15 Jul 2010 13:38
CHELVERTON GROWTH TRUST PLC
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 May 2010
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 20 to 35 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 23.40p share Ordinary share price 17.25p Discount 26.28% PERFORMANCE - TOTAL RETURN
For the quarter ended 31 May 2010
NAV* 3.08% Share Price 4.55% FTSE All Share Index (2.32)%
*Based on NAV including current period revenue
MATERIAL DEVELOPMENTSANDTRANSACTIONS
There were no significant material developments or transactions during the period.
DISTRIBUTION OF ASSETS AND LIABILITIES
As at 31 May 2010 As at 28 Feb 2010 £'000 £'000 Listed, AIM and unquoted investments Ordinary Shares 3,503 3,374 Current assets/(liabilities) (37) 0 Net assets 3,466 3,374 Net asset value per Ordinary share 23.40p 22.70p TOP 20 HOLDINGS Name of company % of portfolio 1 IDOX 16.27 2 AI Claims 12.42 3 Closed Loop London 9.60 4 Alliance Pharma 8.78 5 Parmenion 8.31 6 Hartest Holdings 6.31 7 Tristel 5.71 8 CEPS 5.18 9 Petards Group 4.14 10 Forest Support 3.97 11 Belgravium Technologies 3.57 12 MTI Wireless Edge 2.20 13 Datong 2.17 14 LPA Group 1.94 15 Sanderson Group 1.80 16 Northbridge Industrial Services 1.78 17 Pennant International Group 1.59 18 PSG Solutions 1.26 19 Satcom 0.90 20 Richoux 0.79 Balance held in 12 holdings 1.31 100.00
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 INFORMATIONYear 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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