Baring Chrysalis - Interim Results
21 Setembro 1999 - 1:37PM
UK Regulatory
RNS No 7501w
BARING CHRYSALIS FUND LIMITED
20 September 1999
Preliminary Statement of Half-Yearly Results in respect of the Company's
Interim Accounting Period from 1st January 1999 to 30th June 1999
General
The Company is registered under the laws of the Cayman Islands and is an
open-ended investment company. The investment objective of the Company is to
seek long-term capital growth primarily through investment in a diversified
portfolio of developing country equity securities.
Unaudited Half-Yearly Results
For the period from 1st January 1999 to 30th June 1999
1999 1998
US$ US$
Net Assets attributable to Ordinary shares US$ 101,428,521 US$ 137,682,879
Number of shares in issue at 30 June 10,709,284 15,947,754
Net Asset Value per Ordinary share US$ 9.47 US$ 8,63
1999 1998
US$ US$
Investment income 1,256,794 1,681,606
Bank interest 72,336 72,749
Total income 1,329,130 1,754,355
Expenditure (911,761) (1,513,897)
Net income for the period US$ 417,369 US$ 240,458
Earning per share USc 3.76 USc 1.44
There were no extraordinary items, taxation or minority interests.
Performance
The Fund's NAV per Ordinary share increased by US$ 2.26 from US$ 7.21 to US$
9.47, a rise of 31.3%, during the six months to 30th June 1999. The Fund
underperformed its benchmark, the MSCI Emerging Markets Free Index, by 4.4%
during the period.
This relative underperformance is due principally to the write-off of a number
of unquoted investments in Latin America, Russia and Indonesia. These resulted
in a loss of approximately 2.2% in the Fund's net asset value. Asset allocation
was a slight positive, but was offset by poor stock selection in Indonesia,
Brazil and Thailand.
Earnings per Ordinary Share
The earnings per Ordinary Share has been calculated on a weighted average basis
and is arrived at by dividing the net income for the period, US$417,369 (1998:
US$240,458), by the weighted average number of Ordinary Shares in issue,
11,107,309 (1998: 16,647,245).
END
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