The Egypt Trust: Interim Management Statement For the Quarter Ended 31 December 2007
February 14 2008 - 8:14AM
UK Regulatory
Egypt Trust Fund
The Egypt Trust Fund (the "Fund"), is publishing this Interim Management
Statement in accordance with DTR 4.3 of the FSA Handbook.
This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 October 2007 to
31 December 2007, and contains information that covers this period, and up to
the date of publication of this interim management statement.
The Fund seeks to achieve medium- to long-term capital appreciation through
investments, principally in equities, listed on the Cairo and Alexandria Stock
Exchanges (CASE). The Fund's investment strategy is to invest in undervalued
assets with a tangible discount to their fair value on a relative basis.
Highlights:
Over the 3 month period from 30 September 2007 to 31 December 2007:
-- The Fund's net asset value (NAV) rose by 20.66% compared to an increase
of 21.97% in the benchmark index (S&P IFIC Egypt). During the same
period the Fund's share price rose by 19.6%.
-- The discount to net asset value at which the Fund's shares trade widened
by 0.79% to 11.05%.
Since the end of the period there have been significant falls in global stock
markets as a result of increased concerns over the prospects for global growth;
The Cairo and Alexnadria stock exchanges fell in line with the global trend.
Long Term Performance:
1-Year 3-Year 5-Year Inception
Net Asset Value +55.65% +56.48% +46.52% +14.09%
S&P IFCI Egypt +52.25% +65.33% +77.56% +12.61%
Top Ten Holdings:
31/12/07 30/09/07(1)
--------------------------------------------- ------------ -------------
Orascom Construction Industries 7.08% 9.2%
--------------------------------------------- ------------ -------------
Telecom Egypt 6.96% 8.4%
--------------------------------------------- ------------ -------------
Orascom Telecom 6.78% 7.2%
--------------------------------------------- ------------ -------------
National Societe Generale Bank 6.06% 6.8%
--------------------------------------------- ------------ -------------
Commercial Int'l Bank 6.05% 6.8%
--------------------------------------------- ------------ -------------
Orascom Hotels & Development 5.42% 5.2%
--------------------------------------------- ------------ -------------
EIPICO 5.38% 5.5%
--------------------------------------------- ------------ -------------
Egyptian Financial & Industrial Co. 5.35% 5.1%
--------------------------------------------- ------------ -------------
Heliopolis Housing 4.71% --
--------------------------------------------- ------------ -------------
Alexandria Mineral Oils Co. 4.53% 4.8%
--------------------------------------------- ------------ -------------
Sector Allocation
31/12/07 30/09/07
----------------------------------------------- ------------- --------------
Telecom 17.12% 23.16%
----------------------------------------------- ------------- --------------
Financials 16.23% 20.23%
----------------------------------------------- ------------- --------------
Real Estate Development 14.72% 9.3%
----------------------------------------------- ------------- --------------
Construction 7.08% 9.2%
----------------------------------------------- ------------- --------------
Petrochemicals 6.42% 6.57%
----------------------------------------------- ------------- --------------
Building Materials 6.36% 6.73%
----------------------------------------------- ------------- --------------
Pharmaceuticals 5.74% 5.98%
----------------------------------------------- ------------- --------------
Others 26.33% 18.83%
----------------------------------------------- ------------- --------------
Material Transactions and Events:
During the quarter, the Fund sold its position in First Arabia Hotels and
Resorts for US$4.4 million. First Arabian is one of the unquoted investments in
the portfolio, first purchased in 1999. Since its purchase, this position has
been written down to a value of just over US$1 million as a result of a tough
operating enviroment and poor liquidity. The result of the recent sale has been
to raise the Fund's net assets by approximately US$3 million, which is roughly
equivalent to an increase in the net asset value per share of 3%.
The Board is not aware of any other significant events or transactions which
have occurred since 31 December 2007 and the date of publication of this
statement which would have a material impact on the financial position of the
Company.
(1)This list represents those holdings in the top ten holdings as of 31/12/07
that were also held in the fund as of 30/09/07 and does not represent a list of
the top ten holdings as of 30/09/07, which may have been different.
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