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The Cayenne Trust plc.
The Cayenne Trust (TCT) is a London-listed investment trust company with Ordinary Shares and Convertible Unsecured Loan Stock in issue.
TCT has been managed by Cayenne Asset Management (Cayenne) since 30 January 2006.
TCT aims to achieve consistent positive total returns by investing in UK investment trusts and other closed-end funds.
Derivatives are used to preserve capital and minimise NAV volatility. Focused portfolio of diversified assets reduces stock specific risk.
Management independence allows an active approach and Cayenne has a long track record of working with boards/managers to realise value.
An active discount management policy protects a 5% discount.
Shares repurchased can be held in treasury and resold at discounts narrower than the repurchase level. New shares can be issued at a premium to NAV
This policy minimises discount volatility and enhances liquidity for shareholders - the Company is its own 'market-maker' creating two way price, in greater than average size
Directors will propose an ordinary resolution at the Annual General Meeting in 2016 and, if passed, at each Annual General Meeting thereafter that the Company should continue as an investment trust.
Management fee of 1% charged on net assets, excluding any investment in Apollo Fund plc. Performance fee of 10% charged on out-performance of 5% total return per annum subject to high-water mark provisions.
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