19 Nov 2012 17:28
ACORN INCOME FUND LIMITED (the "Company")
Interim Management Statement for the period from 1 July 2012 to 19 November 2012 ("the Period") as required under the Disclosure and Transparency Rule 4.3.2.
Investment Objectives and Policy
The objectives of the Company are to provide the Company's shareholders with a high income and also the opportunity for capital growth.
The Company's portfolio is invested in equities and high income and fixed interest securities in order to achieve its investment objectives. It is the aim of the Company to provide both income and capital growth predominantly through investment of approximately 70 to 80% of the portfolio in smaller capitalised United Kingdom companies, admitted to the Official List of the United Kingdom Listing Authority and traded on the London Stock Exchange or traded on AIM; and by investing approximately 20 to 30% of its assets in high yielding securities which will be predominantly fixed interest securities (including corporate bonds, preference and permanent interest bearing shares, convertible and reverse convertible bonds and debentures) but may include up to 15% of the portfolio (measured at the time of acquisition) in high yielding investment company shares.
Financial Highlights
30 June 2012 | 31 October 2012 | % change or return | |
Ordinary share NAV | 210.56p | 248.61p | 18.07% |
Ordinary share mid price | 172.50p | 222.50p | 28.99% |
ZDP share NAV | 103.36p | 105.59p | 2.16% |
ZDP share mid price | 107.50p | 113.00p | 5.12% |
Total return on Gross Assets (adjusted for debt repayment) | |||
NUMIS NSCI Ex Investment Companies | 9,918.60 | 11,089.07 | 11.80% |
Material Events and Transactions
There were no material events or transactions during the period. The NAV of the ordinary shares rose 18.1% between the end of June and 31 October 2012. This performance was due to good relative performance from UK Smaller companies and to an overweight position in financials within the income portfolio.
Issued share capital of the Company:
With effect from 31 October 2012, the issued share capital of the Company was 8,724,790 Ordinary Shares (including 215,000 Ordinary Shares held in Treasury) and 12,000,000 Zero Dividend Preference Shares.
Dividends
The Company announced an interim dividend on 22 August 2012 of 3.0 pence per share, which was paid on 28 September 2012.
Largest holdings (% of Gross Assets) within each portfolio as at 31 October 2012:
Smaller Companies Portfolio | % |
James Halstead plc | 4.51% |
VP plc | 4.42% |
Lupus Capital plc | 4.34% |
Castings plc | 4.17% |
Renishaw plc | 4.02% |
Consort Medical plc | 3.78% |
RPC Group plc | 3.76% |
Devro plc | 3.44% |
Diploma plc | 3.42% |
British Polythene plc | 3.10% |
Income Portfolio | |
GE Capital Funding 8%2039 | 1.12% |
LBG Capital No.1 PLC 7.5884% 2020 | 1.03% |
Credit Suisse 7.875% 2041 | 0.95% |
Rabobank 6.875% 2020 | 0.91% |
Greenwich Loan Income Fund Limited | 0.86% |
F&C Finance PLC 9% 2016 | 0.81% |
Standard Life Smaller Companies 3.5% CULS 2018 | 0.80% |
Juridica ORD | 0.74% |
Invesco Leveraged High Yield | 0.71% |
F&C Asset Management 5.75% 2026 | 0.65% |
For further information contact:
Premier Fund Managers Limited
Investment Adviser
Tel: 01483 306090
Anson Fund Managers Limited
Secretary
Tel: 01481 722260
A copy of the document can be found at: http://www.anson-group.com/P20.pdf
19 November 2012
E&OE - in transmission