TORONTO, Dec. 22, 2015 /CNW/ - Scotia Managed Companies Administration Inc. (the "Manager"), the manager of Top 20 Europe Dividend Trust (the "Trust"), announced that, due to a significant reduction to the dividend policy of Anglo American plc and its removal from The Europe Dow, the Trust's exposure to Anglo American plc has been reallocated to the equity securities of Vivendi S.A.R.L. In accordance with the investment strategy of the Trust, the equity securities of Vivendi S.A.R.L. were selected as the next highest yielding issuer that are option eligible in The Europe Dow not included in the Trust's current portfolio. As a result of such reallocation effective September 23, 2015, the net asset value per unit of the Trust increased to $8.30 per unit on December 21, 2015.
The Trust is an investment trust whose investment objectives are to provide unitholders with: (i) stable quarterly tax-advantaged distributions; (ii) the opportunity for capital appreciation, and (iii) mitigate the impact of foreign exchange exposure through the use of currency hedging strategies, in each case through exposure by virtue of the Forward Agreement, to an equally-weighted portfolio (the "Portfolio") comprised of the 20 highest yielding equity securities included in The Europe Dow. The Europe Dow is a regional index of the Dow Jones Industrial Average that measures the stock market performance of the 30 leading publicly traded blue-chip companies from Western Europe. The Portfolio is reconstituted annually to include the then top 20 highest yielding constituents of The Europe Dow on an equally-weighted basis using the closing prices as of the second Friday of December or such other date as the Manager determines. The annual rebalancing is completed within 15 business days following the last business day of December. The Portfolio is rebalanced to an equal weight basis prior to the end of each calendar quarter.
The units of the Trust are listed for trading on The Toronto Stock Exchange under the symbol TTE.UN.
SOURCE Top 20 Europe Dividend Trust
For further information: Investor Relations, Top 20 Europe Dividend Trust, (416) 945-4111, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com