Anglo & Overseas Trust's net asset value per share fell by 7.1% last month. Deutsche, the investment...
Anglo & Overseas Trust's net asset value per share fell by 7.1% last month. Deutsche, the investment trust's manager, blamed the downturn in equity markets, particularly in the UK and US, where the trust has 41.5% and 33% invested respectively.
Anglo's NAV stood at 302.2p yesterday.
The investment trust, which is in the global growth sector, has increased its holding in GlaxoSmithKline citing a more visible drug pipeline while reducing holdings in tech stocks Microsoft, IBM and Intel.
Fund managers at the trust, fearing a recession may be hard to avoid in the US, in a defensive move have taken an overweight position in energy by buying Conoco and Schlumberger.
Anglo & Overseas' fund management team is made up of Adrian Frost, James Fox, Kazuichi Mihara, Katrina Batchelor and Davis Haysey.
The five largest holdings in the trusts portfolio, as at 28 February this year, were Vodafone (3.2%), BP Amoco (3%), GlaxoSmithKline (3%), General Electric (2%) and HSBC Holdings (1.9%).
Shares in Anglo & Overseas stood at 286p yesterday having fallen 5.6% in March, on a discount of -5.4. Gross assets stood at £384.7m.
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