Interim Management Statement
November 16 2011 - 5:58AM
UK Regulatory
TIDMBPW
Interim Management Statement - Blue Planet Worldwide Financials Investment
Trust
Quarter Ended the 31st October 2011
Fund Manager's Review
In October our NAV rose 1.2% to 51.35 per share. The benchmark index made a
7.7% return in sterling terms. The Fund rose less than the benchmark due to its
cautious positioning on equities. The share price rose 6.9% to 31.0p. Over the
last three months the Fund's NAV has fallen 10.1% and its share price by 16.2%,
whilst the benchmark has fallen 10.3%.
After the doom and gloom in August and September, markets gained some ground in
October; financials ended October at a very similar level to that which they
started September. The relief in October was due to some progress being made on
the Eurozone crisis. The final ratification of the EFSF mechanism in Europe was
achieved, and promises were made that European banks would be recapitalised.
The EU summit towards the end of October made more progress than anticipated,
with the announcements that private investors are accepting a 50% write-down on
Greek debt, the EFSF rescue fund may be leveraged up to EUR1 trillion and that
European banks will have to hold a minimum of 9% Tier 1 capital. Uncertainty
remains high as the details on these measures are yet to be finalised amidst a
period where political instability has increased. On the other hand economic
data in the major economies was more encouraging this month, as the US reported
better jobless numbers and an increase in household spending, while Chinese
inflation eased.
The start of the third quarter results season also provided some cheer. In the
US, earnings for 72% of S&P 500 companies have exceeded analysts' estimates. At
the end of October almost half the Chinese companies on the Shanghai composite
index had reported results, with earnings increasing by 22% on average. Net
income figures for the companies in which the Fund is invested are shown below.
During the month equity exposure was increased in the Fund, primarily in
countries with more robust economic performance and in stocks that are growing
profitability, such as Bank Mandiri and Bank Rakyat in Indonesia and Swedbank
in Sweden. However equity investments remain at a cautious level, as there is
still much to do to sort out the Eurozone's debt woes.
Companies in which we are invested reported results as listed below. The
quarterly Net Income ("NI") to the end September 2011 year-on-year growth is
provided:
Rakyat NI rose 56%
US Bancorp NI rose 40%
Swedbank NI rose 34%
Mandiri NI rose 19%
Capital One NI rose 1%
JP Morgan NI fell 2%
DnB NOR NI fell 18%
Cumulative Performance (%) as of 31st October 2011
Current 1 month 3 months 6 months 1 year 3 years 5 years
(p)
NAV 51.35 1.2% -10.1% -22.1% -29.2% -20.8% -74.7%
Share Price - 31.00 6.9% -16.2% -20.5% -46.6% -31.4% -85.5%
Total Return
Benchmark 59.81 7.7% -10.3% -16.4% -13.2% 22.0% -23.3%
Discount / + -39.6 -42.8 -35.2 -40.8 -20.0 -30.4 5.4
Premium (%)
Source: Blue Planet, share price bid to bid, net income reinvested
Discrete Annual Performance (%) as of 31st October 2011
Share price Benchmark
3Q/10 - 3Q/11 -34.1% -17.4%
3Q/09 - 3Q/10 -52.5% 1.9%
3Q/08 - 3Q/09 15.7% 11.6%
3Q/07 - 3Q/08 -45.5% -27.6%
3Q/06 - 3Q/07 -15.4% 6.0%
Source: Blue Planet, share price bid to bid, net income reinvested
Portfolio Information as of 31st October 2011
Security Security Country Valuation Weighting
Type Name GBP %
12,970 Equity Capital One US 367,171 5.2
Financial Corp
218,340 Equity Sberbank R Russia 366,522 5.2
22,600 Equity U.S. Bancorp US 358,428 5.1
49,115 Equity DNB NOR ASA Norway 358,405 5.1
16,620 Equity JP Morgan Chase & US 358,182 5.1
Co
34,255 Equity Swedbank AB Sweden 301,522 4.3
19,990 Equity Discover US 291,999 4.1
Financial
Services
31,650 Equity Gjensidige Norway 217,624 3.1
Forsikring ASA
18,330 Equity Itau Unibanco Brazil 217,214 3.1
Holding SA
14,126 Equity SCOR SE France 206,467 2.9
22,620 Equity Direxion US 205,598 2.9
Financial Bull 3X
8,410 Equity iShare S&P U.S. US 191,345 2.7
Pref Stk Indx
696,420 Equity Blue Planet UK 174,105 2.5
International
Fins
316,500 Equity Bank Mandiri Indonesia 157,263 2.2
327,500 Equity Bank Rakyat Indonesia 153,561 2.2
Indonesia
396,724 Equity Other Other 351,878 4.9
4,277,284 60.6
Security Security Country Valuation Weighting
Type Name GBP %
Bond ASIF III Jersey Jersey 478,656 6.8
5.375% 10/16
Bond Close Bros Grp United 294,109 4.2
6.5% 02/17 Kingdom
Bond Nomos Bank 6.5% Russia 168,755 2.4
10/13
Bond ABH Financial Ltd Russia 151,776 2.2
8.2% 06/12
Bond RSHB Capital SA Russia 117,275 1.7
7.175% 05/13
1,210,571 17.3
Security Cash Denomination Valuation Weighting
Type Security Name GBP %
Liquid Near Cash Assets GBP 650,000 9.2
Assets
Liquid Cash GBP 542,051 7.7
Assets
Liquid Cash Other 366,914 5.2
Assets Currency
1,558,965 22.1
7,046,820 100
For more information, please visit www.blueplanet.eu
You can also contact the Company on 0845 527 7588 or by emailing
info@blueplanet.eu
END
Blue Planet (LSE:BPW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Blue Planet (LSE:BPW)
Historical Stock Chart
From Jul 2023 to Jul 2024
