LAZARD WORLD TRUST FUND SA The World Trust Fund
Fact Sheet - 31 December 2015
Société d'Investissement à Capital Fixe
Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg
Grand Duchy of Luxembourg, R.C.S. Luxembourg No. B 37.154
Commentary
The global equity markets finished the year down in December. Divergence in the central bank policies and continuing decline in oil-and-commodity prices continued to dominate financial headlines. The well-advertised interest-rate increase by the US Federal Reserve was easily digested by the markets, as the US economy continues to enjoy steady, though unspectacular, growth. Geopolitics continued to unnerve investors with continued unrest in the middle east and eastern Europe. Driving returns higher for the Fund were investments in JPMorgan European Smaller Companies Trust (+9.3%) and Morgan Stanley China A Share Fund (+8.4%) while detracting from returns were investments in Investor AB (-2.7%) and Marwyn Value Investors (-2.1%)
Fund Description
The Fund seeks to achieve long-term capital appreciation by investing primarilyin a diversified portfolio of companies whose shares trade at a discount to theunderlying net asset value. The Fund may also sell short stock indices, stocks,and shares of exchange-traded funds or closed-end funds, not exceeding 100% of the Fund's net assets.
Lazard Asset Management LLC was appointed as Manager of The World TrustFund at the inception of the Fund, July 1, 1991.
Kun Deng is a ManagingDirectorof Lazard Asset Management,responsible for the firm's DiscountedAssets Strategies in global,international, and emerging markets.
He has been advising the World TrustFund since 1997. Kun has theCFA charter.
Lazard Asset Managementis known for its globalperspective on investingand years of experiencewith global, regional anddomestic portfolios. Withmore than300+ investment personnel worldwide, and over US$180 billion in assetsunder management,we have offices located throughout the world inBahrain, Boston, Frankfurt,Hong Kong, London, Madrid, Milan,Montreal, New York, San Francisco, Seoul, Sydney,Tokyo, Toronto and Zurich.
Performance as of December 31, 2015
Performance | MTD | YTD | 1-Year | 3-Year | 5-Year | 10-Year | Annualized since inception** |
The World Trust Fund Price * (GBP) | 1.0% | 3.8% | 3.8% | 9.1% | 5.1% | 1.7% | 6.1% |
The World Trust Fund NAV (GBP) | 3.2% | 6.6% | 6.6% | 11.0% | 6.5% | 2.6% | 7.0% |
The World Trust Fund Price (US$) | -1.2% | -1.8% | -1.8% | 5.6% | 4.0% | 0.2% | 5.6% |
The World Trust Fund NAV (US$) | 1.0% | 0.7% | 0.7% | 7.5% | 5.3% | 1.0% | 6.6% |
MSCI All Country World Index (US$) | -1.8% | -2.4% | -2.4% | 7.7% | 6.1% | 4.8% | 6.3% |
MSCI AC World Ex USA | -1.9% | -5.7% | -5.7% | 1.5% | 1.1% | 2.9% | n/a |
Source: Lazard Asset Management/MSCI
* As at 01.11.09 the currency in which the shares of the Fund are traded changed from US$ to GBP. Past performance data up toand including 31.10.09 has been re-calculated using exchange rates provided by Bloomberg. Past performance data from 01.11.09is calculated using exchange rates provided by State Street Bank. The Fund's base currency for valuation and performance fee calculation purposes remains as US$.
** Inception date 01.07.91
The base currency of the Fund is US$ and the GBP quoted figure is a sterling rate equivalent.
World Trust Fund Annual NAV Performance (%)
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |
World Trust Fund NAV (Net)* | 0.7 | 3.5 | 18.9 | 19.4 | -12.8 | 17.0 | 48.2 | -61.9 | 7.6 | 20.2 | 28.7 | 25.6 |
MSCI AC World Index | -2.4 | 4.2 | 22.8 | 16.1 | -7.4 | 12.7 | 34.6 | -42.2 | 11.7 | 21.0 | 10.8 | 15.2 |
MSCI AC World Ex USA Index | -5.7 | -3.9 | 15.3 | 16.8 | -13.7 | 11.2 | 41.5 | -45.5 | 16.7 | 26.7 | 16.6 | 20.9 |
Source: Lazard Asset Management/FactSet
* The pre-2015 values relate to the fully Diluted NAV. The final subscription date for the exercise of warrants was March 31st, 2014 and no additional warrant offers have been made since that date.
Net Regional Exposure
Country | % |
North America | 23.0% |
Asia (ex-Japan) | 25.1% |
Europe (ex-UK) | 21.2% |
United Kingdom | 10.8% |
Japan | 9.5% |
Other | 8.1% |
Latin America, Africa & Middle East | 1.1% |
Source: Lazard Asset Management
Top Holdings
Top 10 holdings as December 31, 2015 | Weight % | Discount % |
BB Biotech | 7.2% | -17.5% |
Eurazeo | 5.7% | -15.3% |
JPMorgan European Smaller Companies | 5.4% | -4.5% |
General American Investors | 5.4% | -15.3% |
Investor AB | 4.7% | -18.9% |
JPMorgan Japanese | 4.5% | -8.2% |
Adams Diversified | 4.5% | 14.7% |
Harbourvest Global Private Equity | 4.2% | -19.3% |
Tri Continental | 4.2% | -14.8% |
First Pacific | 3.9% | 43.0% |
Source: Lazard Asset Management / Morningstar (unless otherwise stated)
Portfolio Composition
Closed-Ended Investment Companies | 37.5% |
Investment Trusts | 34.8% |
Corporate Equities | 26.5% |
Source: Lazard Asset Management
Portfolio Exposure
Source: Lazard Asset Management
Fund Data
GBP | US$ | |
Market Capitalisation | 102.0m | 150.3m |
Total Assets | 120.2m | 177.2m |
Borrowings | 0.0% | |
Fully Diluted Net Asset Value | 2.968 | 4.376 |
Ordinary Share Market Price | 2.520 | 3.715 |
Discount/Premium | -15.1% | |
Source: State Street Bank
Company Information as at December 31, 2015
50,678,372Ordinary shares in issue (including10,211,277Treasury shares) = Luxembourg denominator | |
40,467,095Ordinary shares (excluding10,211,277 Treasury shares) = FCA denominator | |
Ticker: | WTR |
ISIN: | LU0483266259 |
Benchmark: | MSCI All Countries World Index |
Contact Details
Fund Manager: | Lazard Asset Management LLC 30 Rockefeller Plaza New York NY 10112 USA Telephone: +1212 632 6000 |
Company Secretary: | Capita Company Secretarial Services Limited Telephone: +44 1392 412122 |
Registered Office: | Société d'Investissement à Capital Fixe 49, avenue J.F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg, R.C.S. Luxembourg No. B 37.154 |
Directors: | Philip McLoughlin (Chairman) Duncan Budge James Cave Howard Myles Tony Morrongiello |
The Fund has recently launched anew website on which furthercopies of the Factsheet areavailable at:
www.theworldtrustfund.com
NMPI Status
The Company currently conducts its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA's rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
Important Information
This is a financial promotion and is not intended to be investment advice.
Securities identified in this document are not necessarily held by Lazard Asset Management for all client portfolios, and should not be considered as a recommendation or solicitation to purchase, sell or hold these securities. Itshould also not be assumed that any investment in these securities was, orwill be, profitable.
Information and opinions contained within this document are derived fromsources believed by Lazard to be reliable. Lazard makes no representationas to their accuracy or completeness. All opinions are as at the date of thisdocument and are subject to change without notice.
The World Trust Fund is an investment company incorporated in Luxembourg,whose shares are listed and traded on the London Stock Exchange.
Past performance is not a reliable indicator of future results. The value ofinvestments and the income from them may go down as well as up andinvestors may not get back the amount originally invested.
Investors are reminded that although the shares of the Fund are listed in GBsterling, the base currency of the Fund is US dollars. Therefore, in addition to the fluctuations in the rate of exchange between the currency in whichshares are denominated (US$) and the base currencies of the underlyinginvestments that may affect the value of your investment both positively andnegatively, changes in rates of exchange between the Fund's base currencyand the currency in which it is listed (GBP) may also have the effect of causing the value of your investment to fluctuate.
Certain information included herein is derived by Lazard in part from an MSCIindex or indices (the 'Index Data'). However, MSCI has not reviewed this product or report, and does not endorse or express any opinion regardingthis product or report or any analysis or other information contained herein or the author or source of any such information or analysis. MSCI makes no express or implied warranties or representations and shall have no liabilitywhatsoever with respect to any Index Data or data derived therefrom. TheMSCI Index Data may not be further redistributed or used as a basis for otherindices or any securities or financial products.
There is no assurance that the World Trust Fund's objectives or performancetargets will be achieved.
This financial promotion is issued and approved by:
Lazard AssetManagement Limited, 50 Stratton Street, London W1J 8LL
Lazard Asset Management Limited is incorporated in England and Wales withregistered number 525667. It is authorised and regulated by the Financial Conduct Authority
Listing Category: Premium - Equity Closed-ended Investment Fund
The World Trust Fund issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-22 11:39:02 UTC
Original Document: http://otp.investis.com/clients/uk/world_trust/rns/regulatory-story.aspx?newsid=650146&cid=900
