§ Mr. BakerTo ask the hon. Member for Middlesbrough, representing the Church Commissioners, for what reasons the format of investment holdings in the 1997 Annual report and Accounts has been changed from that in the 1996 edition in respect of information concerning overseas trusts. [44231]
§ Mr. Stuart BellThe list of larger investments in the 1997 Annual Report and Accounts adopted a higher threshold (£6 million) than that in the 1996 Report (which applied a threshold of £3 million for UK equities and £1 million for overseas investments with overseas trusts listed as a separate category under the list of overseas investments). This focuses clearly on the largest holdings, which contribute the greater part of the fund's performance, and also reflects the overall increase in the Commissioners' investments since the threshold was last reviewed. No overseas investments over £6 million were held.
In view of the Commissioners' decision to increase its overseas equities in 1997 and to outsource the management of the overseas portfolio to three separate
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£ Company Date Market value Total proceeds i. Edinburgh Dragon Trust 31 December 1996 4,225,000.00 31 December 1997 0.00 2,723,789.75 ii. Fidelity Japanese Values 31 December 1996 1,299,375.00 31 December 1997 0.00 768,459.75 iii. Fleming Japanese Investment Trust 31 December 1996 6,514,324.00 31 December 1997 4,749,684.00 iv. Fleming Select Japanese Fund 31 December 1996 3,354,565.00 31 December 1997 0.00 2,721,183.92 v. Fleming Select Pacific Fund 31 December 1996 2,775,689.00 31 December 1997 0.00 1,881,573.14 vi. Foreign and Colonial Pacific Investment Trust 31 December 1996 3,460,063.00 31 December 1997 2,370,688.00 vii. Govett Oriental Investment Trust 31 December 1996 4,074,000.00 31 December 1997 0.00 2,488,137.50 viii. JF Fledgling Japan 31 December 1996 2,239,050.00 31 December 1997 1,228,200.00 ix. Mercury European Privatisation Trust 31 December 1996 1,080,000.00 31 December 1997 1,914,000.00 includes purchases x. Old Mutual South Africa Trust 31 December 1996 1,207,500.00 31 December 1997 1,361,500.00 xi. Pacific Assets Trust 31 December 1996 2,552,000.00 31 December 1997 0.00 1,235,024.75 external fund managers during 1997, with a consequent large increase in the number of individual overseas equity holdings, it was considered opportune to align the disclosure threshold for overseas holdings with that for UK equities.
The overseas investment trusts held at 31 December 1996 represented the Commissioners' only exposure to the markets of the Far East. As a result of the appointment of external overseas equity managers during 1997, many of the overseas investment trust holdings were disposed of by the end of 1997.
§ Mr. BakerTo ask the hon. Member for Middlesbrough, representing the Church Commissioners, if he will list in tabular form(a) the investment holdings in pounds at 31 December (1) 1996 and (2) 1997 and (b) the sums realised in pounds from the disposal of holdings between 1 January 1997 and 31 December 1997 in (i) Edinburgh Dragon Trust, (ii) Fidelity Japanese Values, (iii) Fleming Japanese Investment Trust, (iv) Fleming Select Japanese Fund, (v) Fleming Select Pacific Fund, (vi) Foreign and Colonial Pacific Investment Trust, (vii) Govett Oriental Investment Trust, (viii) JF Fledgeling Japan, (ix) Mercury European Privatisation Trust, (x) Old Mutual South Africa Trust, (xi) Pacific Assets Trust, (xii) Schroder Asia Pacific Fund, (xiii) Schroder Emerging Countries, (xiv) Schroder Japan Growth Fund, (xv) Schroder Pacific Growth Fund, (xvi) Schroder Tokyo Fund, (xvii) TR European Growth Trust and (xix) Templeton Emerging Markets. [44230]
§ Mr. Stuart BellThe relevant information to the question is as follows. The information given provides market valuation at specific dates only, and does not indicate gains or losses.
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£ Company Date Market value Total proceeds xii. Schroder Asia Pacific Fund 31 December 1996 2,572,075.00 31 December 1997 11,382,975.00 xiii. Schroder Emerging Countries 31 December 1996 1,625,000.00 31 December 1997 11,439,000.00 xiv. Schroder Japan Growth Fund 31 December 1996 1,170,000.00 31 December 1997 11,040,000.00 xv. Schroder Pacific Growth Fund 31 December 1996 4,968,164.00 31 December 1997 0.00 2,904,068.53 xvi. Schroder Tokyo Fund 31 December 1996 5,540,129.00 31 December 1997 0.00 4,861,229.78 xvii. TR European Growth "C" Conversion to Ordinary 31 December 1996 1,485,000.00 31 December 1997 0.00 1,782,973.65 xix. Templeton Emerging Markets 31 December 1996 1,869,146.00 31 December 1997 1,672,763.00 1Indicates a transfer to an Overseas Fund Manager