Interim Management Statement
October 19 2007 - 11:57AM
UK Regulatory
Invesco Perpetual Select Trust plc
Hedge Fund Share Portfolio
Interim Management Statement
for the Three Months ended 31 August 2007
Material Events
At the Company's Annual General Meeting held on 19 September 2007, new Articles
of Association were approved by shareholders in order to bring them into line
with requirements under the Companies Act 2006.
Performance - Total Return
3 Months Since Inception
Share Price 6.7% 10.9%
Net Asset Value 4.7% 16.1%
Merrill Lynch 3 month LIBOR 1.3% 4.1%
Source: Fundamental Data and Merrill Lynch
The performance of the Fauchier Allocator Funds (FAF) underlying the portfolio
for the three months to 31st August 2007 was as follows:
June +1.88%
July +3.88%
August -0.53%
The first two months of the period were generally good for equity markets but
much more problematic in the fixed interest and credit areas, particularly for
bonds and derivatives linked to the sub-prime mortgage market in the U.S.
August was a very difficult month for markets generally with debt market
related problems affecting almost all major market segments worldwide.
Set out below is the contribution to the FAF funds' performance by strategy for
the three month period to 31st August, 2007:
Strategy Contribution
Event Driven +3.54%
Specialist Credit +1.60%
Equity Hedged High +0.45%
Volatility
Short Bias +0.35%
Equity Hedged Low +0.35%
Volatility
Fixed Income +0.34%
Volatility Trading -0.02%
Multiple Strategy -0.13%
Equity Long Bias -0.20%
Macro -0.66%
Note: The above is after fees of the underlying hedge funds, but before the
Manager's fees.
Share Price and Discount
For the Three Months Ended
31 August 2007
As at High Low Average
31 August 2007
Ordinary shares mid-market 111.5 112.0 106.0 108.5
price
Discount 3.9% 8.5% 2.7% 5.3%
Source: Datastream
Assets and Gearing
31 August 2007 31 May 2007 Change
Total Gross Assets (� 24.0 22.9 4.5%
m)
Cash (�m) 0.1 0.7
Borrowings (�m) - -
Net Asset Value 116.07 110.9 4.7%
(pence)
Actual Gearing 100 100
`Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Company has no gearing.
Breakdown of Portfolio by Strategy
31 August 2007 31 May 2007
Macro 21.7% 21.3%
Equity Hedged High 17.4% 22.5%
Volatility
Event Driven 15.2% 11.4%
Equity Hedged Low 12.2% 8.0%
Volatility
Specialist Credit 11.9% 10.2%
Equity Long Bias 4.8% 10.5%
Fixed Income 4.7% 4.3%
Volatility Trading 4.3% 4.3%
Multiple Strategy 4.1% 4.2%
Short Bias 3.7% 3.3%
Note: The above excludes cash.
Top 10 Holdings
Ranking Investments % of Ranking at
Now Portfolio 31 May 2007
1 Paulson Advantage Plus 9.5% 4
2 Harbinger Capital Partners 7.8% 3
Offshore I
3 OZ Europe Overseas Fund II 6.3% 2
4 Drawbridge Global Macro 5.4% 5
5 Wexford Offshore Spectrum 5.3% 7
6 Lansdowne UK Equity 5.1% 8
7 Bay Resource Partners Offshore 4.9% 9
8 Indus Pacific Smaller Companies 4.8% 11
9 Explorer Global 4.6% 12
10 CCM Small Cap Value Fund 4.6% 1
Changes to Share Capital
Hedge Fund Shares of 1p
each
Issued Treasury
As at 31 May 2007 20,643,255 0
Ordinary shares bought back 0 0
Ordinary shares issued 0 0
Treasury shares cancelled 0 0
As at 31 August 2007 20,643,255 0
The Company has authority to buy back shares (for cancellation or into
Treasury) and to issue new shares (disapplying pre-emption rights), in each
case within specified limits. The Company expects to renew these authorities
each year.
Price and Performance
The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.
The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
Interim management statements are expected to be published in September and
March each year.
For and on behalf of
INVESCO Asset Management Limited
19 October 2007
END
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