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10 Dec 2009 09:53
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 2009
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
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Cumulative performance
|
|||||
|
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As at
31 October
2009
|
3 months
%
|
6 months
%
|
1 year
%
|
3 years
%
|
5 years
%
|
|
|
|
|
|
|
|
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|
NAV *
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Basic
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1,378p
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4.8
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10.0
|
6.3
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(20.5)
|
10.5
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Diluted
|
1,090p
|
5.9
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11.2
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8.1
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(8.4)
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35.4
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|
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Mid-market price
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781.5p
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(1.3)
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15.4
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21.2
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(30.4)
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4.9
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|
|
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|
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Discount to diluted NAV *
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28.3%
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Standard & Poor’s 500 Composite Index **
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629.8
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6.6
|
6.7
|
4.5
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(12.8)
|
2.4
|
|
Russell 2000 **
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342.1
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2.7
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3.8
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2.3
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(14.9)
|
7.6
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|
FTSE All-Share Index
|
2,584.6
|
9.8
|
18.9
|
18.4
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(17.7)
|
12.5
|
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US Dollar/Sterling exchange rate
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1.6484
|
0.6
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(11.2)
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(2.0)
|
13.6
|
10.0
|
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events and Transactions During the Quarter
The Company was a party to the successful bid for Celsis International Plc during the quarter.
TEN LARGEST INVESTMENTS AT 31 OCTOBER 2009
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%
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Castle Support Services Plc
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UK Quoted on AIM
|
12.23
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Oryx International Growth Fund Limited *
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UK Listed
|
8.49
|
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RPC Group
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UK Listed
|
5.72
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BBA Aviation Group Plc
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UK Listed
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5.14
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Nationwide Accident Repair Services Plc
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UK Quoted on AIM
|
4.33
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Gleeson (M.J.) Group Plc
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UK Listed
|
4.01
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Norcliffe Investments Limited
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UK Unquoted
|
4.00
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Asset Co Limited Preference Shares
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UK Unquoted
|
3.61
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Trident Private Equity Fund II LP
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Cayman Islands Unquoted
|
3.42
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Bionostics Holdings Limited
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USA Unquoted
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3.41
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% of total portfolio
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54.36
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* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2009
|
United |
United |
|||
|
States |
Kingdom |
Europe |
Total |
|
|
% |
% |
% |
% |
|
|
General Industrials |
1.7 |
17.9 |
19.6 |
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|
Investment Companies |
0.6 |
16.0 |
16.6 |
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Support Services |
1.5 |
10.2 |
1.2 |
12.9 |
|
Real Estate |
4.4 |
3.2 |
7.6 |
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Health Care, Equipment & Services |
0.8 |
6.7 |
7.5 |
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Travel & Leisure |
5.2 |
5.2 |
||
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Industrial Transportation |
5.1 |
5.1 |
||
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Manufacturing |
4.3 |
0.7 |
5.0 |
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Construction & Materials |
4.0 |
4.0 |
||
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Industrial Engineering |
3.9 |
3.9 |
||
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Treasury Bills |
3.4 |
3.4 |
||
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Media |
3.1 |
3.1 |
||
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Communications |
2.8 |
2.8 |
||
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Technology Hardware & Equipment |
1.2 |
0.6 |
1.8 |
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Oil & Gas |
0.7 |
0.5 |
1.2 |
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General Financials |
0.2 |
0.2 |
||
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Food Producers |
0.1 |
0.1 |
||
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Total at 31 October 2009 |
14.4 |
81.2 |
4.4 |
100.0 |
|
Total at 31 January 2009 |
20.7 |
75.2 |
4.1 |
The financial information for the quarter ended 31 October 2009 contained within this Interim Management Statement has not been audited.
By order of the Board
Bonita Guntrip for and on behalf of
J O Hambro Capital Management Limited as Company Secretary
10 December 2009
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