RNS Number:1419M
Cater Allen Equity Growth Fund Ld
25 October 2001
Unaudited Interim Statement
Six months to 26th July 2001
Cater Allen Investment Management (C.I.) Limited
MANAGEMENT & ADMINISTRATION
DIRECTORS BANKERS
I.D. Cameron (Chairman) RBSI Custody Bank Limited
R.M. Berkeley P.O. Box 451,
J.D. Crowther Liberte House
S.J. Dowling 19-23 La Motte Street,
B.R. Ehrlich St Helier, Jersey JE4 5RL,
P.J.H. Morgan Channel Islands
MANAGER AUDITORS
Cater Allen Investment Management (C.I.) Limited
P.O. Box 372, Reads & Co.
Cater Allen House, P.O. Box 179,
Commercial Street, 40 Esplanade,
St. Helier, Jersey JE4 8UP, St. Helier, Jersey JE4 9RL
Channel Islands. Channel Islands.
Telephone: Jersey (01534) 828200
Fax: Jersey (01534) 828884 LEGAL ADVISER
e-mail: caim@cater.com
Mourant du Fen & Jeune
ADMINISTRATOR, SECRETARY AND REGISTRAR 22 Grenville Street,
St. Helier, Jersey JE4 8PX,
Channel Islands.
Cater Allen Trust Company (Jersey) Ltd
P.O. Box 611
Cater Allen House,
Commercial Street, REGISTERED OFFICE
St Helier, Jersey, JE4 5XZ,
Channel Islands. Cater Allen House,
Commercial Street,
CUSTODIAN St. Helier, Jersey JE4 8UP
Channel Islands.
RBSI Custody Bank Limited
P.O. Box 451, Liberte House,
19-23 La Motte Street,
St. Helier, Jersey JE4 5RL.
Channel Islands.
INVESTMENT ADVISER
NCL Panmure Gordon Investments Limited
33-36 Gracechurch Street,
London, EC3V 0AX
DIRECTOR'S REPORT
The Directors present their unaudited report for the period ended 26th July
2001. The Company is limited by shares and was incorporated in Jersey, Channel
Islands an 4th September 1979.
ACTIVITIES
The main aim of the fund is to provide investors with long term capital growth
from a portfolio of equity share investments. The Participating Redeemable
Preference Shares ("Participating Shares') are listed on the London Stock
Exchange.
DIRECTORS
The Directors, all of whom have served throughout the period, are listed on page
one.
Mr S.J. Dowling is a Director of Cater Allen Investment Management (C.I.)
Limited, which by Management Agreements dated 6th September 1979, 1st October
1981 and 22nd February 1982 was appointed Manager to the Company. Mr J.D.
Crowther is a Director of Cater Allen Trust Company (Jersey) Limited, which by
an Administration Agreement dated 4th August 1999 was appointed Administrator
to the Company. Mr R.M. Berkeley is a Director of NCL Panmure Gordon Investments
Limited (formerly Panmure Gordon & Co), which by an Investment Advisory
Agreement dated 22nd February 1998 was appointed Investment Manager to the
Company. There were no other contracts of significance existing during or at the
end of the period under review in which a Director was materially interested.
DIRECTORS' SHAREHOLDINGS
According to the Register of Directors' Interests, none of the Directors are
beneficially interested in Participating Shares of the Fund with the exception
of Mr I D Cameron who has an interest in 6,002.220 shares. These interests have
not changed since 27th July 2000.
DIVIDEND
The Directors of the Fund have not declared an Interim Dividend in respect of
the half year ended 27th July 2000. Subsequently the net income earned in the
full year ending 31st January 2002 will be distributed by way of a dividend at
the end of February 2002.
DISTRIBUTOR STATUS
The Company has been certified for the purposes of Chapter V of Part XVII of
the U.K. Income & Corporation Taxes Act 1988 ("Offshore Funds") as a
"distributing fund" in respect of the "account" periods ended 31st January 2000.
RESPONSIBILITY OR THE DIRECTORS
Jersey Company Law requires the Directors to prepare accounts covering a period
of not more than eighteen months starting from the date of the last accounts or
the date of the Company's incorporation. The accounts must be in accordance with
generally accepted accounting principles and show a true and fair view of the
Company's profit or loss for the period, and the state of the Company's affairs
at the end of the period.
As with the exercise of their other duties, the Directors must, in preparing the
accounts, act honestly and in good faith; with a view to the best interest of
the Company; and with the care, diligence and skill that a reasonably prudent
person would exercise were he in their position.
The Directors are responsible for ensuring the Company maintains adequate
accounting records explaining its transactions and disclosing its financial
position from which proper accounts can he prepared.
Cater Allen House, By Order of the Board,
Commercial Street, Cater Allen Trust Company
St Helier, (Jersey) Limited
Jersey JE4 8UP, Secretary
channel Islands DATE
INVESTMENT ADVISER'S REPORT
The end of July saw markets fall to their lowest level since November 1998,
extending the run of dismal trading conditions, which have prevailed since
Equities peaked in the final days of 1999. Volatility remained high with market
strength in April proving to be a false dawn as investors fled to the sidelines
in the face of a raft of profit warnings, notably from Marconi, and high profile
corporate failures such as Independent Insurance. Technology, media and
telecommunication (TMT) stocks remained in the limelight and another round of
poor results and trading updates battered investors' confidence. However, poor
performances were not confirmed to the TMT sectors as companies across the
board have shown signs of pressure from the slowing US economy. Manufacturers
are still struggling from Sterling's relative strength against the Euro and even
the thus far resilient service sector has started to show signs of weakness -
advertising revenue plummeted and general spend on outsourcing has declined with
companies cutting back on capital spending in preparation for the anticipated
economic slowdown. One ray of light was the strength of the consumer, although
confidence still looks fragile with high and perhaps precarious property prices
contributing much to the "perceived wealth" of the nation.
Once again, the key appears to be the US where analysts are rather desperately
searching for signs of an up-turn following the Federal Reserve Board's
aggressive loosening of monetary policy and the new President's tax reforms.
These measures, in time, should boost consumer and business confidence, but in
the near term there are no clear signs that the US economy has turned the
corner.
All these factors have taken their toll an markets and stocks worldwide.
Certainly the Equity Growth Fund has not been immune and the downturn has been
seen particularly in the small cap sector, where the market has been
systematically cutting valuations even of those companies where growth prospects
remain good. Commensurate with our comments at the year end, and with the wish
to adopt a reasonably defensive stance, the portfolio is less weighted than
usual towards smaller companies and our involvement in companies with somewhat
larger market capitalisations has increased.
Our performance here has been a little disappointing, on an offer to offer
basis, the Fund has fallen in value by 19% compared with 16% for the FTSE All
Share Index and 18% for the Small Cap Index. However, on a longer term basis -
the three years since end July 1998 - the Fund has outperformed these Indices,
rising by 19.9% compared with a gain of 10.6% in the Small Cap Index and a fall
of 6.6% in the All Share. Over the same period, the FTSE 100 Share Index has
fallen by nearly 10%.
Looking ahead, there is no doubt that markets remain nervous and volatile with
many hurdles to overcome on the path to economic recovery. We would not be
surprised to see further loosening of monetary policy both here and in the US as
the authorities attempt to stimulate growth. If the short term remains somewhat
uncertain we remain confident in the longer term benefits of Equity investment
and remain committed to the policy of individual stock selection in companies
with good management, sound balance sheets and with the prospect for above
average earnings growth.
NCL PanmureGordon 15thJuly 2001
ACCOUNTS
BALANCE SHEET
26-Jul-01 27-Jul-00
# #
ASSETS
Investments 8,620,136 10,220,919
Cash and Deposits 226,781 784,431
Income receivable 1,443 16,130
Debtors 25,056 20,434
8,873,416 11,041,914
LIABILITIES
Creditors and accrued liabilities 38,867 65,944
NET ASSETS #8,834,549 #10,975,970
SHARE HOLDERS' EQUITY
Share Capital 11,241 11,165
Capital Reserves 6,120,671 8,252,823
Share Premium 2,689,083 2,640,256
Revenue Reserves 13,554 71,726
#8,834,549 #10,975,970
REVENUE ACCOUNT
Six Months to
26-Jul-01 28-Jul-00
# #
INCOME
Deposit interest 19,634 10,480
Investment income 99,790 141,906
119,424 152,386
EXPENSES
Administration expenses 29,512 7,800
Audit fee 0 2,210
Custodian fee 4,757 5,254
Directors' fees 2,500 2,600
Management fee 71,141 66,886
Registrar fee 0 780
108,510 85,530
NET REVENUE FOR THE PERIOD 10,914 66,856
Net equalisation 63 294
Net revenue brought forward 12 4,576
NET REVENUE CARRIED FORWARD #10,989 #71,726
I.D. CAMERON Director
J.P. NORFOLK Director
Approved by the Board of Directors
20-Aug-01
THE INVESTMENT PORTFOLIO AT 26TH JULY 2001
Market Net
Holding Security value Assets
# %
Equities Equities
Automobiles & Parts
100,000 Mayflower Corp Ord 5p 99,500 1.13
Banks
40,000 Allied Irish Bank Ord euro 0.32 312,846 3.54
25,000 Northern Rock Ord GBP0.25 144,750 1.64
Beverages
50,000 Allied Domecq Ord GRPO.25 207,500 2.35
Chemicals
40,000 Johnson Mathey Ord GBP1 388,000 4.39
Construction & Building Materials
15,000 Gleeson (MJ) Ord 10p shares 151,500 1.71
Electronic & Electric Equipment
40,000 NXT Plc Ord GBP0.25 73,000 0.83
80,000 Invensys Ord GB P0.25 60,560 0.69
Engineering & Machinery
60,000 Morgan Crucible Co Ord GBP0.25 151,800 1.72
60,000 FKI Ord GBP0.10 116,400 1.32
20,000 Turbo Genset Inc Class 'A' Com NPV
(UK List) 61,000 0.69
185,715 Corat Group Ord SHS GBP0.01
(PVTE PLCNG) 156,929 1.78
Food Producers & Processors
50,000 Unilever Ord GBP0.014 295,500 3.34
Financial Services
30,000 Numis 51,300 0.65
General Retailers
200,000 Partridge Fine Arts Ord GBP0.10 122,000 1.38
35,000 Great Universal Stores Ord GBP0.25 209,300 2.37
Household Goods & Textiles
100,000 Dewhirst Group Ord 10p 82,500 0.93
Information Technology Hardware
50,000 Marconi 43,000 0.49
4,000 Transense Technology 78,940 0.89
20,000 Emblaze 37,400 0.42
Insurance
250,000 Windsor 46,250 0.52
Investment Companies
60,000 Thompson Clive Investments Ord GBP0.50 313,500 3.55
50,000 Net Investor Ord GBP0.001 76,250 0.86
Leisure, Entertainment & Hotels
50,000 Hilton Group Ord GBP0.10 124,625 1.41
Life Assurance
40,000 CGNU Ord GBP0.25 390,000 4.41
32,500 Prudential Ord 5p 263,575 2.98
Media & Photography
1,425,000 Osprey Communications Ord GBP0.25 21,375 0.24
25,454 Pearson Ord GBP0.25 239,013 2.71
35,000 Reed International Ord GBP0.125 204,225 2.31
PRICE AND DIVIDEND PERFORMANCE RECORD
Year Highest Offer Price Lowest Bid Price Dividends Paid
# # p
1990 5.24 3.73 9.3
1991 4.77 3.52 15.0
1992 4.56 3.18 14.0
1993 6.31 4.23 11.0
1994 6.31 4.98 8.5
1995 6.62 4.91 6.5
1996 7.46 6.26 6.5
1997 7.81 6.62 8.0
1998 8.45 7.12 9.0
1999 8.83 6.48 7.0
2000 12.81 7.81 9.0
2001 11.36 8.63 7.5
On a reinvestment basis the Equity Growth Fund has reduced in value by 19.95%
for the twelve months to 26th July 2001.
NET ASSET HISTORY
Participating Net Assets per
Date Net Assets Shares Participating
# in Issue Share
#
30th January 1992 6,967,627 1,806,105 3.86
30th July 1992 5,964,130 1,688,744 3.53
28th January 1993 6,022,655 1,404,787 4.29
29th July 1993 6,694,181 1,344,980 4.97
27th January 1994 7,856,917 1,347,013 5.83
28th July 1994 7,086,304 1,330,052 5.33
26th January 1995 6,688,533 1,319,844 5.07
27th July 1995 6,932,893 1,264,183 5.49
1st February 1996 7,916,110 1,231,431 6.43
31st July 1996 8,154,608 1,242,145 6.56
30th January 1997 8,638,400 1,274,259 6.78
31st July 1997 8,618,540 1,258,609 6.85
29th January 1998 8,725,683 1,247,364 7.00
30th July 1998 8,527,308 1,169,090 7.29
28th January 1999 7,528,286 1,128,795 6.67
29th July 1999 8,033,294 1,003,272 8.00
27th January 2000 11,496,426 1,011,163 11.37
27th July 2000 10,975,970 1,011,766 10.85
1st February 2001 11,198,252 1,016,904 10.76
26th July 2001 8,834,549 1,012,096 8.61
Please contact Simon Dowling or Tim Ford if you would like more Information on
the Equity Growth Fund or other services of the Cater Allen Group of Companies
in Jersey.
Past performance is not a guide to the future; the price of shares and the
income from them can go down as well as up.
CATER ALLEN INVESTMENT MANAGEMENT (C.I.) LIMITED
FUNDS UNDER MANAGEMENT
GILT AND FIXED INCOME FUNDS LIMITED
Euro Income Bond Fund (-)
The Fund is invested primarily in securities, bonds, notes or negotiable
instruments issued or guaranteed by sovereign or corporate borrowers within the
OECD. The Fund aims to pay an attractive level of income while seeking to
protect the capital value of the shares.
Minimum investment: EUR 6,000 or Equivalent
Gilt Income Fund (-)
The Fund seeks to offer capital security whilst aiming to pay a high level of
income, from investment in British Govemment Securities.
Minimum investment: #5,000.
ACCUMULATION FUNDS LIMITED
Sterling Money Fund
The Fund is invested in a diversified range of high quality money market
investments to produce a wholesale money market return. This Fund operates as a
roll up Fund. Any income received on the Fund's investments will be accumulated
within the Fund and will not be distributed.
Minimum investment: #50,000
US Dollar Money Fund
The Fund is invested in a diversified range of high quality money market
investments to produce a wholesale money market return. This Fund operates as a
roll up Fund. Any income received on the Fund's investments will be accumulated
within the Fund and will not he distributed.
Minimum investment. US $100,000.
Balanced Income and Growth Fund (-)
The Fund aims to provide long term 'real growth' of both capital and income,
combined with an above average yield. The Fund is invested in a balanced
portfolio of high quality ordinary shares, fixed interest stocks, convertible
securities and collective investment funds.
Minimum investment: #5,000.
High Income Bond Fund (GBP) (-)
The Fund's objective is to offer a high level of income combined with the
security associated with a portfolio of high quality fixed interest investments.
The Fund is invested in Eurobonds and other fixed interest securities issued by
governments and corporate bodies with a high credit rating, including British
Government Securities.
Minimum investment: #5,000.
EQUITY GROWTH FUND LIMITED (-)
The Fund aims to provide investors with long term capital growth from a
diversified portfolio of mainly British equities of predominantly smaller
companies and special situations.
Minimum investment: 100 shares
(-) Monthly investment scheme available.
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