SVM Asset Management - Investment Trusts - SVM UK Emerging Fund plc

Investment Trusts > SVM UK Emerging Fund plc: Quarterly review

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The SVM UK Emerging Fund was originally launched in 2000 as the SVM OFEX Fund, to invest primarily in a portfolio of UK companies traded on the OFEX market, the most junior stockmarket in the UK. This market did not develop as expected, with share prices significantly lagging the general recovery seen in smaller companies in 2003. Following the AGM in September 2004, the name of the Fund was changed to the SVM UK Emerging Fund plc, with a new investment objective allowing the Company to hold investments in unquoted, OFEX and Alternative Investment Market (AIM) companies, plus up to 20% of the Fund (calculated by cost of the investment) in other securities and instruments. The benchmark index for the SVM UK Emerging Fund was also changed to the AIM Index.

Stock analysis and commentary

Full details as at 30 June 2008

Fund Manager Interview and Update (April 2008)

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Latest Fact Sheet (July 2008)

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(Details as at 30 June 2008)

Price in p

Share price date

Mid Price

68.50 p

26 Aug 2008

NAV

60.49 p

31 July 2008

Mid prices are as at close the previous business day. The NAV figures are calculated by SVM using BID prices.

Please note that the above mid prices are for information purposes only and are not necessarily the price at which the Trusts can be bought or sold.

The Trust was launched on 18 October 2000.

18 July 2008

SVM UK Emerging AGM Results July 2008

Visit the media centre for more news releases.

The UK Emerging Fund has won the following award:

AIC Commendation 2008
Best Factsheet

SVM has won the following award:

Lipper Fund Awards 2008
Best Overall Group – Equity Small category

The SVM UK Emerging Fund has the following rating:

Source & Copyright: CITYWIRE. Colin McLean is AAA rated by Citywire for his 3 year risk adjusted performance for the period 30/06/2005 - 30/06/2008

Donald Robertson image

Donald is a qualified accountant with in excess of 20 years' investment and financial experience. Prior to co-founding SVM, he worked at Ivory & Sime, one of the largest independent fund management companies. His fund management responsibilities include investment trusts, derivatives/structured products and speciality finance.

> Meet the rest of the team

Colin McLean image

Colin has over 30 years' investment experience and is widely regarded as one of the UK’s top stockpicking analysts. Prior to establishing SVM Asset Management in 1990, he held senior positions with three major financial institutions. He was Head of Investment of two UK life assurers, FS Assurance and Scottish Provident, before being Managing Director of Templeton International’s European operations. His sector responsibilities include UK banks, insurance and mining.

> Meet the rest of the team

Chart showing investment performance

	SVM UK Emerging Fund plc

Time span: Update chart

Source: Lipper, capital return, to 26/08/2008.
Past performance should not be seen as an indication of future performance.

Annual Report

Interim Report

30 September 2007

% Change	2008	2007	2006	2005	2004
SVM UK Emerging NAV	-9.7	44.4	37.8	5.6	-35.6

Source: SVM/Lipper Hindsight, CR - capital return, to last quarter end 30/06/2008. Past performance should not be seen as an indication of future performance. The Board has authorised the Managers to use bank borrowings, allowing increased portfolio investment, and to hedge certain exposures from time to time where the Managers believe this would offer the potential to protect shareholder value. Hedging is typically implemented through Contracts for Difference (CFDs) with UBS Warburg Securities and the total of such exposure is limited to a normal maximum of 15% of the Trust’s Net Asset Value (NAV). CFDs may also be used for the active management of the portfolio (long positions) as an alternative to holding direct company equity exposure.The overall effect of such gearing (that is bank borrowings plus the gross exposure of long positions less any hedging) must not normally exceed 20% of the Trust’s NAV. Additional limits have also been set on individual hedging to assist risk control. Market movements may produce occasional excursions beyond these limits while the Managers take appropriate action. The value of an investment and the income from it may fall as well as rise and investors may not get back the amount originally invested. Investing in smaller companies may increase the volatility of your investment. An Investment Trust is a public limited company, the shares of which are quoted on the London Stock Exchange. Investment Trusts can borrow money, which then can be used to make further investments. In a rising market, this gearing can enhance returns to shareholders. Correspondingly, if the market falls, losses may be greater. Hence, to produce a benefit to shareholders, the level of gearing needs to be carefully judged and monitored. The information in this document does not constitute or contain an offer or invitation for the sale or purchase of any shares in the Fund in any jurisdiction, is not intended to form the basis of any investment decision and does not constitute any recommendation by the Fund, its directors, agents or advisers.

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SVM Asset Management Limited is registered in Scotland (Number 125817) with its registered office at 7 Castle Street, Edinburgh EH2 3AH United Kingdom and is authorised and regulated by the Financial Services Authority. The information contained in this website has been issued and approved by SVM Asset Management Limited. The information on this website is directed only to eligible investors. Please satisfy yourself that you are eligible to make such investments before accessing this information.

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© 2008 SVM Asset Management.