WTR: World Trust Fund: Fact Sheet

  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
 
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