Half-year Report
19/11/2021 10:35
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RNS Number : 9828S Puma VCT 13 PLC 19 November 2021
HIGHLIGHTS
· Return per share of 8.34p for the six months to 31 August 2021
· Successful exit of investment in Pure Cremation, realising a 3.9x
return on funds invested
· Over £7m of new shares issued during the period
· Interim dividend of 6.5p per share declared, payable in December 2021
CHAIRMAN'S STATEMENT
Your Board is pleased to present the half-yearly report for Puma VCT 13 plc
('the Company') for the period to 31 August 2021.
Fundraising
We are happy to report that following the period end, shareholder approval was
received to allow the VCT to raise further funds. This will put the VCT in a
stronger position to exploit the post-pandemic investment environment, add
further diversification, and spread fixed costs over a wider base. This VCT is
now open for fund raising and the market reaction to date has been positive.
Investment Portfolio
Since the last report and accounts the Company has made one new investment of
£1.5m into Everpress, an e-Commerce marketplace for independent designers,
and follow-on investments to Dymag and MyKindaFuture (both alongside other
Puma managed funds). The Company has over 60% of its current NAV invested in
qualifying investments, however, with additional funds now being raised, the
Company will be in a position to take advantage of opportunities that arise as
we emerge from the pandemic.
Le Col has been a notable performer, recording an impressive year of trade
which has contributed to an increase in the NAV of the company. However, there
has been good performance and strong revenue growth widely across the
portfolio, with Influencer and MyKindaFuture (now trading as Connectr) also
notable.
During the period, the Company sold its position in Pure Cremation to realise
a 3.9x return on total funds invested. Your board plans a substantial portion
of the proceeds of this realisation to be paid out as a dividend, towards the
end of 2021.
Net Asset Value
The Company's NAV had grown to 129.84p by the period end of 31 August 2021.
The Company recorded a profit for the period of £2.0m. This arose from upward
revaluations across all holdings - with particular increases in relation to
MyKindaCrowd, LeCol and Influencer - as well as the exit of its holding in
Pure Cremation, which achieved a gain on original cost of £3.7m (much of
which had previously been recorded as an increase in valuation). The Company
continues to hold a small proportion of its NAV in listed equities as part of
its liquidity management strategy, the valuation of which has now recovered
after the initial impact of the Covid-19 pandemic. Allocation of funds to
such holdings will continue to be considered by the Investment Manager as
appropriate.
Dividends
The Company's stated intention is to pay annual dividends in the range of 4p
to 6p per share, subject to available distributable reserves and cash, with
our recent prospectus indicating that dividends would commence following the
publication of these interim results.
I am pleased to confirm that your Board is declaring an interim dividend of
6.5p per share, in excess of the annual dividend target, in reflection of the
successful exit of our holding in Pure Cremation during the period. The
dividend will be payable on 17 December 2021 to shareholders on the register
as at 3 December 2021.
This dividend will equate to the distribution of £1.83m of the £3.75m total
gain achieved on the exit, and your Board intends to distribute the balance of
the gain in March 2022, subject to available cash, reserves and regulation.
No forecast or projection is expressed or implied.
VCT qualifying status
PricewaterhouseCoopers LLP ("PwC") provides the Board and the Investment
Manager with advice on the ongoing compliance with HMRC rules and regulations
concerning VCTs and has reported no issues in this regard for the Company to
date. PwC and other specialist advisors will continue to assist the Investment
Manager in establishing the status of potential investments as qualifying
holdings. PwC will continue to monitor rule compliance and maintaining the
qualifying status of the Company's holdings in the future.
Outlook
With funds available for deployment, the Company has the opportunity to take
advantage of the 'post-Covid' environment and invest in businesses which have
withstood the challenges presented by the pandemic and are now well-positioned
to grow in the new climate. The UK benefits from an active and dynamic sector
of small and medium enterprises and, as this Company's own portfolio has
demonstrated, there can be success stories from the pandemic and its
aftermath.
The Manager has a strong reputation as a provider of capital to well-managed,
later-stage businesses and, at the time of writing, we are very encouraged by
the flow and quantity of prospective qualifying investments which are under
consideration. The investment team are currently in execution phase with two
further potential investments and remain confident in meeting our ongoing
qualifying holding tests as a VCT and, over the years, delivering returns to
our shareholders.
David Buchler
Chairman
19 November 2021
INVESTMENT MANAGER'S REPORT
Investments
Qualifying Investments
ABW Group Limited (Ostmodern) - Digital Product Design and Technology
Ostmodern has been at the forefront of innovation in digital product
development for over 10 years, creating video platforms for some of the
world's leading media, broadcast and sport brands. For example, the company
worked with Formula One (F1), to create a world-class streaming service. They
led F1's first ever direct-to-consumer product, delivering live and on-demand
race content including all drivers' on-board cameras, broadcast to 108
countries. Ostmodern also designed and built Arsenal's new suite of digital
products. The business has completed projects for hayu, the subscription-based
video streaming service and All4, Channel 4's on-demand video streaming
service. Drawing on this expertise, Ostmodern developed their own powerful
media CMS platform, Skylark, which they are now selling independently of their
consultancy services.
Over the reporting period, Skylark sales have remained stable, while the
professional services side of the business has now recovered as activity in
the market has bounced back post lockdown. Also during the period, the company
successfully completed a second phase of product development to allow more
rapid deployment and implementation of the Skylark platform for new clients.
Ostmodern's focus now is to continue building up its sales capability (through
strategic partnerships and its own team). The company has recently recruited a
senior hire with relevant experience in the media sector who will execute
their go-to-market strategy.
31st August 2021 29th February 2021
Total investment from Puma funds £2.00m £2.00m
VCT 13 investment participation £0.50m £0.50m
Equity Valuation £0.50m £0.50m
MOIC (Multiple of Investment Cost) 1x 1x
Dymag Group Limited - High performance wheel manufacturer
Dymag is a British designer and manufacturer of high-performance car and
motorbike wheels, with a specific focus on carbon fibre. The business
continues to grow its presence, both in the aftermarket through relationships
with several large US distributors, and through project work with a number of
leading performance 'original equipment manufacturers' (OEMs).
Dymag has faced challenges during the pandemic with its operating environment
and production capacity, but nonetheless sales have grown substantially from
prior years, with the company recording a 63% year-on-year increase in revenue
to date in 2021. The company's three major revenue lines (carbon auto barrels
sold to distributors, carbon wheels sold directly to niche OEMs and Tuners,
and aluminium motorcycle wheels) have all grown strongly over the period.
Further, increased marketing efforts have led to a growing sales pipeline and
substantial confirmed order book. Margin improvement, however, remains
challenging and the company has further to go to establish a consistent level
of profitability.
Dymag is in an attractive and expanding market with a technically advanced
product with large barriers to entry. The evidence of wider market adoption of
carbon technology continues apace, as does the market's willingness to value
carbon wheel manufacturers. The business remains capital intensive and so, in
order to build on the progress that the business has achieved to date, post
period end the Company invested a further £0.7m into Dymag.
31st August 2021 29th February 2021
Total investment from Puma funds £6.50m £5.65m
VCT 13 investment participation £1.56m £1.44m
Equity Valuation £1.26m £0.99m
MOIC (Multiple of Investment Cost) 0.81x 0.69x
Everpress Limited - E-commerce marketplace for independent designers
In August 2021, the Company deployed £1.5m of investment into Everpress, an
online platform that connects consumers to unique and sustainable products
from independent designers.
Everpress started with a simple mission - to support grassroots creators and
reduce waste in fashion. Today, it provides a full-service solution through
which creators can upload their designs and create campaigns - using the
platform's toolkit to choose garment types, sale duration and prices - before
launching to a global audience via Everpress's website. Campaigns are run on a
pre-order basis and garments are only produced once purchased, eliminating
excess stock and wastage.
Everpress is well-placed to capitalise on market trends such as the growth of
online shopping, which has been accelerated by the pandemic, along with
increasing awareness of ethical fashion and consumers' desire to support
grassroots businesses. The business has shown an impressive growth trajectory:
since 2017 revenues have grown 70% year on year on average, and the business
has matured from five employees in 2016 to over 40 today.
31st August 2021 29th February 2021
Total investment from Puma funds £3.19m -
VCT 13 investment participation £1.51m -
Equity Valuation £1.51m -
MOIC (Multiple of Investment Cost) 1x -
Influencer Limited - Technology
Influencer is a data-driven social media, influencer and digital marketing
agency. Launched in 2017, Influencer's proprietary technology is market
leading in simplifying the influencer marketing process for both brands and
creators. The business has worked with brands such as Pantene, Barclays,
Walkers and Starbucks for their influencer campaigns and regularly works with
some of the world's leading advertising agencies.
Influencer works closely with both the travel and hospitality sectors, and
therefore their clients were impacted greatly by the lockdowns and later
government restrictions arising from the Covid pandemic. However, since
restrictions have eased, clients who fell away during the pandemic have
returned to working with Influencer alongside clients from new sectors the
business has successfully expanded into. The company is hiring in several
areas of its business to support growth.
Post period end, the business has won several new clients, including GiffGaff,
Autotrader, Tilda and O2, and is forecast to continue with a good pipeline of
clients in place for the coming months.
31st August 2021 29th February 2021
Total investment from Puma funds £3.00m £3.00m
VCT 13 investment participation £1.80m £1.80m
Equity Valuation £2.27m £2.04m
MOIC (Multiple of Investment Cost) 1.26x 1.13x
Hot Copper Pub Company Limited - Pubs with Microbreweries
Brewhouse & Kitchen is the largest brewpub brand in the UK, distinctive
for brewing their own unique craft beers onsite and running a participatory
experience with beer tasting and brewing masterclasses. The Company invested
into Knott End Pub Company in 2017, as a franchisee to the Brewhouse &
Kitchen brand, to provide growth capital for the further build-out of the
overall Brewhouse & Kitchen branded estate.
In December 2020, Knott End was merged with two other Brewhouse & Kitchen
franchise companies into which other Puma managed funds had previously
invested. This resulted in the Company holding shares in Hot Copper Pub
Company Limited, the company vehicle that led the merger. As a result, it has
exposure to a larger, more diverse, mostly freehold estate underpinned by a
substantial free-cash buffer.
The Hot Copper sites traded strongly throughout the summer months and have
since then traded ahead of sales compared to two years ago (pre-pandemic).
However, this followed a period of difficulty for pub businesses due to
lockdowns and extreme restrictions on trade. More recently the situation has
much improved but staffing shortages - and other logistical challenges -
across the hospitality sector have impacted the Group.
31st August 2021 29th February 2021
Total investment from Puma funds £20.20m £20.20m
VCT 13 investment participation £0.85m £0.85m
Equity Valuation £0.52m £0.46m
MOIC (Multiple of Investment Cost) 0.61x 0.55x
Le Col Holdings Limited - Sports Apparel
Le Col is a premium cycling apparel brand founded by former professional
cyclist, Yanto Barker. Based in the UK and exporting to 50 countries, Le Col
operates a factory in Italy which enables control of its manufacturing and
supply chain.
Having grown strongly for several years since initial investment by Puma
managed funds, Le Col experienced a boom in sales owing to consumer trends and
an increased focus on exercise during the pandemic, with a notable emphasis on
cycling. Online sales performed exceptionally well over the period, driven by
initiatives such as multi-sport Strava challenges, partnerships with Wahoo (an
indoor cycling kit brand), Zwift rides (an online cycling training programme)
and ongoing sponsorship of Team Bahrain McLaren, a leading Grand Tour team.
Over the period, Le Col launched several new product lines, such as the
Project Aero with McLaren - technical kit developed using aerodynamic
expertise from McLaren - as well as a line of clothing made from recycled
fabrics. Post period end, a new World Tour Team sponsorship was agreed with
Bora Hansgrohe for the 2022 Cycling Season. Joss Lowden, who rides for Drops
Le Col (the UK's leading professional female cycling team), broke the one-hour
max distance World Record at Switzerland's Grenchen velodrome on 29th
September 2021.
31st August 2021 29th February 2021
Total investment from Puma funds £4.85m £4.85m
VCT 13 investment participation £1.03m £1.03m
Equity Valuation £3.86m £3.44m
MOIC (Multiple of Investment Cost) 3.75x 3.35x
Connectr (formerly MyKindaFuture) - Human Resources Technology
Connectr (formerly MyKindaFuture) is an award-winning HR Tech Platform
specialising in helping underrepresented talent to gain employment. Connectr
helps large corporates to increase attraction and retention rates amongst
potential graduate hires and apprentices. Connectr partners with organisations
such as Deloitte, Cisco, the NHS, Thalys and National Grid to help recruit
young people from a wider range of social backgrounds than typically achieved
through traditional channels.
Connectr's platform also supports one-to-one digital mentoring for large
employers, as a scalable digital solution for career development.This is
well-suited to the distanced working practices which continue to be widespread
even after the pandemic's restrictions have eased. Trading throughout the
period for both digital and in-person services has been strong.
In February, the company launched a pilot program with the Department for Work
and Pensions which trialled use of the Connectr platform in Job Centre Plus
locations across London and the South-East and has since then expanded to the
North-East.
Post period end, the company began a three-month pilot programme with the
Ministry of Justice to explore deploying Connectr within the prison service to
assist ex-offenders. In October 2021, the Company invested a further £2.3m
into Connectr.
31st August 2021 29th February 2021
Total investment from Puma funds £3.70m £3.70m
VCT 13 investment participation £1.80m £1.80m
Equity Valuation £3.52m £2.92m
MOIC (Multiple of Investment Cost) 1.96x 1.62x
Open House London Limited - London based food and beverage offer
Open House owns and operates a family of popular dining and drinking venues in
some of London's most progressive neighbourhoods. Open House was launched in
2015 by the team behind Cubitt House, a group of highly successful gastropubs
in central London which were later sold to a private equity group.
Following a difficult year for the pub sector and enforced closures during
lockdown and later tight restrictions on trading, The Lighterman, King's
Cross, reopened and has been trading very strongly, remaining mostly fully
booked. Throughout the period, the company has managed cash tightly and has
received considerable support from landlords due to good negotiation. The
reopening of the site in Fitzrovia, Percy & Founders, has been further
delayed; it is in an office-centric area and therefore will suffer if a
working from home policy is reintroduced over winter.
Post period end, Open House's new site, an anchor building in the new TV
Centre development in London's White City, opened successfully on 12th
October. Situated in an area with high footfall, the venue features a large,
60-seat dining area, as well as a private 20-seat dining room. Its expansive
rooftop terrace will be opening in early 2022.
31st August 2021 29th February 2021
Total investment from Puma funds £5.00m £5.00m
VCT 13 investment participation £1.80m £1.80m
Equity Valuation £2.18m £1.96m
MOIC (Multiple of Investment Cost) 1.21x 1.09x
Tictrac Limited - Health Engagement Platform
TicTrac is a personalised health and wellness platform which provides
exclusive content to its users, as well as taking information from their
wearable fitness trackers to give targeted feedback and action plans. TicTrac
has gathered powerful evidence that use of its platform reduces sedentary
behaviour amongst workforces, with associated positive outcomes for engagement
and wellbeing.
TicTrac's main customers are international insurance companies, such as Aviva,
Cigna, Allianz and Prudential, Generali Employee Benefits and Bupa Hong Kong.
The pandemic accelerated a focus on health and wellness, as well as the need
for flexible, scalable digital solutions to support this. Over the period, the
company has developed the "Community Hub" for its platform, which gives more
direct control to corporate customers, enabling them to manage more of the
platform's features themselves. This will bring major new functionality to
clients and be more efficient for TicTrac from an account management
perspective.
The company engaged a new Chief Product and Technology Officer in the period,
and, subsequent to the period end, also added a new Head of Sales.
31st August 2021 29th February 2021
Total investment from Puma funds £5.00m £5.00m
VCT 13 investment participation £1.85m £1.85m
Equity Valuation £3.27m £3.22m
MOIC (Multiple of Investment Cost) 1.77x 1.74x
Liquidity management investments
To manage the Company's liquidity, a portion of the Company's funds are
invested in a diverse portfolio of listed equities.
This portfolio is managed by the Investment Manager's listed equities team
which during the period was run by Dr Stuart Rollason. Dr Rollason is a highly
experienced small and mid-cap fund manager with over 20 years in the industry,
including spells at Kestrel Partners LLP, Bluehone and ISIS Asset Management.
He was formerly an Extel-rated Research Analyst in Medical Technology and
Biotech at Beeson Gregory, Panmure Gordon and Nomura, and began his career as
a medical doctor practising in the NHS, before moving into research at Oxford
University.
The Company's listed equity portfolio is focussed on UK centric stocks which
are listed on the main board of the London Stock Exchange.At the start of the
pandemic, the Company's portfolio experienced high levels of volatility and
material falls in value in line with markets generally, as previously
reported. At the period end, the portfolio had recovered all of the early
pandemic losses and was standing at a valuation 5% ahead of original cost.
Investment Strategy
We are pleased to have invested the Company's funds in a diverse range of
businesses to date. With the re-opening of the fund raise, we hope to further
diversify the portfolio and exploit the post-Covid investment environment over
the coming months. We remain focused on generating strong returns for
shareholders, whilst balancing these returns with maintaining an appropriate
risk exposure. Overall, we remain confident that our portfolio is
well-positioned to deliver positive returns to shareholders.
Puma Investment Management Limited
19 November 2021
Income Statement (unaudited)
For the period ended 31 August 2021
Period ended Period ended Year ended
31 August 2021
31 August 2020
28 February 2021
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gain on investments - 2,581 2,581 - 2,017 2,017 - 5,660 5,660
Income 15 - 15 12 - 12 21 - 21
15 2,581 2,596 12 2,017 2,029 21 5,660 5,681
Investment management fees 4 (76) (228) (304) (65) (120) (185) (86) (257) (343)
Performance fees 6 - (188) (188) - - - - (717) (717)
Other expenses (141) - (141) (80) - (80) (203) (1) (204)
(217) (416) (633) (145) (120) (265) (289) (975) (1,264)
Profit/(loss) before taxation (202) 2,165 1,963 (133) 1,897 1,764 (268) 4,685 4,417
Taxation - - - - - - - - -
Profit/(loss) and total comprehensive income for the period (202) 2,165 1,963 (133) 1,897 1,764 (268) 4,685 4,417
Basic and diluted
Return/(loss) per Ordinary Share (pence) 2 (0.86p) 9.20p 8.34p (0.56p) 8.06p 7.49p (1.68p) 29.35p 27.67p
The Total column of this statement is the profit and loss of the Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
Balance Sheet (unaudited)
As at 31 August 2021
Note As at As at As at
31 August 2021
31 August 2020
28 February 2021
£'000 £'000 £'000
Fixed Assets
Investments 7 20,533 17,079 21,336
Current Assets
Prepayments 69 97 65
Cash 11,379 397 2,396
11,448 494 2,461
Creditors - amounts falling due within one year (324) (184) (861)
Net Current Assets 11,124 310 1,600
Net Assets 31,657 17,389 22,936
Capital and Reserves
Called up share capital 14 10 11
Share premium account - 14,843 17,736
Capital reserve - realised 1,950 (838) (1,695)
Capital reserve - unrealised 6,053 3,888 7,533
Revenue reserve 23,640 (514) (649)
Equity Shareholders' Funds 31,657 17,389 22,936
Net Asset Value per Ordinary Share 3 129.84p 111.59p 125.77p
Diluted Net Asset Value per Ordinary Share 3 129.84p 111.59p 125.77p
Cash Flow Statement (unaudited)
For the period ended 31 August 2021
Period ended Period ended Year ended
31 August 2021
31 August 2020
28 February 2021
£'000 £'000 £'000
Operating activities
Profit after tax 1,963 1,764 4,417
(Gain) on investments (2,581) (2,017) (5,660)
Decrease/(increase) in debtors (6) 106 138
(Decrease)/increase in creditors (537) 89 766
Net cash used for operating activities (1,161) (58) (339)
Cash flow from investing activities
Purchase of investments (1,681) (1,952) (2,580)
Proceeds from disposal of investments 5,067 323 337
Net cash generated from/(used in) investing activities 3,386 (1,629) (2,243)
Cash flow from financing activities
Proceeds received from issue of ordinary share capital 7,026 - 3,091
Expenses paid for issue of share capital (268) (9) (206)
Net cash generated from financing activities 6,758 (9) 2,885
Net increase/(decrease) in cash and cash equivalents 8,983 (1,696) 303
Cash and cash equivalents at the beginning of the period 2,396 2,093 2,093
Cash and cash equivalents at the end of the period 11,379 397 2,396
Statement of Changes in Equity (unaudited)
For the period ended 31 August 2021
Called up share capital Share premium account Capital reserve - realised Capital reserve - unrealised Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 March 2020 10 14,852 (649) 1,802 (381) 15,634
Expense of share issue - (9) - - - (9)
Total comprehensive income for the period - - (189) 2,086 (133) 1,764
Balance as at 31 August 2020 10 14,843 (838) 3,888 (514) 17,389
Shares issued in the period 1 3,090 - - - 3,091
Expenses of share issues - (197) - - - (197)
Reserve movement - - (2) 2 - -
Total comprehensive income for the period - - (855) 3,643 (135) 2,653
Balance as at 28 February 2021 11 17,736 (1,695) 7,533 (649) 22,936
Shares issued in the period 3 7,023 - - - 7,026
Expense of share issue - (268) - - - (268)
Shares premium cancelled in the period - (24,491) - - 24,491 -
Reserve movement - - 3,154 (3,154) - -
Total comprehensive income for the period - - 491 1,674 (202) 1,963
Balance as at 31 August 2021 14 - 1,950 6,053 23,640 31,657
Notes to the Interim Report
For the period ended 31 August 2021
1. Accounting Policies
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset investments,
and in accordance with applicable Accounting Standards and with the Statement
of Recommended Practice, "Financial Statements of Investment Trust Companies
and Venture Capital Trusts" ("SORP") and in accordance with the Financial
Reporting Standard 102 ("FRS102").
2. Return per Ordinary Share
The total profit per share of 8.34p is based on the profit for the period of
£1,963,000 and the weighted average number of shares in issue for the period
ended 31 August 2021 of 23,533,716.
3. Net asset value per share
As at As at As at
31 August 2021
31 August 2020
28 February 2021
Net assets 31,657,000 17,389,000 22,936,000
Shares in issue 24,381,151 15,583,338 18,237,010
Net asset value per share
Basic 129.84p 111.59p 125.77p
Diluted 129.84p 111.59p 125.77p
4. Investment Management fees
The Company pays the Investment Manager an annual management fee of 2% of the
Company's net assets. The fee is payable quarterly in arrears. The annual
management fee is allocated 75% to capital and 25% to revenue.
5. Financial information provided
The financial information for the period ended 31 August 2021 has not been
audited and does not comprise full financial statements within the meaning of
Section 423 of the Companies Act 2006. The interim financial statements have
been prepared on the same basis as will be used to prepare the annual
financial statements.
6. Management Performance Incentive Arrangement
On 8 December 2016, the Company entered into an Agreement with the Investment
Manager and members of the investment management team (together "the
Management Team") such that the Management Team will be entitled in aggregate
to share in 20 per cent of the performance in relation to each accounting
period as determined from the audited annual accounts for that period, subject
to the Performance Value per share exceeding the High Water Mark (being the
higher of 110p and the highest Performance Value per Share at the end of any
previous accounting period).
The accrued profit and loss expense for the period in relation to this
Agreement is £188,000.
7. Investment portfolio summary
Valuation Cost Gain/(loss) Valuation as a % of Net Assets
As at 31 August 2021 £'000 £'000 £'000
Qualifying Investments
ABW Group Limited ('Ostmodern') 500 500 - 2.0%
Dymag Group Limited 1,260 1,563 (304) 4.0%
Everpress Limited 1,514 1,514 - 5.0%
Influencer Limited 2,269 1,800 469 7.0%
Hot Copper Pub Company Limited 521 847 (326) 2.0%
Le Col Holdings Limited 3,859 1,028 2,830 12.0%
MyKindaCrowd Limited ('Connectr') 3,521 1,800 1,721 11.0%
Open House London Limited 2,180 1,800 380 7.0%
TicTrac Limited 3,268 1,850 1,418 10.0%
Total Qualifying Investments 18,891 12,703 6,188 60.0%
Liquidity Management Investments
Barclays Plc 119 116 3 0.4%
Chemring Group Plc 113 70 43 0.4%
Diageo Plc 114 89 25 0.4%
Discoverie Group Plc 159 63 96 0.5%
Dixons Carphone Plc 93 109 (16) 0.3%
Headlam Group Plc 136 121 15 0.3%
ITV Group Plc 87 82 5 0.3%
Legal & General Group Plc 100 97 3 0.3%
Lloyds Banking Group Plc 109 113 (4) 0.3%
Provident Financial Plc 71 119 (48) 0.2%
Prudential Plc 115 133 (18) 0.4%
PZ Cussons Plc 97 94 2 0.3%
Royal Dutch Shell Plc 72 124 (53) 0.2%
Volution Group Plc 188 69 119 0.5%
WPP Plc 69 67 2 0.2%
Total Liquidity Management Investments 1,642 1,465 177 5.0%
Total Investments 20,533 14,168 6,365 65.0%
Balance of Portfolio 11,124 35.0%
Net Assets 31,657 100.0%
Copies of this Interim Statement will be made available on the website:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
(http://www.pumainvestments.co.uk/pages/view/investors-information-vcts)
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