EP GLOBAL OPPORTUNITIES TRUST PLC INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS TO 30 SEPTEMBER 2012 The Board of EP Global Opportunities Trust plc ("the Company") announces its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 July 2012 to 30 September 2012 and should not be relied upon for any other purpose. OBJECTIVE The investment objective of EP Global Opportunities Trust plc is to provide Shareholders with an attractive real long-term total return by investing globally in undervalued securities. The portfolio is managed without reference to the composition of any stock market index. FINANCIAL SUMMARY 30 September 30 June % 2012 2012 change Net asset value per share (including 173.5p 170.0p 2.1 income) Share price 164.5p 160.3p 2.6 Share price discount to net asset 5.2% 5.7% value Net assets £90.4m £90.9m (0.6) REVIEW OF THE PERIOD Results The net asset value total return for the three month period to 30 September 2012 was 2.1%. In comparison, the return from the FTSE All-World Index was 4.0% while the return from the FTSE All-Share Index was 4.7%. All Index returns are stated on a total return basis. Share price and discount During the quarter to 30 September 2012, the share price increased by 2.6% to 164.5p. The share price discount narrowed from 5.7% at 30 June 2012 to 5.2% at 30 September 2012. In the period, the Company repurchased 1,365,000 shares which were placed into treasury. The total number of shares held in treasury at 30 September 2012 was 12,381,917 shares, representing 19.2% of the total number of shares in issue of 64,509,642 shares. The total number of shares in circulation was 52,127,725 shares. Since 30 September 2012, the Company has repurchased into treasury 650,000 shares. As at 30 October 2012 the total number of shares held in treasury totalled 13,031,917 shares, the total number of shares in circulation was 51,477,725 shares, with the total number of shares in issue, including treasury shares, being 64,509,642 shares. Investment strategy and outlook The third quarter saw periodic bursts of hope over progress in Europe which caused stock market rallies followed by disappointment and declines. Reduced expectations of economic growth in China dominated the Asian markets as investors adjusted to the slower rate of growth. The valuation gap between companies perceived as having low earnings volatility and more cyclical companies continued to stretch to extreme levels and this was most clearly evident in US stocks during the quarter. However the potential magnitude of reversal was highlighted on days when positive sentiment over the global economy returned. We remain confident that the dichotomy in valuation will be reversed and continue to remain fully invested. We have the scope to further increase exposure to equities as we are currently not fully utilising the Company's £10m borrowing facility. TOP TEN INVESTMENTS % of Net Ranking Company Sector Country Assets 1. Google Technology USA 3.4 2. Microsoft Technology USA 3.4 3. Sanofi Health Care France 3.4 4. Japan Tobacco Consumer Goods Japan 3.3 5. Wal-Mart Stores Consumer Services USA 3.2 6. Samsung Electronics Technology South Korea 3.2 7. Illinois Tool Works Industrials USA 3.2 8. Cisco Systems Technology USA 3.2 9. Softbank Telecommunications Japan 3.2 10. China Mobile Telecommunications China 3.1 32.6 GEOGRAPHICAL DISTRIBUTION 30 September 2012 % of Net Assets United States 25.4 Europe 22.7 Japan 21.4 Asia Pacific 19.9 United Kingdom 13.0 Net liabilities (2.4) 100.0 SECTOR DISTRIBUTION 30 September 2012 % of Net Assets Technology 21.5 Consumer Goods 19.6 Industrials 16.9 Telecommunications 11.8 Financials 10.5 Consumer Services 8.4 Oil & Gas 5.8 Health Care 5.6 Basic Materials 2.3 Net liabilities (2.4) 100.0 Past performance is not a guide to future performance. The Directors are not aware of any significant event or transactions which have occurred between 30 September 2012 and the date of publication of this statement which have had a material impact on the financial position of the Company. Enquiries: Sandy Nairn Kenneth Greig Edinburgh Partners Limited Tel: 0131 270 3800 Registered Office of the Company: 27-31 Melville Street Edinburgh EH3 7JF 31 October 2012 END -0- Oct/31/2012 17:45 GMT
EP GLOBAL OPPORTUNITIES TRUST PLC: Interim Management Statement
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