Interim Management Statement
01 5월 2009 - 11:15PM
UK Regulatory
TIDMADRK
RNS Number : 6142R
Allianz Dresdr 2 Endw Policy TstPLC
01 May 2009
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Allianz Dresdner Second Endowment Policy Trust PLC
Interim Management Statement
For the quarter ending 31st March 2009
This interim management statement relates to the quarter from 1st January 2009
to 31st March 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 2009.
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%,120%,100%,80% and 50% of current bonus rates and
no further bonuses. Projected final net asset values as at 31st March 2009 are:
Projected final net asset values at 31st December 2009:
Assuming 150% of current bonus rates: 157.0p
Assuming 120% of current bonus rates: 153.1p
Assuming 100% of current bonus rates: 150.5p
Assuming 80% of current bonus rates: 148.0p
Assuming 50% of current bonus rates: 144.2p
Assuming no further bonuses: 138.0p
Projected final net asset values are calculated using the principal bases
and assumptions set out in the Annual Financial 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 and interest costs. Interest rates over
the Company's life are assumed to be consistent with the shape of the swap yield
curve at 31st March 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 31st March 2009
+---------------------------------------+--+----------+--+------------+
| Life Office | | Value of Policies |
+---------------------------------------+--+--------------------------+
| | | GBP'000s | | % of total |
| | | | | investment |
+---------------------------------------+--+----------+--+------------+
| | | | | |
+---------------------------------------+--+----------+--+------------+
| Standard Life | | 5,906 | | 30.3 |
+---------------------------------------+--+----------+--+------------+
| Legal & General | | 1,449 | | 7.4 |
+---------------------------------------+--+----------+--+------------+
| Prudential (Scottish Amicable) | | 1,203 | | 6.2 |
+---------------------------------------+--+----------+--+------------+
| Prudential | | 1,094 | | 5.6 |
+---------------------------------------+--+----------+--+------------+
| Scottish Widows | | 1,002 | | 5.1 |
+---------------------------------------+--+----------+--+------------+
| AVIVA (Norwich Union) | | 875 | | 4.5 |
+---------------------------------------+--+----------+--+------------+
| Scottish Life | | 870 | | 4.5 |
+---------------------------------------+--+----------+--+------------+
| Scottish Provident | | 799 | | 4.1 |
+---------------------------------------+--+----------+--+------------+
| Clerical Medical | | 730 | | 3.7 |
+---------------------------------------+--+----------+--+------------+
| Colonial | | 253 | | 1.3 |
+---------------------------------------+--+----------+--+------------+
| Friends Provident | | 144 | | 0.7 |
+---------------------------------------+--+----------+--+------------+
| Royal & Sun Alliance (Royal Life) | | 136 | | 0.7 |
+---------------------------------------+--+----------+--+------------+
| Sun Life of Canada | | 90 | | 0.5 |
+---------------------------------------+--+----------+--+------------+
| AVIVA (Provident Mutual) | | 89 | | 0.5 |
+---------------------------------------+--+----------+--+------------+
| Pearl Assurance | | 88 | | 0.5 |
+---------------------------------------+--+----------+--+------------+
| Britannic Assurance | | 83 | | 0.4 |
+---------------------------------------+--+----------+--+------------+
| NFU Mutual | | 82 | | 0.4 |
+---------------------------------------+--+----------+--+------------+
| Gresham Life | | 71 | | 0.4 |
+---------------------------------------+--+----------+--+------------+
| National Provident | | 66 | | 0.3 |
+---------------------------------------+--+----------+--+------------+
| Scottish Equitable | | 64 | | 0.3 |
+---------------------------------------+--+----------+--+------------+
| Total of twenty largest holdings | | 15,094 | | 77.4 |
+---------------------------------------+--+----------+--+------------+
| Others | | 775 | | 4.0 |
+---------------------------------------+--+----------+--+------------+
| Total holdings of endowment policies | | 15,869 | | 81.4 |
+---------------------------------------+--+----------+--+------------+
| | | | | |
+---------------------------------------+--+----------+--+------------+
| Fixed Interest Holdings | | | | |
+---------------------------------------+--+----------+--+------------+
| Abbey 5.375% 30/12/09 | | 516 | | 2.7 |
+---------------------------------------+--+----------+--+------------+
| UK Govt 5.75% 07/12/09 | | 3,107 | | 15.9 |
+---------------------------------------+--+----------+--+------------+
| | | 3,623 | | 18.6 |
+---------------------------------------+--+----------+--+------------+
| | | | | |
+---------------------------------------+--+----------+--+------------+
| TOTAL OF INVESTED FUNDS | | 19,492 | | 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.
The Annual General Meeting was held on 28th April 2009 and all resolutions were
passed.
Financial Performance to 31st March 2009
% change
3m 6m 1yr 3yr 5yrs
Share price4.18 3.79 -0.54 15.61 60.23
Net Asset Value 0.34 -5.91 -7.86 6.39 19.20
Benchmark* -10.29
-18.07 -28.17 -26.39 7.04
Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE 100 Total Return
Financial position at 31st March 2009
31st March
Net assetsGBP28,925,395
Share price137.0p
Net asset value1 146.5p
Discount26.5%
Gearing3Nil
1 Net asset valuesare 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.
3Actual gearing - net of cash and fixed interest.
Company Information
Launch date1998
EPIC ADRK
Year end 31 December
Report and Accounts Final posted March, Interim posted August
AGM April
Price Information Financial Times, The
Daily Telegraph, www.rcm.com/investmentrusts
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 Second Endowment Policy Trust PLC
155 Bishopsgate
London EC2M 3AD
1st May 2009
This information is provided by RNS
The company news service from the London Stock Exchange
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