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New Star Investment Trust PLC: Annual Financial -4-

DJ New Star Investment Trust PLC: Annual Financial Report

New Star Investment Trust PLC (NSI) 
New Star Investment Trust PLC: Annual Financial Report 
 
30-Sep-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
NEW STAR INVESTMENT TRUST PLC 
 
This announcement constitutes regulated information. 
 
        UNAUDITED RESULTS 
 
        FOR THE YEAR ENDED 30TH JUNE 2019 
 
New Star Investment Trust plc (the 'Company'), whose objective is to achieve 
long-term capital growth, announces its consolidated results for the year 
ended 30th June 2019. 
 
FINANCIAL HIGHLIGHTS 
 
                                      30th June 30th June      % 
 
                                           2019      2018 Change 
PERFORMANCE 
Net assets (GBP '000)                     113,971   111,366   2.34 
Net asset value per Ordinary share      160.47p   156.80p   2.34 
Mid-market price per Ordinary share     111.00p   113.00p  -1.77 
Discount of price to net asset value     30.83%     27.9%    n/a 
Total Return*                             2.98%      6.5%    n/a 
IA Mixed Investment 40% - 85% Shares      3.66%      4.9%    n/a 
(total return) 
MSCI AC World Index (total return,       10.30%      9.5%    n/a 
sterling adjusted) 
MSCI UK Index (total return)              1.68%      8.3%    n/a 
 
                               1st July 2018 to 1st July 2017 to 
 
                                 30th June 2019   30th June 2018 
 
Revenue return per Ordinary               1.81p            1.17p 
share 
Capital return per share                  2.86p            8.51p 
Return per Ordinary share                 4.67p            9.68p 
TOTAL RETURN*                             2.98%             6.5% 
 
PROPOSED DIVIDEND PER ORDINARY            1.40p            1.00p 
SHARE 
 
  * The total return figure for the Group represents the revenue and capital 
     return shown in the consolidated statement of Comprehensive income plus 
        dividends paid (the Alternative performance measure). 
 
CHAIRMAN'S STATEMENT 
 
        PERFORMANCE 
 
 Your Company's net asset value (NAV) total return was 3.0% over the year to 
30th June 2019. This took the year-end NAV per ordinary share to 160.47p. By 
     comparison, the Investment Association's Mixed Investment 40-85% Shares 
     index gained 3.7%. Your Directors believe this benchmark is appropriate 
because your Company has, since inception, been invested in a broad range of 
 asset classes. In a volatile year, global equity markets generated positive 
returns although European and Asian equities underperformed US equities as a 
result of escalating trade tensions, slowing economic growth and fears about 
  the consequences of a "no deal" Brexit. The MSCI AC World Total Return and 
    MSCI UK Total Return Indices gained 10.3% and 1.7% respectively while UK 
      government bonds returned 5.2%. Further information is provided in the 
        investment manager's report. 
 
        EARNINGS AND DIVIDEND 
 
     The revenue return for the year was 1.81p per share (2018: 1.17p). This 
 represents a substantial increase. Your directors do not envisage increases 
  of a similar magnitude in subsequent years. A performance fee of 0.58p per 
        share (2018: nil) was deducted from capital. 
 
Your Company has a revenue surplus in its retained revenue reserve, enabling 
       it to pay a dividend. Your directors recommend the payment of a final 
        dividend in respect of the year of 1.4p per share (2018: 1.0p). 
 
OUTLOOK 
 
Global economic growth slowed during 2019, with manufacturing suffering more 
   than services as a result of trade disputes and rising tariffs. The US is 
seeking to maintain its technological supremacy so there may not be an early 
  end to its trade dispute with China. This may have a significant effect on 
     eurozone and Asian exporters while Brexit uncertainties may continue to 
        affect UK commercial and consumer confidence. 
 
     The decline in long-term bond yields relative to short-term bond yields 
  shows that investors fear the onset of recession. Major central banks have 
sought to counter slowing economic growth through monetary easing but, after 
a decade of such measures, further easing may prove to be less of a stimulus 
than in the past. Your Company reduced its equity holdings over the year and 
   increased its holdings in cash. Investments in dollars, gold equities and 
   lower-risk multi-asset funds provide diversification and potentially some 
        protection if equity markets weaken. 
 
        CASH AND BORROWINGS 
 
       Your Company has no borrowings and ended its financial year with cash 
        representing 18.1% of its net asset value. Your Company is likely to 
        maintain a significant cash position. 
 
 The Company is a small registered Alternative Investment Fund Manager under 
 the European Union directive. The Company's assets now exceed the threshold 
 of EUR100 million. As a result, should it wish to borrow it would require a 
        change in regulatory permissions. 
 
        DISCOUNT 
  During the year, your Company's shares continued to trade at a significant 
        discount to their NAV. The Board keeps this issue under review. 
 
ANNUAL MEETING 
The Annual General Meeting will be held on Thursday, 14th November 2019 at 
11am. 
 
NET ASSET VALUE 
Your Company's unaudited net asset value per share at 31st August 2019 was 
162.91p. 
 
        INVESTMENT MANAGER'S REPORT 
 
        MARKET REVIEW 
 
        US monetary policy reached a watershed moment during your Company's 
financial year. Starting in December 2015, the Federal Reserve had tightened 
        monetary policy through successive interest rate increases and some 
  reduction of its swollen balance sheet, culminating in December 2018, when 
the Fed funds target rate rose to 2.25-2.50%. Global equities fell 10.57% in 
     sterling over the final quarter of 2018, more than erasing the previous 
 quarter's gains because investors feared overly-restrictive monetary policy 
  might choke off economic growth. In a significant volte-face, however, the 
   Fed chairman, Jerome Powell, retreated from earlier hawkish comments that 
 interest rates were "a long way" from neutral, saying rates were "close to" 
        neutral. Confidence returned following the Fed's U-turn, with global 
  equities gaining 16.68% in sterling in the six months to 30th June 2019 to 
   end a volatile year up 10.30%. US equities outperformed, rising 14.54% in 
        sterling, but European and Asian equities underperformed. 
 
 Safe-haven assets were in demand as economic prospects deteriorated. Global 
        bonds rose 9.80% in sterling while UK government bonds and sterling 
  corporate bonds rose 5.23% and 6.83% respectively. The yield on 10-year US 
  treasury bonds fell from 2.85% to 2.20%, with investors looking forward to 
  US interest rate cuts. Gold rose 16.25% in sterling as the decline in bond 
  yields reduced the opportunity cost of holding this nil-yielding commodity 
     and investors sought safety from the potential debasement of some major 
        currencies through monetary easing. 
 
    The Fed changed tack because of slowing economic growth and below-target 
   inflation. US gross domestic product (GDP) rose 3.1% in 2018 but the rate 
    slowed to 2.2% in the final quarter as the impact of fiscal stimulus and 
    increased public sector spending faded. In August 2019, the Fed forecast 
   growth of 2.1% for 2019. The narrowing difference between short-dated and 
      long-dated US bond yields led some forecasters to be more pessimistic, 
        fearing a recession might be approaching. 
 
   In August, shortly after your Company's year end, the 10-year US treasury 
  bond yield fell below the two-year yield. This so-called "yield inversion" 
   has preceded every US recession in the last 40 years although some months 
 have typically elapsed between the inversion and the onset of recession. US 
 leading indicators for manufacturing and non-manufacturing sectors weakened 
   in the first eight months of 2019 and the manufacturing leading indicator 
        dipped to a level that implied output might fall. Consumer spending, 
  however, proved resilient as a result of low unemployment. Employment data 
       tend, however, to be lagging indicators. In August, the Sino-US trade 
   dispute escalated as both sides increased tariffs. US tariffs have gained 
    bipartisan support and are likely to become an established feature of US 
    trade policy, reducing the scope for an economic boost if the impasse is 
        resolved. 
 
   UK GDP expanded 0.5% quarter-on-quarter in the first quarter of 2019. GDP 
 did, however, fall 0.2% quarter-on-quarter in the second quarter, according 
 to the first estimate, probably as a result of activity having been brought 
   forward into the first quarter ahead of the first Brexit deadline of 29th 
        March. UK household spending continued to grow steadily but leading 
  indicators deteriorated and the potential disruption from a no-deal Brexit 
may tip the UK into recession. Brexit-risks overshadowed UK equities, rising 
      only 1.68% over the year under review. UK smaller companies did worse, 
falling 5.36% because they tend to be more reliant on domestic earnings than 
      larger companies, whose export and overseas businesses benefitted from 
     sterling weakness. In response to the increased likelihood of a no-deal 
   Brexit, sterling fell 3.60% and 6.23% respectively against the dollar and 
        yen. 
 
  Equities in Europe excluding UK rose only 8.18% in sterling over the year. 
Eurozone manufacturers suffered from worsening global economic prospects and 
      the impact of trade disputes and tariffs. German GDP fell in the third 
  quarter of 2018 and the second quarter of 2019 as the manufacturing sector 
 contracted. In June, German industrial production fell 1.5% on the previous 
   month, leaving it down 5.20% over 12 months as vehicle production was hit 
        particularly hard. 
 

(MORE TO FOLLOW) Dow Jones Newswires

September 30, 2019 02:00 ET (06:00 GMT)

DJ New Star Investment Trust PLC: Annual Financial -2-

Over the summer of 2019, investors expected the European Central Bank (ECB) 
   to ease monetary policy later this year. The scope for interest rate cuts 
may be limited, however, because the ECB's deposit rate ended your Company's 
 year at -0.40%. Banks have typically refrained from passing on the negative 
  deposit rate to retail customers, reducing their profits. Further cuts may 
   be no more effective in encouraging bank lending so the ECB may resort to 
  more bond buying, the previous programme having ended in 2018. As a result 
 of recent falls in bond yields, however, many Europe excluding UK sovereign 
   bonds were already trading on negative yields over the summer and the ECB 
        may encounter liquidity constraints. 
 
      During the year, equities in Asia excluding Japan and emerging markets 
       returned 3.55% and 5.40% respectively in sterling, held back by trade 
  disputes, with China, down 3.06% in sterling, particularly badly affected. 
     Chinese economic growth slowed as weak export demand was only partially 
 offset by increased infrastructure spending. Additional policy support may, 
       however, be forthcoming if trade talks stall. After the year-end, the 
     renminbi fell against the dollar, prompting the US to designate China a 
     currency manipulator. Renminbi-weakness generated fears of deflation in 
  August 2015 and January 2016, leading to sharp falls in some risky assets. 
 
    Within emerging markets, returns diverged widely. While Chinese equities 
   fell, Indian stocks rose 11.97% in sterling. The prime minister, Narendra 
   Modi, won a second term while the 16.15% oil price fall in sterling terms 
  benefitted India as an oil-importing economy. Russian equities rose 33.11% 
   in sterling as investors' fears of further sanctions proved unfounded for 
        now. 
 
        PORTFOLIO REVIEW 
 
     The total return of the Company was 2.98% for the year under review. By 
     comparison, the Investment Association's Mixed Investment 40-85% Shares 
  Index, which measures a peer group of funds with a multi-asset approach to 
  investing and a typical investment in global equities in the 40-85% range, 
        rose 3.66%. 
 
The main reason for your Company's marginal underperformance relative to the 
IA Mixed Investment 40-85% Shares Index was its relative lack of exposure to 
   Wall Street during a year in which US stocks outperformed. Your company's 
   largest holding, Fundsmith Equity, did, however, have the majority of its 
  assets in US stocks as did Polar Capital Technology. Both outperformed the 
    returns from US stocks, rising 18.48% and 16.03% respectively. Fundsmith 
Equity holds a concentrated portfolio of large companies held for the longer 
      term. Its focus is on resilient companies with high returns on capital 
   employed and strong business models that are difficult for competitors to 
  replicate. This means future profits and cash flows are relatively easy to 
        predict. 
 
      Companies with these characteristics, regarded as "bond proxies", have 
typically performed well since the credit crisis in an environment of steady 
    growth and low inflation. Many consumer staples companies such as Philip 
      Morris and Pepsico, which are among the top 10 holdings in Fundsmith's 
portfolio, meet these criteria. In July 2019, the portfolio's largest sector 
  allocation was, however, technology, with Microsoft and Facebook among the 
      top 10 holdings. Both stocks are also top-10 holdings in Polar Capital 
Technology. Your Company's Fundsmith Equity holding increased in August 2018 
    while profits were taken in Polar Capital Global Technology in September 
        2018. 
 
 By contrast with Fundsmith Equity, Artemis Global Income, which has a value 
  investment style, underperformed, falling 3.45% over the year. Its largest 
   holdings were in financial stocks, which were relatively weak because the 
 flattening yield curve damaged the profits of banks, which typically borrow 
      at lower short-term rates and lend for longer periods at higher rates. 
 Artemis Global Income does, however, have an above-average yield because of 
    its value bias, contributing to your Company's ability to pay dividends. 
  Value stocks have typically been out of favour since the credit crisis and 
        the valuation gulf widened over the year. Value stocks may, however, 
 outperform strongly should the macroeconomic outlook change in their favour 
        while delivering an attractive income in the meantime. 
 
 Aberforth Split Level Income, which invests in UK smaller companies and has 
      a value investment style, fell 18.42%, dragged down by fears of a "bad 
    Brexit", the greater sensitivity of smaller companies to the domestic UK 
      economy and investors' disenchantment with value investing. UK smaller 
 companies did, however, appear oversold over the summer of 2019 as a result 
  of investors' Brexit concerns while sterling's weakness may increase their 
        attractions to overseas investors. 
 
Man GLG UK Income and Schroder Income fell 0.30% and 4.72% respectively as a 
   result of their bias towards value stocks although yields in excess of 5% 
     contributed significantly to your Company's ability to pay an increased 
  dividend. Trojan Income outperformed, however, rising 4.18% partly because 
    of its bias towards defensive consumer goods companies such as Unilever. 
 
    BlackRock Continental European Income was the best performer amongst the 
 investments in Europe excluding UK equities, rising 7.60%. FP Crux European 
        Special Situations, up 1.40%, remained amongst your Company's top 10 
    holdings although profit-taking through sales in August and October 2018 
    realised more than half of the investment. Standard Life European Equity 
        Income returned 1.39%. 
 
       Among the Asian and emerging markets holdings, the HSBC Russia Capped 
     exchange-traded fund gained 32.29% as it benefitted from Russian equity 
strength. Russian holdings also enhanced the returns from JP Morgan Emerging 
   Markets Income, up 14.45%, while Liontrust Asia Income also outperformed, 
rising 4.62%. Stewart Investors Indian Subcontinent underperformed, however, 
up only 1.65% because of its cautious approach during a period of high local 
        equity valuations. 
 
     Your company has diversified risk through investments in gold equities, 
   dollar cash and lower-risk multi-asset funds. Gold price strength fuelled 
  the 20.54% gain from BlackRock Gold & General. Your company also benefited 
    from dollar strength through Trojan and EF Brompton Global Conservative, 
 which both had significant dollar holdings in their multi-asset portfolios. 
        Trojan and EF Brompton Global Conservative gained 4.15% and 2.87% 
        respectively. 
 
During the year, your Company modestly increased investment in three private 
companies, which have the potential to add an uncorrelated source of return. 
 The unquoted portfolio increased by more than GBP1 million after allowing for 
       sales and purchases. The investment in Embark, your Company's largest 
     unquoted investment, increased and the valuation has been written up in 
        response to the terms of a capital raising. 
 
        OUTLOOK 
 
       Global economic growth slowed over the summer of 2019, affected by US 
       monetary tightening in previous years and the fading of the impact of 
   President Trump's fiscal stimulus. The manufacturing sector was suffering 
      more than services as trade woes exacerbated worsening global economic 
      conditions. In the US, bipartisan support for tariffs aimed at Chinese 
    exports mean there may be no easy resolution of trade disputes as the US 
seeks to maintain technological supremacy in key sectors such as information 
  technology and communications. The eurozone and some emerging markets were 
  more severely affected because of their dependence on exports while the UK 
        appeared vulnerable to a no-deal Brexit. 
 
The flattening yield curve may imply a recession is approaching. The Federal 
Reserve and some other major central banks have been seeking to mitigate the 
       impact of slowing growth through monetary easing. These policies may, 
   however, prove less effective than previously after more than a decade of 
  such measures. Your Company reduced the allocation to global equities over 
 the year and increased its investment in dollar cash. Investments in dollar 
  cash, gold equities and low-risk multi-asset funds provide diversification 
and potentially some protection should equities fall. Investments in a small 
   number of private companies offer the potential for uncorrelated returns. 
 
        SCHEDULE OF TWENTY LARGEST INVESTMENTS AT 30TH JUNE 2019 
 
Holding         Activity             Bid-market    Percentage of 
                                          value       net assets 
 
                                         GBP '000 
Fundsmith       Investment Fund           7,839             6.88 
Equity Fund 
Embark Group    Unquoted                  5,942             5.21 
                Investment 
Polar Capital-  Investment Fund           5,280             4.63 
Global 
Technology Fund 
FP Crux         Investment Fund           5,098             4.47 
European 
Special 
Situations Fund 
Schroder Income Investment Fund           4,795             4.21 
Fund 
EF Brompton     Investment Fund           4,222             3.71 
Global 
Conservative 
Fund 
Artemis Global  Investment Fund           3,856             3.38 
Income Fund 
BlackRock       Investment Fund           3,794             3.33 
Continental 
European Income 
Fund 
Aberforth Split Investment                3,747             3.29 
Level Income    Company 
Trust 
Aquilus         Investment Fund           3,698             3.25 
Inflection Fund 
BlackRock Gold  Investment Fund           3,470             3.04 
& General Fund 
Lindsell Train  Investment Fund           3,144             2.76 
Japanese Equity 
Fund 

(MORE TO FOLLOW) Dow Jones Newswires

September 30, 2019 02:00 ET (06:00 GMT)

DJ New Star Investment Trust PLC: Annual Financial -3-

EF Brompton     Investment Fund           2,846             2.50 
Global Equity 
Fund 
EF Brompton     Investment Fund           2,840             2.49 
Global 
Opportunities 
Fund 
Man GLG UK      Investment Fund           2,767             2.43 
Income Fund 
Liontrust Asia  Investment Fund           2,763             2.42 
Income Fund 
First State     Investment Fund           2,750             2.41 
Indian 
Subcontinent 
Fund 
EF Brompton     Investment Fund           2,694             2.36 
Global Growth 
Fund 
MI Brompton UK  Investment Fund           2,669             2.34 
Recovery Unit 
Trust 
Trojan Income   Investment Fund           2,379             2.09 
Fund 
                                         76,593            67.20 
Balance not                              17,189            15.08 
held in 20 
investments 
above 
Total                                    93,782            82.28 
investments 
(excluding 
cash) 
Cash                                     20,605            18.08 
Other net                                 (416)           (0.36) 
current assets 
Net assets                              113,971           100.00 
 
The investment portfolio, excluding cash, can be 
further analysed as follows: 
                                                        GBP '000 
 
Investment funds                                        78,453 
Investment companies and exchange                        7,133 
traded funds 
Unquoted investments                                     7,386 
Other quoted investments                                   810 
                                                        93,782 
 
        SCHEDULE OF TWENTY LARGEST INVESTMENTS AT 30TH JUNE 2018 
 
Holding         Activity             Bid-market    Percentage of 
                                          value       net assets 
 
                                         GBP '000 
FP Crux         Investment Fund          11,237            10.09 
European 
Special 
Situations Fund 
Polar Capital - Investment Fund           5,473             4.91 
Global 
Technology Fund 
Schroder Income Investment Fund           5,242             4.71 
Fund 
Fundsmith       Investment Fund           5,191             4.66 
Equity Fund 
Aberforth Split Investment                4,859             4.36 
Level Income    Company 
Trust 
Artemis Global  Investment Fund           4,120             3.70 
Income Fund 
EF Brompton     Investment Fund           4,105             3.69 
Global 
Conservative 
Fund 
BlackRock       Investment Fund           3,699             3.32 
Continental 
European Income 
Fund 
Aquilus         Investment Fund           3,562             3.20 
Inflection Fund 
Lindsell Train  Investment Fund           3,312             2.97 
Japanese Equity 
Fund 
Embark Group    Unquoted                  3,268             2.93 
                Investment 
Man GLG UK      Investment Fund           2,929             2.63 
Income Fund 
BlackRock Gold  Investment Fund           2,904             2.61 
& General Fund 
EF Brompton     Investment Fund           2,785             2.50 
Global 
Opportunities 
Fund 
Liontrust Asia  Investment Fund           2,768             2.49 
Income Fund 
MI Brompton UK  Investment Fund           2,746             2.47 
Recovery Unit 
Trust 
Stewart         Investment Fund           2,706             2.43 
Investors 
Indian 
Subcontinent 
Fund 
EF Brompton     Investment Fund           2,687             2.41 
Global Equity 
Fund 
EF Brompton     Investment Fund           2,630             2.36 
Global Growth 
Fund 
Trojan Income   Investment Fund           2,384             2.14 
Fund 
                                         78,607            70.58 
Balance not                              17,694            15.89 
held in 20 
investments 
above 
Total                                    96,301            86.47 
investments 
(excluding 
cash) 
Cash                                     15,027            13.49 
Other net                                    38             0.04 
current assets 
Net assets                              111,366           100.00 
 
The investment portfolio, excluding cash, can be 
further analysed as follows: 
                                                        GBP '000 
 
Investment funds                                        80,548 
Investment companies and exchange                        9,357 
traded funds 
Unquoted investments, including                          5,375 
interest bearing loans of GBP250,000 
Other quoted investments                                 1,021 
                                                        96,301 
 
        STRATEGIC REVIEW 
 
 The Strategic Review is designed to provide information primarily about the 
       Company's business and results for the year ended 30th June 2019. The 
Strategic Review should be read in conjunction with the Chairman's Statement 
    and the Investment Manager's Report above, which provide a review of the 
 year's investment activities of the Company and the outlook for the future. 
 
        STATUS 
 
 The Company is an investment company under section 833 of the Companies Act 
        2006. It is an Approved Company under the Investment Trust (Approved 
Company) (Tax) Regulations 2011 (the 'Regulations') and conducts its affairs 
       in accordance with those Regulations so as to retain its status as an 
    investment trust and maintain exemption from liability to United Kingdom 
        capital gains tax. 
 
 The Company is a small registered Alternative Investment Fund Manager under 
        the European Union Markets in Financial Instruments Directive. 
 
        INVESTMENT OBJECTIVE AND POLICY 
 
        Investment Objective 
 
  The Company's investment objective is to achieve long-term capital growth. 
 
        Investment Policy 
 
  The Company's investment policy is to allocate assets to global investment 
   opportunities through investment in equity, bond, commodity, real estate, 
       currency and other markets. The Company's assets may have significant 
        weightings to any one asset class or market, including cash. 
 
      The Company will invest in pooled investment vehicles, exchange traded 
     funds, futures, options, limited partnerships and direct investments in 
     relevant markets. The Company may invest up to 15% of its net assets in 
        direct investments in relevant markets. 
 
      The Company will not follow any index with reference to asset classes, 
  countries, sectors or stocks. Aggregate asset class exposure to any one of 
the United States, the United Kingdom, Europe ex UK, Asia ex Japan, Japan or 
   Emerging Markets and to any individual industry sector will be limited to 
  50% of the Company's net assets, such values being assessed at the time of 
  investment and for funds by reference to their published investment policy 
        or, where appropriate, the underlying investment exposure. 
 
   The Company may invest up to 20% of its net assets in unlisted securities 
  (excluding unquoted pooled investment vehicles) such values being assessed 
        at the time of investment. 
 
   The Company will not invest more than 15% of its net assets in any single 
        investment, such values being assessed at the time of investment. 
 
   Derivative instruments and forward foreign exchange contracts may be used 
    for the purposes of efficient portfolio management and currency hedging. 
   Derivatives may also be used outside of efficient portfolio management to 
meet the Company's investment objective. The Company may take outright short 
 positions in relation to up to 30% of its net assets, with a limit on short 
 sales of individual stocks of up to 5% of its net assets, such values being 
        assessed at the time of investment. 
 
    The Company may borrow up to 30% of net assets for short-term funding or 
        long-term investment purposes. 
 
  No more than 10%, in aggregate, of the value of the Company's total assets 
    may be invested in other closed-ended investment funds except where such 
  funds have themselves published investment policies to invest no more than 
    15% of their total assets in other listed closed-ended investment funds. 
 
   Information on the Company's portfolio of assets with a view to spreading 
        investment risk in accordance with its investment policy above. 
 
        FINANCIAL REVIEW 
 
         Net assets at 30th June 2019 amounted to GBP113,971,000 compared with 
       GBP111,366,000 at 30th June 2018. In the year under review, the NAV per 
    Ordinary share increased by 2.3% from 156.80p to 160.47p, after paying a 
        dividend of 1.0p per share. 
 
  The Group's gross revenue rose to GBP2,239,000 (2018: GBP1,776,000). Last year 
the Company increased its investment in income focused funds resulting in an 
      increase in gross income during the year under review. After deducting 
 expenses and taxation the revenue profit for the year was GBP1,284,000 (2018: 
         GBP831,000). 
 
   Total expenses for the year amounted to GBP1,364,000 (2018: GBP940,000), as a 
  result of a performance fee becoming payable. In the year under review the 
          investment management fee amounted to GBP688,000 (2018: GBP668,000). A 
 performance fee of GBP410,000 was payable in respect of the year under review 
 as the Company outperformed the cumulative hurdle rate. The performance fee 
  has been allocated to the Capital account in accordance with the Company's 
 accounting policy. At 30 June 2019 the Company's NAV was slightly above the 
  hurdle rate NAV. Further details on the Company's expenses may be found in 
        notes 3 and 4. 
 
        Dividends have not formed a central part of the Company's investment 
 objective. The increased investment in income focused funds has enabled the 
   Directors to declare an increased dividend. The Directors propose a final 
 dividend of 1.40p per Ordinary share in respect of the year ended 30th June 
  2019 (2018: 1.0p). If approved at the Annual General Meeting, the dividend 

(MORE TO FOLLOW) Dow Jones Newswires

September 30, 2019 02:00 ET (06:00 GMT)

will be paid on 29th November 2019 to shareholders on the register at the 
     close of business on 8th November 2019 (ex-dividend 7th November 2019). 
 
        The primary source of the Company's funding is shareholder funds. 
 
While the future performance of the Company is dependent, to a large degree, 
    on the performance of international financial markets, which in turn are 
 subject to many external factors, the Board's intention is that the Company 
  will continue to pursue its stated investment objective in accordance with 
 the strategy outlined above. Further comments on the short-term outlook for 
      the Company are set out in the Chairman's Statement and the Investment 
        Manager's report above. 
 
 Throughout the year the Group's investments included seven funds managed by 
    the Investment Manager (2018: seven). No investment management fees were 
        payable directly by the Company in respect of these investments. 
 
        PERFORMANCE MEASUREMENT AND KEY PERFORMANCE INDICATORS 
 
   In order to measure the success of the Company in meeting its objectives, 
    and to evaluate the performance of the Investment Manager, the Directors 
      review at each meeting: net asset value, income and expenditure, asset 
allocation and attribution, share price of the Company and the discount. The 
 Directors take into account a number of different indicators as the Company 
 does not have a formal benchmark, and performance against these is shown in 
        the Financial Highlights. 
 
        Performance is discussed in the Chairman's Statement and Investment 
        Manager's Report. 
 
        PRINCIPAL RISKS AND UNCERTAINTIES 
 
  The principal risks identified by the Board, and the steps the Board takes 
        to mitigate them, are as follows: 
 
        Investment strategy 
 
 Inappropriate long-term strategy, asset allocation and fund selection could 
lead to underperformance. The Board discusses investment performance at each 
        of its meetings and the Directors receive reports detailing asset 
        allocation, investment selection and performance. 
 
        Business conditions and general economy 
 
 The Company's future performance is heavily dependent on the performance of 
  different equity and currency markets. The Board cannot mitigate the risks 
  arising from adverse market movements. However, diversification within the 
 portfolio will reduce the impact. Further information is given in portfolio 
        risks below. 
 
    Portfolio risks - market price, foreign currency and interest rate risks 
 
 The twenty largest investments are listed above. Investment returns will be 
        influenced by interest rates, inflation, investor sentiment, 
   availability/cost of credit and general economic and market conditions in 
        the UK and globally. A significant proportion of the portfolio is in 
     investments denominated in foreign currencies and movements in exchange 
       rates could significantly affect their sterling value. The Investment 
        Manager takes all these factors into account when making investment 
  decisions but the Company does not normally hedge against foreign currency 
movements. The Board's policy is to hold a spread of investments in order to 
  reduce the impact of the risks arising from the above factors by investing 
        in a spread of asset classes and geographic regions. 
 
        Net asset value discount 
 
  The discount in the price at which the Company's shares trade to net asset 
   value means that shareholders cannot realise the real underlying value of 
their investment. Over the last few years the Company's share price has been 
   at a significant discount to the Company's net asset value. The Directors 
  review regularly the level of discount, however given the investor base of 
   the Company, the Board is very restricted in its ability to influence the 
        discount to net asset value. 
 
        Investment Manager 
 
  The quality of the team employed by the Investment Manager is an important 
       factor in delivering good performance and the loss of key staff could 
adversely affect returns. A representative of the Investment Manager attends 
    each Board meeting and the Board is informed if any major changes to the 
        investment team employed by the Investment Manager are proposed. 
 
        Tax and regulatory risks 
 
  A breach of The Investment Trust (Approved Company) (Tax) Regulations 2011 
        (the 'Regulations') could lead to capital gains realised within the 
    portfolio becoming subject to UK capital gains tax. A breach of the UKLA 
   Listing Rules could result in suspension of the Company's shares, while a 
  breach of company law could lead to criminal proceedings, financial and/or 
     reputational damage. The Board employs Brompton Asset Management LLP as 
        Investment Manager, and Maitland Administration Services Limited as 
        Secretary and Administrator, to help manage the Company's legal and 
        regulatory obligations. 
 
        Operational 
 
   Disruption to, or failure of, the Investment Manager's or Administrator's 
   accounting, dealing or payment systems, or the Custodian's records, could 
    prevent the accurate reporting and monitoring of the Company's financial 
   position. The Company is also exposed to the operational risk that one or 
        more of its suppliers may not provide the required level of service. 
 
 The Directors confirm that they have carried out an assessment of the risks 
 facing the Company, including those that would threaten its business model, 
        future performance, solvency and liquidity. 
 
        VIABILITY STATEMENT 
 
     The assets of the Company consist mainly of securities that are readily 
 realisable or cash and it has no significant liabilities. Investment income 
      exceeds annual expenditure and current liquid net assets cover current 
  annual expenses for many years. Accordingly, the Company is of the opinion 
        that it has adequate financial resources to continue in operational 
     existence for the long term which is considered to be in excess of five 
      years. Five years is considered a reasonable period for investors when 
      making their investment decisions. In reaching this view the Directors 
   reviewed the anticipated level of annual expenditure against the cash and 
  liquid assets within the portfolio. The Directors have also considered the 
        risks the Company faces. 
 
        ENVIRONMENTAL, SOCIAL AND COMMUNITY ISSUES 
 
 The Company has no employees, with day-to-day management and administration 
        of the Company being delegated to the Investment Manager and the 
    Administrator. The Company's portfolio is managed in accordance with the 
investment objective and policy; environmental, social and community matters 
  are considered to the extent that they potentially impact on the Company's 
investment returns. Additionally, as the Company has no premises, properties 
        or equipment, it has no carbon emissions to report on. 
 
 The Company has sought, wherever possible, and been provided with assurance 
       from each of its main suppliers, that no slaves, forced labour, child 
 labour, or labour employed at rates of pay below statutory minimums for the 
country of their operations, are being employed in the provision of services 
        to the Company. 
 
        GENDER DIVERSITY 
 
 The Board of Directors comprises three male directors. The Board recognises 
  the benefits of diversity, however, the Board's primary consideration when 
 appointing new directors is their knowledge, experience and ability to make 
a positive contribution to the Board's decision making regardless of gender. 
 
        CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AT 30TH JUNE 2019 
 
                       Year ended              Year ended 
 
                     30th June 2019          30th June 2018 
                 Revenue Capital         Revenue Capital 
                  Return  Return          Return  Return 
                          GBP '000                  GBP '000 
 
                                  Total                    Total 
                  GBP '000         GBP '000   GBP '000          GBP '000 
 
           Notes 
 
INVESTMENT   2     1,890       -  1,890    1,654       -   1,654 
INCOME 
Other        2       349       -    349      122       -     122 
operating 
income 
                   2,239       -  2,239    1,776       -   1,776 
GAINS AND 
LOSSES ON 
INVESTMENT 
S 
Gains on 
investment 
s at fair 
value 
through      9         -   1,992  1,992        -   6,218   6,218 
profit or 
loss 
Other                  -     443    443        -   (176)   (176) 
exchange 
gains 
/(losses) 
Trail                  -       5      5        -       5       5 
rebates 
                   2,239   2,440  4,679    1,776   6,047   7,823 
EXPENSES 
Management   3     (688)   (410) (1,098    (668)       -   (668) 
and                                   ) 
performanc 
e fees 
Other        4     (266)       -  (266)    (272)       -   (272) 
expenses 
                   (954)   (410) (1,364    (940)       -   (940) 
                                      ) 
PROFIT             1,285   2,031  3,315      836   6,047   6,883 
BEFORE TAX 
Tax          5         -       -      -      (5)       -     (5) 
PROFIT FOR         1,285   2,031  3,315      831   6,047   6,878 
THE YEAR 
 
EARNINGS 
PER SHARE 
Ordinary     7     1.81p   2.86p  4.67p    1.17p   8.51p   9.68p 
shares 
(pence) 
 
   The total column of this statement represents the Group's profit and loss 
account, prepared in accordance with IFRS, as adopted by the European Union. 
        The supplementary Revenue Return and Capital Return columns are both 
        prepared under guidance published by the Association of Investment 
 Companies. All revenue and capital items in the above statement derive from 
        continuing operations. 
 
     The Company did not have any income or expense that was not included in 

(MORE TO FOLLOW) Dow Jones Newswires

September 30, 2019 02:00 ET (06:00 GMT)

© 2019 Dow Jones News
Zeitenwende! 3 Uranaktien vor der Neubewertung
Ende Mai leitete US-Präsident Donald Trump mit der Unterzeichnung mehrerer Dekrete eine weitreichende Wende in der amerikanischen Energiepolitik ein. Im Fokus: der beschleunigte Ausbau der Kernenergie.

Mit einem umfassenden Maßnahmenpaket sollen Genehmigungsprozesse reformiert, kleinere Reaktoren gefördert und der Anteil von Atomstrom in den USA massiv gesteigert werden. Auslöser ist der explodierende Energiebedarf durch KI-Rechenzentren, der eine stabile, CO₂-arme Grundlastversorgung zwingend notwendig macht.

In unserem kostenlosen Spezialreport erfahren Sie, welche 3 Unternehmen jetzt im Zentrum dieser energiepolitischen Neuausrichtung stehen, und wer vom kommenden Boom der Nuklearindustrie besonders profitieren könnte.

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