Interim Management Statement
February 17 2010 - 4:26AM
UK Regulatory
TIDMEGP
The Egypt Trust
Interim Management Statement
for the quarter ended 31 December 2009
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 2009 to 31 December 2009, 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 Egyptian Stock Exchanges (EGX). 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 2009 to 31 December 2009:
-- The Fund's net asset value (NAV) fell by 8.68% compared to a fall of
7.39% in the benchmark index (IFC Investable Egypt in USD).
-- During the same period the Fund's share price fell by 6.19%.
-- By the end of the quarter, the Fund was trading at a -3.5% discount
compared to a discount of -6.1% the previous quarter.
During the fourth quarter Egyptian equities reversed the positive trend in the previous two quarters by registering losses making it only one of four emerging markets (in the MSCI universe) to record losses during that quarter. This performance was mostly due to local and regional factors putting downward pressure on equities;
-- On the local front, macro economic data was a concern showing a
growing budget deficit, trade deficit and rising inflation while
corporate earnings came largely inline with no positive surprises to
provide a catalyst.
-- On the regional front, the Dubai World debt problems affected
sentiment towards regional equities in general.
As a result of the underperformance, in the quarter ended 31 December 2009, Egyptian equities ended the year valued at a discount to the emerging markets average.
Overall, while the Egyptian exchange rose by 34.5% during the calendar year, it underperformed global emerging markets over that period (MSCI Emerging Markets gained 74.5% over the year).
Long Term Performance (Annualized):
1-Year 3-Year 5-Year Inception
Net Asset Value +27.69% +1.23% +21.32% +8.73%
S&P IFCI Egypt +34.50% -3.29% +21.83% +6.60%
Top Ten Holdings:
31/12/09 30/9/09
=-------------------------------------------------------
Orascom Construction Industries 7.50% 7.10%
=-------------------------------------------------------
National Societe General Bank 7.33% 6.46%
=-------------------------------------------------------
Egyptian Int'l Pharmaceuticals Co. 7.10% 7.03%
=-------------------------------------------------------
Telecom Egypt 7.09% 5.80%
=-------------------------------------------------------
Talaat Moustafa Group Holding 6.20% 4.45%
=-------------------------------------------------------
Orascom Telecom Holding 5.68% 5.94%
=-------------------------------------------------------
Egyptian Financial & Industrial Co. 4.70% 3.97%
=-------------------------------------------------------
Pioneers Holdings 4.31% 2.56%
=-------------------------------------------------------
Alexandria Mineral Oils Co. 4.00% 3.87%
=-------------------------------------------------------
EFG- Hermes Holding 3.79% 4.53%
=-------------------------------------------------------
Sector Allocation
31/12/09 30/9/09
=------------------------------------------
Telecom 12.77% 11.74%
=------------------------------------------
Financials 24.60% 21.71%
=------------------------------------------
Materials 16.50% 13.34%
=------------------------------------------
Healthcare 7.67% 7.93%
=------------------------------------------
Industrial 10.09% 9.57%
=------------------------------------------
Real Estate 16.62% 14.23%
=------------------------------------------
Petrochemicals 7.07% 6.8%
=------------------------------------------
Consumer Discretionary 6.70% 6.59%
=------------------------------------------
Other -2.02% 8.09%
=------------------------------------------
Material Transactions and Events:
On October 9, 2009 the Fund announced that valid redemptions requests representing 187,665 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$31.43 per share (net of redemption fees).
On February 11, 2010 the Fund announced that valid redemptions requests representing 188,892 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$28.22 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 2009 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) 020 7012 2000
Alastair Moreton
Hannah Pearce
Egypt Trust (LSE:EGP)
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