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Split Capital Investment Trust Guide
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Glossary
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Cover
This is the extent to which the final redemption price is covered by current assets of the trust, shown as a %.
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Current Redemption Value
This figure is based on published values where available, otherwise the growth rate of Zeros quoted in the issue prospectus. The figure estimates the values of the Zeros were the trust to wind up now.
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Discount
This is the percentage discount the current price is to the estimated diluted Net Asset Value.
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Geared Units
Made up of a Capital and an Income share.
Gearing
This is the ratio of the gross assets to the net assets of the trust, multiplied by 100.
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Gross Redemption Yield (% p.a.)
Capital
The figures show the GRY attained by holding the Capital share until redemption at various rates of underlying total asset growth for the trust.
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Ordinary Income
The figures show the GRY attained by holding the Ordinary share until redemption at various rates of total asset growth and portfolio income growth for the trust.
Income
The figures show the GRY on the Income shares if held until redemption at various portfolio income growth rates. It is assumed that the redemption price is met in full.
Zero Dividend Preference
The figures show the GRY if the Zero is held until redemption and the redemption value is met in full.
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Gross Yield
The gross dividend yield percent is based on a net dividend rate plus tax credit. This rate is normally the declared rate for the last full financial year, but adjusted for interim and capital changes.
Hurdle Rate
Sometimes known as the Fulcrum, this figure is the annualised growth rate required in the underlying assets of the trust in order for the particular class of share to be redeemed at the current market price (or redemption value for Income shares, Stepped Preference shares and Zero Dividend shares).
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Life (yrs)
The number of years remaining until the predetermined date upon which the trust is expected to wind-up.
Net Asset Value (NAV)
Values estimated daily by Thomson Financial Datastream. The portfolio, as published in the latest accounts, is arranged into industrial and country groups and the value of each group is updated daily by the respective shareholdings or by an appropriate industry share index. The subdivision of the portfolio is taken to the most detailed level that is considered practical, both in respect of UK and foreign investments. Approximately 300 daily share indices and all major shareholdings are used in these calculations. All convertibles are treated as fully converted at the first opportunity, prior charges are deducted at par and warrants are treated as exercised if the net asset value exceeds the subscription price of the warrant. Director Share options are also taken into account. Any asset values published by the trust since the last year end are also taken into account.
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Net Redemption Yield (NRY)
The figures are shown net of tax both at 23% and 40%, with no indexation included and based on the Zero being held until redemption and the redemption value being met in full. Income shares also show both gross and net of income tax at the standard rate.
Next PPS
Next Payment Per Share
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Ordinary Income
Also known as Income and Residual Capital, Geared Ordinary or Highly Geared Ordinary Income.
Packaged Units
Combines certain classes of share, usually reflecting the same number of share classes in the trust, and usually in the same ratio.
Price
The prices shown are the closing middle market price and are updated daily. All calculations are based on this price.
Unquoted (%)
This shows unquoted investments as a percentage of the gross assets. This figure is updated for published values.
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Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.
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