Company Update – The Chairman announced at the Annual General Meeting (16 September 2020) that cash now forms 60% of the Company’s portfolio (as at 11 September). The Board is giving consideration as to how best to make an initial return of cash to shareholders and will make a further announcement on this in the near future. It should be noted that the investment manager is currently selling the Company’s remaining liquid listed investments and has already made redemption requests in respect of its holding in funds with redemption rights. The investment manager expects the Company’s cash level to rise to 70-75% by mid October 2020. The remaining portfolio, post the sale of liquid listed investments, will consist of funds without redemption rights and illiquid listed funds. These amount, in aggregate, to c.20% of the current Net Asset Value. Your investment manager is actively exploring liquidity options. There can, however, be no certainty as to the aggregate realisation proceeds which may be achieved for this remaining illiquid portfolio, or on the timeframe necessary to achieve a disposal.
INVESTMENT OBJECTIVE
The Company exploits global opportunities not normally readily accessible in one vehicle to provide long-term growth to shareholders via a diversified, international, multi-strategy portfolio which also offers access to specialist funds including hedge and private equity. The Company aims to outperform the FTSE World Total Return Index on a total return basis (a combination of income and capital growth) in Sterling terms.
ABOUT THIS TRUST
- Portfolio diversification is key to the Trust’s performance as it seeks to deliver smooth returns irrespective of global market dynamics
- The Trust is a great diversifier for investors with equity and fixed income portfolios
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