EP Global underperforms

EP Global Opportunities Trust achieved a total return of 8.3% in 2010 with the net asset value per share rising 7% to 188.2p. EP Global does not have an official benchmark index but it has underperformed the FTSE All-World Index, whose total return was 16.7%. EP Global's performance was held back by its overexposure to Europe during the year. The trust found it difficult to find value in Asia but it did add to its Japanese investments. Japan accounted for one-quarter of the portfolio at the end of 2010. That suggests that the trust's performance in the first quarter of 2011 may also be poor. EP Global has already declared a dividend of 2.8p a share, up 17% on last year. Since the year end the merger with Anglo & Overseas has been approved. This has more than doubled the NAV of EP Global to £110m.