Interim Management Statement
October 15 2010 - 5:24AM
UK Regulatory
TIDMIVPH
Invesco Perpetual Select Trust plc
Hedge Fund Share Portfolio
(`the Portfolio')
Interim Management Statement
for the Three Months Ended 31 August 2010
Material Events
A General Meeting was held on 24 June 2010 at which special resolutions were
passed to renew the Directors' authority to purchase shares of the Company in
the market for cancellation or for holding in Treasury within the parameters
specified.
At the Invesco Perpetual Select Trust plc Annual General Meeting held on 27
September 2010, shareholders approved all Resolutions.
Dividends
No dividends have been declared during the period
Performance - Total Return
3 Months 1 Year 3 Years
Share Price -5.6% 4.1% -9.4%
Net Asset Value -1.8% 0.3% -4.4%
Merrill Lynch 3 month 0.2% 0.6% 15.8%
LIBOR
Source: Morningstar and Merrill Lynch
Share Price and Discount
At For the Three Months Ended
31 August 2010
31 August High Low Average
10
Hedge shares mid-market 101.0 107.0 101.0 103.5
price (pence)
(Discount)/premium -8.9%
Source: Morningstar
Assets and Gearing
31 Aug 2010 31 May 2010 Change
Total Gross Assets (GBPm) 15.7 15.9 -1.5%
Cash (GBPm) - -
Borrowings (GBPm) 1.0 0.3
Cum Income Net Asset Value 110.8 112.4 -1.4%
(pence)
Actual Gearing 107 102
`Actual Gearing' reflects loans drawn down. A figure of 100 means that the
Portfolio has no gearing.
Breakdown of Portfolio by Strategy
Investment Strategy % of Portfolio % of
Portfolio
31 August 2010
31 May 2010
Equity Hedged High 26.2% 12.5%
Volatility
Macro 17.3% 15.2%
Event Driven 12.9% 12.2%
Equity Long Bias 7.8% 12.4%
Multiple Strategy 7.5% 5.3%
Equity Hedged Low 6.6% 16.6%
Volatility
Specialist Credit 6.1% 15.9%
Short Bias 5.0% 7.1%
Fixed Income 4.8% -
Volatility Trading 4.5% 2.8%
Other 1.3% -
Changes to Share Capital for the three months ended 31 August 2010:
Hedge shares of 1p each
Issued Treasury
As at 31 May 2010 13,895,086 1,100,000
Hedge shares bought back (609,000) 609,000
Hedge shares issued 0 0
Treasury shares 0 0
cancelled
As at 31 August 2010 13,286,086 1,709,000
Changes to Share Capital since 31 August 2010:
UK Equity shares of 1p each
Issued Treasury
As at 31 August 2010 13,286,086 1,709,000
Hedge shares bought back (120,000) 120,000
Hedge shares issued 0 0
Treasury shares 0 0
cancelled
As at 15 October 2010 13,166,086 1,829,000
Price and Performance
The Company's Hedge Fund Shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.
The Portfolio's net asset value is calculated on a daily basis and can be
viewed on the London Stock Exchange website at www.londonstockexchange.com.
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
In future, interim management statements are expected to be published in
October and April each year.
For and on behalf of
Invesco Asset Management Limited
- Company Secretary
15 October 2010
Registered Office
30 Finsbury Square, London, EC2A 1AG
Telephone: 020 7065 4000
Facsimile: 020 7065 3166
Registered in England No 5916642
An Investment Company under Section 833
of the Companies Act 2006
END
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