The Representative Church Body – Report 2017 THE RB GENERAL UNIT TRUST (NORTHERN IRELAND) INVESTMENT MANAGER’S REPORT FOR THE YEAR ENDED 30 JUNE 2016 TRUST ASSET DISTRIBUTION The market value of the investments, including the value of the capital deposit account was £49.42m. The ten largest holdings at 30 June 2016 were: 1. Cash 2. Irish Property Unit Trust 3. Avenue Properties (NI) 4. AIB 12.5% 2035 5. Vaneck Gold Miners ETF
% of Fund 6.1% 5.0% 4.1% 3.5% 3.0%
6. BOI 10.1% Pref 7. Barclays 5.75% 2026 8. Gold SPDR ETF 9. JPM 6.3% perpetual 10. Fairfax Financial Holdings
% of Fund 2.3% 2.2% 2.1% 2.1% 1.9%
The investment profile in terms of distribution of the assets (by value) at 30 June 2016 is displayed in the following chart:
INCOME DISTRIBUTION TO UNIT HOLDERS The Trust has a dividend reserve policy that targets a level of 2% of Fund value. The Dividend Equalisation Reserve (DER) will not be allowed to exceed 4% of Fund value and at least 80% of net income in any individual year will be distributed to unit holders. A healthy reserve aids the management of a stable and sustainable distribution going forward.
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