TEN LARGEST EQUITY HOLDINGS
as at 31 March 2011
RPC Group Plc
Cost GBP2,908,900 (1,500,000 shares)
Market value GBP4,215,000 representing 7.54% of Net Asset
Value
RPC is the largest company plastic packaging company in Europe.
A new chairman has restructured the business and this will lead to
a significant improvement in profitability over the next few years.
The company completed a major acquisition in early July and this
has seen a significant re-rating of the shares which has continued
into the current year.
BBA Aviation Plc
Cost GBP4,289,117 (1,900,000 shares)
Market value GBP3,858,900 representing 6.91% of Net Asset
Value
BBA Aviation's principal business is Signature which is the
leading provider of aviation support facilities for private jets
throughout the world. The company has modest debt and is seeing
good growth as the US in particular emerges from recession and
business travel on private jets returns to historic level.
CVS Group Plc
Cost GBP3,635,969 (3,750,000 shares)
Market value GBP3,787,500 representing 6.78% of Net Asset
Value
The company owns the largest chain of veterinary practice in the
United Kingdom with a market share of circa 10%. The shares were
acquired on a price earning ratio of 7.
Guinness Peat Group Plc
Cost GBP3,570,376 (10,000,000 shares)
Market value GBP3,759,135 representing 6.73% of Net Asset
Value
The company is an industrial conglomerate with its principal
subsidiary being Coats - the world's largest manufacturer of
thread. The company is in the process of breaking itself up which
we expect will lead to a 40% profit for the Trust.
IDOX Plc
Cost GBP2,307,611 (20,000,000 shares)
Market value GBP3,550,000 representing 6.35% of Net Asset
Value
The company is the leading provider of property management
database software to local authorities in the United Kingdom. The
shares were purchased on a modest price earning ratio and has
performed very well since purchase.
Gleeson (M.J.) Group Plc
Cost GBP6,731,900 (3,125,000 shares)
Market value GBP3,328,128 representing 5.96% of Net Asset
Value
Gleeson is a small builder with operations in the Midlands and
North of England. The company has no debt and was modestly
profitable for the six months ended December.
Quarto Group Inc
Cost GBP2,338,040 (1,940,000 shares)
Market value GBP2,813,000 representing 5.03% of Net Asset
Value
The company is the world's largest publisher of 'coffee table'
books, and a significant publisher of 'How to' books. Both these
segments appear to be more resilient than traditional publishing.
The shares currently trade on a modest price earnings of multiple
of around 6.
Orthoproducts Limited
Cost GBP1,206,964 (319 shares)
Market value GBP2,791,250 representing 4.99% of Net Asset
Value
Orthoplastics is one of two companies in the world capable of
manufacturing advanced plastic materials to the orthopaedics
industry. In addition the company is successful in rapidly growing
plastic components for the same industry. Recent results have been
very good and the outlook of the business looks encouraging.
Augean
Cost GBP5,592,911 (10,600,000 shares)
Market value GBP2,703,000 representing 4.84% of Net Asset
Value
Augean owns 60% of the hazard based landfill capacity in the
United Kingdom. Recent results have reflected a weakness in the
construction industry. However, the company is attempting to secure
a license to bury low level nuclear waste which if successful could
lead to a significant uplift to the share price.
GTL Resources Plc
Cost GBP2,171,204 (3,000,000 shares)
Market value GBP2,490,000 representing 4.46% of Net Asset
Value
The company owns a 110 million gallon per annum ethanol facility
in Rochelle Illinois. Although the business is a commodity, there
are reasons to believe that over the long term supply and demand
will be broadly in balance and that 'crush' spreads will widen.
INVESTMENT SCHEDULE
as at 31 March 2011, expressed in GBP sterling
Proportion
Holding Fair Value of Net Assets
GBP %
LISTED INVESTMENTS
Great Britain - Equities (75.46%,
2010: 72.15%)
Alkane Energy Plc 800,000 192,000 0.34
AT Communications 3,300,000 - -
Augean Plc 10,600,000 2,703,000 4.84
Babble Net Group Plc 1,000,000 - -
BBA Aviation Plc 1,900,000 3,858,900 6.91
Catalyst Media Group Plc 3,125,000 2,031,250 3.63
CVS Group Plc 3,750,000 3,787,500 6.78
DODS Group Plc 9,000,456 810,041 1.45
Eckoh Plc 3,700,000 277,500 0.50
Essenden Plc 1,600,000 368,000 0.66
Gleeson (M.J.) Group Plc 3,125,000 3,328,128 5.96
Green Co2 Plc 43,697,778 349,582 0.63
GTL Resources Plc 3,000,000 2,490,000 4.46
Guinness Peat Group Plc 10,000,000 3,759,135 6.73
IDOX Plc 20,000,000 3,550,000 6.35
Innovation Group Plc 11,000,000 1,760,000 3.15
IS Pharma Plc 2,750,000 2,310,000 4.14
Journey Group Plc 54,825,188 1,370,630 2.45
Mid-States Plc 426,852 7,470 0.01
National Milk Records Plc 120 - -
Nationwide Accident Repair 800,000 792,000 1.42
Prime Focus London Plc 1,800,000 297,000 0.53
Quarto Group Inc 1,940,000 2,813,000 5.03
RPC Group Plc 1,500,000 4,215,000 7.54
Sinclair (William) Hldgs Plc 5,000 8,100 0.01
Vislink Plc 6,023,725 1,084,270 1.94
----------- ---------------
42,162,506 75.46
Netherlands - Equities (0.01%,
2010: Nil)
Cryo-Save Group NV 1,000 4,842 0.01
----------- ---------------
4,842 0.01
----------- ---------------
Great Britain - Fixed Interest
(1.00%, 2010: 1.02%)
Essenden 0% 09-31/12/2049 Loan 1,600,000 560,000 1.00
----------- ---------------
560,000 1.00
----------- ---------------
Germany - Equities (3.97%, 2010:
4.74%)
Bavaria Industriekapital AG 180,000 2,219,800 3.97
----------- ---------------
2,219,800 3.97
----------- ---------------
USA - Equities (Nil, 2010: 0.01%)
Catalina Lighting Inc 46,200 43 -
ICarbon Corp 490,183 1,376 -
----------- ---------------
1,419 -
----------- ---------------
Total listed investments 44,948,567 80.44
----------- ---------------
UNLISTED INVESTMENTS
Great Britain - Warrants (Nil,
2010: 0.54%)
Asset Co Plc Wts Senior A
31/12/2049 1,089,324 - -
Asset Co Plc Wts Senior B
31/12/2049 544,662 - -
Journey Wts 1,578,718 - -
- -
Great Britain - Equities (9.91%,
2010: 7.98%)
AC Management Services Ltd 1,000 10 -
Asset Co Limited Preference Shares 1,000,000 1,000,000 1.79
Capital Accumulation Limited 5,000 350,000 0.63
Celsis AG 594,276 982,453 1.75
Crucible Ordinary A 59,117 - -
Crucible Preference 684,065 - -
Gei Group Ltd B Shares 35,000 - -
Indicant Equity Limited Ordinary
Shares 11,642 231,941 0.42
Indicant Equity Limited Preference
A Ordinary Shares 115,793 115,793 0.21
Indicant Equity Ltd Pref Shares 56,467 56,467 0.10
IPT Group CI A Shares 112,498 - -
Orthoproducts Limited 319 2,791,250 5.00
Wembley Plc 100,000 7,000 0.01
----------- ---------------
5,534,914 9.91
----------- ---------------
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