Interim Management Statement
06 Mai 2010 - 12:41PM
UK Regulatory
TIDMAZD
RNS Number : 4512L
Allianz Dresdner End Pol Tst 2010
06 May 2010
Allianz Dresdner Endowment Policy Trust 2010 PLC
Interim Management Statement
For the quarter ending 31st March 2010
This interim management statement relates to the quarter from 1st January 2010
to 31st March 2010 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 2010.
Basis of valuation
The valuation of the Company's endowment policy portfolio is based on 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%,100% and 50% of current bonus rates and no
further bonuses. Projected final net asset values as at 31st March 2010 are:
Projected final net asset values at 31st December 2010:
Assuming 150% of current bonus rates: 122.9p
Assuming 100% of current bonus rates: 118.7p
Assuming 50% of current bonus rates: 114.5p
Assuming no further bonuses: 110.4p
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. Interest rates over the Company's life are assumed to be
consistent with the shape of the swap yield curve at 31st March 2010. 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 31st March 2010
+---------------------------------+----------+----------+----------+------------+
| Life Office | | Value of Policies |
+---------------------------------+----------+----------------------------------+
| | | GBP'000s | | % of |
| | | | | total |
| | | | | investment |
+---------------------------------+----------+----------+----------+------------+
| | | | | |
+---------------------------------+----------+----------+----------+------------+
| Standard Life | | 7,917 | | 35.8 |
+---------------------------------+----------+----------+----------+------------+
| Legal & General | | 2,771 | | 12.5 |
+---------------------------------+----------+----------+----------+------------+
| Scottish Provident | | 1,826 | | 8.4 |
+---------------------------------+----------+----------+----------+------------+
| Scottish Widows | | 840 | | 3.8 |
+---------------------------------+----------+----------+----------+------------+
| Friends Provident | | 646 | | 2.9 |
+---------------------------------+----------+----------+----------+------------+
| Scottish Life | | 355 | | 1.6 |
+---------------------------------+----------+----------+----------+------------+
| AVIVA (Norwich Union) | | 327 | | 1.5 |
+---------------------------------+----------+----------+----------+------------+
| Prudential (Scottish Amicable) | | 242 | | 1.1 |
+---------------------------------+----------+----------+----------+------------+
| National Mutual | | 203 | | 0.9 |
+---------------------------------+----------+----------+----------+------------+
| Clerical Medical | | 177 | | 0.8 |
+---------------------------------+----------+----------+----------+------------+
| Prudential | | 173 | | 0.8 |
+---------------------------------+----------+----------+----------+------------+
| Colonial Mutual | | 126 | | 0.6 |
+---------------------------------+----------+----------+----------+------------+
| AVIVA (Commercial Union) | | 120 | | 0.5 |
+---------------------------------+----------+----------+----------+------------+
| Royal & Sun Alliance (Royal | | 88 | | 0.4 |
| Life) | | | | |
+---------------------------------+----------+----------+----------+------------+
| Friends Provident (UKPI) | | 52 | | 0.2 |
+---------------------------------+----------+----------+----------+------------+
| AVIVA (Provident Mutual) | | 46 | | 0.2 |
+---------------------------------+----------+----------+----------+------------+
| Refuge Assurance | | 30 | | 0.1 |
+---------------------------------+----------+----------+----------+------------+
| Scottish Mutual | | 27 | | 0.1 |
+---------------------------------+----------+----------+----------+------------+
| Swiss Pioneer Life | | 21 | | 0.1 |
+---------------------------------+----------+----------+----------+------------+
| Sun Life Assurance | | 18 | | 0.1 |
+---------------------------------+----------+----------+----------+------------+
| Total of twenty largest | | 16,005 | | 72.4 |
| holdings | | | | |
+---------------------------------+----------+----------+----------+------------+
| Holdings in other offices | | 95 | | 0.5 |
+---------------------------------+----------+----------+----------+------------+
| Total holdings of endowment | | 16,100 | | 72.9 |
| policies | | | | |
+---------------------------------+----------+----------+----------+------------+
| | | | | |
+---------------------------------+----------+----------+----------+------------+
| Fixed Interest Holdings | | | | |
+---------------------------------+----------+----------+----------+------------+
| EIB 5.5% Bd 07.12.11 | | 532 | | 2.4 |
+---------------------------------+----------+----------+----------+------------+
| EIB 4.25% Bd 07.12.10 | | 798 | | 3.6 |
+---------------------------------+----------+----------+----------+------------+
| UK Govt 6.25% 25.11.10 | | 4,664 | | 21.1 |
+---------------------------------+----------+----------+----------+------------+
| | | 5,994 | | 27.1 |
+---------------------------------+----------+----------+----------+------------+
| | | | | |
+---------------------------------+----------+----------+----------+------------+
| TOTAL OF INVESTED FUNDS | | 22,094 | | 100.0 |
+---------------------------------+----------+----------+----------+------------+
Material events and transactions
No dividends were paid during the quarter.
There were no changes to the Company's share capital over the period.
Financial Performance to 31st March 2010
% change
3m 6m 1yr 3yr 5yrs
Share price 3.51 3.76 17.92 -2.77
33.14
Net Asset Value 1.45 4.56 5.04 -6.45
15.27
Benchmark* 5.99 12.51 50.42 1.28
39.49
Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE 100 Total Return
Financial position at 31st March 2010
31st March
Net assets GBP26,642,833
Share price 110.50p
Net asset value1 119.3p
Discount2 7.4%
Gearing 3 Nil
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 Final posted September, Interim posted
February
AGM 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
6 May 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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