ROUNDUP 2: Nordkorea verkündet Aussetzung seiner Atom- und Raketentests


Mittwoch, 19.10.2016 17:20 von PR Newswire

PR Newswire

All information is at 30 September 2016 and unaudited.
Performance at month end with net income reinvested


One Three One Three Five *Since
Month Months Year Years Years 30.04.09
Share price 5.0% 13.4% 43.6% -0.9% 19.1% 81.0%
Net asset value 3.4% 11.3% 41.3% 0.9% 22.1% 80.9%
MSCI EM Europe 10/40(NR) 2.3% 7.6% 27.1% -15.1% 0.4% 42.2%
US Dollars:
Share price 4.1% 10.2% 23.1% -20.5% -0.7% 58.7%
Net asset value 2.6% 8.1% 21.2% -19.0% 1.8% 58.7%
MSCI EM Europe 10/40(NR) 1.4% 4.5% 9.0% -31.9% -16.3% 24.7%
Sources: BlackRock, Standard & Poor’s Micropal
*BlackRock took over the investment management of the Company with effect from 1 May 2009
At month end
US Dollar:
Net asset value – capital only: 378.50c
Net asset value** – cum income: 386.03c
Net asset value – capital only: 291.37p
Net asset value** – cum income: 297.16p
Share price: 263.50p
Total assets^: £107.0m
Discount (share price to cum income NAV): 11.3%
Net gearing at month end: 1.1%
Gearing range as a % of Net assets: 0-20%
Issued Capital – Ordinary Shares^^ 36,020,128
Ongoing charges* 1.3%
* Calculated as at 31 January 2016, in accordance with AIC guidelines.
** Includes year to date net revenue equal to 5.79 pence per share.
^ Total assets include current year revenue.
^^ Excluding 5,400,000 shares held in treasury.

% of Gross assets* Country

% of Gross assets*
Financials 41.2 Russia 48.2
Energy 24.5 Turkey 22.3
Basic Materials 7.6 Poland 10.6
Consumer Staples 7.6 Greece 7.3
Information Technology 6.2 Ukraine 5.5
Industrials 4.3 Kazakhstan 4.0
Utilities 3.9 Czech Republic 3.2
Telecommunications 3.4 Romania 1.9
Consumer Discretionary 2.9 Net current liabilities (1.1)
Health Care 1.4
Net current liabilities (1.1)
       -----  -----
101.9  101.9
=====  =====
Short positions (0.0) (0.0)
*reflects gross market exposure from contracts for difference (CFDs)
Fifteen Largest Investments
(in % order of Gross Assets as at 30.09.16)
Company Region of Risk Gross assets
Sberbank Russia 9.8
Novatek Russia 7.1
Lukoil Russia 5.5
Gazprom Russia 5.1
Halk Bank Turkey 4.7
Norilsk Nickel Russia 4.6
Globaltrans Russia 4.3
Garanti Bank Turkey 4.1
KazMunaiGas Exploration Production Kazakhstan 4.0
Inter RAO Russia 3.9
PZU Poland 3.8
PKO Bank Polski Poland 3.8
Mail.Ru Russia 3.6
Turkcell Turkey 3.4
TSKB Turkey 3.4
Commenting on the markets, Sam Vecht and Christopher Colunga, representing the Investment Manager noted;
Market Commentary
The MSCI Emerging Europe 10/40 Index rose by 1.4% in September in USD terms. The Company outperformed the index and was up by 2.6% in USD terms.

Country performance in September was led by Russia (+3.8%) and the Czech Republic (+2.5%).  The rest of the region’s equity markets posted negative returns with Greece (-5.3%) and Poland (-2.3%) being the largest laggards.  Elsewhere in the region Hungary returned -0.3% while Turkey returned

During September, Russia benefited from OPEC’s announcement of an agreement, in principle, to production cuts.  S&P also raised its outlook for Russia from negative to stable on decreased external risks.  Conversely, Greece struggled at the end of the period as concerns over the fragility of the Italian and German banking systems raised question marks over how quickly the Greek Second Bailout review can be completed. Moody’s downgraded Turkey’s credit rating to junk late in the period citing concerns about the rule of law, risks from external financing and a slowing economy.  Poland suffered as banks and utilities were material underperformers for the month following tax raids at the state owned utility PGE.

Focus on: Globaltrans

Globaltrans is one of Russia’s leading private freight rail transportation groups. They operate over 66,000 rail cars and specialise in oil products, construction materials and metallurgical cargos. The freight industry has been under some pressure for the past two years as overcapacity in rail cars in Russia, coupled with the fall in oil price and commodity prices, put pressure on the volumes Globaltrans transport and the prices that they can charge for those volumes. We believe that this downward pressure has troughed, and that the industry is beginning to recover.

New legislation from the Russian Government is accelerating the scrappage of excess rail cars. The economic recovery in Russia is helping freight volumes to recover, and in 3Q16 we have started to see prices move higher (up to 50% higher in some locations). Globaltrans is set to benefit from this environment. Two large contracts are to be re-negotiated in the second half of 2016 and will reflect the higher prices. The balance sheet is strong and free cash flow is high allowing for the acquisition of distressed rail fleets to accelerate growth whilst still supporting the dividend payment.
19 October 2016
Latest information is available by typing on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.