ICA Investec Cap.

 
TIDMICA 
 
Investec Capital Accumulator Trust Limited 
 
Interim Management Statement 
 
for the quarter ended 31 December 2009 
 
Objective and Investment Policy 
 
The Company's investment objective is to achieve steady capital growth over the 
long term at a level of risk lower than that of the FTSE All-Share Index. No 
dividends will be paid to shareholders. 
 
The Company's investment policy is to invest the majority of the portfolio in 
UK Sterling denominated investments in the form of equities and/or equity 
related derivatives. The Company may also invest in interest bearing securities 
and units in collective investment schemes. 
 
The majority of the Company's portfolio has historically been to invest in 
between 15 and 30 Zero Equivalent Balanced Return Assets (ZEBRAs). However, 
this number is declining sharply in the run-up to the Company's proposed 
liquidation in May 2010. ZEBRAs are designed to have similar characteristics to 
those of high quality zero dividend preference shares. 
 
No single investment may exceed 10 per cent. of the Company's total assets at 
the time of investment. The Company will not invest more than 15 per cent. of 
its total assets in other listed investment companies (including listed 
investment trusts). 
 
Material Events and Transactions 
 
During the quarter, seven ZEBRAs reached their redemption dates and were 
liquidated. The proceeds were not reinvested. The holding in long dated US TIPS 
(Treasury Inflation-Protected Securities) was also sold. 
 
At the end of December, asset allocation was: 
 
                                                              % of 
 
                                                             Total 
 
                                                            Assets 
 
Investment Companies, REITs and Warrants                      17.7 
 
ZEBRAs                                                        16.6 
 
Fixed Income                                                   5.8 
 
Other Structured Products                                      2.6 
 
Collective Investment Schemes                                  1.6 
 
UK Equities                                                    0.1 
 
Cash and cash equivalents*                                    55.6 
 
                                                             100.0 
 
*Cash equivalents include holdings in the Investec Sterling Liquidity Fund, a 
UK Treasury Bill and a UK Treasury Index Linked Gilt. 
 
The Company did not buy back any shares during the quarter to 31 December 2009. 
As at 31 December 2009, the Company's share capital consisted of 31,641,931 
ordinary shares. 
 
Top Ten Holdings as at 31 December 2009** 
 
                                                              % of 
                                                             Total 
 
Holding                                                     Assets 
 
GlaxoSmithKline ZEBRA 8.62% February 2010 - Merrill      4.4 
Lynch 
 
Elders Investment Company 28A Capital Accumulator        3.3 
 
Elders Investment Company 25B Japan Accelerated Growth   3.1 
 
AcenciA Debt Strategies                                  2.7 
 
JD Wetherspoon ZEBRA 9.10% June 2011 - Citigroup         2.6 
 
Topix / S&P autocallable January 2011 - Merrill Lynch    2.6 
 
Kingfisher ZEBRA 9.52% April 2010 - Barclays             2.4 
 
Greggs ZEBRA 8.216% April 2010 - JPMorgan                2.3 
 
BT ZEBRA 9.86% April 2010 - Citigroup                    1.8 
 
Market Vectors Gold Miners ETF                           1.6 
 
                                                         26.8 
 
** Holdings in cash equivalents are not detailed in the top ten holdings. 
 
Financial Performance 
 
                                                   Quarter to         Year to 
 
                                             31 December 2009    30 September 
                                                                         2009 
 
Total assets less current liabilities                 GBP29.71m         GBP29.73m 
 
NAV total return                                        -0.1%           11.4% 
 
NAV per share 
 
- basic                                                93.90p          93.96p 
 
- diluted                                              93.90p          93.96p 
 
Price per share                                        89.50p          84.50p 
 
Discount                                                 4.7%            9.8% 
 
Benchmark NAV total return 
 
FTSE All-Share Index                                     5.5%           10.8% 
 
IMA UK Zeros Sector*                                        -            3.1% 
 
* IMA UK Zeros Sector discontinued in October 2009 
 
Note: The directors are not aware of any significant events or transactions 
which have occurred between the date of the financial information and the date 
of publication, which would have a material impact on the financial position of 
the Company. 
 
The net asset value is published on a weekly basis and other useful background 
information on the Company including downloads of published documentation such 
as previous Annual Reports and Monthly Fact Sheets can be found at 
www.investecassetmanagement.com. 
 
Company Information 
 
Launch date            1 October 2005 
 
Year end               30 September 
 
Annual General Meeting 17 February 2010 
 
Price information   Published in the Financial Times under `Investment 
                    Companies'. 
 
Contact 
 
Sheila Ozanne 
 
Investec Asset Management Guernsey Limited 
 
Guinness Flight House 
 
La Plaiderie 
 
St Peter Port 
 
Guernsey 
 
GY1 3QH 
 
Tel: +44 (0) 1481 710404 
 
 
 
END 
 

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