Between the launch on 13 March 2008 and close on 31 October 2013
the NAV fell by 20.7%. Over this period the EPRA Index also
experienced a decrease of 18.2%.The Fund recorded its lowest
observation of the EPRA index in March 2009 at 760.83, therefore if
the Index were to recover to maturity, this figure would be used as
the reference point to calculate final performance. The index has
yet to recover to its initial level; however the market trend has
been upwards since November 2011 to date. The UK property market
was a major driving force in the performance of the underlying
index. 7 of the top 10 holdings were from UK stocks, furthermore UK
holdings comprised just under 40% of the index composition.
BNP Paribas Energy-Base Metals (3)
Listing: Channel Islands Securities Exchange Authority
Launch date: 5 June 2008
Issue price at launch: 100 pence
NAV at launch: 100 pence
Maturity date: 12 June 2014
ISIN: GG00B2R9LW24
SEDOL: B39TP47
Epic Code: EBMC
Investment Objective
The EBM3 Shares are a six-year investment offering 175% of the
upside of the spot prices of a portfolio of commodities. The
portfolio comprises West Texas Intermediate Oil (30%), Natural Gas
(20%), Aluminium (12.5%), Copper (12.5%), Nickel (12.5%) and Zinc
(12.5%). If the portfolio performance is negative over six years,
100 pence is returned at maturity.
The name and weighting of each commodity, the spot prices of
each commodity recorded at launch (the nearest futures price in the
case of oil) and as of 31 October 2013 are set out in the table
below.
Value as
of
Commodity name Value at 31-Oct-13 Change Weight
Start
Aluminium 2858.5 1833 -35.9% 12.5%
Copper 8006 7234 -9.6% 12.5%
Nickel 22000 14515 -34.0% 12.5%
West Texas Intermediate 122.3 96.38 -21.2% 30.0%
Zinc 1948.5 1925.5 -1.2% 12.5%
Natural Gas 12.379 3.581 -71.1% 20.0%
Source for commodity values information: Bloomberg
Investment Performance
Between the launch on 5 June 2008 and close on 31 October 2013
the NAV had fallen by 0.7%. Over this period, the DJ AIG
Commodities Excess Return Index had fallen by 42.4%
This represents a significant outperformance of 41.7% of the
fund from the benchmark index. The fund achieved an over 50%
reduction in the benchmark's volatility from 25.0% to 12.4%. The
underlying commodities within the fund have yet to recover to their
initial levels; however investors are reminded that the fund
provides 100 pence per share capital protection.
Enhanced Income
Listing: Channel Islands Securities Exchange Authority
Launch date: 19 March 2009
Issue price at launch: 101 pence
NAV immediately following launch: 100 pence
Maturity date: 19 March 2108
Class A ISIN: GG00B4W90V35
Class A SEDOL: B65H881
Class B ISIN: GG00B4W90W+42
Class B SEDOL: B4W90W4
Investment Objective
The investment objective of the EI Cell is to provide
Shareholders with a stable stream of quarterly dividend
distributions (with a targeted dividend yield of approximately 8%
per annum, subject to increase and decrease in certain
circumstances) and return on capital based on an investment
strategy linked to the performance of the DJES50 Index and notional
call options written on the DJES50 Index. Dividend distributions on
the Class A EIF Shares will be denominated and paid in GBP and in
EUR in respect of the Class B shares. There are currently no Class
B shares in issue.
Investment Performance
Between the launch on 19 March 2009 and close on 31 October 2013
the Total Return Performance rose by 12.25%. Over the same period
the DJES50 Index increased by 63.21%. The directors declared
interim dividends over the last three years as follows:
Announcement Ex-Dividend Pay Date Dividend
23-Mar-11 30-Mar-11 29-Apr-11 2.00%
23-Jun-11 29-Jun-11 01-Jul-11 2.00%
22-Sep-11 28-Sep-11 30-Sep-11 1.80%
20-Dec-11 28-Dec-11 30-Dec-11 1.90%
21-Mar-12 28-Mar-12 01-May-12 2.00%
27-Jun-12 04-Jul-12 03-Aug-12 1.90%
26-Sep-12 03-Oct-12 02-Nov-12 1.90%
24-Dec-12 02-Jan-13 01-Feb-13 2.00%
27-Mar-13 03-Apr-13 05-Apr-13 2.00%
26-Jun-13 03-Jul-13 02-Aug-13 1.90%
25-Sep-13 02-Oct-13 04-Oct-13 1.90%
Class A Sterling Hedged US Enhanced Income Preference Shares and
Class B US Dollar Unhedged US Enhanced Income Preference Shares
Listing: Channel Islands Securities Exchange Authority
Launch date: 16 July 2009
Issue price at launch: 101 pence
NAV immediately following launch: 100 pence class A & 100
cents class B
Maturity date: 16 July 2029
Class A ISIN: GG00B4409G28
Class A SEDOL: B3P3372 GB
Class B ISIN: GG00B4409P19
Class B SEDOL: B4409P1
Investment Objective
The USEI Cell's investment objective is to provide Shareholders
with a stable stream of quarterly dividends (with a targeted
dividend yield of approximately 8% per annum, subject to increase
and decrease in certain circumstances) and return on capital, such
investment
objective being intended to be achieved by reference to an
investment strategy (the "Strategy") linked to the total return
performance of the S&P500 Index and notional short-term call
options written on the S&P500 Index.
Investment Performance
Between launch on 16 July 2009 and close on 31 October 2013 the
NAV Total Return Performance increased 42.17% and 44.73%
respectively for class A and class B (based on an initial NAV of
100 pence and 100 cents respectively for class A and class B)
compared with the S&P TR Performance, which increased 86.72%
over that period. The directors declared interim dividends over the
last three years for both Share classes according to the following
schedule:
Announcement Ex-Dividend Pay Date Dividend
20-Jan-11 26-Jan-11 25-Feb-11 2.20%
20-Apr-11 27-Apr-11 27-May-11 2.20%
20-Jul-11 27-Jul-11 26-Aug-11 2.20%
19-Oct-11 26-Oct-11 25-Nov-11 2.00%
18-Jan-12 25-Jan-12 24-Feb-12 2.00%
18-Apr-12 25-Apr-12 29-May-12 2.00%
18-Jul-12 25-Jul-12 24-Aug-12 2.00%
24-Oct-12 31-Oct-12 30-Nov-12 2.20%
23-Jan-13 30-Jan-13 01-Mar-13 2.00%
28-Mar-13 03-Apr-13 03-May-13 2.00%
24-Jul-13 31-Jul-13 02-Sep-13 2.20%
UK Enhanced Income
Listing: Channel Islands Securities Exchange Authority
Launch date: 24 September 2009
Issue price at launch: 101 pence
NAV immediately following launch: 100 pence
Maturity date: 24 September 2029
ISIN: GG00B3YF5842 .
SEDOL: B3YF584
Investment Objective
The UKEI Cell's investment objective is to provide Shareholders
with a stable stream of quarterly dividends (with a targeted
dividend yield of approximately 8% per annum, subject to increase
and decrease in certain circumstances) and return on capital, such
investment objective being intended to be achieved by reference to
an investment strategy linked to the total return performance of
the FTSE100 Index and notional short-term call options written on
the FTSE100 Index.
Investment Performance
Between launch on 24 September 2009 and close on 31 October 2013
the Total Return Performance had increased by 25.92%. Over this
period the FTSE 100 Total Return Index had risen by 53.17%. The
directors declared interim dividends over the last three years
according to the following schedule:
Announcement Ex-Dividend Pay Date Dividend
24-Dec-10 05-Jan-11 04-Feb-11 2.00%
24-Mar-11 06-Apr-11 06-May-11 2.00%
24-Jun-11 06-Jul-11 05-Aug-11 2.00%
24-Sep-11 05-Oct-11 04-Nov-11 1.90%
04-Jan-12 11-Jan-12 10-Feb-12 1.90%
28-Mar-12 04-Apr-12 10-May-12 2.00%
27-Jun-12 04-Jul-12 03-Aug-12 1.80%
26-Sep-12 03-Oct-12 02-Nov-12 1.90%
02-Jan-13 09-Jan-13 08-Feb-13 1.90%
28-Mar-13 03-Apr-13 05-Apr-13 1.90%
26-Jun-13 03-Jul-13 02-Aug-13 1.80%
02-Oct-13 09-Oct-13 08-Nov-13 1.90%
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAREWOOD
STRUCTURED INVESTMENT PCC LIMITED
Report on the Financial Statements
We have audited the accompanying Financial Statements of the
Company which comprise the Statement of Financial Position as of 31
October 2013 and the Statement of Comprehensive Income, the
Statement of Changes in Net Assets Attributable to Holders of
Shares and the Statement of Cash Flows for the year then ended and
a summary of significant accounting policies and other explanatory
information.
Directors' Responsibility for the Financial Statements
The directors are responsible for the preparation of Financial
Statements that give a true and fair view in accordance with
International Financial Reporting Standards and with the
requirements of Guernsey law. The directors are also responsible
for such internal control as they determine is necessary to enable
the preparation of Financial Statements that are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these Financial
Statements based on our audit. We conducted our audit in accordance
with International Standards on Auditing. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the Financial
Statements are free from material misstatement.
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