APS Income Fund assets reach €10.9m in one year

The net assets of the APS Income Fund reached €10.87 million in less than a year, the first annual general meeting of APS Funds SICAV plc heard on Wednesday.

At a presentation of the financial statements at the Corinthia Palace Hotel in Attard, it was illustrated how the distributor shares received a dividend €2.8133 net of all taxes for the period between April and December 2008.

There was an annualised distribution of 4.07 per cent net of taxes.

During the meeting, unit holders were able to analyse the fund's performance, with a particular focus on the challenging months since the second half of 2008.

The fund managed to maintain a reasonably stable price, even during the worst period (September to October 2008). This was a reflection of the fund's moderate-to-cautious risk profile, in line with the fund's target to keep the price of distributor shares relatively stable and to achieve a distribution which was higher than that obtained from one-year term bank deposits.

APS Funds SICAV plc derived its philosophy and social commitment from the APS Group. APS Funds SICAV plc was confident that the financial market would soon revert to an appropriate stability to enable it to launch other innovative funds.