The closer you look at Property Management the more you see St Quintin
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1 The closer you look at Property Management the more you see St Quintin Active management to make Commercial Property perform for the Investor throughout the United Kingdom. Vintry House, Queen Street Place, London EC4R 1ES. 'Thlephone: 'Thlex: UNITED KINGDOM UNITED STATES OF AMERICA BELGIUM
2 THE ONLY U.S. FIRMS SPECIALIZING IN THE FIELD OF UK INVESTMENT TRUSTS AMERICAN CLOSED-END FUNDS Closed-End Funds: Weekly Research; Discretionary Management; Market Making; Block Positioning; Arbitrage; Consulting; Trading. THOMAS J. HERZFELD &CO. Incorporated Member NASD, SIPC THOMAS J. HERZFELD ADVISORS, INC. Registered Investment Advisor 7800 Red Road, South Miami, Florida (305)
3 The Nation's Interior Contracting Organisation to bankers, brokerage houses, solicitors, accounting firms and corporate offices in the City and West End of London as well as in Paris and Rome. nico CONSTRUCTION LIMITED REX HOUSE, 4-12 REGENT STREET, LONDON SW1Y 4PE TELEPHONE: (01) TELEX: nico G PARIS-TEL: (33-1) ROME-TEL: (39-6)
4 The monthly review of risk-adjusted performance of U.K. Investment 1hlsts The Investment Trust Monitor Not a journal. Not a newsletter. No opinions or forecasts. Quite simply, the first and most comprehensive analysis of the U.K. investment trust universe ever undertaken:... top 50 trusts ranked by performance, discount and risk... time-series discount analysis... risk and volatility statistics... performance by market cycles. Now updated and published monthly. An essential tool for investment trust decisionmakers. Published by I\IEWiiATE MANAGEMENT ASSOCIATES George Foot, Partner Sonia Rosenbaum, Ph.D., Partner Registered advisors specializing in investment trusts for institutional clients 351 Pleasant Street, Suite 214 Northampton, Massachusetts 01060, U.S.A. Telephone: Fax: Telex: /EasyLink
5 Data General advancing imaginative applications ill. financial systems. Today's complex financial markets mean only the right information system can make the right connections. To achieve this Norwich Union, Phillips & Drew, Shearson Lehman Brothers, were among those who turned to Data General. Data General responded with systems tailored to a client's real needs. Effectively; systems that mean the difference between dealing in profit or dealing in the dark. Such is Hydra':' a fail-safe system which combines external market information with in-house data and distributes it to any number of dealing d~. As one user says,"... it allows us to do things we didn't even know we needed to do: Sending the coupon gets you more details. Or program your telephone with Ol -572 extension 2453 and access Oscar Rook. Ple;;; rush;;;;.;;e I information about the Data General 1 Financial Systems. Mail to: Data General Limited, Hounslow House London Road, Hounslow. Middlesex, TW3!PD. Data General a Generation ahead. I ~ ~ I I I I I I I
6 INVESTMENT TRUSTS The key to successful investment Successful investment in the investment trust sector requires constant monitoring of individual companies, industrial sectors, stockmarkets, currencies and economies worldwide. Hoare Govett is a leading stockbroking company and the investment trust team combine the company's international research with their own fundamental analysis and technical expertise to produce a comprehensive investment trust research service. Hoare Govett now offers 100 pages of investment trust information and research on TOPIC for the exclusive use of its institutional clients. To find out what Hoare Govett's investment trust team can do for you please contact Mark Jeffries, Mark Sewell, Nicholas Corke, Peter Walls, Andrew Davey or Sue Barnett on Broad gate London EC2M 7LE Telephone: Telex: STX: 3428 STX: 2077 Fax: HOARE GOVETT The International Stockbroker LONDON NEW YORK TOKYO HONG KONG SINGAPORE MELBOURNE SYDNEY CHANNEL ISLANDS GLASGOW iii
7 Robert Fleming: the balanced group of investment trusts for todays investors Among the funds managed and advised by Robert Fleming, which at the beginning of 1986 totalled 13 billion, are the following ten listed investment trust companies with assets in excess of 1.0 billion. These companies provide a complementary range of clearlystated investment policies designed to meet the objectives of most modem investors. A Dividend Reinvestment and Savings Scheme is also available to any investor. The Fleming American Investment 'frust pic Invests in North America. The Fleming Claverhouse Investment Trust pic Invests wholly in UK companies. The Fleming Enterprise Investment 'frust plc Invests in small and medium-sized companies, listed and unlisted, in the U.K. The Fleming Far Eastern Investment Trust pic Invests mainly in the Far East, including Australia. The Fleming Fledgeling Investment 'frust pic Invests internationally in small companies The Fleming Japanese Investment 'frust pic Invests in Japan. The Fleming Mercantile Investment Trust plc Invests with emphasis on a wide geographical spread and emerging growth companies. The Fleming Overseas Investment Trust pic Invests mainly in overseas markets. The Fleming Technology Investment Trust pic Concentrates on investment in new technologies. The Fleming Universal Investment Trust plc Invests internationally, including the U.K., with emphasis on radical geographical and sector changes. For the latest Annual Reports and information on the Dividend Reinvestment and Savings Scheme, please contact: ROBERT FLEMING Robert Fleming Services Limited, 25 Copthall Avenue, London EC2R 7DR Tel:
8 INVESTl\tiENT TRUST YEARBOOK
9 - we mean a good deal in the city You may already know lntercraft as manufacturers of systems office furniture. But you may not know that lntercraft have for several years now, been designing, manufacturing and coordmatmg dealer desking mstallations in the city lntercraft have completed many different installations from the busy efficiency of Braking Houses to the sophisticated ambience of Corporate Banking. Special systems have been de~elopedloward a simple practtcal destgn, to cope with the rapid changes in the state of the communications art within dealer desking. Infact, we not only handle all desking design and 0anufacture - we plan, tntegrate electronic and data systems, co-ordinate and manage the complete interior installation. Please contact lntercraft for more details or visit our showrooms. Berkeley Square House. Berkeley Square, London WJ X 5PE Telephone: Telex: Also showrooms at Manchester. Telephone and Bristol. Tctept1onc: '";~~;::::~:-;;;:~~~;;;~F;:;;;;~ r..
10 ~ The Association of Investment Trust Companies INVESTMENT TRUST YEARBOOK Editor Mara M. VilCinskas M MACMILLAN PUBLISHERS
11 The Association of Investment Trust Companies, 1987 Softcover reprint of the hardcover 1st edition All rights reserved. No part of this publication may be reproduced, or transmitted, in any form or by any means, without permission. The Investment Trust Year Book /987-88, which is the official year book of The Association of Investment Trust Companies, is published by Macmillan Publishers Ltd in co-operation with the Association. Address The Association of Investment Trust Companies Park House (6th floor) 16 Fins bury Circus London EC2M 7JJ Telephone: (01) First published by MACMILLAN PUBLISHERS LTD (Journals Division), 1987 Distributed by Globe Book Services Ltd Brunei Road Houndmills Basingstoke Hampshire RG21 2XS While every care has been taken in compiling the information contained in this publication, the Publishers and Copyright Holders accept no responsibility for any errors or omissions. British Library Cataloguing in Publication Data Investment Trust Year Book Investment trusts- Great Britain Periodicals I. Association of Investment Trust Companies '27 HG ISSN ISBN ISBN (ebook) DOI / Typeset by Florencetype Ltd, Kewstoke, Avon, and Gee Graphics Ltd, London and Crayford
12 For investment management QUASAR is a fully integrated but modular computer system for investment managers. It is already used by over 60 banks, insurance companies, building societies, pension funds, licensed deposit takers, stockbrokers etc. the software caters for the following areas: Investment Management Unit Trust Management Personal Equity Plan Management Banking * Savings Management QUASAR will help you manage any or all of your institutional and private client portfolios and funds, whether they are composed of equities or fixed interest instruments. It was developed in the U.K. but can also be installed overseas to give you a single basis for managing investments. QUASAR is supported and developed by a very successful ten year old company employing over 70 specialists dealing with the system. There is a fully independent user group which helps with the constant enhancement of the software. QUASAR can be purchased as software only, or as a complete system based upon Digital Equipment minicomputers ACT (Financial Systems) Ltd, the supplier of QUASAR, is a Digital Equipment Authorised Computer Distributor. QUASAR could be your best investment yet. ACT (Financial Systems) Ltd Ring ACT Financial Systems on /8489 Or write for more information to ACT (Financial Systems) Ltd, Euston Road, London, NWI 3AW ix
13 IT'S OUR INNOVATIVE APPROACH THAT PRODUCES SUCH At MIM Limited we believe that innovation is one of the keys to successful investment trust management. We are constantly examining new approaches to investment policy. New ways of utilising our fund managers' expertise. We are the managers of the first 'split-level' investment trusts, with shares offering investors the choice of income or capital growth. We were also among the first to foresee the potential of development capital investment. Both Consolidated Venture 'Rust and Drayton Consolidated 'Rust have significant emphasis on the unlisted sector, and on smaller listed companies with active growth programmes. Yet another example of our innovation is that we were one of the first to invest in Japan We manage the largest specialist Japanese investment trust - Drayton Japan - MIMPRESSIVE RESULTS. which is among the top performers in its category. The one thing that isn't new is our consistent performance. Check the performance of the eight investment trusts in our care, with assets totalling over 700 million, and you'll see that our claim is well justified. In 1985 we were awarded the Money Observer 'Best Large 'Rust Manager, and 'Best Large 'Rust Group' accolades. And now Wood Mackenzie have ranked us second out of the twenty major investment trust management groups for our net asset value performance in For more facts on our innovative approach and performance record, call Malcolm Callaghan on Or write to MIM Limited, 11 Devonshire Square, London EC2M 4YR A part of the international Britannia Arrow Investment Group. INVESTMENT MANAGEMENT IS OUR BUSINESS X
14 General Contents For full contents of each section please refer to the pages given below Comment 1 Industry Analysis 23 Management 53 Company Details 91 Statistical Record 413 Appendix 457 For the Record and Late News 479 Index of Companies 495 Advertisers' Index 500
15 xii
THOMAS J. HERZFELD &CO.
THE ONL Y U.S. FRMS SPECALZNG N THE FELD OF UKNVESTMENTTRUSTS AMERCAN CLOSED-END FUNDS THOMAS J. HERZFELD &CO. ncorporated Member NASD, SPC THOMAS J. HERZFELD ADVSORS, NC. Registered nvestment Advisor
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