Interim Management Statement
February 13 2009 - 7:56AM
UK Regulatory
TIDMEGP
The Egypt Trust Interim Management Statementfor the quarter ended 31 December 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 October 2008 to 31 December 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 1 October 2008 to 31 December 2008:
-- The Fund's net asset value (NAV) fell by 27.04% to US$ 23.15 per share
compared to a fall of 33.6% in the benchmark index (IFC Investable
Egypt in USD).
-- During the same period the Fund's share price fell by 39.3% to US$
23.25 per share.
-- By the end of the quarter, the fund was trading at +0.4% premium
compared to a premium of 20.7% the previous quarter.
The Cairo and Alexandria stock exchanges fell sharply last quarter to record their worst percentage quarterly loss ever measured by the IFC Investable Egypt Index. The fall was caused mainly by the turmoil in the global economy and a significant reduction in the appetite for risk in general as the risk of a global recession heightened sharply. This created a massive sell off in equity markets around the globe and, despite the relatively defensive positioning of the portfolio the Fund was unable to avoid significant losses. Since the quarter end the Cairo and Alexandria stock exchanges have continued to decline, reporting falls of approximately 20% year to date.
Long Term Performance:
1-Year 3-Year 5-Year Inception
Price -41.72% +1.27% +29.34% +9.77%
Net Asset Value -48.45% -2.97% +25.28% +7.01%
S&P IFCI Egypt -55.83% -9.51% +35.14% +4.75%
Top Ten Holdings:
31/12/08 30/9/08
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Telecom Egypt 9.97% 8.79%
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Egyptian Int'l Pharmaceuticals Co. 8.80% 5.66%
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Mobinil 7.11% 3.77%
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Orascom Telecom 6.39% 6.69%
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Commercial International Bank Egypt 6.00% 5.67%
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National Societe Generale Bank 5.97% 5.68%
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Orascom Construction Industries 5.90% 8.28%
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Egyptian Financial & Industrial Co. 5.70% 7.92%
=-------------------------------------------------------
Alexandria Mineral Oils Co 5.40% 5.21%
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Egyptian Financial Group - Hermes 4.44% 6.84%
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Sector Allocation
31/12/08 30/9/08
=------------------------------------------
Telecom 23.46% 19.27%
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Financials 18.42% 19.69%
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Materials 11.74% 16.32%
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Real Estate 9.61% 10.74%
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Industrial 9.56% 10.86%
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Healthcare 9.22% 6. 24%
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Petrochemicals 8.74% 8.90%
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Consumer Discretionary 5.26% 6.37%
=------------------------------------------
Other 3.99% 1.61%
=------------------------------------------
Material Transactions and Events:
On 6 January 2009 the Fund announced that valid redemption requests representing 9,299 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$21.08 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 October 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 2000Alastair MoretonHannah Pearce
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