Interim Management Statement
05 November 2009 - 10:22AM
UK Regulatory
TIDMAZD
RNS Number : 0162C
Allianz Dresdner End Pol Tst 2010
05 November 2009
Allianz Dresdner Endowment Policy Trust 2010 PLC
Interim Management Statement
For the quarter ending 30th September 2009
This interim management statement relates to the quarter from 1st July 2009 to
30th September 2009 and contains information for that period unless otherwise
stated. This statement is produced to provide information in accordance with DTR
Rule 4.3.
Investment objective
The Company's objective is to invest in mid-term with-profits endowment policies
to provide capital growth over its planned life to 31st December 2010.
Basis of valuation
The Board has determined that, in the absence of sufficient recent transactional
data, the most appropriate basis of valuation is that of estimated surrender
value.
Projected final net asset values
The Company publishes projected final net asset values on a regular basis. These
projections have been based both on current bonus rate levels and, in order to
give a measure of the sensitivity of the projected final net asset value to
changes in bonus rates on 150%,120%,100%, 80% and 50% of current bonus rates and
no further bonuses. Projected final net asset values as at 30th September 2009
are:
Projected final net asset values at 31st December 2010:
Assuming 150% of current bonus rates: 121.1p
Assuming 120% of current bonus rates: 118.4p
Assuming 100% of current bonus rates: 116.6p
Assuming 80% of current bonus rates: 114.8p
Assuming 50% of current bonus rates: 112.2p
Assuming no further bonuses: 107.8p
Projected final net asset values are calculated using the principal bases
and assumptions set out in the Annual Report which, inter alia, assume no
further death claims or demutualisation benefits are received and no further
purchases or disposals of policies are made. They have been calculated after
deduction of estimated future expenses including a provision of GBP200,000 for
winding up costs. No provision has been made for the proposed dividend payment
of 0.33p per Ordinary Share. Interest rates over the Company's life are assumed
to be consistent with the shape of the swap yield curve at 30th September 2009.
These illustrations are given to provide an indication of the sensitivity of the
projected final net asset value to bonus rate changes. They should not be taken
as forecasts of any particular degree of change in bonus rate levels.
Portfolio
Twenty largest holdings by life office at 30th September 2009
+---------------------------------------+--+----------+--+------------+
| Life Office | | Value of Policies |
+---------------------------------------+--+--------------------------+
| | | GBP'000s | | % of total |
| | | | | investment |
+---------------------------------------+--+----------+--+------------+
| | | | | |
+---------------------------------------+--+----------+--+------------+
| Standard Life | | 8,658 | | 41.3 |
+---------------------------------------+--+----------+--+------------+
| Legal & General | | 4,126 | | 19.7 |
+---------------------------------------+--+----------+--+------------+
| Scottish Provident | | 2,091 | | 10.0 |
+---------------------------------------+--+----------+--+------------+
| Scottish Widows | | 1,167 | | 5.6 |
+---------------------------------------+--+----------+--+------------+
| Friends Provident | | 823 | | 3.8 |
+---------------------------------------+--+----------+--+------------+
| AVIVA (Norwich Union) | | 425 | | 2.0 |
+---------------------------------------+--+----------+--+------------+
| Scottish Life | | 391 | | 1.9 |
+---------------------------------------+--+----------+--+------------+
| Prudential (Scottish Amicable) | | 324 | | 1.5 |
+---------------------------------------+--+----------+--+------------+
| National Mutual | | 303 | | 1.4 |
+---------------------------------------+--+----------+--+------------+
| Clerical Medical | | 230 | | 1.1 |
+---------------------------------------+--+----------+--+------------+
| Prudential | | 218 | | 1.0 |
+---------------------------------------+--+----------+--+------------+
| Colonial Mutual | | 182 | | 0.9 |
+---------------------------------------+--+----------+--+------------+
| AVIVA (Commercial Union) | | 138 | | 0.7 |
+---------------------------------------+--+----------+--+------------+
| Royal & Sun Alliance (Royal Life) | | 102 | | 0.5 |
+---------------------------------------+--+----------+--+------------+
| Sun Life of Canada | | 79 | | 0.4 |
+---------------------------------------+--+----------+--+------------+
| Friends Provident (UKPI) | | 49 | | 0.2 |
+---------------------------------------+--+----------+--+------------+
| AVIVA (Provident Mutual) | | 44 | | 0.2 |
+---------------------------------------+--+----------+--+------------+
| MGM Assurance | | 36 | | 0.2 |
+---------------------------------------+--+----------+--+------------+
| Refuge Assurance | | 29 | | 0.1 |
+---------------------------------------+--+----------+--+------------+
| Alba Life (FS Assurance) | | 24 | | 0.1 |
+---------------------------------------+--+----------+--+------------+
| Total of twenty largest holdings | | 19,439 | | 92.6 |
+---------------------------------------+--+----------+--+------------+
| Others | | 160 | | 0.9 |
+---------------------------------------+--+----------+--+------------+
| Total holdings of endowment policies | | 19,599 | | 93.5 |
+---------------------------------------+--+----------+--+------------+
| | | | | |
+---------------------------------------+--+----------+--+------------+
| Fixed Interest Holdings | | | | |
+---------------------------------------+--+----------+--+------------+
| EIB 5.5% Bd 07/12/11 | | 535 | | 2.6 |
+---------------------------------------+--+----------+--+------------+
| EIB 4.25% Bd 07/12/10 | | 809 | | 3.9 |
+---------------------------------------+--+----------+--+------------+
| | | 1,344 | | 6.5 |
+---------------------------------------+--+----------+--+------------+
| | | | | |
+---------------------------------------+--+----------+--+------------+
| TOTAL OF INVESTED FUNDS | | 20,943 | | 100.0 |
+---------------------------------------+--+----------+--+------------+
Material events and transactions
On 28th September 2009 the Company declared a special dividend of 0.33p per
Ordinary Share payable on 10th November 2009 to all holders of Ordinary Shares
on the Register of Members at the close of business on 2nd October 2009, subject
to shareholder approval at the Annual General Meeting on 3rd November 2009.
There were no changes to the Company's share capital over the period.
Financial Performance to 30th September 2009
+----------------+----------+----------+----------+----------+----------+
|
| % change
|
+----------------+------------------------------------------------------+
| | 3m | 6m | 1yr | 3yr | 5yrs
|
+----------------+----------+----------+----------+----------+----------+
| Share price | 2.23 | 13.65 | 1.74 | 6.03 | 42.44
|
+----------------+----------+----------+----------+----------+----------+
| Net Asset | 0.29 | -1.03 | -10.39 | -8.65 | 13.29 |
|
Value | | | | |
|
+----------------+----------+----------+----------+----------+----------+
| Benchmark* | 21.90 | 33.69 | 9.54 | -3.17 | 35.07
|
+----------------+----------+----------+----------+----------+----------+
Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE 100 Total Return
Financial position at 30th September 2009
+---------------------------------+------------------------+
| | 30th September |
+---------------------------------+------------------------+
| Net assets | GBP25,482,234 |
+---------------------------------+------------------------+
| Share price | 106.5p |
+---------------------------------+------------------------+
| Net asset value1 | 114.1p |
+---------------------------------+------------------------+
| Discount2 | 6.7% |
+---------------------------------+------------------------+
| Gearing 3 | 0% |
+---------------------------------+------------------------+
1 Net asset values are calculated and announced quarterly.
2 The discount is the difference between the share price and the NAV (debt at
book value) per share expressed as a percentage of the NAV per share.
3 Actual gearing - net of cash and fixed interest.
Company Information
+---------------------------------+--------------------------------------------------------+
| Launch date | 1998 |
+---------------------------------+--------------------------------------------------------+
| EPIC | AZD |
+---------------------------------+--------------------------------------------------------+
| Year end | 30 June |
+---------------------------------+--------------------------------------------------------+
| Report and Accounts AGM | Final posted September, Interim posted February |
| | November |
+---------------------------------+--------------------------------------------------------+
| Price Information | Financial Times, The Daily Telegraph, |
| | www.rcm.com/investmenttrusts |
+---------------------------------+--------------------------------------------------------+
Investor information
Further up to date information, including Net Asset Values and share prices, and
the latest available factsheets and portfolio information, is provided on the
Managers' website, which can be accessed via
www.rcm.com/investmenttrusts.
Investor Services can be contacted on 020 7065 1407 and information can also be
obtained from the Managers' helpline on 0800 317 573.
By order of the Board
Allianz Dresdner Endowment Policy Trust 2010 PLC
155 Bishopsgate
London EC2M 3AD
5th November 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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