BG Oil and Gas Producers 2,183 4.4
AstraZeneca Pharmaceuticals and 2,146 4.3
Biotechnology
Tesco Food and Drug Retailers 1,591 3.2
Reckitt Benckiser Household Goods and Home 1,495 3.0
Construction
Capita Support Services 1,472 3.0
Centrica Gas, Water and Multiutilities 1,370 2.8
Babcock International Support Services 1,355 2.7
BAE Systems Aerospace and Defence 1,313 2.6
Roche - Swiss common stock Pharmaceuticals and 1,245 2.5
Biotechnology
Hiscox Non-Life Insurance 1,230 2.5
Scottish and Southern Energy Electricity 1,159 2.3
Compass Travel and Leisure 1,138 2.3
International Power Electricity 1,138 2.3
Balfour Beatty Construction and Materials 1,074 2.2
Provident Financial General Financial 997 2.0
Pennon Gas, Water and Multiutilities 965 1.9
Drax Electricity 920 1.8
KCOM Fixed Line Telecommunications 858 1.7
Homeserve Support Services 834 1.7
Amlin Non-Life Insurance 829 1.7
BTG Pharmaceuticals and 795 1.6
Biotechnology
Tate & Lyle Food Producers 754 1.5
Chemring Aerospace and Defence 753 1.5
Wm Morrison Supermarkets Food and Drug Retailers 709 1.4
Serco Support Services 676 1.4
Daily Mail & General Trust Media 658 1.3
Ladbrokes Travel and Leisure 628 1.3
Beazley Non-Life Insurance 617 1.2
Rentokil Initial Support Services 617 1.2
Bunzl Support Services 607 1.2
A J Bell - Unquoted General Financial 500 1.0
Impax Environmental Markets Equity Investment Instruments 394 0.8
TalkTalk Telecom Fixed Line Telecommunications 300 0.6
Vectura Pharmaceuticals and 248 0.5
Biotechnology
Brown (N) General Retailers 231 0.5
UK Coal Mining 200 0.4
HaloSource(2) Chemicals 181 0.4
Barclays Bank - Nuclear Power Electricity 149 0.3
Notes 28 February 2019(1)
Landkom International(3) Food Producers 139 0.3
PuriCore Health Care Equipment and 125 0.3
Services
XCounter(4) Health Care Equipment and 65 0.1
Services
Yell Media 53 0.1
Renovo Pharmaceuticals and 43 0.1
Biotechnology
Ecofin Water and Power Equity Investment Instruments
Opportunities
-6% Convertible Loan Stock 38 0.1
-Subscription shares - -
Helphire Financial Services 15 0.0
49,734 100.0
| FTSE Industry Classification Benchmark.
(1) Contingent Value Rights (`CVRs') represented by Nuclear Power Notes
(`NPNs') were offered by EDF as a partial alternative to its cash bid for
British Energy (`BE'). The NPN's were issued by Barclays Bank.
(2) Listed on AiM.
(3) Listed in Isle of Man.
(4) Listed in Sweden.
.
GLOBAL EQUITY SHARE PORTFOLIO
LIST OF INVESTMENTS
AT 31 May 2011
Ordinary shares unless stated otherwise MARKET
VALUE % OF
COMPANY INDUSTRY GROUP| COUNTRY| GBP'000 PORTFOLIO
Novartis Pharmaceuticals, Switzerland 1,548 4.1
Biotechnology and Life
Sciences
Imperial Tobacco Food, Beverages and UK 1,500 3.9
Tobacco
Jardine Matheson Capital Goods Hong Kong 1,379 3.6
Mitsubishi Estate Real Estate Japan 1,286 3.4
Samsung Electronics Semiconductors and South Korea 1,265 3.4
Semiconductor Equipment
HSBC Banks UK 1,251 3.3
Rentokil Initial Commercial and UK 1,208 3.2
Professional Services
Oracle Software and Services US 1,185 3.1
Obrascon Huarte Lain Capital Goods Spain 1,114 2.9
Safran Capital Goods France 1,111 2.9
Roche Pharmaceuticals, Switzerland 1,080 2.8
Biotechnology and Life
Sciences
Hutchison Whampoa Capital Goods Hong Kong 1,070 2.8
Stanley Black & Decker Consumer Durables and US 1,065 2.8
Apparel
GlaxoSmithKline Pharmaceuticals, UK 1,047 2.7
Biotechnology and Life
Sciences
Sumitomo Mitsui Banks Japan 1,041 2.7
Financial
Bilfinger Berger Capital Goods Germany 1,035 2.7
G4S Commercial and Denmark 1,016 2.7
Professional Services
UBS Banks Switzerland 991 2.6
Viacom Media US 982 2.6
Taiwan Semiconductor Semiconductors and Taiwan 959 2.5
Manufacturing Semiconductor Equipment
Telefonica Telecommunication Spain 955 2.5
Services
JPMorgan Chase Diversified Financials US 919 2.4
United Phosphorus Materials India 863 2.3
BBVA Banks Spain 858 2.3
Automatic Data Support Services US 854 2.2
Processing
Schlumberger Energy US 854 2.2
Hewlett-Packard Technology Hardware and US 845 2.2
Equipment
HKR International Real Estate Hong Kong 825 2.2
ING Diversified Financials Netherlands 820 2.1
Nomura Diversified Financials Japan 786 2.1
Shinhan Financial Banks South Korea 769 2.0
Visa Diversified Financials US 769 2.0
Daimler Automobiles and Parts Germany 758 2.0
Cobham Capital Goods UK 739 1.9
Foster's Food, Beverage and Australia 731 1.9
Tobacco
Lukoil Oil - ADR Energy Russia 642 1.7
BAE Systems Capital Goods UK 578 1.5
PDG Realty Real Estate Brazil 514 1.3
JSL Transportation Brazil 462 1.2
Gran Tierra Energy Oil and Gas Producers Canada 309 0.8
Treasury Wine Estates Food, Beverage and Australia 187 0.5
Tobacco
38,170 100.0
| MSCI and Standard & Poor's Global Industry Classification Standard.
.
HEDGE FUND SHARE PORTFOLIO
LIST OF INVESTMENTS
AT 31 May 2011
% OF
STRATEGY FUND NAME PORTFOLIO
Underlying Investments of
PCAF
Macro Wexford Offshore Spectrum Fund 3.6
Fortress Macro Fund 3.4
COMAC Global Macro Fund 3.3
Fortress Commodities Fund 1.7
12.0
Equity Long Bias Bay Resource Partners Offshore Fund 3.9
Equity Hedged High Elm Ridge Value Partners Offshore Fund 4.1
Volatility
Criterion Capital Partners 4.0
Lansdowne Global Financials Fund 4.0
Lansdowne UK Equity Fund 3.7
Miura Global Fund 3.7
Brahman Partners II Offshore 3.6
Dabroes Offshore Fund 3.1
26.2
Equity Hedged Low Volatility Alydar Fund 3.0
Ascend Partners Fund II 2.9
Walker Smith International Fund 2.1
8.0
Short Bias Fauchier Partners Counterpoint Fund 3.0
Specialist Credit CFIP Overseas Fund 3.1
Knighthead Offshore Fund 2.9
Riva Ridge Overseas Fund 2.5
Claren Road Credit Fund 0.9
9.4
Event Driven Empyrean Capital Overseas Fund 3.6
RoundKeep Icho Global Fund 3.6
Pershing Square International 2.9
Trian Partners 2.9
Harbinger Capital Partners Offshore 2.1
Fund I
15.1
Volatilty Trading Vicis Capital Fund (International) 0.9
Fixed Income Brevan Howard Fund 3.7
Multiple Strategy OZ Europe Overseas Fund II 3.8
Sunbeam Opportunities Offshore 3.8
Shepherd Select Asset 0.5
Highbridge Asia Opportunities Fund 0.1
8.2
Incubator Fauchier Partners Incubator Fund 2.8
Other Jubilee Special Situations Fund 2.6
Cash 2.0
Assets Held Directly Plainfield 2009 Liquidating 1.5
Harbinger Class PE Holdings 0.5
CCM SPV II 0.1
Indus Pacific Oppportunities 0.1
Distribution
Harbinger Class L Holdings -
2.2
Total fixed assets 100.0
Hedge Fund investments
At 31 May 2011 the investments of the Hedge Fund Share Portfolio consisted
principally of two Certificates, the performance of each of which is linked to
the performance of Paragon Capital Appreciation Fund (`PCAF'). PCAF is an
open-ended investment company domiciled in Guernsey and listed on the Irish
Stock Exchange. Fauchier Partners act as investment manager to PCAF.
.
MANAGED LIQUIDITY SHARE PORTFOLIO
LIST OF INVESTMENTS
AS AT 31 May
2011 2010
MARKET MARKET
VALUE % OF VALUE % OF
GBP'000 PORTFOLIO GBP'000 PORTFOLIO
Invesco Perpetual Money Fund| 8,277 96.1 12,969 100.0
Short-Term Investments Company 340 3.9 - -
(Global Series)
8,617 100.0 12,969 100.0
| At the year end the Managed Liquidity Share Portfolio held 13.4% (2010:
22.2%) of the Invesco Perpetual Money Fund.
.
Principal Risks and Uncertainties
The Board has an ongoing process for identifying, evaluating and managing
significant risks. This process is regularly reviewed by the Board and was in
place throughout the year under review. The principal risk factors relating to
the Company can be divided into various areas:
Investment Policy
There is no guarantee that the Investment Policy of the Company will provide
the returns sought by the Company. There can be no guarantee, therefore, that
the Company will achieve its investment objective.
The Board has established guidelines to ensure that the Investment Policy of
the Company is pursued by the Manager and Investment Adviser.
Risks Applicable to the Company
Shares in the Company are designed to be held over the long-term and may not be
suitable as short-term investments. There can be no guarantee that any
appreciation in the value of the Company's investments will occur and investors
may not get back the full value of their investments. Due to the potential
difference between the mid-market price of the Shares and the prices at which
they are sold, there is no guarantee that their realisable value will reflect
their market price.
The market value of a Share, as well as being affected by its NAV, also takes
into account its dividend yield, where applicable, and prevailing interest
rates. As such, the market value of a Share can fluctuate and may not always
reflect its underlying NAV. The market price of a Share may therefore trade at
a discount to its NAV.
While it is the intention of the Directors to pay dividends to holders of the
UK Equity, Global Equity and Managed Liquidity Shares, the ability to do so
will depend upon the level of income received from securities and the timing of
receipt of such income by the Company. Accordingly, the amount of dividends
paid to shareholders may fluctuate. Any change in the tax or accounting
treatment of dividends or other investment income received by the Company may
also affect the level of dividend paid on the Shares in future years.
Compulsory Conversion of a Class of Shares
The continued listing on the Official List of each class of Share is dependent
on at least 25% of the Shares in that class being held in public hands. This
means that if more than 75% of the Shares of any class were held by, inter
alia, the Directors, persons connected with Directors or persons interested in
5% or more of the relevant Shares, the listing of that class of Shares might be
suspended or cancelled. The Listing Rules state that the FSA may allow a
reasonable period of time for the Company to restore the appropriate percentage
if this rule is breached, but in the event that the listing of any class of
Shares were cancelled the Company would lose its investment trust status.
Accordingly, if at any time the Board considers that the listing of any class
of Shares on the Official list is likely to be cancelled and the loss of such
listing would mean that the Company would no longer be able to qualify for
approval as an investment trust under section 1158 of the Corporation Tax Act
2010 (`CTA'), the Board may serve written notice on the holders of the relevant
Shares requiring them to convert their Shares into another class of Shares.
Liability of a Portfolio for the Liabilities of Another Portfolio
The Directors intend that, in the absence of unforeseen circumstances, each
Portfolio will effectively operate as if it were a stand-alone company.
However, investors should be aware of the following factors:
* As a matter of law, the Company is a single entity. Therefore, in the event
that any of the Portfolios has insufficient funds or assets to meet all of its
liabilities, on a winding-up or otherwise, such a shortfall would become a
liability of the other Portfolios and would be payable out of the assets of the
other Portfolios in such proportions as the Board may determine; and
* The Companies Act 2006 prohibits the Directors from declaring any dividends
in circumstances where the Company's assets represent less than one and a half
times the aggregate of its liabilities. If the Company were to incur material
liabilities in the future, a significant fall in the value of the Company's
assets as a whole may affect the Company's ability to pay dividends on a
particular class of Shares, even though there are distributable profits
attributable to the relevant Portfolio.
Market Movements and Portfolio Performance
Individual Portfolio performance is substantially dependent on the performance
of the types of securities held within the Portfolio. The prices of these
securities are influenced by many factors including the general health of
worldwide economies; interest rates; inflation; government policies; industry
conditions; political and diplomatic events; tax laws; environmental laws; and
by the demand from investors for income. The Manager and Investment Adviser
strive to maximise the total return from the stocks in which they invest, but
these securities are influenced by market conditions and the Board acknowledges
the external influences on the performance of each Portfolio.
The performance of the Manager and Investment Adviser is carefully monitored by
the Board, and the continuation of the Manager's and Investment Adviser's
mandates is reviewed each year. The Board has established guidelines to ensure
that the investment policies of each class of Share that are approved are
pursued by the Manager and Investment Adviser. The Board maintains an active
dialogue with both the Manager and Investment Adviser with the aim of ensuring
that the market rating of each Share class reflects the underlying NAV; and
that buy back and issuance facilities help the management of this process.
The Company and the investee hedge funds are able to invest in emerging market
securities. Securities of this nature involve certain risks and special
considerations not typically associated with investing in other more
established economies or securities markets.
Past performance of the Company is not necessarily indicative of future
performance.
For a fuller discussion of the economic and market conditions facing the
Company and the current and future performance of the different Portfolios of
the Company, please see both the Chairman's Statement and Portfolio Managers'
reports.
Gearing
Performance may be geared by use of a GBP15 million 364 day multicurrency
revolving credit facility. In current market conditions, there is no guarantee
that this facility will be renewed at maturity or on terms acceptable to the
Company. If it were not possible to renew this facility or replace it with
another lender, the amounts owing by the Company would need to be funded by the
sale of securities. The Company also has a maximum uncommitted overdraft
facility of 10% of net assets.
Gearing levels of the different Portfolios will change from time to time in
accordance with the respective Portfolio Managers' assessments of risk and
reward. As a consequence, any reduction in the value of a Portfolio's
investments may lead to a correspondingly greater percentage reduction in its
NAV (which is likely to affect Share prices adversely). Any reduction in the
number of Shares in issue (for example, as a result of buy backs) will, in the
absence of a corresponding reduction in borrowings, result in an increase in a
Portfolio's gearing.
Whilst the use of borrowings by the Company should enhance the total return on
a particular class of Shares where the return on the underlying securities is
rising and exceeds the cost of borrowing, it will have the opposite effect
where the underlying return is falling, further reducing the total return on
the Shares. Similarly, the use of gearing by investment companies or funds in
which the Company invests increases the volatility of the NAV of the Company's
Shares.
Hedging
The Company may use derivatives for the purpose of efficient portfolio
management. There may be a correlation between price movements in the
underlying securities, currency or index, on the one hand, and price movements
in the investments, which are the subject of the hedge, on the other hand. In
addition, an active market may not exist for a particular derivative instrument
at any particular time.
Regulatory and Tax Related
The Company is subject to various laws and regulations by virtue of its status
as a Company registered under the Companies Act 2006 and as an investment trust
and its listing on the London Stock Exchange. A breach of sections 1158-1165 of
the CTA could lead to the Company being subject to Capital Gains Tax on the
sale of its investments. A serious breach of other regulatory rules could lead
to suspension from the London Stock Exchange, a fine or a qualified Audit
Report. Other control failures, either by the Manager, Investment Adviser or
any other of the Company's service providers, could result in operational or
reputational problems, erroneous disclosures or loss of assets through fraud,
as well as breaches of regulations.
The Manager reviews the level of compliance with the CTA and other financial
regulatory requirements on a daily basis. All transactions, income and
expenditure are reported to the Board. The Board regularly considers all risks,
the measures in place to control them and the possibility of any other risks
that could arise. The Board ensures that satisfactory assurances are received
from service providers. The Manager's Compliance and Internal Audit Officers
produce regular reports for review by the Company's Audit Committee.
The hedge funds in which the Fauchier managed funds invest, including managed
accounts, may not be subject to any form of authorisation or regulatory
supervision. Investment in such vehicles carries a higher potential risk and
this should be taken into account in any investment decision.
Additional Risks Applicable to Managed Liquidity Shares
Investors should note that the Managed Liquidity Shares are not designed to
replicate the returns or other characteristics of a bank or building society
deposit or money market fund.
Additional Risks Applicable to Hedge Fund Shares
The Fauchier Managed Funds may be indirectly exposed to gearing to the extent
that investee funds are themselves geared. This can result in the hedge fund
controlling more assets than it has equity. The use of leverage exposes the
hedge fund to additional levels of risk from investments than would have been
the case had the hedge fund not borrowed to make the investments.
Hedge funds in which Fauchier Managed Funds invest may engage in short selling,
which involves selling securities which are not owned at that point in time
(i.e. selling borrowed securities). These transactions could expose the
investee hedge fund to the risk of uncapped losses until the position is
`closed-out'.
Investee hedge funds may purchase put and call options, commodities and futures
contracts, derivative instruments and high-yield securities. These are
specialised activities and entail greater than ordinary investment risks. It is
also possible that investee hedge funds invest in companies involved in
acquisition attempts or tender offers or companies involved in work-outs,
liquidations, spin-offs, reorganisations, bankruptcies and similar
transactions, the uncertainty of which can increase the potential risk for
losses by such funds. Investee hedge funds may not be subject to any form of
authorisation or regulatory supervision and investment in such vehicles carries
a higher potential risk.
Fauchier Managed Funds may invest in hedge funds that do not permit frequent
redemptions, including hedge funds that may have `lock-up' periods. This means
that an investment may be relatively illiquid.
Reliance on Third Party Service Providers
The Company has no employees and the Directors have all been appointed on a
non-executive basis. The Company is therefore reliant upon the performance of
third party service providers for its executive function. In particular, the
Manager and Investment Adviser perform services which are integral to the
operation of the Company and the Custodian holds assets on its behalf. Failure
by any service provider to carry out its obligations to the Company in
accordance with the terms of its appointment could have a materially
detrimental impact on the operation of the Company and could affect the ability
of the Company to successfully pursue its Investment Policy.
The Manager and/or Investment Adviser may be exposed to reputational risks. In
particular, the Manager and/or Investment Adviser may be exposed to the risk
that litigation, misconduct, operational failures, negative publicity and press
speculation, whether or not it is valid, will harm its reputation. Any damage
to the reputation of one or both of the Manager and Investment Adviser could
result in potential counterparties and third parties being unwilling to deal
with them and by extension the Company. This could have an adverse impact on
the ability of the Company to successfully pursue its Investment Policy.
.
DIRECTORS' RESPONSIBILITY STATEMENT
in respect of the preparation of the annual financial report
The Directors are responsible for preparing the annual financial report in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under the law the Directors have elected to prepare financial
statements in accordance with United Kingdom Generally Accepted Accounting
Practice. Under company law, the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair view of the
state of affairs of the Company and of the profit or loss of the Company for
that period.
In preparing these financial statements, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent; and
* state whether applicable accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and which
enable them to ensure that the financial statements comply with the Companies
Act 2006. They have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Company and to prevent
and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Directors' Report, a Directors' Remuneration Report and a Corporate
Governance Statement that comply with that law and those regulations.
The Directors who held office at the date of approval of the Report of the
Directors confirm that:
* in so far as they are aware, there is no relevant audit information of which
the Company's Auditors are unaware; and
* each Director has taken all the steps that he ought to have taken as a
Director in order to make himself aware of any relevant audit information and
to establish that the Company's Auditors are aware of that information.
The Directors of the Company each confirm to the best of their knowledge that:
* the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit of the Company; and
* this annual financial report includes a fair review of the development and
performance of the business and the position of the Company together with a
description of the principal risks and uncertainties that it faces.
Signed on behalf of the Board of Directors
Patrick Gifford
Chairman
27 September 2011
.
INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY
2011 2010
REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL
NOTES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on investments - 10,632 10,632 - 14,272 14,272
Foreign exchange - (52) (52) - 17 17
(losses)/gains
Income 2 2,903 328 3,231 2,752 - 2,752
Management fees 3 (164) (416) (580) (142) (358) (500)
Performance fees 3 - (111) (111) - - -
Other expenses (377) (2) (379) (429) (5) (434)
Net return before 2,362 10,379 12,741 2,181 13,926 16,107
finance costs and
taxation
Finance costs (39) (104) (143) (40) (108) (148)
Return on ordinary 2,323 10,275 12,598 2,141 13,818 15,959
activities before tax
Tax on ordinary (105) - (105) (81) - (81)
activities
Return on ordinary 2,218 10,275 12,493 2,060 13,818 15,878
activities after tax
for the financial year
Basic return per 4
ordinary share:
-UK Equity Share 4.1p 19.5p 23.6p 3.7p 11.4p 15.1p
Portfolio
-Global Equity Share 2.0p 8.5p 10.5p 1.5p 21.4p 22.9p
Portfolio
-Hedge Fund Share (0.5)p (0.7)p (1.2)p (0.5)p 8.0p 7.5p
Portfolio
-Managed Liquidity 0.5p - 0.5p 0.3p 1.1p 1.4p
Share Portfolio
The total column of this statement represents the Company's profit and loss
account, prepared in accordance with UK Accounting Standards. The supplementary
revenue and capital columns are prepared in accordance with the Statement of
Recommended Practice issued by the Association of Investment Companies. All
items in the above statement derive from continuing operations and the Company
has no other gains or losses. Therefore no statement of recognised gains or
losses is presented. No operations were acquired or discontinued in the period.
The accompanying notes are an integral part of this statement.
.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 31 MAY
SHARE CAPITAL
SHARE PREMIUM SPECIAL REDEMPTION CAPITAL REVENUE
CAPITAL ACCOUNT RESERVE RESERVE RESERVES RESERVE TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 May 2009 1,253 1,290 114,324 134 (14,690) 53 102,364
Cancellation of - - (10) 10 - - -
deferred shares
Shares bought (182) - (17,401) 179 - - (17,404)
back and
cancelled/ held
in treasury
Realised gains - - - - 2,360 - 2,360
on disposal of
investments
Movement in - - - - 11,912 - 11,912
investment
holding gains
Foreign - - - - 17 - 17
exchange gains
Charged to
capital:
-management - - - - (358) - (358)
fees
-other expenses - - - - (5) - (5)
-finance costs - - - - (108) - (108)
Revenue return - - - - - 2,060 2,060
on ordinary
activities per
the income
statement
Dividends - - - (17) - - (2,113) (2,130)
note 5
At 31 May 2010 1,071 1,290 96,896 323 (872) - 98,708
Cancellation of - - (1) 1 - - -
deferred shares
Shares bought - - (7,278) - - - (7,278)
back and held
in treasury
Realised gains - - - - 2,261 - 2,261
on disposal of
investments
Movement in - - - - 8,371 - 8,371
investment
holding gains
Foreign - - - - (52) - (52)
exchange losses
Special - - - - 328 - 328
dividend taken
to capital
Charged to
capital:
-management - - - - (416) - (416)
fees
-performance - - - - (111) - (111)
fees
-other expenses - - - - (2) - (2)
-finance costs - - - - (104) - (104)
Revenue return - - - - - 2,218 2,218
on ordinary
activities per
the income
statement
Dividends - - - - - - (2,211) (2,211)
note 5
As at 31 May 1,071 1,290 89,617 324 9,403 7 101,712
2011
The accompanying notes are an integral part of this statement.
.
BALANCE SHEET
AS AT 31 MAY 2011
UK GLOBAL HEDGE MANAGED
EQUITY EQUITY FUND LIQUIDITY TOTAL
NOTES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value 49,734 38,170 13,412 8,617 109,933
through profit or loss
Current assets
Debtors 560 225 40 64 889
Cash and short-term deposits 36 364 - - 400
596 589 40 64 1,289
Creditors: amounts falling due (8,113) (121) (1,112) (164) (9,510)
within one year
Net current (liabilities)/ (7,517) 468 (1,072) (100) (8,221)
assets
Net assets 42,217 38,638 12,340 8,517 101,712
.
Shareholders' funds
Share capital 6(b) 457 362 136 116 1,071
Share premium account - - 1,290 - 1,290
Special reserve 40,750 31,394 9,488 7,985 89,617
Capital redemption reserve 73 78 19 154 324
Capital reserves 773 6,620 1,763 247 9,403
Revenue reserve 164 184 (356) 15 7
Shareholders' funds 42,217 38,638 12,340 8,517 101,712
Net asset value per ordinary 7 105.3p 120.9p 112.1p 102.3p
share - basic and diluted
These financial statements were approved and authorised for issue by the Board
of Directors on 27 September 2011.
Signed on behalf of the Board of Directors
Patrick Gifford
Chairman
The accompanying notes are an integral part of this statement.
.
BALANCE SHEET
AS AT 31 MAY 2010
UK GLOBAL HEDGE MANAGED
EQUITY EQUITY FUND LIQUIDITY TOTAL
NOTES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value 39,987 36,278 15,933 12,969 105,167
through profit or loss
Current assets
Debtors 286 167 6 220 679
Cash and short-term deposits 159 305 2 606 1,072
445 472 8 826 1,751
Creditors: amounts falling due (6,693) (283) (327) (907) (8,210)
within one year
Net current (liabilities)/assets (6,248) 189 (319) (81) (6,459)
Net assets 33,739 36,467 15,614 12,888 98,708
.
Shareholders' funds
Share capital 6(b) 432 352 150 137 1,071
Share premium account - - 1,290 - 1,290
Special reserve 39,883 32,077 12,598 12,338 96,896
Capital redemption reserve 73 78 19 153 323
Capital reserves (6,845) 3,874 1,849 250 (872)
Revenue reserve 196 86 (292) 10 -
Shareholders' funds 33,739 36,467 15,614 12,888 98,708
Net asset value per ordinary 7 85.7p 111.7p 112.4p 101.8p
share - basic and diluted
.
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY
2011 2010
GBP'000 GBP'000
Net cash inflow from operating activities 1,847 1,584
Servicing of finance (140) (145)
Taxation 124 135
Capital expenditure and financial investment 5,771 15,463
Equity dividends paid (2,211) (2,130)
Net cash inflow before management of liquid 5,391 14,907
resources and financing
Management of liquid resources - 1,415
Financing (6,011) (16,078)
(Decrease)/increase in cash (620) 244
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
FOR THE YEAR ENDED 31 MAY
2011 2010
GBP'000 GBP'000
(Decrease)/increase in cash (620) 244
Cashflow from movement in liquid resources - (1,415)
Exchange movements (52) 17
Cash movements from changes in debt (2,227) (365)
Movement of debt in year (2,899) (1,519)
Net debt at beginning of year (5,328) (3,809)
Net debt at end of year (8,227) (5,328)
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting Policies
The principal accounting policies, all of which have been consistently applied
throughout this year and the preceding year, are set out below.
(a) Basis of preparation
(i) Accounting Standards applied
The financial statements have been prepared in accordance with applicable
United Kingdom law and Accounting Standards and with the Statement of
Recommended Practice (`SORP') Financial Statements of Investment Trust
Companies and Venture Capital Trusts' issued by the Association of Investment
Companies in January 2009.
(ii) Definitions used in the financial statements
`Portfolio' the UK Equity Share Portfolio, the Global Equity Share Portfolio,
the Hedge Fund Share Portfolio and/or the Managed Liquidity Share Portfolio (as
the case may be). Comprising investment portfolio, cash, loans, debtors and
other creditors, which together make up the net assets as shown in the balance
sheet.
`Shares' UK Equity Shares, Global Equity Shares, Hedge Fund Shares, Managed
Liquidity Shares and/or Deferred Shares (as the case may be).
The financial statements for the Company comprise the income statement,
reconciliation of movements in shareholders' funds, the total column of the
balance sheet, the cash flow statement and the notes to the financial
statements.
The UK Equity, Global Equity, Hedge Fund and Managed Liquidity Share
Portfolios' income statements and summaries of net assets do not represent
statutory accounts, are not required under UK Generally Accepted Accounting
Practice or the SORP, and are not audited. These have been disclosed to assist
shareholders' understanding of the assets and liabilities, and income and
expenses of the different Share classes.
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AIC, supplementary information which
analyses the income statement between items of a revenue and capital nature has
been presented alongside the income statement. In accordance with the Company's
status as a UK investment company under section 833 of the Companies Act 2006,
net capital returns may not be distributed by way of a dividend. Additionally,
the net revenue is the measure the Directors believe appropriate in assessing
the Company's compliance with certain requirements set out in s1159 of the
Corporation Tax Act 2010.
iii. Functional and presentational currency
The Company's functional currency is pounds sterling as its operating
activities are based in the UK and a majority of its assets, liabilities,
income and expenses are in sterling, which is also the currency in which these
accounts are prepared.
iv. Transactions and balances
Transactions in foreign currency, whether of a revenue or capital nature, are
translated to sterling at the rates of exchange ruling on the dates of such
transactions. Foreign currency assets and liabilities are translated to
sterling at the rates of exchange ruling at the balance sheet date. Any gains
or losses, whether realised or unrealised, are taken to the capital reserve or
to the revenue account, depending on whether the gain or loss is of a capital
or revenue nature. All gains and losses are recognised in the income statement.
2. Income
UK GLOBAL HEDGE MANAGED COMPANY
EQUITY EQUITY FUND LIQUIDITY TOTAL
2011 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income from investments
UK dividends 1,665 194 - - 1,859
UK scrip dividends - 30 - - 30
Overseas dividends 211 717 - 3 931
Unfranked investment income - 2 2 - 78 82
interest
1,878 943 - 81 2,902
Other income
Interest - 1 - - 1
Total income 1,878 944 - 81 2,903
2010
Income from investments
UK dividends 1,564 218 - - 1,782
UK scrip dividends 35 27 - - 62
Overseas dividends 196 568 - 15 779
Unfranked investment income - 3 - - 113 116
interest
1,798 813 - 128 2,739
Other income
Interest 6 1 - 2 9
Underwriting and sundry 4 - - - 4
Total income 1,808 814 - 130 2,752
Special dividends received in UK Equity of GBP328,000 (2010: GBPnil) have been
recognised in capital.
3. Management fees
(a) Management fees charged
UK GLOBAL HEDGE MANAGED COMPANY
EQUITY EQUITY FUND LIQUIDITY TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2011
Management fee:
-charged to revenue 80 84 - - 164
-charged to capital 187 195 34 - 416
Total management fee 267 279 34 - 580
2010
Management fee:
-charged to revenue 53 84 - 5 142
-charged to capital 122 196 40 - 358
Total management fee 175 280 40 5 500
The UK Equity Portfolio management fee for 2010 was reduced by GBP102,000
following an overcharge of fees from inception in 2006 to 31 May 2009. This
reduction was credited GBP30,000 to revenue and GBP72,000 to capital.
After underperformance brought forward, the UK Equity Portfolio earned a
performance fee of GBP111,000 in the year (2010: no performance fees arose),
which is charged wholly to capital. The Global Equity Portfolio performance fee
for 2009 was paid in the year.
4. Basic return per Ordinary Share
Basic revenue, capital and total return per ordinary share is based on each of
the returns on ordinary activities after taxation as shown by the income
statement for the applicable Share class and on the following number of Shares
being the weighted average number of Shares in issue throughout the year for
each applicable Share class:
AVERAGE NUMBER OF SHARES
SHARE 2011 2010
UK Equity 38,981,102 42,528,103
Global Equity 32,455,572 35,278,074
Hedge Fund 12,736,626 14,910,221
Managed Liquidity 10,514,144 17,867,313
5. Dividends
Dividends paid for each applicable Share class, which represents distributions
for the purpose of s1159 of the Corporation Tax Act 2010, follow:
2011 2010
NUMBER DIVIDEND TOTAL NUMBER DIVIDEND TOTAL
OF SHARES RATE GBP'000 OF SHARES RATE GBP'000
(PENCE) (PENCE)
UK Equity
First interim 38,249,001 1.65 631 45,161,268 1.65 745
Second interim 38,669,957 2.55 986 39,167,799 2.15 842
4.20 1,617 3.80 1,587
Global Equity
First interim 32,203,164 0.45 145 35,329,468 0.45 159
Second interim 32,255,274 1.25 403 34,322,023 0.90 309
1.70 548 1.35 468
Managed Liquidity
First interim 9,283,030 0.50 46 18,756,237 0.40 75
0.50 46 0.40 75
Total paid in respect 2,211 2,130
of the year
6. Share Capital and Reserves
(a) Share Capital
Authorised:
2011 2010
ORDINARY SHARES OF 1P EACH NUMBER GBP'000 NUMBER GBP'000
UK Equity 200,000,000 2,000 200,000,000 2,000
Global Equity 200,000,000 2,000 200,000,000 2,000
Hedge Fund 200,000,000 2,000 200,000,000 2,000
Managed Liquidity 200,000,000 2,000 200,000,000 2,000
A 100,000,000 1,000 100,000,000 1,000
900,000,000 9,000 900,000,000 9,000
Deferred shares of 1p each 105,000,000 1,050 105,000,000 1,050
1,005,000,000 10,050 1,005,000,000 10,050
(b) Movements in Share Capital During the Year
Issued and fully paid:
TOTAL
UK GLOBAL HEDGE MANAGED SHARE
EQUITY EQUITY FUND LIQUIDITY CAPITAL
ORDINARY SHARES
(NUMBER)
At 31 May 2010 39,359,201 32,643,164 13,895,086 12,663,480 98,560,931
Shares bought back into (1,764,000) (1,616,000) (1,528,000) (2,330,000) (7,238,000)
treasury
Arising on share
conversion:
-October 2010 923,756 741,110 (566,799) (1,110,451) (12,384)
-April 2011 1,562,424 203,364 (790,477) (898,644) 76,667
At 31 May 2011 40,081,381 31,971,638 11,009,810 8,324,385 91,387,214
TREASURY SHARES
(NUMBER)
At 31 May 2010 3,801,000 2,600,000 1,100,000 995,500 8,496,500
Shares bought back into 1,764,000 1,616,000 1,528,000 2,330,000 7,238,000
treasury
Treasury shares - - - - -
cancelled
At 31 May 2011 5,565,000 4,216,000 2,628,000 3,325,500 15,734,500
ORDINARY SHARES (GBP'000)
At 31 May 2010 394 326 139 127 986
Shares bought back into (18) (16) (15) (23) (72)
treasury
Arising on share
conversion:
-October 2010 9 8 (6) (11) -
-April 2011 16 2 (8) (10) -
At 31 May 2011 401 320 110 83 914
TREASURY SHARES (GBP'000)
At 31 May 2010 38 26 11 10 85
Shares bought back into 18 16 15 23 72
treasury
Treasury shares - - - - -
cancelled
At 31 May 2011 56 42 26 33 157
TOTAL SHARE CAPITAL (GBP
'000)
Ordinary share capital 401 320 110 83 914
Treasury share capital 56 42 26 33 157
Total share capital 457 362 136 116 1,071
Average buy back price 88.8p 110.1p 103.3p 98.8p
As part of the conversion process 157,938 (2010: 980,200) deferred shares of 1p
each were created and subsequently cancelled during the year. No deferred
shares were in issue at the start or end of the year.
(c) Movements in Share Capital after the year end to 27 September 2011
UK GLOBAL HEDGE MANAGED
EQUITY EQUITY FUND LIQUIDITY
ORDINARY SHARES
Shares bought back into treasury 571,000 186,000 412,000 142,000
Average buy back price 94.8p 105.5p 102.1p 99.2p
(d) Dividend and Voting Rights
Each of the classes of Shares will have the right to receive the revenue
profits of the Company attributable to the Portfolio relating to that class of
Shares as determined to be distributed by way of interim and/or final dividend
at such times as the Board determines.
Shares will not carry a fixed number of votes. At general meetings of the
Company the voting rights of each Share will be determined by reference to the
NAV of the Shares of the relevant class. The relative voting power of each
class of Share at the general meeting will depend on the number of Shares of
that class in issue and the NAV of the Portfolio attributable to that class of
Shares. In relation to dividends, each class of Shares will only be able to
vote on dividends for that class.
As the Portfolios are not legal entities in their own right, if the assets of
one of the Portfolios were insufficient to meet its liabilities, any shortfall
would have to be met from assets of the other Portfolio(s).
(e) Deferred Shares
The Deferred shares do not carry any rights to participate in the Company's
profits, do not entitle the holder to any repayment of capital on a return of
assets (except for the sum of 1p) and do not carry any right to receive notice
of or attend or vote at any general meeting of the Company. Any Deferred shares
that arise as a result of conversions of Shares are cancelled in the same
reporting period.
(f) Future Convertibility of the Shares
Shares will be convertible at the option of the holder into any other class of
shares.
Conversion from one class of Shares into another will be on the basis of a
ratio derived from the prevailing underlying net asset value of each class of
relevant Shares, calculated shortly before the date of conversion.
The Directors have been advised that conversion of one class of Shares into
another will not be treated as a disposal for UK capital gains tax purposes.
7. Net asset values per Share
The net asset value per Share and the net assets attributable at the year end
were as follows:
ORDINARY SHARES 2011 2010
NET ASSET NET ASSET
VALUE PER NET ASSETS VALUE PER NET ASSETS
SHARE ATTRIBUTABLE SHARE ATTRIBUTABLE
PENCE GBP'000 PENCE GBP'000
UK Equity 105.3 42,217 85.7 33,739
Global Equity 120.9 38,638 111.7 36,467
Hedge Fund 112.1 12,340 112.4 15,614
Managed Liquidity 102.3 8,517 101.8 12,888
Net asset value per Share is based on net assets at the year end and on the
number of relevant Shares in issue at the year end.
.
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 May 2011. The financial information
for 2010 is derived from the statutory accounts for 2010, which have been
delivered to the Registrar of Companies. The auditors have reported on the 2010
accounts; their report was unqualified, did not include a reference to any
matters to which the auditors drew attention by way of emphasis without
qualifying the report and did not contain a statement under section 498 of the
Companies Act 2006. The statutory accounts for the year ended 31 May 2011 have
not yet been delivered to the Registrar of Companies. The statutory accounts
for the year ended 31 May 2011 have been finalised on the basis of the
information presented by the directors in this Annual Financial Report
announcement and will be delivered to the Registrar of Companies shortly.
The audited annual financial report will be available to shareholders shortly.
Copies may be obtained during normal business hours from the Company's
Registered Office, 30 Finsbury Square, London, EC2A 1AG or the Company's
website at www.invescoperpetual.co.uk/investmenttrusts.
The Annual General Meeting will be held on 15 November 2011 at 4.00pm at 30
Finsbury Square, London, EC2A 1AG.
By order of the Board
Invesco Asset Management Limited
27 September 2011
Contacts:
Angus Pottinger 020 7065 4000
Paul Griggs 020 7065 4000
END
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