21 Dec 2009 12:17
CHELVERTON GROWTH TRUST PLC
INTERIM MANAGEMENT STATEMENT
For the period ended 30 November 2009
INVESTMENT OBJECTIVE
The investment objective of the Company is to provide capital growth through investment in companies listed on the Official List and traded on the Alternative Investment Market (`AIM') with a market capitalisation at the time of investment of up to 50 million, which are believed to be at a `point of change'. Its investment objective is to increase net asset value per share at a higher rate than other quoted smaller company trusts and the FTSE All-Share Index.
INVESTMENT POLICY
The Company invests principally in securities of publicly quoted UK companies, though it may invest in unquoted securities. The concentrated UK portfolio comprises between 30 to 45 securities. The performance of the Company's investments is compared to the FTSE All-Share Index. The Company will also invest in unquoted investments where it is believed that there is a likelihood of the shares becoming listed or traded on AIM or the investee company being sold. The Company will not invest in any listed investment companies or listed investment trusts.
It is intended from time to time, when deemed appropriate, that the Company will borrow for investment purposes, it currently has no borrowings.
The investment objective and policy stated above are intended to distinguish the Company from other investment vehicles which have relatively narrow investment objectives and which are constrained in their decision making and asset allocation. The objective and policy allow the Company to be constrained in its investment selection only by valuation and to be pragmatic in portfolio construction by only investing in securities which the Investment Manager considers to be undervalued on an absolute basis.
KEY FACTS
Net asset value (NAV) per Ordinary 21.85p share* Ordinary share price 17.00p Discount 22.20% PERFORMANCE - TOTAL RETURN
For the quarter ended 30 November 2009
NAV* 12.23% Share Price 17.24% FTSE All Share Index 9.67%
*Based on NAV including current period revenue
MATERIAL DEVELOPMENTSANDTRANSACTIONS
There were no material developments or transactions during the period.
DISTRIBUTION OF ASSETS AND LIABILITIES
As at 30 November 2009 31 August 2009 GBP'000 GBP'000 Listed and AIM traded investments Ordinary Shares 3,227 2,908 Current assets/(liabilities) 20 (13) Net assets 3,247 2,895 Net asset value per Ordinary share 21.85p 19.47p TOP 20 HOLDINGS Name of company % of portfolio 1 IDOX 18.06 2 Closed Loop London 11.06 3 AI Claims 9.77 4 Tristel 7.06 5 Alliance Pharma 6.45 6 Hartest Holdings 5.69 7 Belgravium Technologies 5.42 8 Forest Support 4.48 9 CEPS 4.28 10 Petards Group 3.87 11 Parmenion 3.56 12 LPA Group 2.71 13 MTI Wireless Edge 2.60 14 Satcom 2.43 15 Northbridge Industrial Services 2.09 16 Datong 1.92 17 Sanderson Group 1.67 18 Richoux 1.38 19 Pennant International Group 1.32 20 PSG Solutions 1.24 SUB TOTAL 97.06 Balance held in 12 holdings 2.94 TOTAL 100.00
Note: The Directors are not aware of any significant events or transactions which have occurred between the date of the financial information and the date of publication, which would have a material impact on the financial position of the Company.
The net asset value is published on a monthly basis and other useful background information on the Company including downloads of published documentation such as previous Annual Reports and Monthly Fact Sheets can be found at www.chelvertonam.com.
COMPANY INFORMATIONLaunch date: 12 May 1999Year end: 31 AugustResults announced:Half-year - AprilFinal - November
Price information is published in the Financial Times under 'Investment Companies'. This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency rules. It should not be relied upon by any other party or for any other purposes. In addition, the views, information and data in this publication should not be deemed as a financial promotion or recommendation.
Contact:
William van Heesewijk
Chelverton Asset Management Limited
Tel: 0207 222 8989
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