WTR: World Trust Fund: Fact Sheet UK Regulatory Announcement LONDON The World Trust Fund Fact Sheet – October 2012 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 Hurricane Sandy, one of the most devastating storms in history, hit north-east U.S. and S&P 500 declined almost 2%, and the technology sector dropped over 4%. European market held ground on ECB commitment, while emerging markets were weak on continued global slowdown. World Trust Fund performed well for the month, led by China Everbright (+17%), New Germany Fund (+8%), Jardine Strategic (+7%), and JP Morgan European Smaller (5%). Fund Description The Fund seeks to achieve long-term capital appreciation by investing primarily in a diversified portfolio of companies whose shares trade at a discount to the underlying 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 Trust Fund at the inception of the Fund, July 1^st, 1991. Kun Deng is a Managing Director of Lazard Asset Management, responsible for the firm’s Discounted Assets Strategies in global, international, and emerging markets. He has been advising the World Trust Fund since 1997. Kun has the CFA charter. Lazard Asset Management is known for its global perspective on investing and years of experience with global, regional and domestic portfolios. With more than 250 investment personnel worldwide, and over $146 billion in assets under management, we have offices located throughout the world in Bahrain, Boston, Frankfurt, Hong Kong, London, Madrid, Milan, Montreal, New York, San Francisco, Seoul, Sydney, Tokyo, Toronto and Zurich. Performance as of October 31, 2012 Annualized Performance MTD YTD 1-Year 3-Year 5-Year 10-Year since inception** The World Trust Fund 3.1% 12.9% 9.7% 9.0% -6.1% 8.4% 5.7% Price * (GBP) The World Trust Fund 1.0% 9.8% 7.1% 8.3% -6.1% 7.6% 6.4% NAV (GBP) The World Trust Fund 3.0% 17.3% 10.1% 8.3% -10.7% 8.7% 5.5% Price (US$) The World Trust Fund NAV (US$) 0.9% 14.4% 7.2% 7.5% -10.7% 8.1% 6.3% – Fully diluted MSCI All Country -0.7% 12.1% 8.6% 7.5% -3.0% 7.8% 6.0% World Index (US$) 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 to and including 31.10.09 has been re-calculated using exchange rates provided by Bloomberg. Past performance data from 01.11.09 is 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. Regional Exposure Country % Asia (ex-Japan) 26.1 North America 18.3 Europe (ex-UK) 23.0 Japan 7.8 United Kingdom 7.7 Latin America, Africa & Middle East 5.2 Other 6.7 Source: Lazard Asset Management Top Holdings Top 10 holdings as at October 31, 2012 Weight % Discount % First Pacific Co 7.7 -43.0 Eaton Vance Tax-Managed Global Buy-Write Opps 7.0 -11.8 JPMorgan European Smaller Companies Trust 4.5 -13.9 JPMorgan Emerging Investment Trust 4.4 -9.4 Eurazeo 3.8 -31.8 China Everbright Limited 3.7 -47.3 Swiss Helvetia Fund 3.6 -13.2 General American Investors 3.4 -14.8 Clough Global Opportunities 3.4 -12.1 Polar Capital Technology Trust 3.1 -1.2 Source: Lazard Asset Management / Morningstar (unless otherwise stated) Portfolio Composition Closed-Ended Investment Companies 30.2% Investment Trusts 32.8% Corporate Equities 31.8% Source: Lazard Asset Management Portfolio Exposure Long 94.8% Short 0% Source: Lazard Asset Management Fund Data GBP US$ Market Capitalisation 94.4 m 152.4 m Total Assets 103.7m 167.4 m Borrowings Nil Nil Fully Diluted Net Asset Value 2.12 3.42 Market Price 1.93 3.11 Warrant Market Price 5.875 p Discount/Premium -9.0% Source: State Street Bank Company Information (October 31, 2012) 54,041,464 Ordinary shares in issue (including 5,107,135 Treasury shares) = Luxembourg denominator 48,934,329 Ordinary shares (excluding 5,107,135 Treasury shares) = FSA denominator Ticker: WTR ISIN: LU0483266259 10,804,211 Warrants remain outstanding from those admitted to trading on 9 September 2011.* Ticker: WTRW ISIN: LU0642053580 US$3.23, if exercised on the Subscription Dates up to and including the last Business Day of March 2013, being a 1 per Subscription: cent. premium to such NAV per share; and US$3.51 if exercised on the Subscription Dates in September 2013 and March 2014, being a 10 per cent. premium to such NAV per share. Benchmark: MSCI All Countries World Index * Information on the exercise of warrants can be found on the Fund's website. Contact Details Lazard Asset Management LLC 30 Rockefeller Plaza New York Fund Manager: NY 10112 USA Telephone: +1212 632 6000 Capita Sinclair Henderson Ltd Company Secretary: Telephone: +44 1392 412122 Société d’Investissement à Capital Fixe Registered office: 49, avenue J.F. Kennedy, L-1855 Registered Office: Luxembourg Grand Duchy of Luxembourg, R.C.S. Luxembourg No. B 37.154 Philip McLoughlin (Chairman) John Hignett Duncan Budge Directors: James Cave Howard Myles Alexander Zagoreos The Fund has recently launched a new website on which further copies of the Factsheet are available at: www.theworldtrustfund.com 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. It should also not be assumed that any investment in these securities was, or will be, profitable. Information and opinions contained within this document are derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions are as at the date of this document 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 of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Investors are reminded that although the shares of the Fund are listed in GB sterling, the base currency of the Fund is US dollars. Therefore, in addition to the fluctuations in the rate of exchange between the currency in which shares are denominated (US$) and the base currencies of the underlying investments that may affect the value of your investment both positively and negatively, changes in rates of exchange between the Fund’s base currency and 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 MSCI index or indices (the “Index Data”). However, MSCI has not reviewed this product or report, and does not endorse or express any opinion regarding this 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 liability whatsoever with respect to any Index Data or data derived therefrom. The MSCI Index Data may not be further redistributed or used as a basis for other indices or any securities or financial products. There is no assurance that the World Trust Fund’s objectives or performance targets will be achieved. This financial promotion is issued and approved by: Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL Lazard Asset Management Limited is incorporated in England and Wales with registered number 525667. It is authorised and regulated by the Financial Services Authority Listing Category: Premium – Equity Closed-ended Investment Fund Contact: World Trust Fund
WTR: World Trust Fund: Fact Sheet
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