TIDMWTR
RNS Number : 3297L
Lazard World Trust Fund
21 December 2018
Lazard World Trust Fund
Unaudited Half-Yearly Report
September 30th, 2018
Financial Highlights for the six months ended September 30th,
2018
US Dollar Pounds Sterling
Percentage Change (total return) % %
----------- ----------------
Change in Net Asset Value Per share (4.9) 2.7
----------- ----------------
Change in MSCI All Country World Index
ex USA (1.9) 5.9
----------- ----------------
Share Price (3.2) 4.2
----------- ----------------
Net Asset Value & Share Price as of September US$ GBP
30th, 2018
----------- ----------------
Net Asset Value (per share) 5.03 3.86
----------- ----------------
Share Price 4.77 3.66
----------- ----------------
Discount 5.9% 5.9%
----------- ----------------
Look-through discount 29.5% 29.5%
----------- ----------------
Total Net Assets as of September 30th, US$ GBP
2018
(million) (million)
----------- ----------------
Total Net Assets 161.4 123.8
----------- ----------------
Dividend per share Cents Pence
----------- ----------------
First Quarterly Dividend 7.61 5.84
----------- ----------------
Quarterly Interim Dividend paid on December
17th, 2018 7.61 5.84
----------- ----------------
The dividend policy is to pay 6% of the Net Asset Value at the
start of each financial year, paid in four equal instalments.
Note: The rate of exchange used to calculate the figures that
appear above is the rate of exchange as at September 30(th) , 2018:
US$ 1.3034 per GBP1.
Corporate Information
Directors
Philip R. McLoughlin* (Chairman)
Duncan Budge *
James Cave *
Tony Morrongiello*
Howard Myles**
* Member of the Audit Committee
** Chairman of the Audit Committee
Member of the Nominations Committee
Chairman of the Nominations Committee
Domiciliary, Registrar, Transfer
and Depository, Listing and Paying
Administrative Agent Agent
State Street Bank Luxembourg State Street Bank Luxembourg
S.C.A. S.C.A.
49, avenue J.F. Kennedy 49,avenue J.F.Kennedy
L-1855 Luxembourg L-1855 Luxembourg
Registered Office Financial Adviser and Broker
State Street Bank Luxembourg Cenkos Securities plc
S.C.A. 6.7.8 Tokenhouse Yard
49, avenue J.F. Kennedy London EC2R 7AS
L-1855 Luxembourg United Kingdom
Manager and Non-EU AIFM Company Secretary
Lazard Asset Management LLC Link Company Matters Limited
30 Rockefeller Plaza 6(th) Floor
New York, NY 10112 U.S.A. 65 Gresham Street
London EC2V 7NQ
United Kingdom
Cabinet de Révision agréé Website and email
Deloitte Audit Société www.lazardworldtrustfund.com
à responsabilité lazardworldtrustfund@linkgroup.co.uk
limitée
560, rue de Neudorf
L-2220 Luxembourg
Legal Advisors
Elvinger Hoss Prussen Stephenson Harwood LLP
2, Place Winston Churchill 1 Finsbury Circus
L-1340 Luxembourg London EC2M 7SH
United Kingdom
General Information
-- On September 20th, 2018, shareholders voted against the
continuation of Lazard World Trust Fund (the 'Fund'). Whilst the
going concern basis has been applied throughout these half-yearly
accounts, the basis of accounting will change if and when
shareholders vote in favour of a managed wind-up of the Fund at an
Extraordinary General Meeting yet to be held for that purpose as
disclosed in the Stock Exchange announcement released on November
8th, 2018.
-- On September 20th, 2018 shareholders approved the Fund's
dividend policy of 6% of the Net Asset Value ('NAV') calculated at
the start of each financial year, which for the financial year to
March 31st, 2018 amounted to 23.34 pence per share, payable in four
equal instalments over the course of the year.
-- The first Interim Dividend of 5.835 pence per share was paid
on September 7th, 2018. The second Interim Dividend of 5.835 pence
per share was paid on December 17th, 2018 to shareholders who
appear on the register on November 16th, 2018, with an ex-dividend
date of November 15th, 2018.
-- NAV stands for Net Asset Value and represents shareholders'
funds expressed as an amount per individual share. Shareholders'
funds are the total value of the Fund's assets at current market
value less its liabilities.
-- The NAV per Share, as defined above, is expressed in US
Dollars ("US$") and, since October 30th, 2009 the Fund's shares are
traded in Pounds Sterling ("GBP"). For information purposes only,
the Fund's Net Asset Value per Share since October 30th, 2009 is
also reported in its Pounds Sterling equivalent.
-- Unaudited half-yearly reports and audited annual reports are
available at the Registered Office of the Fund and are posted to
each registered Shareholder.
-- Notices of General Meetings, including their agenda, time and
place and containing details of attendance, quorum and majority
requirements under Luxembourg law, will be sent to the registered
address of Shareholders not less than 21 days before the date of
the Meeting.
-- Annual Reports (including audited accounts) will be mailed to
Shareholders not less than 21 days before the day fixed for the
Annual General Meeting at which they are to be considered.
-- The Shares of the Fund are listed on the main market of the
London Stock Exchange and on the Luxembourg
Stock Exchange.
Regulatory Disclosure
Related Party Transactions
During the six months to September 30th, 2018 no new
transactions with related parties were undertaken. Full details of
the Fund's existing related party transactions can be found in Note
9 below.
Principal Risks and Uncertainties
Key risks faced by the Fund relate to poor investment and
strategic decisions resulting in poor fund performance; a change in
circumstances of the Manager resulting in the Manager's inability
to carry out its duties; gearing risk which may exaggerate any fall
in the value of the Fund's assets; hedging risk, which may increase
the risk of significantly larger losses on short positions than
long positions; discount volatility - the Fund's share price may
fall disproportionately to the Fund's NAV; reputational - failure
to keep current and potential investors informed of the Fund's
performance and development could lower investor confidence. A
detailed explanation of the Risks and Uncertainties facing the Fund
can be found on page 15 under the heading 'Principal Risks and
Uncertainties' in the Annual Report including audited financial
statements for the year ended March 31st, 2018.
Directors' Responsibility Statement
In accordance with Rules 4.2.7R and 4.2.8R of the Disclosure
Guidance and Transparency Rules of the United Kingdom Financial
Conduct Authority, the Directors confirm that, to the best of their
knowledge:
-- the unaudited financial half-yearly report, which has been
prepared in accordance with the applicable set of accounting
standards (being the legal and regulatory requirements in
Luxembourg relating to investment funds) give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Fund as at September 30th, 2018 and for the financial period
then ended;
-- the Manager's Review includes a fair review of the
development and performance of the business and the position of the
Fund;
-- the Directors' Statement of Principal Risks and Uncertainties
shown above is a fair review for the remainder of the financial
year; and
-- the unaudited half-yearly report includes a fair review of
any related party transactions that have materially affected the
financial position or the performance of the Fund and any changes
to the related party transactions described in the last Annual
Report including audited financial statements that could have a
material effect on the financial position or performance of the
Fund.
On behalf of the Board
Philip R. McLoughlin
Chairman
December 21st, 2018
Investment Objective
The Fund seeks to achieve long-term capital appreciation by
investing primarily in companies whose shares trade at a discount
to their underlying Net Asset Value. The Fund measures its
performance principally against the MSCI All Country World ex (USA)
Index (the 'Index'), although Lazard Asset Management LLC (the
'Manager') seeks to achieve the highest possible risk-adjusted
returns and the allocation of the Fund's assets will normally
diverge substantially from the Index.
Investment Policy
Asset Allocation
The Fund invests in closed-end funds, investment trusts, holding
companies and other comparable companies whose shares are listed or
traded on international exchanges and are generally at a discount
to their underlying Net Asset Value. The Fund actively seeks to
encourage boards and management teams to take steps to enhance
shareholder value and seeks to take a constructive and active role
to help reduce the discount at which the shares of portfolio
companies trade.
Risk Diversification
The Fund seeks to provide broad exposure to equity markets
through holding a diversified portfolio of closed-end investment
companies and holding companies and comparable quoted companies
that typically trade at a discount to their intrinsic value.
Dividend Policy
The Fund pays dividends four times a year that in aggregate
amounts to a total annual dividend equivalent to 6% of the Net
Asset Value at the start of each financial year. For the financial
year ended March 31st, 2019, this will amount to a total dividend
payment of 23.34 pence per share.
Gearing and Hedging
The Fund may use gearing (the ability to borrow), and the level
of gearing may vary from time to time. The Board of Directors has
authorised the Manager to use gearing of up to 15% of the Fund's
Net Asset Value. The Board of Directors has the power to increase
the amount of gearing that the Manager is authorised to use, up to
25% of the Fund's Net Asset Value. Shareholders should note that
gearing increases the scale of any profits or losses.
The Fund is permitted to seek to hedge long positions by selling
short stock indices, stocks, and shares of exchange traded funds or
closed-end funds up to 100% of the Fund's Net Asset Value. The Fund
may also hedge its currency exposure against the US Dollar.
Shareholders should note that the use of such techniques involves
risks, including potentially significantly larger losses on short
positions than long positions
Manager's Review
For the six months from April 1st, 2018 to September 30th,
2018
Market Review
Non-US equity markets fluctuated as a result of trade and
political concerns during the third quarter and fell in absolute
terms, with emerging markets underperforming their developed peers.
The gap between US and non-US equity performance continues to
widen. The market is concerned with a number of recent geopolitical
developments, including the potential for new global trade
barriers, political uncertainty and upheaval and currency
fluctuations, all of which are reflected in current equity market
share price volatility. One risk that has particularly continued to
unsettle global investors in the third quarter centered on global
trade. In mid-September, the Trump administration imposed 10%
duties on US$ 200 billion worth of Chinese imports, extending
tariffs to more than half of all Chinese imports (representing more
than 7,000 products from finished automobiles to basic commodities)
into the United States. China responded by introducing tariffs on
an additional US$ 60 billion of American imports.
Fund Performance Review (all figures in US dollars)
For the half year period ended September 30th, 2018, the Fund's
net asset value (NAV) per share fell 4.9%, compared with a loss of
1.9% for the MSCI All World ex-US Index. The Fund's share price, as
traded on the London Stock Exchange, decreased by 3.2% over the
six-month period.
Investments in Asia, and particularly in China faired poorly
over the period and Emerging Asia investments, which represented
nearly 32% of our assets, the Fund saw on average a decline of 8%.
Similarly tensions in Turkey resulted in us, the Manager, disposing
of the Fund's position in Sabanci (-33%), which avoided further
falls.
Discounts of many of the Fund's holdings widened, which provided
further headwind for performance. The best performers in the
portfolio were Softbank (+35.3%), Macau Property Opportunities
(+16.8%), HarbourVest Global Private Equity (16.8%) and JPEL
(+11.1%).
Macau and JPEL returned cash to investors (valued at NAV) which
helped narrow the discount on both investments.
Historical Performance (*Annualised)
Per Share Data to September 6 Months 1 Year 3 Years* 5 Years* 10 Years*
30(th,) 2018
Lazard World Trust Fund
Price (in GBP) 4.2% 3.8% 20.1% 13.1% 9.6%
--------- ------- --------- --------- ----------
Lazard World Trust Fund
nav (in GBP) 2.7% 4.0% 16.5% 11.8% 9.7%
--------- ------- --------- --------- ----------
Lazard World Trust Fund
Price (in US$) -3.2% 1.0% 14.3% 8.3% 6.2%
--------- ------- --------- --------- ----------
Lazard World Trust Fund
NAV (in US$) -4.9% 0.7% 10.7% 6.9% 6.3%
--------- ------- --------- --------- ----------
Past performance is not a reliable indicator of future results.
The value of investments and the income from them may go down as
well as up and investors may not get back the amount originally
invested.
Fund Data/Information
September 30th, March 31st, September
30th,
2018 2018 2017
Share Price (GBP) 3.63 3.59 3.66
NAV (GBP) 3.86 3.89 3.91
Share Price (US$)* 4.73 5.04 4.90
NAV (US$)* 5.03 5.45 5.24
Discount to NAV* (5.9%) (7.6%) (6.4%)
The Portfolio
Net Assets Discounts/Premium
Top 10 Holdings % %
-------------------------------------- ----------- ------------------
Fidelity China Special Situations 6.2 (12.1)
JPMorgan Japan Smaller Companies 6.0 (8.7)
Investor AB 5.8 (24.9)
VinaCapital Vietnam Opportunity 5.8 (18.8)
Naspers 5.6 (34.9)
JPMorgan Emerging Markets Investment
Trust 5.4 (11.8)
JPMorgan Japanese Investment Trust 5.3 (12.5)
Fondul Proprietate Fund 5.0 (31.7)
Morgan Stanley China A Share 5.0 (14.8)
Wendel 4.3 (25.8)
-------------------------------------- ----------- ------------------
The Fund has a concentrated portfolio of 30 (long) holdings,
with the top 10 holdings exceeding 54% of assets.
Top Five Contributors to Returns (NAV)
Security Weight % Total Contribution
Return % to
Return %
SoftBank Group 1.6 35.3 0.6
HarbourVest Global Private Equity 3.3 12.1 0.4
Investor AB 4.9 6.3 0.4
Macau Property Opportunities
Fund 1.4 16.9 0.3
India Fund 1.9 5.5 0.2
----------------------------------- --------- ---------- -------------
SoftBank performed strongly in Q3 2018. The company is seeking
to list its domestic Japanese wireless business division, SoftBank
Mobile, which could be the largest listing ever at a US$ 30
billion-IPO. HarbourVest Global Private Equity continued to
generate strong NAV returns and experienced discount compression
leading to strong performance. Investor AB saw steady growth in
their unquoted holdings through their Patricia Industries vehicle.
It also experienced and strong results from listed investments,
including Macau Property Opportunities Fund, which has as its
objective to divest 20% of its NAV during the period as it
continues to deliver upon its objective to divest assets, maximize
returns and then return proceeds to investors. This provided a
significant uplift on our investment. India Fund announced its
adoption of a managed distribution policy which resulted in the
price performing well in the third quarter of 2018, allowing us to
exit, realising a good gain.
Top Five Detractors from Returns (NAV)
Security Average Total Contribution
Weight % Return % to
Return %
Fidelity China Special
Situations 6.2 (15.2) (1.1)
Morgan Stanley China A
Share 4.9 (13.7) (0.7)
Naspers 4.9 (12.4) (0.7)
GP Investments 1.0 (40.4) (0.5)
China Merchants China
Direct Investments 2.9 (15.0) (0.5)
------------------------ ---------- ---------- -------------
The continued tensions in US-China trade saw many of our
holdings exposed to the Chinese market suffer both in NAV and share
price terms over the period. Fidelity China Special Situations
which maintains considerable investments in the small/mid-cap
market and technology space was a considerable underperformer.
China's A share market underperformed the broader China equity
market and thus the Fund's holding in Morgan Stanley China A Share
hurt returns over the period. Naspers, which owns approximately 1/3
of Tech giant Tencent, fell mainly as a reflection of the 20%
decline in the shares of Tencent. That said, shares of Naspers
outperformed those of Tencent and thus the discount of Naspers
narrowed over the period. China Merchants China Direct Investments
delivered strong NAV results relative to the China equity market
but it was sentiment that weighed on its shares and caused the
discount to widen more than 700 basis points which accounted for
nearly half of the stock's performance over the period. GP
Investments was negatively impacted by declines in the Brazilian
Real as well as declines in its listed and unlisted holdings.
Top Ten Country Weights as of September 28(th) , 2018
Country Lazard World Trust Fund MSCI All Country World
Portfolio Ex USA Index
% %
---------------- ------------------------ -----------------------
United States 9.6 -
France 5.4 7.7
Sweden 5.5 1.9
United Kingdom 8.4 12.0
Japan 14.4 16.9
China 21.4 7.6
Vietnam 5.6 -
Romania 4.7 -
Hong Kong 3.3 2.4
India 2.5 2.1
Portfolio Hedging
Although the Fund is able to hedge (details are laid out in the
Investment Policy section), hedging was not used during
the period.
Corporate Governance Initiatives and Restructuring
The Fund holds investments trading at substantial discounts. The
management team continues to interact with the boards and
managements of portfolio companies to encourage corporate
governance initiatives and restructuring measures designed to
unlock value. The following events occurred during the period.
--Tender offers: Altaba (26% of shares could be tendered for a
mixture of cash and shares in its principal holding,
Alibaba, at levels above the then current market price);
Atlantis Japan (5% tender at 96% of NAV).
-- Significant distributions to shareholders from Macau Property
Opportunities with a 20% capital distribution
following a significant disposal of a key asset.
-- Discount control mechanisms through enhanced dividend
distributions were put in place by the boards of both
JPMorgan Japan Smaller and India Fund
Discounts
The Fund's discount to NAV narrowed by 170 basis points to end
the period at 5.9%. It traded at an average discount of 3.9%,
ranging from a discount of 8.1% to 0.0%.
The Fund's share price, as traded on the London Stock Exchange,
trades at a discount of 5.9% to the Fund's NAV per share. The
Fund's "internal" discount, which looks at the average discount of
the portfolio underlying investments, were priced at an average
discount of 25.0% to their own NAV. Adding the two discounts
together, the Fund is trading at an effective "double" discount of
29.5%, which implies that every dollar invested in the Fund buys
$1.42 worth of assets.
Outlook
The outlook for the Fund is now in question following the failed
continuation vote at the 2018 Annual
General Meeting in September.
An Extraordinary General Meeting ('EGM') is due to be held, as
required by Luxembourg regulations, in order to change the Fund's
investment policy to permit the disposal of the Fund's assets. We
will continue to manage the Fund according to the stated objectives
until further notice from the Board of Directors based on the
outcome of the EGM. We believe there is still great value available
to investors in select closed end funds and holding companies,
especially those focused on the emerging markets. Discounts on such
investments continue to trade at historically attractive levels,
well in excess of 20%. Valuations of emerging market equities
versus their developed peers, now trade 28.9% cheaper which is a
full standard deviation from the historical mean. Combining
compelling discounts with attractive underlying valuations has been
a hallmark of the Fund since inception in 1991, and investors
should note that such opportunities still persist.
We continue to believe specialized closed end funds and holding
companies remain an ideal way to invest in global equities. In
particular, the emerging markets present a very attractive long
term opportunity as discounts are as compelling as they are today.
The opportunity to generate alpha or risk adjusted returns, by
investing in closed end funds and holding companies continues to be
substantial.
Kun Deng, CFA
Lazard Asset Management LLC
Manager
December 21st, 2018
Statement of Net Assets (in US$)
As at As at
September 30th, March 31st,
2018 2018
Assets
------------------------------------------------- ---------------- ------------
Securities portfolio at market value (Cost:
US$ 131,366,076) 161,323,808 198,701,502
Cash (see Note 2) 815,075 330
Receivable from broker in respect of securities
sold short (see Note 13) - 275,442
Income receivable on portfolio 204,843 53,965
Total assets 162,343,726 199,031,239
Liabilities
------------------------------------------------- ---------------- ------------
Other payable on short positions and bank
liabilities (see Note 13) 25,605 -
Accrued expenses 877,405 594,923
------------------------------------------------- ---------------- ------------
Total liabilities 903,010 594,923
------------------------------------------------- ---------------- ------------
Total Net Assets 161,440,716 198,436,316
------------------------------------------------- ---------------- ------------
Number of shares outstanding excluding
treasury shares (see Note 5) 32,093,493 36,383,493
Net Asset Value per share in US$ (see Note
2) 5.03 5.45
Equivalent Net Asset Value per share in
GBP (see Note 1) 3.86 3.89
Diluted Net Asset Value per share in US$* 5.03 5.45
Equivalent Diluted Net Asset Value per
share in GBP* 3.86 3.89
Shareholders' Equity (in
US$)
As at September As at March
30th, 2018 31st, 2018
Capital and Reserves
--------------------------------------------------- ------------------ ---------------
Issued Shares Capital: 46,635,770 Shares
(including
treasury shares) 9,327,154 9,327,154
Share Premium 35,565,613 35,565,613
Legal Reserve (see Note 6) 1,866,348 1,866,348
Realised profit brought forward 139,671,287 132,728,979
Adjustment for Treasury Shares (see Note 5) (53,037,391) (31,834,815)
Interim dividends paid (see Note 19) (5,682,680) (5,597,708)
--------------------------------------------------- ------------------ ---------------
Total Capital and Reserves 127,710,331 142,055,571
Net Investment Income for the financial period 1,404,543 4,311,592
Net Realised Gain for the financial period 2,367,879 8,228,424
Cumulative unrealised appreciation on securities 29,957,732 43,840,737
Unrealised (depreciation) on foreign exchange 231 (8)
Total Shareholders' Equity 161,440,716 198,436,316
Statement of Operations (in US$)
For the six months For the year For the six months
ended ended ended
September 30th, September 30th,
Income 2018 March 31st, 2018 2017
----------------------- ---------------------- ----------------- ---------------------
Dividends, net
(including
return of capital)
(see
Note 2) 2,627,991 6,894,440 2,211,557
Interest on bank
accounts 22,447 21,073 1,661
Total income 2,650,438 6,915,513 2,213,218
Expenses
----------------------- ---------------------- ----------------- ---------------------
Management fees (see
Note
3) 681,372 1,436,719 686,211
Directors' fees and
expenses
(see Note 9) 129,846 254,768 126,491
Professional fees (see
Note 7) 199,821 239,551 123,588
Depositary fees (see
Note
8) 9,312 89,345 74,632
Link Asset Services
professional
fees and expenses
(see
Note 10) 72,305 132,519 71,809
Interest and
commitment
fees 28,289 73,645 20,246
Administrative Agent
costs 62,554 133,559 59,738
Taxe d'abonnement (see
Note 4) 43,336 98,563 46,517
Other expenses (see
Note
18) 19,060 145,252 59,743
----------------------- ---------------------- ----------------- ---------------------
Total expenses 1,245,895 2,603,921 1,268,975
----------------------- ---------------------- ----------------- ---------------------
Net Investment Income 1,404,543 4,311,592 944,243
Net Realised
Gain/(Loss)
----------------------- ---------------------- ----------------- ---------------------
- on securities (net
of
prime brokerage fees
amounting
to US$ nil) 5,247,287 8,596,894 5,225,806
- on forward foreign
exchange
contracts 12,863 194,879 10,683
- on foreign exchange (2,892,271) (563,349) (823,860)
Total Net Realised
Gain(Loss) 2,367,879 8,228,424 4,412,629
Net Change in
Unrealised
Gain/(Loss)
----------------------- ---------------------- ----------------- ---------------------
- on securities (13,883,005) 22,474,132 18,465,988
- on foreign exchange 239 13 85,094
Total Change in
Unrealised
Gain(Loss) (13,882,766) 22,474,145 18,551,082
----------------------- ---------------------- ----------------- ---------------------
Result of Operations* (10,110,344) 35,014,161 23,907,954
----------------------- ---------------------- ----------------- ---------------------
* Result of Operations is the sum of Net Investment Income,
Total Net Realised Gain/(Loss) and Total Change in Unrealised
Gain/(Loss).
Statement of Changes in Net Assets (in US$)
As at As at
September 30th, March 31st, 2018
2018
Net Assets at the Beginning of
the Period / Year 198,436,316 169,019,863
Net investment income 1,404,543 4,311,592
Net realised gain on securities 5,247,287 8,596,894
Net realised gain/(loss) on forward
foreign exchange contracts 121,863 194,879
Net realised (loss) on foreign
exchange (2,892,271) (563,349)
Total net realised gain 2,367,879 8,228,242
Change in unrealised gain/(loss)
on securities (13,883,005) 22,474,132
Change in unrealised gain/(loss)
on foreign exchange 239 13
----------------------------------------- ----------------- ------------------
Total change in unrealised gain/(loss) (13,882,766) 22,474,145
Subscriptions of Shares - -
Repurchase of shares in treasury
or via tender offer (see Note 5) (21,202,576) -
Tender offer expenses - -
Dividends paid (see Note 19) (5,682,680) (5,597,708)
----------------------------------------- ----------------- ------------------
Repurchase and Issue of Shares
(including tender offer expenses
and dividends paid) (26,885,256) (5,597,708)
----------------------------------------- ----------------- ------------------
Net Assets at the End of the Period 161,440,716 198,436,316
Statistical Information about the Fund (in US$)
September March 31st,
30th, 2018
2018 March 31st, 2017
--------------------- ------------- ----------------- ----- -------------------
Total Net Assets 161,440,716 198,436,316 169,019,863
Net Asset Value per
Share
in US$ (see Note 2) 5.03 5.45 4.65
Equivalent Net Asset
Value per Share in GBP
(see Note 1) 3.86 3.89 3.71
------------------------- ------------- ----------------- ----- -------------------
Statement of Changes in Shares Outstanding
For the Six Month Ended September 30th, 2018
Number of Shares Outstanding at the Beginning
of the Period (excluding treasury shares) 36,383,493
Number of Shares Issued -
Number of Shares Repurchased (see Note 5) (4,290,000)
Number of Shares Outstanding at the End of
the Period 32,093,493
Statement of Investments and Other Net Assets
September 30th, 2018
Description
Number % of
of Acquisition Market total
Shares Cost value Currency net assets
(US$) (US$) (US$)
----------------------- ---------- ------------ ------------ --------- ------------
Investments in
Securities
Transferable Securities admitted to an Official Stock Exchange Listing
Securities Held Long
Fidelity China Special
Situations
PLC 3,585,303 7,587,661 10,037,969 GBP 6.22
JPMorgan Japan Smaller
Companies
Trust PLC 1,644,712 8,384,229 9,623,234 GBP 5.96
Investor AB 203,808 7,713,277 9,409,917 SEK 5.83
VinaCapital Vietnam
Opportunity
Fund Ltd 2,046,495 5,223,447 9,335,468 GBP 5,78
Naspers Ltd 41,966 6,869,027 9,032,095 ZAR 5.59
JPMorgan Emerging
Markets Investment
Trust PLC 784,130 3,090,986 8,750,030 GBP 5.42
JPMorgan Japanese
Investment Trust
PLC 1,423,551 4,510,357 8,495,730 GBP 5.26
Fondul Proprietatea
SA/Fund 709,211 7,387,923 8,143,676 US$ 5.04
Morgan Stanley China 376,688 9,491,752 8,095,025 US$ 5.01
Wendel SA 46,909 7,280,930 6,976,984 EUR 4.32
Herald Investment
Trust Plc 378,070 2,869,501 6,475,657 GBP 4.01
HarbourVest Global
Private Equity
Ltd 343,170 4,217,339 6,440,192 GBP 3.99
Altaba, Inc. 94,024 6,142,821 6,404,915 US$ 3.97
The Henderson Smaller
Companies
Investment Trust PLC 525,417 2,809,129 6,267,818 GBP 3.88
China Merchants China
Direct Investments
Ltd 3,569,439 7,712,320 4,640,749 HKD 2.87
Eurazeo SA 58,395 1,685,714 4,597,246 EUR 2.85
JPMorgan Eur Smaller
Companies
Trust Plc 840,814 1,509,671 4,404,639 GBP 2.73
First Pacific Company
Ltd 8,473,600 5,377,459 4,166,803 HKD 2.58
Jardine Strategic
Holdings Ltd 107,242 3,235,816 3,892,596 US$ 2.41
SoftBank Group Corp 35,900 2,951,426 3,625,386 JPY 2.25
Adams Natural
Resources Fund Inc 179,500 3,574,464 3,577,435 US$ 2.22
Tetragon Financial
Group Ltd 246,086 2,341,248 3,139,438 US$ 1.94
JZ Capital Partners
Ltd 493,859 3,407,874 2,986,125 GBP 1.85
Marwyn Value Investors
Ltd 1,511,314 5,061,239 2,580,638 GBP 1.60
JPEL Private Equity
Ltd 1,620,810 2,410,145 2,447,423 US$ 1.52
India Capital Growth
Fund Ltd 1,960,024 1,796,154 2,222,516 GBP 1.38
Macau Property
Opportunities Fund
Ltd 883,980 2,407,644 2,188,668 GBP 1.36
Atlantis Japan Growth
Fund Ltd 624,513 1,517,117 1,813,719 GBP 1.12
GP Investments Ltd 1,300,000 2,712,324 1,464,635 BRL 0.91
Other Transferable
Securities
Money Market
Instrument
State Street
Institutional
Investment
Trust 87,082 87,082 87,082 US$ 0.05
Companies in
Liquidation*
Dexion Equity
Alternative Ltd 1,004,992 - - GBP 0.00
Italy Fund Inc. 195,906 - - US$ 0.00
Total Investments in
Securities 131,366,076 161,323,808 99.93
Other Net
Assets/Liabilities 116,908 0.07
----------------------- ---------- ------------ ------------ --------- ------------
Total Net Assets 161,440,716 100.00
Currency Exposure % of the
of Portfolio** portfolio
Pound Sterling (GBP) 81,622,403 50.60
United States Dollar (US$) 35,787,590 22.18
Euro (EUR) 11,574,230 7.17
Swedish Krona (SEK) 9,409,917 5.83
South Africa Rand (ZAR) 9,032,095 5.60
Hong Kong Dollar (HKD) 8,807,552 5.46
Japanese Yen (JPY) 3,625,386 2.25
Brazilian Real (BRL) 1,464,635 0.91
Total 161,323,808 100.00
*The acquisition cost of Shares 'in liquidation is offset by distributions
received.
** The underlying currency may vary significantly
Notes to the Financial Statements September 30th, 2018
Note 1 - General
Lazard World Trust Fund (the "Fund"), previously known as the
The World Trust Fund, is an investment company with limited
liability organised as a 'société anonyme' under the laws of the
Grand Duchy of Luxembourg and is governed by part II of the
Luxembourg Law of December 17th, 2010 as amended on Undertakings
for Collective Investment, the amended Law of August 10th, 1915 on
commercial companies and the Law of July 12th, 2013 on Alternative
Investment Fund Managers ("AIFM").
At an Extraordinary General Meeting held on May 9th, 2016 the
Fund changed its name to Lazard World Trust Fund. The Fund was
incorporated in Luxembourg on June 20th, 1991 for an unlimited
duration. The Fund's Articles of Incorporation (the "Articles")
have been published in the 'Mémorial C, Recueil des Sociétés et
Associations'.
The Fund's investment objective is to achieve long-term capital
appreciation, by investing primarily in companies whose shares
trade at a discount to their underlying Net Asset Value ("NAV"). At
an Extraordinary General Meeting held on September 20th, 2016 the
Fund adopted a new benchmark, MSCI All Countries ("AC") (ex US)
Index against which it measures its performance. However the
Manager seeks to achieve the highest possible risk-adjusted returns
and the allocation of the Fund's assets will normally diverge
substantially from the Index. The Fund invests in a diversified
portfolio of investment companies, including closed-end funds,
investment trusts, holding companies and similarly traded
companies, thereby spreading investment risk and reducing stock
specific risk.
The currency in which the Fund's Shares are traded was changed
from US$ to GBP on October 30th, 2009.
The equivalent NAV per share in GBP represents the NAV per share
in US$ converted with the exchange rate at September 28th, 2018
(Note 2).
The Fund has appointed Lazard Asset Management LLC (the
"Manager") as its non-EU AIFM within the meaning of 1(48) of the
AIFM Law dated July 12th, 2013. Pursuant to the Management
Agreement, the Manager is responsible on a day-to-day basis under
the supervision of the Board of Directors of the Fund for providing
investment management and risk management services in respect of
the Fund in accordance with the investment objectives of the
Fund.
The Directors consider that the Company has adequate resources
to enable it to continue in operational existence for the
foreseeable future. Accordingly, the Directors have adopted the
going concern basis in preparing the Company's financial
statements.
Note 2 - Significant Accounting Policies
a) Presentation of Accounts
The financial statements are presented in accordance with
generally accepted accounting principles and with the legal and
regulatory requirements relating to the preparation of the
financial statements as prescribed by the Luxembourg authorities
for Luxembourg investment companies. The Fund keeps its books and
records in US$.
b) Valuation
1) The NAV per share is calculated in accordance with Article 22
of the Articles on each Valuation Date (as defined in the
Articles).
The NAV per share is determined by dividing the Net Assets of
the Fund, being the value of its assets less liabilities, by the
number of shares then in issue.
2) In calculating the NAV per share, income and expenditure are
treated as accruing from day to day and the Articles provide, inter
alia, that:
(i) securities which are quoted or dealt in on any stock
exchange or other regulated market are valued at the settlement or
closing price on the last full business day on which such exchange
or market is open for trading preceding the applicable Valuation
Date. As of September 30th, 2018, all securities were valued at
unadjusted quoted prices.
(ii) if securities are quoted, listed, traded or dealt on more
than one stock exchange or regulated market, the Board of Directors
of the Fund (the "Board") may select for the purposes of valuation
the stock exchange or regulated market which they consider provides
the fairest criterion of value for the relevant securities;
(iii) if securities are not quoted or dealt on any stock
exchange or regulated market or if, with respect to securities
quoted or dealt on any stock exchange or dealt on any regulated
market, the price as determined pursuant to paragraph (i) above is
not representative of the fair market value of the relevant
securities, the value of such securities will be determined by
reference to their reasonably foreseeable sales price determined
prudently and in good faith by the Board.
3) Investments in securities are recorded at cost on trade date
basis. Realised gains or losses on securities sold are computed on
an average cost basis.
4) The value of cash in hand or on deposit, bills and notes
payable on presentation, accounts due, prepaid expenses and
dividends and interest declared and fallen due but not yet received
generally consists of the nominal value of such assets. However, in
the event that it seems improbable that such value can be realised,
the value is determined by deducting a sum which the Board
considers appropriate to reflect the realisable value of such
asset.
5) These statements are presented on the going concern basis.
6) Foreign currencies: monetary assets and liabilities
denominated in foreign currencies in the Statement of Net Assets
are translated into US$ at the rates of exchange ruling at the end
of the year. Transactions in foreign currencies are recorded in US$
based on the exchange rates applicable at the date of the
transactions.
The following significant exchange rates have been applied for
the conversion of monetary assets and liabilities denominated in
foreign currencies into US$ as of September 28th, 2018:
US$
---- ----------------- ------------
1 BRL Brazilian Real 0.247613624
1 EUR Euro 1.161050472
1 GBP Pound Sterling 1.303400311
1 HKD Hong Kong Dollar 0.127740839
1 JPY Japanese Yen 0.008801267
1 SEK Swedish Krona 0.112518847
South African
1 ZAR Rand 0.070715107
c) Income Recognition
Dividend income is recorded on an accrual basis and interest
income is accrued on a daily basis, net of any withholding taxes in
the relevant country.
d) Forward Foreign Currency Contracts
The Fund may, for the purpose of hedging currency risks, enter
into forward exchange contracts.
In a forward foreign exchange contract, the Fund agrees to
receive or deliver a fixed quantity of one currency for another, at
a pre-determined price at a future date. Purchases and sales of
forward foreign exchange contracts having the same notional value,
settlement date and counterparty and right to settle net are
generally offset (which result in a net foreign currency position
of zero with the counterparty) and any realised gains or losses are
recognised on trade date plus one.
The market value of forward foreign exchange contracts is based
on the price at which a new forward foreign exchange contract of
the same notional value, currency and maturity could be affected at
the close of business in the principal currency markets in which
these currencies are traded. That change in unrealised gains and
losses are included in the statement of operations.
e) Transaction Fees
For the period ended September 30th, 2018, the Fund incurred
transaction fees related to purchase and sale of transferable
securities for US$ 29,205.87.
The transaction costs include broker fees, settlement fees,
taxes and other charges.
Note 3 - Management and Performance Related Fees
The Manager is entitled to receive, under the terms of the
Management Agreement, a fee at the rate of 0.75% per annum
calculated each quarter by reference to the average weekly NAV
during the relevant quarter. The fee will accrue daily and will be
paid quarterly in arrears.
At an Extraordinary General Meeting held on September 20th, 2016
the Fund adopted a new Amended and Restated Investment Management
Agreement which was amended to reflect that the New Benchmark Index
(MSCI All Country World Index (ex US)). The New Benchmark Index
shall be the reference benchmark for calculating performance fees
from April 1st, 2016.
The objective of the performance fee arrangements in the
management agreement is to provide an incentive to the Manager by
rewarding outperformance over the medium to longer term. The basis
of the performance fee is therefore a rolling two year period over
which the growth in the Net Asset Value of the Company must exceed
the increase in the Index (the "Hurdle").
For the purposes of this amended performance-fee calculation,
"Hurdle" means: (i) in respect of the Performance Period ending
March 31st, 2018, the percentage increase in the Current Benchmark
Index in respect of the 12 months ended March 31st, 2017 plus the
percentage increase in the New Benchmark Index in respect of the 12
months ended March 31st, 2018 (pro-rated in the event that the
Amended and Restated Investment Management Agreement is terminated
prior to that date); and (ii) in respect of all subsequent
Performance Periods, the percentage increase in the New Benchmark
Index during the relevant Performance Period. "Performance Period"
refers to: (i) the period of the two years preceding the end of the
accounting period of the Company; or (ii) if the Amended and
Restated Investment Management Agreement is terminated other than
at the end of an accounting period of the Company, the period
between: (a) the commencement of the penultimate accounting period
of the Company; and (b) the date of termination.
Pursuant to the terms of the Amended and Restated Investment
Management Agreement, the Company shall pay the
Manager a performance-related fee at the rate of:
(i) 5% of the amount by which the increase in the Net Asset
Value (expressed as a percentage) has exceeded the Hurdle by 5% or
more but by less than 10% during the Performance Period per
annum;
(ii) 10% of the amount by which the increase in the Net Asset
Value (expressed as a percentage) has exceeded the Hurdle by 10% or
more, but by less than 15% during the Performance Period per
annum;
(iii) 15% of the amount by which the increase in the Net Asset
Value (expressed as a percentage) has exceeded the Hurdle by 15% or
more, but by less than 20% during the Performance Period per
annum;
(iv) 20% of the amount by which the increase in the Net Asset
Value (expressed as percentage) has exceeded the Hurdle by 20% or
more during the Performance Period per annum;
in each case multiplied by the Net Asset Value as at the end of
the relevant Performance Period and provided that the Hurdle is
positive. If the Hurdle is negative, the Manager shall not be due a
performance fee even if the Net Asset Value performance exceeds the
Hurdle during the relevant Performance Period.
For the period ended September 30th, 2018 there was no
performance fee payable by the Fund.
Out of its fees the Manager will pay its own expenses and those
of any investment advisers retained by it. The Manager's contract
can be terminated by either party by providing 3 months'
notice.
Note 4 - Taxes
As a Luxembourg investment company, under present laws the Fund
is not subject to income taxes in Luxembourg. Irrecoverable taxes
may be withheld at the source on dividends and interest received on
investment securities.
According to the Law of December 17th, 2010 as amended, the Fund
is subject to Luxembourg subscription duty ("taxe d'abonnement") at
the rate of 0.05% per annum of its Net Assets, such tax being
payable quarterly on the basis of the Total Net Assets of the Fund
at the end of the relevant quarter.
Pursuant to the Law of December 17th, 2010 as amended, the net
assets invested in other investment companies already subject to
Luxembourg subscription duty are exempt from this tax.
Note 5 - Capital
At an Extraordinary General Meeting held on May 9th, 2016
shareholders approved an amendment of article 5.1 of the Articles
to reflect the successive capital reductions resulting from the
tender offers and capital increases resulting from the exercise of
their subscription rights by warrant holders with respect to the
subscription dates arisen on March 30th, 2012,September 28th, 2012,
March 28th, 2013, September 30th, 2013 and March 30th, 2014 so that
article 5.1 of the Articles shall now read as follows:
"The Corporation has an issued capital of ten million one
hundred thirty-five thousand six hundred seventy-four United States
Dollars and forty cents (U.S. $10,135,674.40) consisting of fifty
million six hundred seventy-eight thousand three hundred and
seventy-two (50,678,372) shares of a nominal value of twenty United
States cents (U.S. $0.20) each".
On September 29th, 2016 the Fund repurchased for cancellation a
total of 4,042,602 ordinary shares at a tender price of 322.1776
pence per share.
During the period ended September 30th, 2018, the Fund made the
following buy-backs for treasury:
Number Price paid per
Brought-backs Share
Date GBP
---------------- --------------- ---------------
June 1st, 2018 30,000 3.800
June 5th, 2018 500,000 3.849
June 6th, 2018 150,000 3.825
June 15(th)
, 2018 100,000 3.860
July 6th, 2018 160,000 3.715
July 10th,
2018 100,000 3.760
July 11th,
2018 315,000 3.720
July 17th,
2018 100,000 3.750
July 24th(,)
2018 185,000 3.800
July 25th,
2018 325,000 3.800
July 26th,
2018 540,000 3.810
August 7th,
2018 535,000 3.840
August 20th,
2018 500,000 3.700
August 23rd,
2018 500,000 3.730
August 29th,
2018 250,000 3.750
---------------- --------------- ---------------
As at September 30th, 2018 the Fund's issued share capital at
the period-end was 46,635,770 Ordinary Shares, of which 32,093,493
Ordinary Shares have voting rights and 14,542,277 Ordinary Shares
were held in Treasury without voting rights.
Note 6 - Legal Reserve
In accordance with Luxembourg requirements, at least 5% of the
annual net profit must be transferred to a legal reserve.
This requirement is satisfied when the reserve is equal to 10%
of issued share capital.
The legal reserve is not available for distribution.
Note 7 - Professional Fees
For the period ended September 30th, 2018, the professional fees
of US$ 199,821 were incurred principally due to the
following:
-- legal fees paid to Stephenson Harwood LLP, and Elvinger Hoss
and Prussen;
-- investor advisory paid to Edison Investment Research;
-- retainer fees paid to Stockdale Securities;
-- corporate broking fees to Cenkos Securities Plc;
-- audit fees paid to Deloitte Audit Société à responsabilité
limitée; and
-- non-audit fees paid to Deloitte Audit Société à
responsabilité limitée.
Note 8 - Depositary Fees
The Depositary Bank (State Street Bank Luxembourg S.C.A.)
receives, under the terms of the Depositary Agreement, fees for its
services at rates to be agreed from time to time between the Fund
and the Depositary Bank in accordance with Luxembourg practice.
Note 9 - Directors' Fees and Expenses
Each of the Directors is paid a fee for their services at such a
rate as the Board had determined provided that the aggregate of
such fees shall not exceed US$ 500,000 per annum (pursuant to the
resolution of the Annual General Meeting held on September 20th,
2018) or such higher amount as may from time to time be determined
by the Shareholders in General Meeting.
The Directors may also be paid all reasonable travelling, hotel
and other expenses properly incurred by them in the course of their
duties relating to the Fund and relate primarily to the Board
meetings held in Europe and United States.
The fees paid after tax to each Director for the period ended
September 30th, 2018 were as follows:
GBP
--------------------- ------
Duncan Budge 12,500
James Cave 12,500
Philip R. McLoughlin 17,500
Tony Morrongiello 12,500
Howard Myles 15,000
----------------------- ------
The aggregate fees (including 'Administration des Contributions
Directes') paid to Directors of the Fund amounted to US$ 115,941.
The aggregate expense reimbursement to Directors of the Fund
amounted to US$ 13,905. The fees relate to fees incurred as a
result of the Board's attendance at each Board meeting. The
exchange rate that has been applied for the conversion was the
prevailing spot exchange at the time when the fees or expenses were
paid to Directors.
Note 10 - Company Secretarial Fees and Expenses
For the period ended September 30th, 2018, the Company
Secretarial fees and expenses of US$ 72,305 include charges related
to the maintenance of the Fund's website, printing fees and the
administration of the Fund's Custody Share Register.
Note 11 - Commitments
As of the date of the report, the Fund was not engaged in any
forward foreign exchange contracts or currency options.
Note 12 - Securities Lending
As of the date of the report, the Fund had no securities lending
facility in place.
Note 13 - Short Positions
As of the closing date, the Fund had no open short
positions.
Note 14 - Beneficial Interests of the Directors and Related
Parties in the Share Capital
As of the date of the report, the beneficial interests of the
Directors and related parties in the Share capital of the Fund are
the following:
Beneficial
Interests
-------------------------------- ----------
Directors
Philip R. McLoughlin (Chairman) 37,000
Duncan Budge -
James Cave -
Howard Myles -
Tony Morrongiello -
Manager
Kun Deng 243,240
--------------------------------- ----------
Note 15 - Substantial Shareholdings
As of the date of the report, the Board had been informed of the
following interests in the Shares of the Fund:
Shares Percentage of Issued Percentage of Issued Date of announcement
Capital (excluding Capital
treasury shares) (including treasury
- FCA Denominator(1) shares)(2)
31 August
City of London 9,915,214 30.89% 21.30% 2018
Wells Capital Management 17 August
Inc. 4,660,056 14.52% 9.99% 2018
1607 Capital Partners 5 September
LLC 4,459,677 13.90% 9.56% 2018
Lazard Asset Management
LLC 3,969,232 12.37% 8.50% 3 May 2018
20 August
Ironside 2,307,189 7.19% 4.95% 2018
---------- ---------------------- --------------------- ---------------------
1 Percentage based on voting rights of 32,093,493.
2 Percentage based on voting rights of 46,635,770 (including
14,542,277 Shares held in Treasury).
All issued Shares of the Fund are on deposit with a registered
clearing house and, accordingly, with the exception of
those Shareholdings of which the Board has been notified, the
Board is not in a position to state the exact size of any
Shareholdings in the Fund.
Note 16 - Ongoing Charges
For the year ended March 31st, 2018 the Ongoing Charges were
calculated using the following formula:
Annualised Ongoing Charges / Average net assets undiluted x 100
= Ongoing Charges % where:
-- the Annualised Ongoing Charges contain the management fees,
professional fees, directors' fees and expenses,
depositary fees, Company Secretarial fees and expenses, central
administration costs and other expenses (printing,
postage, annual fees); and
-- the average net assets undiluted represent the arithmetic
mean of the total net assets over the period; and
-- taxe d'abonnement and interest paid are not included in the
ongoing charges.
Ongoing Charges 1.35%
Note 17 - Line of Credit Advanced
The Fund has an unsecured US$ 25 million Line of Credit
Agreement (the "Agreement") with Citibank, N.A. Interest on
borrowings is payable at the Federal Funds rate plus 1.25%, on
an annualised basis. Under the Agreement, the Fund has also agreed
to pay a 0.10% per annum commitment fee.
As of September 30th, 2018, the Fund had no borrowings under the
Agreement.
Note 18 - Other Expenses
Other Expenses include printing fees, association fees, exchange
fees, Directors' and Officers' insurance, website costs and other
miscellaneous expenses.
Note 19 - Dividends on Ordinary Shares
Dividends declared and paid in the period:
Period ended September Year ended March 31(st)
30(th) , 2018 , 2018
Per share US$ Per share US$
(p) (p)
----------------------------- ------------ ----------- ------------ ------------
Dividend paid on 15/09/2017
(ex date 17/08/2017) - - 5.1 2,402,410
Dividend paid on 16/01/2018
(ex date 14/12/2017) - - 6.5 3,195,298
Dividend paid on 08/06/2018
(ex date 10/05/2018) 6.5 3,156,133 - -
Dividend paid on 07/09/2018
(ex date 09/08/2018) 5.8 2,526,547 - -
----------------------------- ------------ ----------- ------------ ------------
Total 12.3 5,689,360 11.6 5,597,708
----------------------------- ------------ ----------- ------------ ------------
On April 27th, 2018 the Board announced that it would pay a
second dividend of 6.4925 pence per share in respect of the year to
March 31st, 2018, which was paid on June 8th, 2018 to shareholders
who appeared on the register on May 11th, 2018 with an ex-dividend
date of May 10th, 2018. The final dividend of 6.49 pence per share
was paid on June 8th, 2018.
The first quarterly dividend of 5.835 pence per share was paid
in respect of the year ended March 31st, 2019 on
September 7th, 2018 to Shareholders who appear on the register
on August 10th, 2018, with an ex-dividend date of
August 9th, 2018.
Note 20 - Changes in the Investment Portfolio
For the period ended September 30th, 2018, the total movements
occurred in the securities portfolio are the following:
Purchases Sales Realised Unrealised
(US$) (US$) Gain/(Loss) Gain/(Loss)
(US$) (US$)
----------- ----------- ------------- -------------
35,590,511 61,440,203 5,247,287 29,957,732
----------- ----------- ------------- -------------
In addition, the changes in the investment portfolio during the
year are available at the registered office of the Fund without any
charge.
Note 21 - Subsequent Events
There were no subsequent events.
National Storage Mechanism
A copy of the Half Yearly Report will be submitted shortly to
the National Storage Mechanism ("NSM") and will be available for
inspection at the NSM, which is situated at:
www.morningstar.co.uk/uk/NSM.
ENDS
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on this announcement (or
any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BSBDDUUDBGIB
(END) Dow Jones Newswires
December 21, 2018 09:57 ET (14:57 GMT)
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