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18 Jun 2014 09:24
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 2014
To the members of North Atlantic Smaller Companies Investment Trust PLC
This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with 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 purpose.
This interim management statement relates to the period from 1 February 2014 to 31 May 2014, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
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 May 2014 | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | |
Diluted NAV* | 2,121p | 2.0 | 13.7 | 21.3 | 41.7 | 119.3 |
Mid-market price | 1,781p | 6.3 | 16.8 | 23.7 | 59.0 | 136.7 |
Discount to diluted NAV * | 16.0% | |||||
Standard & Poor's 500 Composite Index ** | 1,148.1 | 3.4 | 4.1 | 7.0 | 40.4 | 102.2 |
Russell 2000 ** | 677.1 | (4.2) | (3.0) | 4.6 | 31.3 | 118.6 |
FTSE All-Share Index | 5,541.9 | 0.9 | 4.8 | 8.9 | 77.6 | 146.0 |
US Dollar/Sterling exchange rate | 1.6774 | (0.1) | (2.4) | (10.6) | (2.0) | (4.0) |
* Following the conversion of the Loan Stock, the performance is shown on the diluted NAV (excluding retained revenue for the period) only. The Board considers that this accurately reflects the underlying performance of the Company.
** Sterling adjusted.
Material Events and Transactions during the Period
The sale of Sinav/GTL Resources completed at the beginning of June and earned a substantial profit for the Company.
There were no other material events or transactions during the period ended 31 May 2014.
Transaction in Own Shares
On 29 April 2014, 895,000 Ordinary shares were bought back for cancellation, at a total cost to the Company of £15,142,000. Following this purchase, the Company's issued share capital consists of 14,985,736 Ordinary shares.
TEN LARGEST INVESTMENTS AT 31 MAY 2014 Percentage of Portfolio
US Treasury Bills | US Treasury Bills | 17.4 |
Gleeson (MJ) Group | UK Listed | 12.7 |
Oryx International Growth Fund Limited * | UK Listed | 12.2 |
Trident Private Equity Fund III LLP | UK Unquoted | 9.6 |
Hampton Investment Properties Limited | UK Unquoted | 4.7 |
Celsis AG | US Unquoted | 4.1 |
Telecity Group | UK Listed | 3.5 |
Goals Soccer Centre | UK Listed | 3.4 |
Guinness Peat Group ** | UK Listed | 3.3 |
Bioquell | UK Listed | 3.0 |
% of total portfolio | 73.9 | |
* incorporated in Guernsey ** incorporated in New Zealand
|
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2014
United | United | Total | ||
States | Kingdom | % | ||
% | % | |||
Investment Companies | 22.3 | 22.3 | ||
Treasury Bills | 17.4 | 17.4 | ||
Construction & Materials | 12.7 | 12.7 | ||
Travel & Leisure | 6.1 | 6.1 | ||
Support Services | 1.0 | 4.5 | 5.5 | |
Industrial Engineering | 5.0 | 5.0 | ||
Real Estate | 4.8 | 4.8 | ||
Software & Computer Services | 3.5 | 3.5 | ||
Health Care, Equipment & Services | 0.3 | 3.0 | 3.3 | |
Financial Services | 3.3 | 3.3 | ||
Food Producers | 2.9 | 2.9 | ||
Media | 2.8 | 2.8 | ||
Banks | 2.7 | 2.7 | ||
Oil & Gas Producers | 1.1 | 0.9 | 2.0 | |
Escrows | 1.2 | 0.2 | 1.4 | |
General Retailers | 0.4 | 1.0 | 1.4 | |
Technology Hardware & Equipment | 1.3 | 1.3 | ||
Industrial Transportation | 1.0 | 1.0 | ||
Business Services | 0.6 | 0.6 |
The financial information for the period ended 31 May 2014 contained within this Interim Management Statement has not been audited.
By order of the Board
Bonita Guntrip
Company Secretary
18 June 2014
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