Interim Management Statement
January 22 2010 - 4:57AM
UK Regulatory
TIDMICA
Investec Capital Accumulator Trust Limited
Interim Management Statement
for the quarter ended 31 December 2009
Objective and Investment Policy
The Company's investment objective is to achieve steady capital growth over the
long term at a level of risk lower than that of the FTSE All-Share Index. No
dividends will be paid to shareholders.
The Company's investment policy is to invest the majority of the portfolio in
UK Sterling denominated investments in the form of equities and/or equity
related derivatives. The Company may also invest in interest bearing securities
and units in collective investment schemes.
The majority of the Company's portfolio has historically been to invest in
between 15 and 30 Zero Equivalent Balanced Return Assets (ZEBRAs). However,
this number is declining sharply in the run-up to the Company's proposed
liquidation in May 2010. ZEBRAs are designed to have similar characteristics to
those of high quality zero dividend preference shares.
No single investment may exceed 10 per cent. of the Company's total assets at
the time of investment. The Company will not invest more than 15 per cent. of
its total assets in other listed investment companies (including listed
investment trusts).
Material Events and Transactions
During the quarter, seven ZEBRAs reached their redemption dates and were
liquidated. The proceeds were not reinvested. The holding in long dated US TIPS
(Treasury Inflation-Protected Securities) was also sold.
At the end of December, asset allocation was:
% of
Total
Assets
Investment Companies, REITs and Warrants 17.7
ZEBRAs 16.6
Fixed Income 5.8
Other Structured Products 2.6
Collective Investment Schemes 1.6
UK Equities 0.1
Cash and cash equivalents* 55.6
100.0
*Cash equivalents include holdings in the Investec Sterling Liquidity Fund, a
UK Treasury Bill and a UK Treasury Index Linked Gilt.
The Company did not buy back any shares during the quarter to 31 December 2009.
As at 31 December 2009, the Company's share capital consisted of 31,641,931
ordinary shares.
Top Ten Holdings as at 31 December 2009**
% of
Total
Holding Assets
GlaxoSmithKline ZEBRA 8.62% February 2010 - Merrill 4.4
Lynch
Elders Investment Company 28A Capital Accumulator 3.3
Elders Investment Company 25B Japan Accelerated Growth 3.1
AcenciA Debt Strategies 2.7
JD Wetherspoon ZEBRA 9.10% June 2011 - Citigroup 2.6
Topix / S&P autocallable January 2011 - Merrill Lynch 2.6
Kingfisher ZEBRA 9.52% April 2010 - Barclays 2.4
Greggs ZEBRA 8.216% April 2010 - JPMorgan 2.3
BT ZEBRA 9.86% April 2010 - Citigroup 1.8
Market Vectors Gold Miners ETF 1.6
26.8
** Holdings in cash equivalents are not detailed in the top ten holdings.
Financial Performance
Quarter to Year to
31 December 2009 30 September
2009
Total assets less current liabilities GBP29.71m GBP29.73m
NAV total return -0.1% 11.4%
NAV per share
- basic 93.90p 93.96p
- diluted 93.90p 93.96p
Price per share 89.50p 84.50p
Discount 4.7% 9.8%
Benchmark NAV total return
FTSE All-Share Index 5.5% 10.8%
IMA UK Zeros Sector* - 3.1%
* IMA UK Zeros Sector discontinued in October 2009
Note: The directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.
The net asset value is published on a weekly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at
www.investecassetmanagement.com.
Company Information
Launch date 1 October 2005
Year end 30 September
Annual General Meeting 17 February 2010
Price information Published in the Financial Times under `Investment
Companies'.
Contact
Sheila Ozanne
Investec Asset Management Guernsey Limited
Guinness Flight House
La Plaiderie
St Peter Port
Guernsey
GY1 3QH
Tel: +44 (0) 1481 710404
END
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