The First Commonwealth Fund, Inc. Announces Performance Data And Portfolio Composition.NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , July 31 /PRNewswire/ --
The First Commonwealth Fund, Inc., a closed-end bond fund (NYSE NYSE
See: New York Stock Exchange : FCO FCO n abbr (BRIT) (= Foreign and Commonwealth Office) → Min. de AA. EE
FCO n abbr (Brit) (= Foreign and Commonwealth Office) → ), announced performance and portfolio composition data as of June 30, 2000.
The Fund's total returns for various periods through June 30, 2000 are provided below. (All figures based on distributions reinvested, including long-term capital gains):
Period NAV See navigation system and navigation bar. Total Return Market Price Total Return
Cumulative Annualized Cumulative Annualized
Inception 69.5% 6.5% 26.8% 2.9%
5-years 40.2% 7.0% 25.8% 4.7%
3-years 3.9% 1.3% -4.0% -1.3%
1-year -2.4% -5.8%
All performance numbers are calculated using an estimated DRIP figure based on the end of May Net Asset Value or share price plus declared dividend declared dividend
A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. .
As of June 30, 2000, the portfolio was invested as follows:
Currency Exposure Geographic Exposure
United Kingdom 31.0 31.0
Canada 33.1 33.1
Australia 24.9 24.9
New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. 3.6 3.6
United States 4.2 1.5
Thailand 0.4 1.2
Philippines 0.4 0.4
Singapore 0.3 0.3
South Korea 1.6 2.2
Malaysia 0.5 1.2
India 0 0.6
As of June 30, 2000, approximately 87.6% of the Fund's assets were invested in securities rated "Aa" or better by Moody's Investors Service Inc. or "AA" or better by Standard & Poor's Corporation or, if unrated, judged by the Investment Manager to be of equivalent quality. The remainder of the Fund's assets were invested in securities where the issue or the issuer was rated, or judged by the Investment Manager to be at least "B" quality. The credit quality and maturity breakdown of the portfolio were as follows:
Credit Quality %
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B
45.9 41.7 8.7 1.6 1.2 0.9
<3 Years 3-5 Years 5-10 Years >10 Years
38.0 11.9 23.4 26.7
As of June 30, 2000, the average maturity of the portfolio was 8.8 years, and the modified duration of the portfolio was 5.5 years.
The Fund's cash distribution rate for the 12-month period ended June 30, 2000 was 10.0%, based on the June 30, 2000 share price of US$9.06.
As of June 30, 2000, the Fund's total net assets, including US$30 million in preferred stock, amounted to US$134,072,501, with a net asset value per share of common stock of US$11.23.
The First Commonwealth Fund, Inc.'s shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The Fund is managed by EquitiLink International Management Limited and advised by EquitiLink Australia Limited.
Past performance does not guarantee future results.
The Manager has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Manager, the Investment Adviser nor any other person guarantees their accuracy. Investors should seek their own professional advice before acting on this information.
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