Interim Management Statement
October 05 2010 - 9:41AM
UK Regulatory
TIDMCPE
RNS Number : 8948T
Charter European Trust plc
05 October 2010
Charter European Trust PLC
Interim Management Statement
For the quarter ended 31 August 2010
This interim management statement relates to the quarter from 1 June 2010 to 31
August 2010 and contains information for that period unless otherwise stated.
This statement is produced to provide information in accordance with the UK
Listing Authority's Disclosure and Transparency Rules.
Investment objective
The objective of Charter European Trust plc is to provide growth in capital and
income through investment in a focused portfolio of European equities.
Financial Performance to 31 August 2010
+------------+--------------+--------------+-----------------+----------+
| | % change |
+------------+----------------------------------------------------------+
| | Year to | 3m | 3yrs | 5yrs |
| | date to | | | |
| | 31 Aug | | | |
| | 2010 | | | |
+------------+--------------+--------------+-----------------+----------+
| Share | -11.94 | 1.04 | -2.60 | 34.66 |
| price | | | | |
+------------+--------------+--------------+-----------------+----------+
| Net Asset | -5.72 | -0.22 | 2.16 |41.04 |
| Value | | | | |
+------------+--------------+--------------+-----------------+----------+
| Benchmark* | -7.74 | 0.53 | -9.19 | 26.18 |
+------------+--------------+--------------+-----------------+----------+
Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE World Europe (ex UK) Index (GBP) since 9th January 2007/FTSE World Europe
Index (GBP) until 8th January 2007
Portfolio
Top ten holdings at 31 August 2010 and percentage of total gross assets
+-----------------------+-----------+---------+
| | | % |
| | GBP | |
+-----------------------+-----------+---------+
| Eutelsat | 2,967,400 | 5.18 |
| Communications | | |
+-----------------------+-----------+---------+
| Roche Holdings | 2,789,590 | 4.87 |
+-----------------------+-----------+---------+
| Barco | 2,415,901 | 4.21 |
+-----------------------+-----------+---------+
| Bwin Interactive | 2,413,691 | 4.21 |
+-----------------------+-----------+---------+
| Credit Suisse | 2,397,743 | 4.18 |
+-----------------------+-----------+---------+
| Yara International | 2,340,887 | 4.08 |
+-----------------------+-----------+---------+
| CSM | 2,268,586 | 3.96 |
+-----------------------+-----------+---------+
| Total | 2,234,335 | 3.90 |
+-----------------------+-----------+---------+
| Sanofi-Aventis | 2,133,788 | 3.72 |
+-----------------------+-----------+---------+
| Michelin | 2,040,421 | 3.56 |
+-----------------------+-----------+---------+
Material events and transactions
On 1 July 2010 Neil Dwane was appointed the Company's portfolio manager to
replace Mark Lovett on his resignation.
During the period 95,000 ordinary shares were purchased for cancellation. Since
the quarter end a further 165,000 shares have been purchased for cancellation.
Financial position at 31 August 2010 and at 1 October 2010
+------------------+-+---------------+-+---------------+
| | | 31 August | | 1 October |
+------------------+-+---------------+-+---------------+
| Total gross | |GBP57,331,223 | | GBP58,344,121 |
| assets | | | | |
+------------------+-+---------------+-+---------------+
| Net assets | |GBP54,167,597 | | |
| | | | | GBP57,770,996 |
+------------------+-+---------------+-+---------------+
| Share price | | 202.25p | | 218p |
+------------------+-+---------------+-+---------------+
| Net asset value1 | | 236.87p | | |
| | | | | 254.47p |
+------------------+-+---------------+-+---------------+
| Net asset | | 236.87p | | |
| value2 | | | | 254.47p |
+------------------+-+---------------+-+---------------+
| Discount3 | | -14.6% | | -13.5% |
+------------------+-+---------------+-+---------------+
| Gearing 4 | | -1.5% | | -2.4% |
+------------------+-+---------------+-+---------------+
| Historic | | 2% | | 1.9% |
| Dividend Yield | | | | |
+------------------+-+---------------+-+---------------+
1 Debt at book value
2Debt at market value
Net asset values are calculated and announced daily.
3 The discount is the difference between the share price and the NAV (debt at
book value) per share expressed as a percentage of the NAV per share.
4 Actual gearing - net of cash.
Company Information
+--------------------+-+--------------------------------------+
| Launch date | | 2002 |
+--------------------+-+--------------------------------------+
| EPIC | | CPE |
+--------------------+-+--------------------------------------+
| Year end | | 30 November |
+--------------------+-+--------------------------------------+
| Report and | | Final posted late February, |
| Accounts | | half-yearly posted July |
+--------------------+-+--------------------------------------+
| AGM | | March |
+--------------------+-+--------------------------------------+
| Dividends | | August and April |
+--------------------+-+--------------------------------------+
| Price Information | | Financial Times, The Daily |
| | | Telegraph, |
| | | www.chartereuropean.co.uk |
+--------------------+-+--------------------------------------+
Investor information
Further up to date information, including Net Asset Values and share prices, and
the latest available factsheets and portfolio information, is provided on the
Manager's website, which can be accessed via www.chartereuropean.co.uk.
Investor Services can be contacted on 020 7065 1407 and information can also be
obtained from the Manager's helpline on 0800 317 573.
By order of the Board
Charter European Trust PLC
155 Bishopsgate
London EC2M 3AD
5 October 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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