IVPH Inv.Perp.Sel Hd

 
TIDMIVPH 
 
Invesco Perpetual Select Trust plc 
 
                          Hedge Fund Share Portfolio 
 
                               (`the Portfolio') 
 
                         Interim Management Statement 
 
                   for the Three Months Ended 31 August 2011 
 
. 
 
Material Events 
 
There were no material events to 31 August 2011. On 27 September 2011 the 
Company announced that the Directors are proposing replacement of the fund of 
hedge funds strategy. In its place they are recommending the adoption of a 
different strategy that offers attractive total returns in differing economic 
and inflationary environments, and with low correlation to equity and bond 
market indices, based on a diversified long-only portfolio of highly liquid 
investments, under the management of the Invesco Global Strategies team in 
Atlanta. This proposal is subject to shareholder approval. Details of the 
proposal will be set out in a circular which will also include a notice 
convening a general meeting of the Company for the same date as the annual 
general meeting at which the necessary resolution will be proposed. The annual 
general meeting will be held at 4.00pm on 15 November 2011. 
 
. 
 
Dividends 
 
No dividends have been declared during the period. 
 
. 
 
Performance - Total Return 
 
                            3 Months  1 Year    3 Years 
 
Share Price                   -4.3%    -0.5%    -23.3% 
 
Net Asset Value               -4.7%    -3.4%    -14.4% 
 
Merrill Lynch 3 month         0.2%     0.8%      5.4% 
LIBOR 
 
Source: Thomson Reuters 
 
. 
 
Share Price and Discount 
 
                                        At          For the Three Months Ended 
 
                                                            31 Aug 11 
 
                                     31 Aug 11        High    Low       Average 
 
Hedge shares mid-market price             100.5      105.0   99.9      102.8 
(pence) 
 
(Discount)/premium                         6.1% 
 
Source: Thomson Reuters 
 
. 
 
Assets and Gearing 
 
                                           31 Aug 11 
 
Total Gross Assets (GBPm)                         12.8 
 
Cash (GBPm)                                          - 
 
Borrowings (GBPm)                                  1.5 
 
Cum Income Net Asset Value                     107.1 
(pence) 
 
Gross Gearing                                    13% 
 
`Gross Gearing' reflects the amount of gross borrowings in use by the Portfolio 
and takes no account of any cash balances. It is based on gross borrowings as a 
percentage of shareholders' funds. A 0% (or nil) gearing percentage shows the 
Portfolio is ungeared. 
 
. 
 
Breakdown of Portfolio by Strategy 
 
Investment Strategy                   % of 
                                    Portfolio 
 
                                   31 Aug 2011 
 
Equity Hedged High                     22.4 
Volatility 
 
Event Driven                           15.0 
 
Macro                                  12.0 
 
Specialist Credit                       9.8 
 
Multiple Strategy                       8.4 
 
Equity Hedged Low                       7.8 
Volatility 
 
Equity Long Bias                        3.8 
 
Short Bias                              3.5 
 
Fixed Income                            3.4 
 
Incubator                               2.8 
 
Other                                   2.7 
 
Volatility Trading                      1.0 
 
Cash                                    5.2 
 
Assets held directly                    2.2 
 
. 
 
Changes to Share Capital for the three months ended 31 August 2011: 
 
                                 Hedge shares of 1p each 
 
                                      Issued    Treasury 
 
As at 31 May 2010                 11,009,810   2,628,000 
 
Hedge shares bought back           (386,000)     386,000 
 
Hedge shares issued                        0           0 
 
Treasury shares                            0           0 
cancelled 
 
As at 31 August 2011              10,623,810   3,014,000 
 
. 
 
Changes to Share Capital since 31 August 2011: 
 
                                 UK Equity shares of 1p each 
 
                                    Issued          Treasury 
 
As at 31 August 2011            10,623,810         3,014,000 
 
Hedge shares bought back         (111,000)           111,000 
 
Hedge shares issued                      0                 0 
 
Treasury shares                          0                 0 
cancelled 
 
As at 7 October 2011            10,512,810         3,125,000 
 
. 
 
Price and Performance 
 
The Company's Hedge Fund Shares are listed on the London Stock Exchange and the 
price is published in the Financial Times under `Investment Companies' and in 
the Daily Telegraph under `Investment Trusts'. 
 
The Portfolio's net asset value is calculated on a daily basis and can be 
viewed on the London Stock Exchange website at www.londonstockexchange.com. 
 
Further information can be obtained from Invesco Perpetual as follows: 
 
Free Investor Helpline: 0800 085 8677 
 
Internet address: www.invescoperpetual.co.uk/investmenttrusts 
 
The information provided in this statement should not be considered as a 
financial promotion. 
 
For and on behalf of 
 
Invesco Asset Management Limited 
 
Corporate Company Secretary 
 
10 October 2011 
 
Registered Office 
 
30 Finsbury Square, London, EC2A 1AG 
 
Telephone: 020 7065 4000 
 
Facsimile: 020 7065 3166 
 
Registered in England No 5916642 
 
An Investment Company under Section 833 
 
of the Companies Act 2006 
 
 
 
END 
 

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