Interim Management Statement
31 Maio 2011 - 8:41AM
UK Regulatory
TIDMGGL
GARTMORE GLOBAL TRUST PLC
HENDERSON GLOBAL INVESTORS
31 May 2011
GARTMORE GLOBAL TRUST PLC
Interim Management Statement
Review of the period from 1 February 2011 to 30 April 2011
The Directors of Gartmore Global Trust PLC hereby announce the following:
MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD
Portfolio Commentary:
In the quarter to 30 April 2011 the Company's Net Asset Value per Ordinary
share (NAV), excluding current year revenue, increased by 1.7%, slightly behind
the 2.7% increase in the composite benchmark.
Since the beginning of the year we have adopted an increasingly cautious
stance. We have been surprised at the strength in equity markets over the last
quarter in light of the recent tragic earthquake in Japan, the political unrest
in the Middle East, rising commodity prices and fears over the financial
stability of the Eurozone resurfacing. In line with this we have been taking
profits in some of last year's winners and increasing the fund's cash position.
We sold part of our position in Borg Warner, the auto parts supplier, and we
reduced our exposure to the mining sector by taking some profits in Vale, the
Brazilian iron ore miner. We also reduced our position in United Continental,
an American airline and one of the fund's larger risk positions.
The 2nd May marked the top in the MSCI World index and at the time of writing
most markets have fallen by 2%-4% since the start of the month. In general,
first quarter corporate results have been strong and this, combined with a pick
up in M&A activity, can partly explain why markets remained strong. However,
most financial companies are continuing to report mixed results and commodity
prices remain at elevated levels. With the US Federal Reserve's second round of
quantitative easing set to end in June and worries over Chinese growth we are
inclined to retain a cautious stance for the time being. We will remain alert
for opportunities to deploy our cash as some of our preferred stocks fall back
to interesting levels.
Dividends: A second interim dividend of 5.60p per ordinary share, in respect of
the year ended 31 January 2011, was paid on 1 April 2011 to holders on the
Register of Members on 11 April 2011. The ex-dividend date was 9 March 2011.
Share Capital: During the three month period the Company bought back 230,018
shares all of which were placed into Treasury. Accordingly, the issued share
capital at 30 April 2011 was 41,557,163 ordinary shares of 5 pence each, of
which 982,008 are held in Treasury and have no voting rights.
Management: On 4 April 2011, the Company's Manager, Gartmore Investment Limited
was acquired by Henderson Global Investors plc. Brian O'Neill continues to act
as the Company's Portfolio Manager and is assisted by Hamish Chamberlayne. They
have relocated to Henderson's offices at 201, Bishopsgate, London EC2M 3AE,
which has also recently become the Company's registered office address.
- MORE -
Annual General Meeting: The 82nd AGM of the Company was held on 25 May 2011 and
all resolutions were duly passed.
There are no other material events or transactions to report.
PERFORMANCE AND FINANCIAL HIGHLIGHTS
Financial Position
at 30 April 2011 at 31 January 2011
(unaudited) GBPm (audited) GBPm
Company's portfolio of investments 142.6 142.1
Net current assets (including cash) 9.2 8.9
------- -------
151.8 151.0
3.75% cumulative preference stock (1.0) (1.0)
------- -------
Net assets attributable to ordinary 150.8 150.0
shares
==== ====
Performance:
As at 30 3 months 6 months 1 year 3 years 5 years 10
April 2011 years
Net Asset Value 368.2p +1.7% +7.6% +9.8% +17.05% +28.3% +55.2%
per Ordinary
Share*
Share price 341.4p -5.0% -1.9% +4.5% 17.31% +32.3% +72.6%
Benchmark ** +2.7% +8.3% +8.14% +6.3% +7.3% +8.2%
Average discount
for quarter 4.9%
using NAV ex -
revenue
(Sources: Datastream/Lipper/Gartmore)
* Exclusive of current year revenue. ** 50% FTSE All-Share Index : 50% MSCI
World (Ex UK) Index
THE PORTFOLIO (Source: Henderson/Gartmore)
Sector Breakdown
% at % at
30 April 2011 31 January 2011
Industrials 7.5 7.3
Health Care 10.4 9.7
Telecommunications 5.4 5.4
Utilities 3.2 3.2
Financials 17.7 20.9
Information Technology 6.3 6.7
Consumer Discretionary 12.6 10.8
Energy 13.7 13.2
Consumer Staples 11.0 10.0
Basic Materials 12.2 12.8
Total 100.0 100.0
==== ====
- MORE -
Top 10 Investments at 30 April 2011 % of total
assets
Royal Dutch Shell 4.1
Oracle 3.0
Vodafone Group 3.0
Freeport McMoran Copper & Gold 3.0
Nestlé 2.9
GKN 2.7
BG Group 2.7
Wharf Holdings 2.6
BP 2.6
HSBC Holdings 2.6
-------
Top 10 = 29.2
Top 10 Investments at 31 January 2011 % of total
assets
Royal Dutch Shell 3.8
Freeport McMoran Copper & Gold 3.1
Vodafone Group 3.1
Wharf Holdings 2.8
Oracle 2.8
BP 2.7
HSBC Holdings 2.6
Nestlé 2.6
GKN 2.5
BG Group 2.5
-------
Top 10 = 28.5
The objective of Gartmore Global Trust PLC is long term capital growth from a
concentrated portfolio of international equities with a secondary objective to
increase dividends over the longer term.
The Manager is Henderson Global Investors Limited. Further information on the
company, including an up to date NAV and share price information, can be found
on the Manager's website at www.gartmoreglobaltrust.com.
For further information, please contact:
Brian O'Neill James de Sausmarez
Fund Manager Director and Head of Investment Trusts
Gartmore Global Trust PLC Henderson Global Investors
Telephone: 020 7818 2112 Telephone: 020 7818 3349
- ENDS -
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
END
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