|
|
One |
Three |
One |
Three |
Five |
*Since |
|
|
Month |
Months |
Year |
Years |
Years |
30.04.09 |
|
Sterling: |
|
|
|
|
|
|
|
Share price |
4.9% |
15.7% |
-3.5% |
-11.5% |
-26.4% |
45.5% |
|
Net asset value |
2.9% |
7.6% |
-8.7% |
-15.6% |
-26.3% |
42.5% |
|
MSCI EM Europe |
-1.4% |
-0.7% |
-19.8% |
-30.2% |
-33.8% |
14.3% |
|
10/40(NR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Dollars: |
|
|
|
|
|
|
|
Share price |
2.2% |
13.2% |
-7.2% |
-16.8% |
-28.8% |
47.9% |
|
Net asset value |
0.3% |
5.5% |
-12.3% |
-20.7% |
-28.7% |
44.9% |
|
MSCI EM Europe |
-3.9% |
-2.8% |
-22.9% |
-34.4% |
-36.0% |
16.1% |
|
10/40(NR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources: BlackRock, Standard & Poor’s Micropal |
|
|
*BlackRock took over the investment management of the Company with effect from 1 May 2009 |
|
|
|
|
|
At month end |
|
|
|
Net asset value – capital only: |
232.29p |
|
|
Net asset value** – cum income: |
234.07p |
|
|
Share price: |
211.88p |
|
|
Total assets^: |
£84.8m |
|
|
Discount (share price to cum income NAV): |
9.5% |
|
|
Gross market exposure^^^: |
100.0% |
|
|
Gearing at month end: |
nil |
|
|
Gearing range as a % of Net assets: |
0-20% |
|
|
Issued Capital – Ordinary Shares^^ |
36,242,928 |
|
|
Ongoing charges* |
1.3% |
|
|
|
|
|
|
* Calculated as at 31 January 2015, in accordance with AIC guidelines. |
|
|
** Includes year to date net revenue equal to 1.78 pence per share. |
|
|
^ Total assets include current year revenue. |
|
|
^^ Excluding 5,400,000 shares held in treasury. |
|
|
^^^ Long positions plus short positions as a percentage of net asset value. |
|
|
|
|
Sector |
% Total |
|
Country |
% Total |
|
Analysis |
Exposure |
|
Analysis |
Exposure |
|
|
|
|
|
|
|
Financials |
36.1 |
|
Russia |
49.3 |
|
Energy |
24.7 |
|
Turkey |
22.7 |
|
Consumer Staples |
9.4 |
|
Poland |
7.4 |
|
Information Technology |
7.8 |
|
Greece |
4.0 |
|
Industrials |
4.7 |
|
Kazakhstan |
4.0 |
|
Consumer Discretionary |
4.1 |
|
Romania |
3.5 |
|
Telecommunications |
3.5 |
|
Ukraine |
3.0 |
|
Basic Materials |
2.4 |
|
Lithuania |
1.5 |
|
Utilities
Health Care
Net current assets |
1.9
0.8
4.6 |
|
Net current assets |
4.6
|
|
|
----- |
|
|
----- |
|
|
100.0 |
|
|
100.0 |
|
|
===== |
|
|
===== |
|
|
|
|
|
|
|
Short positions |
(0.0) |
|
|
(0.0) |
|
|
|
|
|
|
|
|
Fifteen Largest Investments |
|
|
(in % order of Total Market Exposure as at 30.11.15) |
|
|
|
Total Market |
|
Company |
Region of Risk |
Exposure % |
|
|
|
|
|
Sberbank |
Russia |
8.0 |
|
Halk Bank |
Turkey |
6.7 |
|
Lukoil
Gazprom
Novatek |
Russia
Russia
Russia |
6.0
5.6
5.1 |
|
PKO Bank Polski |
Poland |
5.0 |
|
Globaltrans |
Russia |
4.7 |
|
KazMunaiGas Exploration Production |
Kazakhstan |
4.0 |
|
TSKB
Garanti Bank
Yandex |
Turkey
Turkey
Russia |
4.0
3.7
3.6 |
|
BRD Groupe Societe Generale - CFD
Coca Cola Icecek |
Romania
Turkey |
3.5
3.5 |
|
Petrol Rafinerileri
MHP |
Turkey
Ukraine |
3.1
3.0 |
|
|
|
|
|
|
Commenting on the markets, Sam Vecht and David Reid, representing the Investment Manager noted; |
|
|
|
|
|
Market Commentary |
|
|
|
|
|
The MSCI Emerging Europe 10/40 Index returned -3.9% in November (in US dollar terms). |
|
|
|
|
|
The region endured a volatile month as the impact of geopolitical tensions in the Middle East spilled over into both Eastern and Western Europe. The contested circumstances surrounding the shooting down of a Russian fighter jet by Turkey captured the headlines during the month. Despite this, Russia was the best performing market in the region which brings relative outperformance vs the MSCI Emerging Europe Index to 30% year to date. |
|
|
|
|
|
Poland was weak during November. Recent elections saw the opposition Law and Justice party secure a decisive victory. The new Polish government announced that it was restarting the debate over pension funds and proposed to claim a higher share of dividends from listed companies. |
|
|
Portfolio Commentary |
|
|
|
|
|
The Trust outperformed the index by 3.6% in November as the momentum factor in markets which had reversed in October, continued this trajectory. Stock selection was the primary driver of outperformance over the month. |
|
|
|
|
|
The strongest performer was Russian IT name, mail.ru. The decline in the Russian advertising market is moderating and online advertising is the only growth segment which is positive for the sector. |
|
|
|
|
|
Kazakh oil company, Kazmunaigas also performed well on news that its parent had returned to the negotiating table for renewed takeover talks. |
|
|
|
|
|
National Bank of Greece detracted from performance due to concerns that the bank would require additional financing. The Greek banking system in general has been under pressure since the events of the summer which culminated in the imposition of capital controls. The European institutions performed stress tests on the nation’s banks under ‘Baseline’ and ‘Adverse’ scenarios. The results of these stress tests has allowed us to differentiate between Greek banks and determine which is in the strongest position relative to its valuation, with our analysis suggesting that Alpha Bank meets this criteria. |
|
|
|
|
|
We added to the position as we believe that Alpha bank has a stronger balance sheet position, relative to its peers. In the recent sector-wide recapitalisation program, Alpha Bank was required to raise less capital, more of which came from private, rather than state, sources. As a result, the bank will be able to resume its dividend payment policy sooner and we believe that there remains significant upside to the current share price. |
|
|
|
|
|
24 December 2015 |
|
|
|
|
|
ENDS |
|
|
|
|
|
Latest information is available by typing www.blackrock.co.uk/beep on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|