Last checked at 5 Apr 2011 15:07
ABERFORTH GEARED CAPITAL & INCOME TRUST plc
Interim Management Statement for the 3 months to 31 March 2011
Investment Objective
The investment objective of Aberforth Geared Capital & Income Trust plc (AGCiT) is to provide Income Shareholders with a high level of income payable half yearly with the potential for income growth and to provide Capital Shareholders with geared capital growth.
Aberforth Partners LLP are contracted as the Investment Managers and Secretaries to the Company.
Features
- Over the 3 month period to 31 March 2011, the Company's total asset value increased by 2.3%. By comparison the RBS Hoare Govett Smaller Companies Index (excluding Investment Companies) (RBS HGSC (XIC)), which is representative of AGCiT's investment opportunity base, increased by 1.6%. All figures are total returns.
- As at 31 March 2011 the Capital share price was 476p, representing a discount of 12.1% to the Capital Share net asset value (assuming nil swap valuation) of 541.68p.
- A second interim dividend in respect of the year to 31 December 2010 of 7.5p was paid to Income Shareholders on 25 February 2011.
- At the Annual General Meeting held on 2 March 2011 all four ordinary resolutions were passed on a show of hands.
- On 31 March 2011 the capital entitlement of an Income Share reached a valuation of 100p and in accordance with the Articles will remain at this value.
Performance - Total ReturnsPeriods to 31 March 2011 3 Months 6 Months 1 Year 3 YearsTotal Assets +2.3% +12.8% +24.7% +26.4%Capital Share NAV +2.3% +23.5% +44.8% +14.8%RBS HGSC (XIC) +1.6% +13.0% +20.4% +32.5%Capital Share Price +5.8% +41.9% +74.4% +27.3%Income Share Price +2.7% +4.3% +10.0% +36.3%
Note: Past performance is not a guide to future performance
Top 10 Holdings As at 31 March 2011 % of Investment Portfolio Spirax-Sarco Engineering 4.5 RPC Group 3.8 JD Sports Fashion 3.4 e2v technologies 3.2 Bodycote 2.9 Beazley 2.6 Morgan Crucible Co. 2.3 Galliford Try 2.2 Holidaybreak 2.1 UMECO 2.1 ---- 29.1 ----Size Distribution across FTSE IndicesAs at 31 March 2011 RBS HGSC AGCiT (XIC) % Total %TotalFTSE 100 0.0 0.0FTSE 250 72.4 49.7FTSE SmallCap 19.5 41.1FTSE Fledgling 1.7 4.8Other 6.4 4.4 ----- ----- 100.0 100.0 ----- -----Current Financial Position As at As at 31 March 31 December 2011 2010Fixed Assets: Investments Investments held at fair value through £116.4m £112.7mprofit or loss Current assets £0.7m £0.3m ------- ------- Total assets £117.1m £113.0m ------- ------- Bank loan (£34.3m) (£30.2m)Interest rate swap (£0.7m) (£1.0m)Income Shares (£24.5m) (£24.5m)Total current liabilities (£59.5m) (£55.7m) ------- ------ Total Net Assets £57.6m £57.3m ------- ------ Share Capital £0.1m £0.1mCapital redemption reserve £0.1m £0.1mSpecial reserve £9.7m £9.7mCapital reserve £46.3m £44.7mRevenue reserve £1.4m £2.7m ------- ------ Total Equity £57.6m £57.3m ------- ------ Income Share NAV 105.72p 109.71pCapital Share NAV (assuming nil swap 541.68p 529.42pvaluation) Income Share Price 108.00p 112.50pCapital Share Price 476.00p 450.00pMarket Capitalisation (Income and Capital £76.4m £74.8mShares) Gearing 202% 197% Hurdle Rates Required capital growth p.a. on portfolio -6.1% -5.5%to return Capital Share price General InformationTotal Expense Ratio (p.a.) - 2010 1.5%First Interim Dividend for y/e 31/12/10 (paid 6.5pAugust 2010) Second Interim Dividend for y/e 31/12/10 (paid 7.5pFebruary 2011) Dividend Yield 13.0%Launch Date 18 December 2001Planned Winding Up Date 31 December 2011
Further Information Further information regarding the Company, including more recently published net asset values, can be found on the following website: www.aberforth.co.uk
Contact
Gary Tait (Tel: 0131 220 0733)Aberforth Partners LLP, Secretaries, 5 April 2011
ABERFORTH GEARED CAPITAL & INCOME TRUST PLC (CAP SHS)