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19 Jun 2012 14:43
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 2012
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 2012 to 31 May 2012, 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 2012 | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | |
NAV * | ||||||
Basic | 1,606p | 0.6 | 3.3 | (6.0) | 29.8 | (16.4) |
Diluted | 1,426p | 0.5 | 3.2 | (4.7) | 47.2 | 7.4 |
Mid-market price | 925p | (11.1) | (2.9) | (17.4) | 23.5 | (26.2) |
Discount to diluted NAV * | 35.1% | |||||
Standard & Poor's 500 Composite Index ** | 856.1 | (0.2) | 7.8 | 4.7 | 50.8 | 10.7 |
Russell 2000 ** | 497.7 | (2.3) | 6.0 | (3.5) | 60.7 | 16.3 |
FTSE All-Share Index | 2,767.1 | (9.1) | (2.4) | (11.3) | 22.8 | (19.5) |
US Dollar/Sterling exchange rate | 1.5392 | 3.7 | 2.1 | 6.5 | 4.6 | 22.2 |
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events and Transactions during the Period
There have been no material events or transactions during the quarter ended 31 May 2012.
Transaction in Own Shares
There have been no transactions of own shares during the quarter ended 31 May 2012.
TEN LARGEST INVESTMENTS AT 31 MAY 2012
% of portfolio | ||
Oryx International Growth Fund Limited * | UK Listed | 10.3 |
Hampton Investment Properties Limited | UK Unquoted | 7.3 |
Bionostics Holdings Ltd | US Unquoted | 6.3 |
Trident Private Equity Fund III LLP | UK Unquoted | 6.0 |
US Treasury Bills | Us Treasury Bills | 6.0 |
RPC Group | UK Listed | 5.6 |
MJ Gleeson Group | UK Listed | 5.6 |
Guinness Peat Group | New Zealand Listed | 4.8 |
BBA Aviation Group | UK Listed | 4.7 |
CVS Group | UK Listed | 3.4 |
% of total portfolio | 60.0 | |
* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2012
United | United | New | |||
States | Kingdom | Europe | Zealand | Total | |
% | % | % | % | % | |
Investment Companies | 19.4 | 19.4 | |||
Manufacturing | 8.8 | 8.8 | |||
Real Estate | 10.1 | 0.5 | 10.6 | ||
General Industrials | 1.1 | 5.6 | 6.7 | ||
Health Care, Equipment & Services | 5.0 | 6.4 | 11.4 | ||
Support Services | 1.6 | 5.7 | 7.3 | ||
Transportation | 4.7 | 4.7 | |||
General Financials | 5.1 | 5.1 | |||
Media | 1.6 | 1.6 | |||
Construction & Materials | 5.6 | 5.6 | |||
Technology Hardware & Equipment | 1.2 | 1.2 | |||
Travel & Leisure | 0.2 | 0.8 | 1.0 | ||
Oil & Gas Producers | 0.5 | 1.9 | 2.4 | ||
General Retailers | 3.4 | 3.4 | |||
Financial Services | 4.8 | 4.8 | |||
23.5 | 65.2 | 0.5 | 4.8 | 94.0 | |
Treasury Bills | 6.0 | 6.0 | |||
Total at 31 May 2012 | 29.5 | 65.2 | 0.5 | 4.8 | 100.0 |
Total at 31 January 2012 | 30.1 | 63.6 | 0.5 | 5.8 | 100.0 |
The financial information for the period ended 31 May 2012 contained within this Interim Management Statement has not been audited.
By order of the Board
Bonita Guntrip
Company Secretary
19 June 2012
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