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15 Dec 2010 15:45
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2010
Investment Objective
The objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.
Financial Highlights
Cumulative performance | ||||||
As at 31 October 2010 | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | |
NAV * | ||||||
Basic | 1,552p | 2.1 | 4.5 | 12.6 | (11.5) | 2.6 |
Diluted | 1,364p | 2.2 | 13.9 | 25.1 | 3.9 | 36.7 |
Mid-market price | 1,045.0p | 7.2 | 14.1 | 33.7 | (12.6) | 10.0 |
Discount to diluted NAV * | 23.4% | |||||
Standard & Poor's 500 Composite Index ** | 737.8 | 5.1 | (5.0) | 17.2 | (1.0) | 8.1 |
Russell 2000 ** | 438.6 | 5.7 | (6.5) | 28.2 | 10.2 | 20.0 |
FTSE All-Share Index | 2,936.2 | 8.1 | 2.5 | 13.6 | (15.0) | 10.2 |
US Dollar/Sterling exchange rate | 1.5988 | (2.1) | (4.5) | 3.0 | 23.0 | 9.7 |
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events and Transactions during the Period
Transaction in Own Shares
On 13 September 2010 the Company announced that it had purchased 35,000 Ordinary shares of 5p each for cancellation representing approximately 0.24% of the issued share capital at a price of 965p per share. In addition the Company purchased 25,000 units of Convertible Unsecured Loan Stock 2013 ("CULS") at a price of 965p per unit for cancellation leaving 1,970,800 units outstanding.
On 10 December 2010 the Company announced that it had purchased 200,000 Ordinary shares of 5p each for cancellation representing approximately 1.4% of the issued share capital at a price of 1005p per share.
Following the above transactions the Company's issued share capital now consists of 14,057,252 ordinary shares with voting rights and there are 1,970,800 CULS units outstanding.
TEN LARGEST INVESTMENTS AT 31 OCTOBER 2010
% | ||
US Treasury Bills | US T Bills | 13.06 |
Oryx International Growth Fund Limited * | UK Listed | 9.66 |
RPC Group | UK Listed | 6.46 |
BBA Aviation Group Plc | UK Listed | 6.35 |
Nationwide Accident Repair Services Plc | UK Quoted on AIM | 5.35 |
Bionostics Holdings Ltd | USA Unquoted | 5.34 |
Bionostics Holdings Ltd Preference Shares | USA Unquoted | 4.69 |
Trident Private Equity Fund III LP | UK Unquoted | 3.95 |
Gleeson (M.J.) Group Plc | UK Listed | 3.77 |
Hampton New | UK Unquoted | 3.58 |
% of total portfolio | 62.21 | |
* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2010
United | United | |||
States | Kingdom | Europe | Total | |
% | % | % | % | |
Investment Companies | 0.6 | 18.6 | 19.2 | |
Treasury Bills | 13.1 | 13.1 | ||
Manufacturing | 10.0 | 0.6 | 10.6 | |
Real Estate | 7.9 | 1.1 | 9.0 | |
Support Services | 1.4 | 7.4 | 8.8 | |
General Industrials | 1.8 | 6.5 | 8.3 | |
Health Care, Equipment & Services | 4.0 | 3.9 | 7.9 | |
Industrial Transportation | 6.3 | 6.3 | ||
Industrial Engineering | 4.1 | 4.1 | ||
Construction & Materials | 3.8 | 3.8 | ||
Media | 3.2 | 3.2 | ||
Technology Hardware & Equipment | 1.5 | 1.0 | 2.5 | |
General Financials | 1.0 | 0.1 | 1.1 | |
Travel & Leisure | 1.0 | 1.0 | ||
Oil & Gas Producers | 0.9 | 0.9 | ||
Food Producers | 0.2 | 0.2 | ||
Total at 31 October 2010 | 33.4 | 65.5 | 1.1 | 100.0 |
Total at 31 January 2010 | 11.3 | 85.3 | 3.4 |
The financial information for the period ended 31 October 2010 contained within this Interim Management Statement has not been audited.
By order of the Board
Mark Purnell for and on behalf of
J O Hambro Capital Management Limited as Company Secretary
15 December 2010
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