Interim Management Statement
April 03 2008 - 9:31AM
UK Regulatory
Invesco Perpetual Select Trust plc
Hedge Fund Share Portfolio
Interim Management Statement
for the Three Months ended 29 February 2008
Material Events
Directors
Michael Mason retired as Chairman and from the Board with effect from 10
January 2008. The Board of Directors subsequently elected Patrick Gifford as
Chairman of the Company.
Sir Michael Bunbury and Alan Clifton were appointed to the Board as
Non-Executive Directors on 4 January 2008.
Authority to Issue Further Shares
The Company has posted a circular to shareholders convening an Extraordinary
General Meeting for 14 April 2008 at which resolutions will be proposed to
renew and extend the authorities to allot shares granted by shareholders at the
Annual General Meeting in September 2007.
Proposed Change of Investment Objective
Following discussions with the investment advisor to the Fauchier Managed
Funds, to the performance of which the Hedge Fund Share Portfolio is linked,
the Directors have concluded that the absolute return objective for the
Fauchier Managed Funds should be changed from LIBOR plus 6% to LIBOR plus 5%
(over rolling 5 year periods).
Performance - Total Return
3 Months Since Commencement of Trading 23
Novmeber 2006
Share Price 7.7% 39.8%
Net Asset Value 3.2% 28.3%
Merrill Lynch 3 month LIBOR 1.7% 7.5%
Source: Fundamental Data and Merrill Lynch
Share Price and Discount
For the Three Months Ended
29 February 2008
As at High Low Average
29 February
2008
Ordinary shares mid-market 140.5 140.5 130.0 136.0
price
Premium 9.5%
Source: Fundamental Data
Assets and Gearing
29 February 30 November Change
2008 2007
Total Gross Assets (�m) 28.2 26.0 8.4%
of which Cash (�m) 0.1 0.1
Borrowings (�m) - -
Net Asset Value (pence) 128.3 124.3* 3.2%
Actual Gearing 100 100
* Ex dividend
`Actual Gearing' reflects loans drawn down. A figure of 100 means that the
Portfolio has no gearing.
Breakdown of Portfolio by Strategy
Strategy % of Portfolio Ranking at
30 November
2007
Macro 23.57% 20.60%
Equity Hedged High Volatility 21.55% 20.20%
Event Driven 12.21% 16.20%
Equity Hedged Low Volatility 11.33% 7.90%
Specialist Credit 9.48% 9.30%
Multiple Strategy 6.84% 6.00%
Volatility Trading 6.47% 5.40%
Equity Long Bias 4.30% 10.70%
Short Bias 4.25% 3.70%
Fixed Income 0.00% 0.00%
All ordinary shares unless otherwise stated.
Changes to Share Capital
Ordinary Shares of 1p each
Issued Treasury
As at 30 November 2007 20,933,641 0
Ordinary shares bought back 0 0
Ordinary shares issued 1,032,100 0
Treasury shares cancelled 0 0
As at 29 February 2008 21,965,741 0
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.
In future, interim management statements are expected to be published in
September and March each year.
For and on behalf of
Invesco Asset Management Limited
3 April 2008
Registered Office
30 Finsbury Square, London, EC2A 1AG
Telephone: 020 7065 4000
Facsimile: 020 7065 3166
Registered in England No 5916642
An Investment Company under Section 266
of the Companies Act 1985
END
Inv.Perp.Sel Hd (LSE:IVPH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Inv.Perp.Sel Hd (LSE:IVPH)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Inv.Perp.Sel Hd (London Stock Exchange): 0 recent articles
More Invesco Perpetual Select Hedge Fund News Articles