|
Objective
The Company will seek to achieve an absolute return with low volatility through investment in a multi - asset portfolio.
This will be achieved by investing in a diverse portfolio comprising principally of UK equities and fixed interest securities, together with overseas equities, property, alternative assets and structured products.
The portfolio will ordinarily contain some 50 - 65 holdings, and will target a gross dividend yield of approximately 4.25% of current NAV. Investment will be made in a combination of direct holdings together with a range of other investment funds where more specialized management skills are necessary. Dividends are payable quarterly in respect of the periods ending 31 January, 30 April, 31 July and 31 October.
|
| Top Ten "Direct Equities" |
|
(as at 30th September 2009) |
| % |
| 1 |
A.J.Bell Holdings Ltd * |
4.1 |
| 2 |
Royal Dutch Shell B Shares plc |
2.4 |
| 3 |
Legal & General plc |
2.3 |
| 4 |
Vodafone plc |
2.2 |
| 5 |
BP plc |
2.2 |
| 6 |
National Grid plc |
2.1 |
| 7 |
GlaxoSmithKline plc |
2.1 |
| 8 |
Tesco |
2.0 |
| 9 |
Unilever plc |
1.9 |
| 10 |
Scottish & Southern Energy plc |
1.9 |
|
Total |
23.2 |
| Top Ten "Other Holdings" |
| (as at 30th September 2009) |
| % |
| 1 |
Royal London Sterling Extra High Yield Bond Fund |
3.3 |
| 2 |
City Merchants High Yield Trust |
3.0 |
| 3 |
Blackrock Commodities Income Investment Trust |
2.9 |
| 4 |
Ignis Argonaut European Income Fund |
2.4 |
| 5 |
BNP Paribas 1 Year FTSE Short Strangle 15% |
2.3 |
| 6 |
Bellway 9.5% Preference Share |
2.2 |
| 7 |
Ecclesiastical 8.625% Preference Share |
2.0 |
| 8 |
Royal & Sun Alliance 7.375% Preference Shares |
2.0 |
| 9 |
Assured Fund |
2.0 |
| 10 |
Elders 17A Japan High Income |
1.9 |
|
Total |
24.0 |
|
Top Ten Holdings overall represent 35.3% of the portfolio attributed to the ordinary shares |
|
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0.75p
(-0.69%)
