Interim Management Statement
August 13 2008 - 10:42AM
UK Regulatory
Egypt Trust Fund
The Egypt Trust
Interim Management Statement
for the quarter ended 30 June 2008
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 April 2008 to 30
June 2008, 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 31 March 2008 to 30 June 2008:
-- The Fund's net asset value (NAV) rose by 6.93% compared to a fall of
10.32% in the benchmark index (IFC Investable Egypt in USD).
-- During the same period the Fund's share price rose by 8.9%.
-- By the end of the quarter, the Fund was trading at 10.3% premium
compared to a discount of 5.72% at the end of the previous quarter.
During the quarter, the CASE fell as a result of a weak sentiment regarding
emerging markets equities in general. Egyptian equities in particular suffered
more during this quarter due to concerns regarding the high level of inflation
that exceeded an annual rate of 20% by the end of the quarter (though the major
contributor is the globally rising food prices) as well as the persistent budget
deficit.
Long Term Performance:
1-Year 3-Year 5-Year Inception
Net Asset Value +32.07% +32.08% +44.52% +13.28%
S&P IFCI Egypt +29.09% +23.78% +69.43% +12.32%
Top Ten Holdings:
30/6/08 31/3/08
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Telecom Egypt 8.42% 7.24%
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Orascom Telecom Holding 7.82% 8.36%
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Egyptian Financial & Indust Co 7.46% 5.25%
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EFG-Hermes 7.13% 4.02%
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Commercial Intl Bank 5.72% 5.66%
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National Soci�t� G�n�rale Bank 5.71% 5.67%
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Egyptian Intl Pharm Industr Co 5.24% 5.53%
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Talaat Moustafa Group Holding 4.72% 1.85%
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Alexandria Mineral Oils Co 4.47% 4.34%
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Heliopolis Housing & Dev 4.18% 4.59%
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Sector Allocation
30/6/08 31/3/08
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Financials 19.53% 16.11%
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Telecom 19.78% 18.78%
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Real Estate & Construction 16.07% 18.19%
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Petrochemicals 7.98% 7.86%
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Consumer Staples 5.74% 6.31%
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Pharmaceuticals 5.65% 6.02%
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Building Materials 7.34% 8.05%
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Chemicals 7.46% 5.25%
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Other 10.45% 13.43%
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Material Transactions and Events:
On 6 May 2008 the Fund announced that valid redemptions requests representing
8,187 shares in the capital of the Fund had been received in accordance with its
quarterly redemption facility. These shares were redeemed at a price of US$46.75
per share (net of redemption fees)
The Board of Directors is not aware of any other significant events or
transactions that have occurred between 1 April 2008 and the date of this
interim management statement that would have a material impact on the financial
position or performance of the Company.
For further information please contact:
Arbuthnot Securities Limited (+44) (0)20 7012 2000
Alastair Moreton
Hannah Pearce
Egypt Trust (LSE:EGP)
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